Topics

Accessibility

SCOTUS keeps issue of “tester” standing alive, dismissing ADA website appeal as moot The Supreme Court Keeps Issue of “Tester” Standing Alive, Dismissing ADA Website Appeal as Moot DOJ proposal to increase accessibility of government websites and mobile apps could guide accessibility for places of public accommodation

AMLA of 2020

FinCEN’s Notice of Proposed Regulations to Strengthen and Modernize AML/CFT Compliance Programs: A Podcast Department of Treasury Issues Strategy on De-Risking

Appraisals

Rocket Mortgage Turns the Table on HUD CFPB/Fed/OCC increase exemption thresholds for appraisal requirement, Regs Z and M HUD, Fannie Mae and Freddie Mac Delay Implementation of Reconsideration of Value Guidance

Arbitration

Today’s Podcast: “Accidental Arbitration” -- A New Theory that Would Rein in Consumer Arbitration Clauses and the Scope of the FAA CFPB denies consumers’ petition for rule prohibiting pre-dispute arbitration clauses Will the CFPB’s proposed rule on contract terms and conditions affect arbitration clauses?

Artificial Intelligence

FinCEN Alert: Fraud schemes using generative artificial intelligence to circumvent financial institutions' identity verification, authentication, and due diligence controls CFPB to Issue Proposal to Make It Easier for Consumers to Reach ‘Real Person’ When Seeking Assistance BSA Filings and Their Utility to Law Enforcement: An Industry Viewpoint

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

Fifth Circuit Court of Appeals strikes down FTC CARS Rule CFPB focuses on auto finance practices in latest Supervisory Highlights Consumer groups show support of CFPB’s Auto Finance Data Pilot and urge the Bureau to expand its data collection

Auto Title Loans

Military Lending Act violations alleged against title lender in Georgia class action "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

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

Bank Policy Institute critiques Notice of Proposed Rulemaking to modernize AML/CFT programs BSA Filings and Their Utility to Law Enforcement: An Industry Viewpoint Federal Banking Agencies Issue NPRM Consistent with FinCEN’s AML/CFT Modernization Proposal

Buy Now Pay Later

Borrowers with poor credit ratings make up majority of BNPL borrowers Financial Technology Association files suit challenging CFPB Buy Now Pay Later (BNPL) interpretive rule This week’s podcast episode: How the CFPB Is Using Interpretive Rules to Expand Regulatory Requirements for Innovative Consumer Financial Products; Part One: Buy-Now, Pay-Later

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’s DFPI seeks comments on additional products and services to be registered under the CCFPL California Gov. Newsom signs array of consumer protection bills California Finalizes Registration Requirements for Providers of Earned Wage Access, Other Financial Products and Services

Campus Financial Products

CFPB issues annual report on college credit card agreements CFPB releases seventh annual report to Congress on college credit card agreements CFPB releases report on college credit card agreements

CFPB

Today’s Podcast: Prof. Hal Scott Doubles Down on His Argument That CFPB is Unlawfully Funded Because of Combined Losses at Federal Reserve Banks Banking Committee sends nomination of Jonathan McKernan as CFPB Director to full Senate CFPB Nominee McKernan: Bureau will continue its work

CFPB Enforcement

CFPB inaction harming state consumer protection efforts, Democratic AGs allege in amicus brief CFPB Nominee McKernan: Bureau will continue its work Vought halts most work at CFPB

CFPB Exams

CFPB inaction harming state consumer protection efforts, Democratic AGs allege in amicus brief Vought halts most work at CFPB What about CFPB examinations and other supervisory activities

CFPB General

CFPB Nominee McKernan: Bureau will continue its work Legislation to eliminate all funding for CFPB introduced in House, Senate Federal Judge Issues Order Prohibiting Massive Layoffs, Budget Cuts at CFPB Pending Ruling on Motion for Preliminary Injunction

CFPB People

Banking Committee sends nomination of Jonathan McKernan as CFPB Director to full Senate Trump nominates former FDIC Board Member Jonathan McKernan to head CFPB Vought halts most work at CFPB

CFPB Rulemaking

CFPB inaction harming state consumer protection efforts, Democratic AGs allege in amicus brief Senate adopts CRA resolution to nullify rule subjecting large cash apps to bureau supervision House Committee adopts resolution to nullify CFPB overdraft rule

CFPB Supervision

CFPB inaction harming state consumer protection efforts, Democratic AGs allege in amicus brief CFPB Nominee McKernan: Bureau will continue its work Congressional Democrats accuse Trump Administration of ‘incursion’ at the CFPB

Climate change

New York DFS Issues Guidance on Climate Change Risks for Financial Institutions 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

Connecticut Department of Banking issues guidance on consumer-like disclosures in sales-based financing offers Bill to license commercial lenders proposed in New York

Community Banks

Proposals to Ease Capital Standards for New Banks Could Lead to More Failures, CRS Says Federal Reserve Announces Consent Order Related to Bank's Use of Discount Points Bipartisan regulatory reform bill includes significant changes for community banks

Consumer Bankers Association

Bank associations seek a preliminary injunction to block CFPB overdraft rule This week’s podcast episode: Post-Election Insights: Impacts on the Banking and Consumer Financial Services Industry New research suggests proposed Regulation II revisions lowering debit card interchange fees will cost consumers up to $2 billion annually

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

CFPB Releases Mortgage Servicing Report on Borrower Experiences During the COVID-19 Pandemic 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

Credit Cards

Wisconsin Appeals Court Rejects National Bank Act Preemption Illinois swipe fee injunction extended to cover out-of-state banks, but not federal credit unions Senators Sanders, Hawley introduce legislation to cap credit card interest rates at 10%

Credit Reports

TransUnion subsidiary Argus Information and Advisory Services agrees not to seek business with CFPB for three years CFPB issues medical debt rule; regulation immediately challenged in federal court CFPB plans to issue proposed rule mitigating the financial consequences to abuse survivors

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

BSA Filings and Their Utility to Law Enforcement: A Guest Blog 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

Cybersecurity

FHA issues revised cybersecurity requirements CPPA publishes new draft regulations addressing AI, risk assessments, cyber audits NYDFS Announces Updated Cybersecurity Regulation

Data Security

Last week’s podcast episode: Navigating the New CFPB Open Banking Rule CFPB proposes broad new data broker rule that would greatly expand the FCRA FHA Requiring Reporting of Significant Cybersecurity Incidents

De-Risking

Department of Treasury Issues Strategy on De-Risking

Debit Cards

Court grants partial injunction for National Banks and Federal Savings Associations in the lawsuit challenging the Illinois Interchange Fee Prohibition Act Industry groups file motion to intervene in Corner Post debit card interchange case Bank and Credit Union Industry Groups Challenge Illinois Interchange Fee Prohibition Act as Unlawful and Urge the Court to Stop the Operational Havoc

Debt Collection

Federal judge orders debt collector Global Circulation Inc. to temporarily cease operations CFPB: Most debt collection complaints in 2023 were attempts to collect debts not owed Federal Judge Sanctions Pittsburgh Law Firm for Writing ‘Imaginary’ Letters on Behalf of Clients in Debt Disputes

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

Debt Relief

CFPB takes action to ban Student Loan Pro from offering consumer financial products FTC bans group of student loan debt relief scammers from debt relief industry Pennsylvania AG Settles with Law firms over Alleged Deceptive Debt Settlement Services

Deposit Accounts

FDIC Proposes Revisions to Brokered Deposits Rule Minnesota federal court dismisses lawsuit against FDIC over NSF fee guidance Ballard Spahr to hold March 5 webinar on proposed rules on overdraft and NSF fees

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

This week's podcast episode: Recent developments affecting student loan origination and servicing 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

Dept. of Education

Eighth Circuit Broadens Injunction Prohibiting Implementation of SAVE Federal Student Loan Repayment Plan, Calls Into Question Legality of PAYE and REPAYE Forgiveness Provisions CFPB, DoJ take action in redlining cases Department of Education Faces Major Setback in SAVE Litigation

Dept. of Justice

Justice Department files amended complaint against cash advance company Dave Inc. and its CEO DOJ and CFPB Remind Institutions of Rate Protections for Servicemembers Citadel FCU is first credit union to settle DOJ redlining complaint

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

House steering panel chooses French Hill as next Financial Services Chair OCC highlights risks associated with compliance staffing concerns, Russia sanctions, environmental crimes, cyber attacks and digital assets

Digital Payment Access

CFPB and European Commission Report on Coordinated Efforts Concerning Consumer Financial Protection and Identify Emerging Technologies as an Area of Shared Interest

Diversity and Inclusion

Appeals Court stays small business reporting rule for many financial institutions Republicans renew efforts to repeal Section 1071 CFPB Issues Matched Pair Testing Report on Small Business Lending

Earned Wage Access

CFPB revokes EWA advisory opinion DC Attorney General files suit against app-based lender EarnIn This week’s podcast episode: How the CFPB Is Using Interpretive Rules to Expand Regulatory Requirements for Innovative Consumer Financial Products; Part Two: Earned Wage Access

Elder Financial Abuse

FinCEN issues reminder to financial institutions to identify and report elder financial exploitation FinCEN issues analysis of increasing elder financial exploitation “Pig Butchering”: FinCEN Issues Alert on Virtual Currency Scam

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

Financial Services trade groups call on CFPB to abandon its data broker proposed rule This week’s podcast episode: The CFPB’s Proposed Data Broker Rule Diverse Group Expresses Support for Bills to Limit Trigger Leads

Fair Lending

Federal Reserve Identifies Top Fair Lending Violations CFPB Issues Matched Pair Testing Report on Small Business Lending Citadel FCU is first credit union to settle DOJ redlining complaint

FCC

Trump takes control of ‘independent agencies’Appeals Court strikes down FCC telemarketing, robocall rule that required specific consent FCC sets April 11 as effective date for new robocall rules

FDIC

FDIC withdraws brokered deposits proposed rule FDIC proposing rescinding merger policy adopted in September FDIC Further Delays FDIC Insurance Sign Compliance Date for ATMs and Digital Channels

FDIC Enforcement

Defendant Challenges FDIC Enforcement Proceeding, Citing Jarkesy Recent FDIC consent orders show increased scrutiny of bank relationships with fintech partners FDIC consent order with Cross River Bank indicates heightened scrutiny of bank-fintech partnerships

FDIC Supervision

FDIC withdraws brokered deposits proposed rule FDIC Further Delays FDIC Insurance Sign Compliance Date for ATMs and Digital Channels FDIC Releases Second Set of Q&As on Required Use of FDIC Logo

Federal Agencies

Trump takes control of ‘independent agencies’House steering panel chooses French Hill as next Financial Services Chair Banking Regulators Ask Fifth Circuit to Lift Injunction Blocking CRA Rules

Federal Reserve Board

Today’s Podcast: Prof. Hal Scott Doubles Down on His Argument That CFPB is Unlawfully Funded Because of Combined Losses at Federal Reserve Banks Trump takes control of ‘independent agencies’Federal Judge Issues Order Prohibiting Massive Layoffs, Budget Cuts at CFPB Pending Ruling on Motion for Preliminary Injunction

Financial Crimes Enforcement Network (FINCEN)

FinCEN Alert: Fraud schemes using generative artificial intelligence to circumvent financial institutions' identity verification, authentication, and due diligence controls BSA Filings and Their Utility to Law Enforcement: A Guest Blog FinCEN Issues Proposed Rulemaking Aimed at Strengthening and Modernizing AML Programs Across Multiple Industries

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

FinCEN Alert: Fraud schemes using generative artificial intelligence to circumvent financial institutions' identity verification, authentication, and due diligence controls FinCEN’s Notice of Proposed Regulations to Strengthen and Modernize AML/CFT Compliance Programs: A Podcast FinCEN Issues Proposed Rulemaking Aimed at Strengthening and Modernizing AML Programs Across Multiple Industries

Fintech

Last week’s podcast episode: Navigating the New CFPB Open Banking Rule This week's podcast episode: Regulators Escalate Focus on the Risks of Bank Relationships with Fintechs and Other Third Parties This Week's Podcast: Why do Fintechs Want to Become Banks?

Flood Insurance

NFIP Extended to March 2025 NFIP’s authorization to write new policies will expire Dec. 20 NFIP to allow installment payments for flood insurance

FTC

FTC obtains preliminary injunction against Seek Capital and CEO Roy Ferman Trump takes control of ‘independent agencies’Fifth Circuit Court of Appeals strikes down FTC CARS Rule

FTC Enforcement

Justice Department files amended complaint against cash advance company Dave Inc. and its CEO FTC takes action against small business lender Seek Capital This week’s podcast episode: A Look at the FTC’s Click-to-Cancel Rule, with James Kohm, Associate Director of Enforcement Division of the FTC’s Bureau of Consumer Protection

General

House steering panel chooses French Hill as next Financial Services Chair Appeals Court Says Terms and Conditions Contained in Unsigned Auto Rental ‘Terms and Conditions’ are Part of the Consumer Contract National ranking from Chambers USA awarded again to Ballard Spahr’s Consumer Financial Services Group

GLBA

CFPB suggests that state privacy laws can—and should—regulate financial data 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 Adjusts HMDA Asset Exemption Threshold Filing Instruction Guide for 2025 HMDA data submission is released FFIEC Announces Release of 2023 HMDA Data Snapshot

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

Rocket Mortgage Turns the Table on HUD HUD extends compliance date for portions of “Modernization of Engagement with Mortgagors in Default" rule HUD announces the 2025 loan limits for FHA forward mortgages and HECMs

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

CFPB Takes Action Against BloomTech, Inc. for ISAs that Violate TILA, UDAAP, and the FTC’s Holder Rule CFPB settles claims against operator of training program arising out of income share agreements NJAG and FTC announce $4.605 million settlement with for-profit college over job placement rate claims and income share agreements

Lead Generation

CFPB Press Release and Circular cite “abusive” steering practices in connection with comparison-shopping tools and lead generators Ballard Spahr to hold Feb. 20 webinar on TCPA developments impacting consent and lead generation New FCC rule on TCPA consent for advertising and telemarketing calls and texts will significantly impact callers who obtain consent from lead generators

Limited English Proficiency

Judge refuses to dismiss most reverse discrimination counts in case against Colony Ridge CFPB publishes language access plan for consumers with limited English proficiency DOJ Settles Redlining Claims in Rhode Island

Litigation and Court Decisions

New Jersey Supreme Court Enforces Stand-Alone Class Action Waiver This week's podcast episode: The Demise of the Chevron Doctrine – Part II Plaintiffs free to appeal CFPB 1071 Rule after some plaintiffs drop their CFPB unlawful funding claim

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

DOJ and CFPB Remind Institutions of Rate Protections for Servicemembers VA proposes changes to loan reporting and guaranty loss rules Federal court orders Harris Jewelry to reopen website to allow consumers to request refunds

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

CFPB Publishes Consumer Response Annual Report FinCEN Advisory Highlights Money Laundering Risks Related to Fentanyl Trafficking State regulators agree to multistate licensing process for money service businesses

Money Transmission

PA Department Of Banking And Securities: virtual currency is “money”Wisconsin and Maine enact Model Money Transmission Modernization Law D.C. Department of Insurance, Securities and Banking issues bulletin on money transmission

Mortgage Servicing

This week’s podcast episode: CFPB’s Proposed Mortgage Servicing Rule Amendments: Understanding the Impact on Loss Mitigation, Foreclosure, and Language Access CFPB Issues Proposed Rule Amending Mortgage Servicing Rules VA Announces Temporary Variance Allowing Veterans to Pay Broker Commissions and Announces a Targeted Foreclosure Moratorium

Mortgages

CFPB, DoJ take action in redlining cases Home equity contracts: The CFPB weighs in Led by California MBA, five banks provide mortgage relief for fire victims

NCUA

NCUA Rescinds Policy to Publish Credit Unions’ Overdraft and NSF Income Trump takes control of ‘independent agencies’NCUA Increases Scrutiny of Overdraft, NSF, and RDI Fees

Non-sufficient funds fees

NCUA Increases Scrutiny of Overdraft, NSF, and RDI Fees Michigan federal court shuts down class action against Flagstar Bank for so-called “surprise overdraft” fees and multiple NSF fees on re-presentments CFPB report shows nearly 50% decline in overdraft/NSF fee revenues from pre-pandemic levels

Not-For-Profits

Department of Treasury Issues Strategy on De-Risking

NSF fees

NY State Department of Financial Services issues proposed overdraft rule California Gov. Newsom signs array of consumer protection bills Minnesota Bankers Association appeals dismissal of lawsuit against FDIC over NSF fee guidance

NYDFS

NY State Department of Financial Services issues proposed overdraft rule New York DFS Issues Guidance on Climate Change Risks for Financial Institutions NYDFS releases Industry Guidance Letter on Assessment of the Character and Fitness of Directors, Senior Officers, and Managers

OCC

Bank Policy Institute critiques Notice of Proposed Rulemaking to modernize AML/CFT programs CFPB/Fed/OCC increase exemption thresholds for appraisal requirement, Regs Z and M This week's podcast episode: Regulators Escalate Focus on the Risks of Bank Relationships with Fintechs and Other Third Parties

OHDFI

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

Overdrafts

House Committee adopts resolution to nullify CFPB overdraft rule NCUA Rescinds Policy to Publish Credit Unions’ Overdraft and NSF Income Resolutions to nullify CFPB overdraft rule introduced in House, Senate

Payday Lending

Appeals Court sets March 30, 2025 as effective date of CFPB payday lending rule Appeals court denies en banc hearing in CFSA’s challenge to CFPB’s payday rule CFPB: Payday Plaintiffs Not Entitled to En Banc Rehearing

Payments

CFPB issues final rule to give bureau supervisory power over digital consumer payment applications This week’s podcast episode: Should Congress Create a New Federal Charter for Non-Bank Payments Companies?This week's podcast episode: A close look at the Consumer Financial Protection Bureau’s proposal to supervise large nonbank providers of digital wallets and payment apps

Podcasts

Today’s Podcast: The Patterns of Digital Deception Today's Podcast: Banking as a Service Podcast: Will the State Attorneys General and Other State Agencies Fill the Void Left by the CFPB?

Preemption

Wisconsin Appeals Court Rejects National Bank Act Preemption This week’s podcast episode: The Cantero Opinion: The Supreme Court Leaves National Bank Preemption in Limbo Petition for rehearing to be filed in Ninth Circuit in National Bank Act preemption case related to mortgage escrow accounts

Prepaid Cards

DC federal court vacates CFPB’s prepaid card short-form disclosure for digital wallet products CFPB issues report on delivery of public benefits payments D.C. Circuit rules CFPB prepaid card rule does not mandate use of “model clause”

Privacy

CFPB suggests that state privacy laws can—and should—regulate financial data FHA Requiring Reporting of Significant Cybersecurity Incidents Minnesota Legislature Sends Privacy Bill to Governor

Private Education

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

Proposed Rulemaking

Trump Orders Regulatory, Hiring Freeze Federal Banking Agencies Issue NPRM Consistent with FinCEN’s AML/CFT Modernization Proposal

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

Trade Associations Sue CFPB on Same Day as it Issues Final Open Banking Rule Under Section 1033 of Dodd-Frank CFPB/Fed/OCC increase exemption thresholds for appraisal requirement, Regs Z and M Case in which CFPB came to financial institutions' defense dismissed

Regulatory and Enforcement

Trump orders review of regulations to help the ‘deconstruction of the overbearing and burdensome administrative state’Podcast Episode: The Fall of The CFPB, The Rise of The State AG This week’s podcast episode: Regulating Bank Reputation Risk

Remittance Transfers

CFPB orders remittance transfer provider to pay almost $2.5 million for alleged illegal activities CFPB proposes ‘narrow’ amendment to disclosure requirements for international remittances and money transfers CFPB issues new circular on deceptive practices in connection with marketing remittance transfers

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

DC Attorney General Settles with Four Title Company Joint Venture Organizers CFPB Highlights Applicable HUD-Issued RESPA Guidance 4th Circuit Rules Plaintiffs Have No Standing to Sue Based on Mere RESPA Statutory Violation Claim

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

Three Members of Congress and U.S. Treasury Express Concerns that Florida Law Prohibiting Banks from Considering Customers’ Business Sectors or Political or Religious Beliefs Conflicts with Federal AML/CFT Requirements Federal Banking Agencies Issue NPRM Consistent with FinCEN’s AML/CFT Modernization Proposal 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

Appeals Court stays small business reporting rule for many financial institutions Republicans renew efforts to repeal Section 1071 Federal District Court on September 23, 2024, entered final judgement in favor of the CFPB in lawsuit challenging its small business loan data collection rule; trade groups will now finally appeal to Fifth Circuit

Small Business

FTC takes action against small business lender Seek Capital Federal District Court on September 23, 2024, entered final judgement in favor of the CFPB in lawsuit challenging its small business loan data collection rule; trade groups will now finally appeal to Fifth Circuit CFPB Announces the Beta Platform for Small Business Lending Data Reporting

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

Appeals court denies en banc hearing in CFSA’s challenge to CFPB’s payday rule 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

State Attorneys General

Ballard Spahr launches State Attorneys General Consumer Response Team to respond to state issues Wisconsin Appeals Court Rejects National Bank Act Preemption Oregon Considering DIDMCA Opt-Out Legislation

State Enforcement

Ballard Spahr launches State Attorneys General Consumer Response Team to respond to state issues Wisconsin Appeals Court Rejects National Bank Act Preemption Oregon Considering DIDMCA Opt-Out Legislation

State Licensing

Ballard Spahr launches State Attorneys General Consumer Response Team to respond to state issues California’s DFPI seeks comments on additional products and services to be registered under the CCFPL PA Department Of Banking And Securities: virtual currency is “money”

State Regulation

Ballard Spahr launches State Attorneys General Consumer Response Team to respond to state issues Wisconsin Appeals Court Rejects National Bank Act Preemption Oregon Considering DIDMCA Opt-Out Legislation

Student Loan Equity Act

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

Student Loans

Eighth Circuit Broadens Injunction Prohibiting Implementation of SAVE Federal Student Loan Repayment Plan, Calls Into Question Legality of PAYE and REPAYE Forgiveness Provisions CFPB, National Collegiate Student Loan Trusts resolve case that Supreme Court declined to consider Federal Judge issues injunction against student loan servicer Superior Servicing

TCPA

Federal Judge issues injunction against student loan servicer Superior Servicing Supreme Court accepts case seeking to determine whether district courts must accept FCC’s interpretation of TCPA This week's podcast episode: Telephone Consumer Protection Act update: Developments impacting consent and lead generation

Technology

BSA Filings and Their Utility to Law Enforcement: An Industry Viewpoint 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

Telemarketing

Appeals Court strikes down FCC telemarketing, robocall rule that required specific consent FTC Agrees to Settlement with Lead Generator Banning Telemarketing and Robocall Activities Pennsylvania Attorney General files lawsuit against lead generator for role in assisting unlawful telemarketing calls

TILA / RESPA

CFPB Issues Final Rule on PACE Transactions CFPB Adjusts HPML Asset Exemption Threshold CFPB issues final rule amending Regulation Z CARD Act, HOEPA and QM dollar amounts

Title Insurance

DC Attorney General Settles with Four Title Company Joint Venture Organizers 4th Circuit Rules Plaintiffs Have No Standing to Sue Based on Mere RESPA Statutory Violation Claim House Passes Bill to Amend TRID Rule Disclosures

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

This week’s podcast episode: State fair access and debanking laws bring country’s political and cultural divisions to the fore CFPB Appeals District Court’s Decision to Vacate Changes to UDAAP Exam Manual CFPB issues UDAAP guidance on contracts for consumer financial products and services

UDAP

This week’s podcast episode: State fair access and debanking laws bring country’s political and cultural divisions to the fore DC Attorney General Settles with Four Title Company Joint Venture Organizers FTC bans group of student loan debt relief scammers from debt relief industry

Uncategorized

Recent Developments Raise Significant Questions about the Future of Regulation and Enforcement of Cryptocurrency 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

Uniform Consumer Credit Code

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

Usury

Plaintiffs oppose Colorado’s motion for a stay of the preliminary injunction in the Colorado opt-out litigation Tenth Circuit sets briefing schedule in appeal from preliminary injunction granted to trade groups with respect to Colorado opt-out statute Colorado seeks stays of District Court proceedings and preliminary injunction

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

PA Department Of Banking And Securities: virtual currency is “money”California Reconsidering the “Digital Financial Assets Law”“Pig Butchering”: FinCEN Issues Alert on Virtual Currency Scam