CFPB, Federal Agencies, State Agencies, and Attorneys General
Auto Finance
CFPB Spring 2022 Supervisory Highlights looks at auto servicing, credit reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittance transfers, and student loan servicingFTC announces $10 million settlement with auto dealerships for alleged unlawful add-on charges and discriminatory conductColorado Attorney General enters into settlements with credit unions requiring refunds of GAP fees CFPB Supervision
This week's podcast episode: A conversation with special guest Peggy Twohig, former CFPB Assistant Director for Supervision Policy and StrategyThis week's podcast episode: CFPB invokes its “dormant authority” to supervise nonbanks that present risks to consumers: What it means for nonbank providers of consumer financial products and servicesCFPB Spring 2022 Supervisory Highlights looks at auto servicing, credit reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittance transfers, and student loan servicing Credit Cards
CFPB sends letters to CEOs of major credit card issuers regarding payment furnishing practicesCFPB Spring 2022 Supervisory Highlights looks at auto servicing, credit reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittance transfers, and student loan servicingCFPB publishes annual CARD Act, HOEPA, QM adjustments Debt Collection
DFPI releases notice addressing processing delays for debt collection license applicationsCFPB Spring 2022 Supervisory Highlights looks at auto servicing, credit reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittance transfers, and student loan servicingCFPB issues report on consumer complaints involving medical debt; Biden Administration announces actions relating to medical debt Deposit Accounts
CFPB announces launch of new system for providing guidance and issues first Circular; FDIC issues final rule on misuse of FDIC name or logo or making misrepresentations about deposit insuranceDepository institutions beware: California appellate court holds bank liable for registered agent’s mistake in rejecting notice of levyCFPB fines bank $10 million for conduct related to bank account garnishments and account agreements FDIC
This week's podcast episode: A look at the joint Community Reinvestment Act proposal issued by the OCC, FDIC, and Federal Reserve Board, with special guest Kenneth Thomas, President of Community Development Fund Advisors, LLCKey differences between the OCC's rescinded 2020 CRA final rule and the 2022 CRA revisions proposed by U.S. banking regulatorsCalifornia lawmakers urge FDIC to rein in bank partnerships FDIC Supervision
FDIC Consumer Compliance Supervisory Highlights looks at unauthorized EFTs, overdraft programs, re-presentment of unpaid transactions, and fair lendingFDIC Consumer Compliance Supervisory Highlights includes fair lending issuesFDIC 2018 Consumer Compliance Supervisory Highlights focuses on overdraft, RESPA, Regulation E, deferment, and finance charge calculation exam findings Federal Agencies
CFPB, federal banking agencies, and other federal agencies issue Interagency Statement on Special Purpose Credit Programs Under the Equal Credit Opportunity Act and Regulation BThis week's podcast: A look at the enforcement challenges facing lenders arising out of the federal paycheck protection lending program (PPP), with special guest Louis Bruno, a partner in EisnerAmper’s advisory practiceFFIEC issues updated guidance on authentication and access Limited English Proficiency
URLA Preferred Language Question Requirement Is BackNevada Governor approves bill requiring translated documents for consumer financial services transactions, including credit cards and auto title loansThis week's podcast: A close look at the CFPB’s statement on providing financial products and services to limited English proficiency consumers Mortgages
2021 HMDA Data ReleasedDivided Eleventh Circuit panel rules TILA-required monthly mortgage statements can constitute debt collection communications subject to FDCPA and Florida lawCFPB Spring 2022 Supervisory Highlights looks at auto servicing, credit reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittance transfers, and student loan servicing OCC
This week's podcast episode: A look at the joint Community Reinvestment Act proposal issued by the OCC, FDIC, and Federal Reserve Board, with special guest Kenneth Thomas, President of Community Development Fund Advisors, LLCKey differences between the OCC's rescinded 2020 CRA final rule and the 2022 CRA revisions proposed by U.S. banking regulatorsFinCEN and OCC address cryptocurrency: responsible innovation and pervasive hype Preemption
Divided Tenth Circuit panel rules national bank’s extended overdraft fee are not “interest” under the NBAPennsylvania federal court holds Reg J defenses alone do not create federal question jurisdictionThis week's podcast: Congress overrides the OCC’s true lender rule: what are the risks for banks and their loan program nonbank partners? Prepaid Cards
CFPB Spring 2022 Supervisory Highlights looks at auto servicing, credit reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittance transfers, and student loan servicingCFPB moves for summary judgment in PayPal lawsuit and opposes PayPal’s summary judgment motionCFPB publishes Spring 2020 rulemaking agenda Remittance Transfers
CFPB Spring 2022 Supervisory Highlights looks at auto servicing, credit reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittance transfers, and student loan servicingSignaling more joint enforcement with states, CFPB files lawsuit with NY Attorney General against “repeat offender” MoneyGramHouse passes CRA resolution to override OCC true lender rule Small Business
California DFPI issues final regulations implementing 2018 law requiring consumer-like disclosures for commercial financingUtah and Virginia enact registration and disclosure requirements for providers of merchant cash advancesCFPB files another status report in Section 1071 rulemaking lawsuit; Republican lawmakkers send letter to Director Chopra on rulemaking and introduce bills to amend ECOA State Licensing
DFPI releases notice addressing processing delays for debt collection license applicationsConnecticut Banking Dept. issues cease and desist order to stop fintech loan finder from operating without small loan licenseKentucky enacts licensing requirement for servicers of private and federal student loans Student Loans
This week's podcast episode: An update on the debate over federal student loan forgivenessCFPB Spring 2022 Supervisory Highlights looks at auto servicing, credit reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittance transfers, and student loan servicingDepartment of Education announces major revisions to IDR payment counting Telemarketing
FTC seeks comment on whether to continue Telemarketing Sales Rule business-to-business exception and proposes amendmentsFlorida Governor signs bill limiting use of automated dialing systems; new law effective July 1FTC brings suit against second VoIP service provider for facilitating illegal telemarketing robocalls TILA / RESPA
Divided Eleventh Circuit panel rules TILA-required monthly mortgage statements can constitute debt collection communications subject to FDCPA and Florida lawCFPB Issues Factsheet Addressing Prepaid Interest for Certain QM Loan APR CalculationsCFPB Alleges Income Share Agreements are Extensions of Credit in Results-Oriented Enforcement Action against ISA Originator
