Regulatory and Enforcement

The California Supreme Court recently agreed to hear an appeal in Pulliam v. HNL Automotive Inc., a case with significant implications for the amount of money a plaintiff can recover when proceeding against a dealer/seller under the FTC Holder Rule.   

Officially titled the “Trade Regulation Rule Concerning Preservation of Consumers’ Claims and Defenses,”

A Maryland administrative action recently removed to the state’s federal district court illustrates how Maryland law continues to present challenges for the bank partner structure used by many lenders.

Last month, Bank of Missouri, an FDIC-insured, Missouri state-chartered bank, and Atlanticus Service Corporation and Fortiva Financial, LLC, the Bank’s non-bank service providers, removed an administrative

The CFPB recently entered into a consent order with Nationwide Equities Corporation (Nationwide), which the CFPB refers to as a mortgage broker and mortgage lender that primarily provides jumbo reverse mortgage loans and Home Equity Conversion Mortgage Loans (HECMs). The CFPB asserts in the consent order that Nationwide engaged in direct mail advertising practices that

On April 23, 2021, the California Department of Financial Protection and Innovation (“DFPI”) issued proposed regulations to implement the Debt Collection Licensing Act (“DCLA”).

Debt collector licenses are required beginning on January 1, 2022 but a debt collector that applies for a license before that date can continue to operate while the application is pending. 

As discussed in our earlier blog, the Senate Banking, Housing and Urban Affairs Committee held a hearing on April 28, 2021 entitled “The Reemergence of Rent-a-Bank?”.

The hearing focused primarily on the final “True Lender” rule issued by the OCC on October 27, 2020, which was effective December 29, 2020. The True Lender

The Federal Trade Commission recently announced that it has settled the lawsuit it filed against Yellowstone Capital LLC, a provider of merchant cash advances, and its chief executive officer and president for alleged unfair and deceptive conduct in violation of section 5 of the FTC Act, 15 U.S.C. § 45.

In its Complaint, the FTC

An article recently published by the Student Borrower Protection Center titled “Discrimination is ‘Unfair’,” argues that the CFPB, FTC, state attorneys general and regulators, and in some cases private individuals, should consider challenging discrimination as an “unfair” practice covered by federal and state laws prohibiting unfair, deceptive, or abusive acts and practices.  (The authors are

After discussing the pandemic’s impact on the DFPI’s activities, Commissioner Alvarez discusses the DFPI’s focus on diversity and inclusion, its creation of a new registration system for financial services companies, and its approach to enforcement priorities.  The Commissioner also spoke to the impact of a Biden Administration, including possible areas of collaboration with the CFPB,

On April 20, 2021, in anticipation of an adverse Supreme Court ruling, the Senate Committee on Commerce, Science, and Transportation held a hearing titled, “Strengthening the Federal Trade Commission’s Authority to Protect Consumers.”  Two days after the hearing, on April 22, 2021, the U.S. Supreme Court ruled that Section 13(b) of the Federal Trade Commission

The CFPB recently issued a final rule delaying the mandatory compliance date for the new general qualified mortgage (QM) rule based on an annual percentage rate (APR) limit from July 1, 2021 to October 1, 2022. The final rule is effective on June 30, 2021. The CFPB also issued an executive summary of the final