Regulatory and Enforcement

The CFPB and Utah AG’s Office have announced that they will hold the first joint office hours as part of the American Consumer Financial Innovation Network (ACFIN).  The joint office hours will be held on January 30, 2020 in Salt Lake City, Utah.

The CFPB announced ACFIN’s creation last September, in conjunction with finalizing revisions

The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR cessation and transition risk.”  (LIBOR is the acronym for the London Inter-Bank Offered Rate.)

The letter references

On December 30, 2019, the California Department of Business Oversight (DBO) announced two actions regarding companies offering unregulated, point-of-sale financing to California residents.  In the first action,  the DBO denied the application of Sezzle Inc. for a lender’s license under the California Financing Law (CFL).  According to the DBO in its Statement of Issues,

Yesterday, Andrew Smith, Director of the FTC’s Bureau of Consumer Protection, announced the following three major improvements that have been made to FTC orders in data security cases:

  1. Specificity: To counter past criticisms that FTC orders to implement comprehensive information security programs were too vague, FTC orders will now require specific security safeguards that address

Our podcast looks at types of alternative data (AD) and industry sources, key points of the recent interagency statement on using AD for credit decisions and CFPB actions to encourage such use, FCRA/ECOA/UDAAP concerns and steps to address them, use of social media data, and the relationship between AD and artificial intelligence.  We also assess

The CFPB has released its eighth annual report to Congress on college credit card agreements.  The annual report is mandated by the CARD Act.  (The first two reports were issued by the Federal Reserve Board.)

The CARD Act requires mandatory reporting to the CFPB by card issuers on agreements with institutions of higher learning or

While banks, community groups, and regulators all seem to agree that there is a need to reform the Community Reinvestment Act (the “CRA”), which was signed into law by Jimmy Carter back in 1977 and hasn’t received a major update since the Clinton administration, there is significant disagreement over whether or not the recently proposed