Regulatory and Enforcement

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The topics discussed include the historic changes made by the AML Act at the beginning of 2021, including the Corporate Transparency Act (CTA); the proposed FinCEN rules to implement the CTA’s beneficial ownership reporting requirements; the CTA’s implications for financial institutions’ customer due diligence compliance obligations; FinCEN’s list of priorities for AML and countering the…

The FTC has issued an advisory opinion that addresses the impact of its Holder Rule on the ability of consumers to recover attorney’s fees and costs.

Officially titled the “Trade Regulation Rule Concerning Preservation of Consumers’ Claims and Defenses,” the Holder Rule requires sellers that arrange for or offer credit to finance the purchase of…

The OCC announced this week that it has conditionally approved applications from Social Finance Inc. (SoFi) to create SoFi Bank, National Association (SoFi Bank, N.A.), as a full service national bank headquartered in Cottonwood Heights, Utah.

The OCC’s press release indicates that as part of the transaction, SoFi Bank, N.A. is acquiring Golden Pacific Bank,…

Having sent orders last month to five companies that offer buy-now-pay-later (BNPL) products directing them to provide information to the Bureau, the CFPB published a notice in today’s Federal Register seeking public comment to inform its inquiry into BPNL products.  Comments must be filed by March 25, 2022.

In a blog post about the request…

In a letter to three representatives of consumer advocacy groups, CFPB Acting General Counsel Seth Frotman indicated that due to “repeated reports of confusion” caused by the CFPB’s November 2020 advisory opinion (AO) on earned wage access (EWA) programs, he plans to recommend to Director Chopra “that the CFPB consider how to provide greater clarity…

In this wide-ranging conversation with two experienced reporters on the consumer finance industry, we discuss differences between the current CFPB and the Trump-era CFPB, including with regard to areas of regulatory and enforcement focus such as UDAAP, consumer access to financial information, small business issues, and fair lending.  We also discuss the potential implications of…

The Conference of State Bank Supervisors (CSBS) has withdrawn its lawsuit filed in D.C. federal district court in December 2020 seeking to block the OCC from granting a national bank charter to Figure Technologies Inc.  The lawsuit represented the CSBS’s third challenge to the OCC’s authority to issue special purpose national bank (SPNB) charters to…

The CFPB has issued a compliance bulletin and policy guidance on medical debt collection and consumer reporting requirements in connection with the No Surprises Act.

The No Surprises Act sets forth requirements that apply to certain individuals who receive care from an out-of-network provider that furnishes emergency services, inpatient services an in-network facility, or air…

The CFPB filed a complaint earlier this week in a New York federal district court against three companies that purchase defaulted debts (Corporate Defendants) and three individuals who are owners and/or officers of the Corporate Defendants (Individual Defendants).  (Click here to read the statement from United Holding Group, LLC, one of the Corporate Defendants,…

We look at the legal considerations that should be addressed when developing subscriptions for consumer financial products and services.  After reviewing the practices addressed by federal and state automatic renewal/subscription laws and the types of products and services covered by such laws, we discuss legal requirements for subscriptions and renewals such as up-front disclosures, notification…