Topics

Accessibility

DOJ proposal to increase accessibility of government websites and mobile apps could guide accessibility for places of public accommodation SCOTUS agrees to hear ADA case on standing of website tester This week's podcast: Websites as “places of public accommodation” under Title III of the Americans with Disabilities Act (ADA): a deep dive into the legal and regulatory issues facing businesses

AMLA of 2020

Department of Treasury Issues Strategy on De-Risking

Appraisals

Appraisal Subcommittee to Host Public Hearing on Appraisal Bias Federal Agencies Propose Reconsideration of Value Guidance Federal Agencies Propose Automated Valuation Model Quality Control Rule

Arbitration

Seventh Circuit stays order requiring Samsung to pay millions in arbitration fees This week's podcast episode: Prohibited by law and totally ineffective—just two of the many reasons why the CFPB should deny the petition for rulemaking on post-dispute consumer arbitration agreements Ballard Spahr attorneys and Cornell University law professor submit comments opposing CFPB rulemaking on post-dispute consumer arbitration agreements

Artificial Intelligence

FTC authorizes use of compulsory process in artificial intelligence investigations CPPA releases proposed automated decision-making rules FCC and FTC announce new AI calling and voice initiatives

Attorney General Privilege

FinCEN Issues Small Entity Compliance Guide for Corporate Transparency Act

Attorney Liability

FinCEN Issues Small Entity Compliance Guide for Corporate Transparency Act

Auto Finance

FTC and Wisconsin AG enter into settlements with auto dealerships for alleged discriminatory financing practices and deceptive add-on product practices AFSA raises concerns about sufficiency of CFPB’s Supervisory Highlights CFPB sues auto loan servicer for UDAAP violations

Auto Title Loans

"Dormant Commerce Clause" case law continues to evolve California DFPI announces consent order with auto title loan servicer that was subject of “true Lender” investigation CFPB Issues Report on Consumer Use of Alternative Financial Services

Beneficial Ownership

FinCEN Issues Small Entity Compliance Guide for Corporate Transparency Act

Better Future Forward

CFPB Alleges Income Share Agreements are Extensions of Credit in Results-Oriented Enforcement Action against ISA Originator

BSA/AML

Bipartisan group of Senators re-introduce Digital Asset Money Laundering Act Former bank compliance chief seeks appellate review of OCC administrative enforcement proceeding dismissal This week's podcast episode: A look at the Treasury Department’s April 2023 report on decentralized finance or “DeFi”

Buy Now Pay Later

CFPB issues new report on buy-now-pay-later This week's podcast episode: A look at the consumer financial products offered by fintechs and the regulatory issues they raise, with special guests Penny Lee, Chief Executive Officer, Financial Technology Association (FTA), and Gerron Levi, Senior Vice President and Head of Government Affairs, American Fintech Council (AFC)This week's podcast episode: The Consumer Financial Protection Bureau’s report on buy-now-pay-later (BNPL): What are the takeaways and the CFPB’s expected next steps?

CADBO

Ballard Spahr to hold Sept. 29 webinar on ramp up in CA consumer financial protection laws with special guests former CFPB Director Richard Cordray and CA Department of Business Oversight General Counsel Bret Ladine CA and NY governors propose expansion of state consumer financial protection regimes

CADFPI

California Court Denies DFPI’s Motion for Preliminary Injunction Against OppFi California DFPI Finalizes Regulations Governing Student Loan Servicers California Reconsidering the “Digital Financial Assets Law”

Campus Financial Products

CFPB releases seventh annual report to Congress on college credit card agreements CFPB releases report on college credit card agreements CFPB releases report on college credit card agreements and compliance bulletin

CFPB

This week's podcast episode: Consumer finance impact of a CFPB run amok CFPB issues annual FDCPA report; FTC issues annual letter on debt collection to CFPB CBA counters CFPB information about CARD Act Report

CFPB Enforcement

CFPB Suffers Significant Defeat In ECOA Lawsuit Against Townstone Mortgage Ninth Circuit finds marketer of scholarship assistance subject to CFPB enforcement authority New litigation challenges CFPB’s subpoena authority based on Fifth Circuit decision holding CFPB’s funding mechanism is unconstitutional

CFPB Exams

Update on recent non-COVID-19-related consumer financial services legal developments CFPB to Provide More Specific Notifications of Purpose in Civil Investigative Demands CFPB seeking legislative fix to give it clear MLA examination authority

CFPB General

CFPB announces revised methodology for determining average prime offer rates CFPB Analyzes Impacts of Higher Mortgage Interest Rates CFPB Issues Report Addressing Asian American and Pacific Islanders in the Mortgage Market

CFPB People

CFPB Appoints New Members to Advisory Committees CFPB Director Rohit Chopra addresses FDIC deposit insurance and the banking industry CFPB Director Chopra’s remarks to Community Bank and Credit Union Advisory Councils focus on service provider competition

CFPB Rulemaking

CFPB Approves Trial Disclosure Program Waiver Template Application for Construction-to-Permanent Loans CFPB Issues Proposed Rule Offering Consumers Greater Access to and Control Over Their Financial Data CFPB Launches FCRA Rulemaking to Eliminate Creditor Use of Medical Debt

CFPB Supervision

This week's podcast episode: A deep dive into the Consumer Financial Protection Bureau’s Policy Statement on abusive acts and practices under the Consumer Financial Protection Act AFSA raises concerns about sufficiency of CFPB’s Supervisory Highlights CFPB Supervisory Highlights Update Special Edition looks at “junk fees” charged in connection with deposits, auto servicing, and remittances

Climate change

New York Department of Financial Services issues proposed guidance relating to management of material financial risks from climate change

Colorado Student Loan Servicing Act

Colorado Private Education Lender Registration Takes Effect September 1, and Schools Using Income Share Agreements Are Covered

Commercial Financing

Bill to license commercial lenders proposed in New York

Community Banks

Federal Reserve Announces Consent Order Related to Bank's Use of Discount Points Bipartisan regulatory reform bill includes significant changes for community banks

Corporate Transparency Act

FinCEN Issues Small Entity Compliance Guide for Corporate Transparency Act

Correspondent Bank Accounts

Department of Treasury Issues Strategy on De-Risking

COVID-19

HUD Finalizes Rule Providing for 40-Year FHA Loan Modifications CFPB and DOJ send joint letters to landlords and mortgage servicers on CARES Act and SCRA protections This week's podcast: Preparing for the end of COVID-19-related hardship assistance programs

Credit Cards

CBA counters CFPB information about CARD Act Report Federal Reserve Considering Lowering Debit Card Interchange Fee Caps CFPB Issues Biennial CARD Act Report to Congress

Credit Reports

Eleventh Circuit rules consumers can recover statutory damages for willful FCRA violations without proving actual damages CFPB and FTC announce settlements with TransUnion FTC and CFPB submit amicus brief in Second Circuit on FCRA requirement for furnisher to conduct reasonable investigation of disputed information

Crypto

Federal Reserve Board issues letters on program to supervise novel banking activities This week's podcast episode: A deep dive into cryptocurrency and its risks to investors and the banking system, with special guest, Arthur E. Wilmarth, Professor Emeritus, George Washington University Law School Courts split on whether cryptocurrency is a security

Cyber Currency

OCC highlights risks associated with compliance staffing concerns, Russia sanctions, environmental crimes, cyber attacks and digital assets House Financial Services Committee to hold Oct. 23 hearing on Facebook Draft Legislation Seeks to “Keep Big Tech Out Of Finance”

Cybersecurity

CPPA publishes new draft regulations addressing AI, risk assessments, cyber audits NYDFS Announces Updated Cybersecurity Regulation NYDFS Announces Draft Amendments to Cybersecurity Regulation

Data Security

FTC announces new Safeguards Rule breach notification requirements California’s Proposed “Delete Act” Would Create a ‘Do Not Sell’ List for Data Brokers Kansas Passes an Act Requiring Mortgage Companies, Supervised Lender, and Money Transmitters to Create Information Security Standards Consistent with GLBA’s Consumer Information Safeguard Rule

De-Risking

Department of Treasury Issues Strategy on De-Risking

Debit Cards

Federal Reserve Considering Lowering Debit Card Interchange Fee Caps Federal Reserve considering revisions to debit card interchange fees SCOTUS to Determine When Clock Starts under APA’s Statute of Limitations

Debt Collection

CFPB issues annual FDCPA report; FTC issues annual letter on debt collection to CFPB New Jersey Appellate Division Affirms Dismissal of Consumer Fraud Class Action Against Debt Collector under the New Jersey Consumer Fraud Act NY federal court denies motion to dismiss CFPB lawsuit against debt buyer companies and their owners/officers for unlawful debt collection practices based on third-party conduct

Debt Collection NPRM

Rumor Has It That Publication Of The CFPB’s Final Collection Rules Is Imminent Update on recent non-COVID-19-related consumer financial services legal developments CFPB extends comment period for supplemental debt collection proposal; states take emergency SOL actions

Deposit Accounts

CFPB Supervisory Highlights Update Special Edition looks at “junk fees” charged in connection with deposits, auto servicing, and remittances CFPB and OCC announce consent orders with Bank of America involving deposit account representment fees and credit cards CFPB issues circular on reopening closed deposit accounts

Deposit Advance Loans

House Financial Services Committee passes bill to ease restrictions on bank small-dollar loans OCC reacts to CFPB’s final payday loan rule by rescinding its deposit advance product guidance CFPB issues proposed payday/auto title/high-rate installment loan rule

Dept. of ED

SCOTUS holds Biden lacks authority for $430 billion loan cancellation plan This week's podcast episode: An update on the debate over federal student loan forgiveness ED recalls federal student loans from private debt collectors

Dept. of Education

Dept. of Education issues framework for student loan servicer accountability CFPB Continues to Expand Its Scrutiny of Higher Education with New Report on College and Postsecondary School Tuition Plans Biden loan forgiveness alternatives face new challenge

Dept. of Justice

Republican Senators urge CFPB and DOJ to retract joint statement on consideration of immigration status under ECOA DOJ Redlining Consent Order With Ameris Bank Attorney General Merrick Garland Remarks on the DOJ’s Success in Combating Redlining

Digital Assets

California Reconsidering the “Digital Financial Assets Law”DOJ Issues Report on Digital Asset Law Enforcement Seeking Expansive New Powers, and Launches New Crypto Prosecutor Network Treasury seeks comments on digital assets, including opportunities and risks for consumers

Digital Currency

OCC highlights risks associated with compliance staffing concerns, Russia sanctions, environmental crimes, cyber attacks and digital assets

Diversity and Inclusion

Ballard Spahr to hold webinar on: How the U. S. Supreme Court's Decision in College Admissions Could Impact Diversity, Equity & Inclusion Programs in Financial Institutions Republican and Democratic Attorneys General spar over implications for private employers of SCOTUS ruling on affirmative action; Ballard Spahr to hold webinar on SCOTUS ruling on Sept. 13 Ballard Spahr attorneys discuss implications for diversity, equity, and inclusion programs of SCOTUS ruling on affirmative action

Earned Wage Access

Missouri joins state efforts to regulate earned wage access providers Maryland regulator issues guidance on earned wage access products Nevada passes law to regulate earned wage access providers

Elder Financial Abuse

“Pig Butchering”: FinCEN Issues Alert on Virtual Currency Scam FinCEN warns against elder financial exploitation California Extends Cancellation Period for Senior Citizens under certain “Door-to-Door” Contracts

Electronic Contracting

This week's podcast episode: Electronic contracting: the new Restatement of Consumer Contracts and other emerging regulatory and litigation issues, with special guest Florencia Marotta-Wurgler, Professor, New York University Law School, and Restatement Co-Reporter

Electronic Payments

CFPB settles action against processor of mortgage payments for erroneous processing of payments and deficient information security practices Democratic Senators send letter to federal banking agencies raising concerns about fraudulent transactions CFPB issues report on delivery of public benefits payments

Fair Credit

FTC Settles With Background Report Companies for FCRA Violations and Deceptive Acts FTC issues annual ECOA report to CFPB Fourth Circuit Rules Communications Decency Act Did Not Protect Data Aggregator From FCRA Liability

Fair Lending

The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on final rule on Dec. 6 Republican Senators urge CFPB and DOJ to retract joint statement on consideration of immigration status under ECOA DOJ Redlining Consent Order With Ameris Bank

FCC

FCC and FTC announce new AI calling and voice initiatives FCC considering new requirements for blocking text messages and new limits on text message senders FCC rules ringless voicemails are subject to TCPA robocall prohibition

FDIC

The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on Dec. 6 The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on final rule on Dec. 6 OCC, Federal Reserve, and FDIC issue final Community Reinvestment Act rule

FDIC Enforcement

FDIC consent order with Cross River Bank indicates heightened scrutiny of bank-fintech partnerships FDIC Keeps Up the Pressure on Misleading Representations about Deposit Insurance OCC and FDIC issue proposed rules to undo Madden

FDIC Supervision

New issue of FDIC Consumer Compliance Supervisory Highlights looks at referral arrangements, trigger leads, servicemember protections, fair lending compliance FDIC Consumer Compliance Supervisory Highlights looks at unauthorized EFTs, overdraft programs, re-presentment of unpaid transactions, and fair lending FDIC Consumer Compliance Supervisory Highlights includes fair lending issues

Federal Agencies

SCOTUS to hear oral argument on January 17 in cases challenging Chevron deference ABA releases recording of program on Supreme Court revisiting of Chevron judicial deference framework SCOTUS agrees to hear second case challenging Chevron deference

Federal Reserve Board

The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on Dec. 6 The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on final rule on Dec. 6 Federal Reserve Considering Lowering Debit Card Interchange Fee Caps

Financial Crimes Enforcement Network (FINCEN)

FinCEN Issues Small Entity Compliance Guide for Corporate Transparency Act

Financial Literacy

Fed reported to have reservations about fintech charter CFPB issues fifth Financial Literacy Annual Report CFPB releases report on financial well-being of consumers and new consumer tool

FinCEN

“Pig Butchering”: FinCEN Issues Alert on Virtual Currency Scam Closing the gate: House adopts ENABLERS Act amendment to 2023 NDAA FinCEN and federal functional regulators issue coded warnings against de-risking

Fintech

California Court Denies DFPI’s Motion for Preliminary Injunction Against OppFi OppFi Hat Trick: Third Federal Court Upholds Arbitration Clause Federal Reserve Board issues letters on program to supervise novel banking activities

Flood Insurance

HUD Issues Final Rule Permitting Private Flood Insurance with FHA Loans HUD Proposes Rule to Permit Use of Private Flood Insurance Policies with FHA Loans Congress Extends National Flood Insurance Program for One Year

FTC

FTC authorizes use of compulsory process in artificial intelligence investigations This week's podcast episode: A close look at the Federal Trade Commission’s proposed rule to regulate “junk fees”FCC and FTC announce new AI calling and voice initiatives

FTC Enforcement

NJAG and FTC announce $4.605 million settlement with for-profit college over job placement rate claims and income share agreements FTC Settles With Background Report Companies for FCRA Violations and Deceptive Acts FTC proposes new rule imposing prohibitions and disclosure requirements on auto-dealers in car-buying process

General

Alan Kaplinsky to moderate ABA program on pending SCOTUS case revisiting Chevron deference Professor Jeff Sovern joins faculty of University of Maryland Francis King Carey School of Law

GLBA

Kansas Passes an Act Requiring Mortgage Companies, Supervised Lender, and Money Transmitters to Create Information Security Standards Consistent with GLBA’s Consumer Information Safeguard Rule

HMDA

CFPB Releases 2022 Mortgage Market Activity and Trends Report FFIEC announces release of 2022 HMDA data 2022 HMDA Modified Loan Application Data Published

Hot Issues

Register Now for the National Institute on Consumer Financial Services Basics Businesses Now Face ADA Risk Related to COVID-19 Mandatory Employee Mask-Wearing Policies AAA And JAMS announce updated operational procedures amid COVID-19 crisis

HUD

Appraisal Subcommittee to Host Public Hearing on Appraisal Bias Court Rules in Favor of HUD in Disparate Impact Rule Case CFPB Highlights Applicable HUD-Issued RESPA Guidance

Identity Theft

CBA weighs in on the CFPB’s proposed expansion of what constitutes a credit report FinCEN issues advisory on COVID-19 and imposter and money mule schemes SSN identity verification tool being developed; initial enrollment deadline of July 31

Income Share Agreements

NJAG and FTC announce $4.605 million settlement with for-profit college over job placement rate claims and income share agreements CFPB and 11 states file lawsuit against companies engaged in origination and collection of income share agreements California DFPI issues proposed rules implementing Student Loan Servicing Act

Lead Generation

Pennsylvania Attorney General files lawsuit against lead generator for role in assisting unlawful telemarketing calls This week's podcast: A close look at lead generation and the compliance risks for lead generators and lead buyers FTC announces settlement with lead generation company; Ballard Spahr to hold February 2 webinar on lead generation

Limited English Proficiency

DOJ Settles Redlining Claims in Rhode Island HUD requires use of Supplemental Consumer Information Form for FHA mortgage loans URLA Preferred Language Question Requirement Is Back

Litigation and Court Decisions

SCOTUS to hear oral argument on January 17 in cases challenging Chevron deference Fifth Circuit stays further proceedings in CFPB appeal of summary judgment in lawsuit challenging UDAAP exam manual changes pending SCOTUS decision in CFSA v. CFPB Seventh Circuit stays order requiring Samsung to pay millions in arbitration fees

Machine Learning

This week's podcast episode: CFPB Director Chopra’s targeting of “digital” or “algorithmic” redlining: What it means for providers of technology and consumer credit

Manufactured Housing

House Financial Services Committee schedules Oct. 11 mark-up of "Madden fix" bill CFPB manufactured housing white paper may presage future regulation

Marketplace Lending

NYDFS calls for application of NY usury limits to all online lending and more regulation in online lending report NYDFS sends survey request to online lenders Bipartisan bill to provide "true lender" fix introduced in House

Military Issues

CFPB continues to look to creditors to help servicemembers take advantage of SCRA benefits Court looks to FCRA in interpreting MLA statute of limitations DOJ announces consent order with property management company to resolve alleged SCRA early lease termination violations

Mobile Payments

House Financial Services Committee announces January hearings on CRA, “rent-a-bank schemes,” mobile payments The ABA Responds on Mobile Financial Services (Plus, Apple Inc.’s “Response”)CFPB to hold June 12 field hearing on mobile financial services

Money Services Business

Department of Treasury Issues Strategy on De-Risking

Money Transfers

FinCEN Advisory Highlights Money Laundering Risks Related to Fentanyl Trafficking State regulators agree to multistate licensing process for money service businesses Money transfer complaints highlighted in CFPB December 2015 complaint report

Money Transmission

D.C. Department of Insurance, Securities and Banking issues bulletin on money transmission Connecticut Department of Banking issues consumer and industry advisory on money transmission

Mortgage Servicing

North Dakota enacts mortgage lender and servicer laws SCOTUS asks for Solicitor General’s views on federal preemption of state laws requiring payment of interest on mortgage escrow accounts Ninth Circuit Vacates and Remands $8 Million CFPB Judgment in Lawsuit Against Mortgage Services Company

Mortgages

FHFA Announces 2024 Conforming Mortgage Loan Limits CFPB Approves Trial Disclosure Program Waiver Template Application for Construction-to-Permanent Loans DOJ Redlining Consent Order With Ameris Bank

NCUA

FinCEN and federal functional regulators issue coded warnings against de-risking CFPB/federal banking agencies/state financial regulators announce end of flexible supervisory and enforcement approach to mortgage servicer compliance CFPB, federal and state bank and credit union regulators warn of increased supervisory scrutiny in joint statement on managing LIBOR transition

Non-sufficient funds fees

CFPB report shows nearly 50% decline in overdraft/NSF fee revenues from pre-pandemic levels OCC and FDIC address overdraft and NSF fee practices CFPB report of decline in bank revenues from overdraft and NSF fees follows President Biden’s targeting of “junk fees” State of the Union address

Not-For-Profits

Department of Treasury Issues Strategy on De-Risking

NSF fees

FDIC Moves to Dismiss Lawsuit Challenging NSF Fee Guidance

NYDFS

NYDFS releases Industry Guidance Letter on Assessment of the Character and Fitness of Directors, Senior Officers, and Managers NYDFS releases final regulations implementing virtual currency licensee assessments New York Department of Financial Services issues final regulations for consumer-like disclosures for commercial financing

OCC

The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on Dec. 6 The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on final rule on Dec. 6 OCC, Federal Reserve, and FDIC issue final Community Reinvestment Act rule

OHDFI

Amendments to Ohio’s Administrative Rules Relating to Residential Mortgage Lending

Overdrafts

Biden Administration continues efforts to crackdown on “junk fees”CFPB report shows nearly 50% decline in overdraft/NSF fee revenues from pre-pandemic levels OCC and FDIC address overdraft and NSF fee practices

Payday Lending

CFPB takes action against payday lender's CEO for alleged fraudulent transfers to avoid payment of judgment CFPB and All American Check Cashing agree to settlement conference Michigan’s November 2022 Ballot to Include Fair Lending Proposal Capping Payday Loan Interest Rates

Payments

Zelle offers details on its solution to protect scammed customers CFPB issues proposal to supervise nonbank providers of digital wallets and payment apps This week's podcast episode: A look at the impact of new developments in payment systems on low-income consumers

Podcasts

This week's podcast episode: How the New York Department of Financial Services (DFS) regulates virtual currency, a close look with special guest Kaitlin Asrow, Executive Deputy Superintendent of Research and Innovation, DFS This week's podcast episode: How the U.S. Supreme Court will decide the threat to the CFPB’s funding and structure: Part II, with Adam J. White, a renowned expert on Separation of Powers and the Appropriations Clause and a close follower of the Supreme Court This week's podcast episode: How the U.S. Supreme Court will decide the threat to the CFPB's funding and structure: Part I, with Adam J. White, a renowned expert on Separation of Powers and the Appropriations Clause and a close follower of the Supreme Court

Preemption

Predatory Loan Prevention Bill Introduced in Florida to Codify “True Lender” Analysis Supreme Court Grants Cert for Interest-on-Escrow Preemption Case Colorado opt-out signed into law, effects to be seen

Prepaid Cards

CFPB issues report on delivery of public benefits payments D.C. Circuit rules CFPB prepaid card rule does not mandate use of “model clause”CFPB files amicus brief in Fourth Circuit arguing Regulation E protections apply to prepaid account loaded with pandemic-related unemployment assistance

Privacy

CPPA releases proposed automated decision-making rules California’s Proposed “Delete Act” Would Create a ‘Do Not Sell’ List for Data Brokers CPPA publishes new draft regulations addressing AI, risk assessments, cyber audits

Private Education

CFPB Alleges Income Share Agreements are Extensions of Credit in Results-Oriented Enforcement Action against ISA Originator

Recess Appointment

U.S. Supreme Court likely to rule on cert petition in NLRB v. Noel Canning at June 20 Conference Update: Third Circuit recess appointment decision ups the ante on certiorari

Regulation Z

CFPB Issues Biennial CARD Act Report to Congress CFPB annual CARD Act, HOEPA, QM adjustments do not include credit card penalty fees safe harbors CFPB Alleges Income Share Agreements are Extensions of Credit in Results-Oriented Enforcement Action against ISA Originator

Regulatory and Enforcement

FTC authorizes use of compulsory process in artificial intelligence investigations This week's podcast episode: A close look at the Federal Trade Commission’s proposed rule to regulate “junk fees”The new CRA: Understanding the final rule and its impact on large, intermediate, and small banks; Ballard Spahr to hold webinar on Dec. 6

Remittance Transfers

CFPB enters into consent order with remittance transfer provider CFPB Supervisory Highlights Update Special Edition looks at “junk fees” charged in connection with deposits, auto servicing, and remittances Five Democratic Senators urge CFPB to revise remittance transfer rule

Research

CFPB to Participate in FTC Workshop on Consumer Disclosures FOIA Lawsuit Filed Challenging CFPB Research Methodology CFPB Issues Study on Credit Reports; Next Steps are Unknown

RESPA

CFPB Highlights Applicable HUD-Issued RESPA Guidance 4th Circuit Rules Plaintiffs Have No Standing to Sue Based on Mere RESPA Statutory Violation Claim FDIC RESPA Section 8 Settlement Acknowledges Legitimacy of Marketing Arrangements

Richard Cordray

CFPB urges more consumer control over payment methods D.C. Circuit poised to decide constitutionality of CFPB structure in PHH case Trump's DOJ supports striking Cordray's removable-only-for-cause protection from Dodd-Frank

Risk Assessment

Department of Treasury Issues Strategy on De-Risking

S.2155

Congress Passes Legislation Addressing VA Refinance Loan Issues House Passes Bill to Address Unintended Ginnie Mae Securitization Issue Created by S.2155 S.2155 Does Not Facilitate Discriminatory Lending

SBREFA panel

Chamber of Commerce suggests issues for CFPB to address at May 5 arbitration field hearing

Section 1071

Texas federal district court issues preliminary injunction enjoining CFPB from implementing and enforcing small business lending rule on nationwide basis against all covered entities Senate votes to override CFPB small business lending rule CFPB Releases Updated 1071 Small Business Lending FAQs

Small Business

FTC targets deceptive practices in merchant cash advance case Texas federal district court issues preliminary injunction enjoining CFPB from implementing and enforcing small business lending rule on nationwide basis against all covered entities Senate votes to override CFPB small business lending rule

Small Dollar Loans

Trade groups challenging CFPB payday loan rule file opening brief with Fifth Circuit Texas federal court denies trade groups’ motion to extend stay of payment provisions compliance date until appeal resolved; trade groups ask Fifth Circuit to extend stay CFPB files opposition to trade groups’ motion to extend stay of payment provisions compliance date until appeal resolved; trade groups file response

Small-dollar loans

Nevada enacts amendments regarding working from remote locations for Installment Loan Company licensees and collection of medical debt This week's podcast episode: A close look at the recent study of the effects of Illinois' 36% “all-In” interest rate cap on small-dollar credit availability, with special guest Tom Miller, Professor of Finance, Mississippi State University, and study co-author Study of Illinois 36% interest rate cap finds reduced access to credit

State Enforcement

Debt Management Company to Pay $110k in Refunds to Customers under Agreement with Colorado Attorney General’s Office NJAG and FTC announce $4.605 million settlement with for-profit college over job placement rate claims and income share agreements New York federal court stays lawsuit filed jointly by CFPB and New York Attorney General pending SCOTUS decision in CFSA

State Licensing

Predatory Loan Prevention Bill Introduced in Florida to Codify “True Lender” Analysis Connecticut Issues Guidance Clarifying the Applicability of its Small Loan Act to “True Lenders” and Earned Wage Access Providers Courts split on whether cryptocurrency is a security

State regulation

CPPA releases proposed automated decision-making rules CFPB issues report on state community reinvestment laws California DFPI Finalizes Regulations Governing Student Loan Servicers

Student Loan Equity Act

Colorado Private Education Lender Registration Takes Effect September 1, and Schools Using Income Share Agreements Are Covered

Student Loans

Dept. of Education issues framework for student loan servicer accountability California DFPI Finalizes Regulations Governing Student Loan Servicers CFPB Continues to Expand Its Scrutiny of Higher Education with New Report on College and Postsecondary School Tuition Plans

TCPA

FCC and FTC announce new AI calling and voice initiatives Ninth Circuit rules text messages not “prerecorded voice messages” under TCPA Sixth Circuit rules plaintiff’s receipt of one ringless voicemail provides standing for TCPA claim

Technology

This week's podcast episode: Using financial technology to improve consumers' financial health, a conversation with special guest Leigh Phillips, President and CEO of SaverLife and Chair of the CFPB's Consumer Advisory Board (CAB)CFPB to reopen comment period on request for comments to inform inquiry into large technology companies that offer payment services White House issues Blue Print for AI Bill of Rights

Telemarketing

Pennsylvania Attorney General files lawsuit against lead generator for role in assisting unlawful telemarketing calls FTC seeks comment on whether to continue Telemarketing Sales Rule business-to-business exception and proposes amendments Florida Governor signs bill limiting use of automated dialing systems; new law effective July 1

TILA / RESPA

CFPB Approves Trial Disclosure Program Waiver Template Application for Construction-to-Permanent Loans CFPB announces revised methodology for determining average prime offer rates CFPB seeks input on construction and construction-to-permanent loan trial disclosure sandbox application

Title Insurance

4th Circuit Rules Plaintiffs Have No Standing to Sue Based on Mere RESPA Statutory Violation Claim House Passes Bill to Amend TRID Rule Disclosures CFPB enters into RESPA settlement with title agent

TRID

CFPB Approves Trial Disclosure Program Waiver Template Application for Construction-to-Permanent Loans CFPB seeks input on construction and construction-to-permanent loan trial disclosure sandbox application CFPB Publishes TRID FAQ’s and a Factsheet on Treatment of Title Insurance Premiums

UDAAP

Fifth Circuit stays further proceedings in CFPB appeal of summary judgment in lawsuit challenging UDAAP exam manual changes pending SCOTUS decision in CFSA v. CFPB CFPB removes changes regarding discrimination as an unfair practice from UDAAP exam manual but appeals from district court order vacating changes This week's podcast episode: A deep dive into the Consumer Financial Protection Bureau’s Policy Statement on abusive acts and practices under the Consumer Financial Protection Act

UDAP

This week's podcast episode: A close look at the Federal Trade Commission’s proposed rule to regulate “junk fees”FTC announces settlement with operator of personal finance mobile app alleged to have used “dark patterns” in connection with negative option This week's podcast episode: Shining a bright light on digital dark patterns

Uncategorized

CFPB Seeks Input on Regulatory Flexibility Act Assessment of Mortgage Loan Originator Rules OCC highlights risks associated with compliance staffing concerns, Russia sanctions, environmental crimes, cyber attacks and digital assets CFPB warns consumers about debt relief/settlement companies; Ballard to hold Nov. 9 webinar

Uniform Consumer Credit Code

Colorado Private Education Lender Registration Takes Effect September 1, and Schools Using Income Share Agreements Are Covered

Usury

Predatory Loan Prevention Bill Introduced in Florida to Codify “True Lender” Analysis California Court Denies DFPI’s Motion for Preliminary Injunction Against OppFi OppFi Hat Trick: Third Federal Court Upholds Arbitration Clause

Vehicle Loans

CFPB highlights potential impact of high vehicle costs on consumers with deep subprime credit scores Trump Administration Plans to End Military Lending Act Prohibition on Offering GAP Insurance to Service Members in Auto Loan Transactions New York City adopts new requirements for used car dealers

Virtual Currency

California Reconsidering the “Digital Financial Assets Law”“Pig Butchering”: FinCEN Issues Alert on Virtual Currency Scam NYDFS releases final regulations implementing virtual currency licensee assessments