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

HUD, Fannie Mae and Freddie Mac Delay Implementation of Reconsideration of Value Guidance HUD Charges Appraiser, Appraisal Management Company, and Lender with Race Discrimination Federal Agencies Finalize Reconsideration of Value Guidance

Arbitration

Pennsylvania Supreme Court To Decide Enforceability of Online Arbitration Agreements Cookie Cutter Declarations Will Not Prop Up Mass Arbitrations Seventh Circuit Slams the Brakes on Consumer Mass Arbitration against Samsung

Artificial Intelligence

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 Treasury issues request for information on use of AI in financial services

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

Consumer groups show support of CFPB’s Auto Finance Data Pilot and urge the Bureau to expand its data collection FTC, State of Arizona Charge Auto Dealership with Deceiving Consumers Fifth Circuit Court of Appeals Schedules Oral Arguments in CARS Rule Challenge for Oct 7

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

BSA Filings and Their Utility to Law Enforcement: An Industry Viewpoint Federal Banking Agencies Issue NPRM Consistent with FinCEN’s AML/CFT Modernization Proposal BSA Filings and Their Utility to Law Enforcement: A Guest Blog

Buy Now Pay Later

This week's podcast episode: Buy Now, Pay Later – Evolution, Regulation, and What You Need to Know about the CFPB Interpretive Rule Effective July 30 CFPB Proposes Interpretive Rule that EWAs Are Credit; Expedited Funding Fees and Tips May Be Finance Charges under Regulation Z CFPB Issues “Interpretive Rule” Deeming BNPL Providers Card Issuers

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 Releases Third Annual Report on Activity Under the CCFPL California federal district court grants summary judgment for DFPI in lawsuit challenging state’s regulations requiring consumer-like disclosures for commercial transactions California Court Denies DFPI’s Motion for Preliminary Injunction Against OppFi

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

Ballard lawyers to speak at ABA meeting on September 13 regarding CFPB Contracts Circular This week’s podcast episode: The Cantero Opinion: The Supreme Court Leaves National Bank Preemption in Limbo CFPB Again Taking on Gaming Industry

CFPB Enforcement

Regulators Focus on Solar Lending Industry CFPB to file amended complaint against Solo Funding, Inc. which will moot motion to dismiss based in part on CFPB’s unlawful funding CFPB files and prosecutes yet another enforcement lawsuit using funds obtained in violation of the CFPB’s enabling statute (Dodd-Frank Act) and the Constitution

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 Releases Study of Refinance Mortgage Loans Between 2013 and 2023 CFPB announces revised methodology for determining average prime offer rates CFPB Analyzes Impacts of Higher Mortgage Interest Rates

CFPB People

This week’s podcast episode: An Insider’s View of the CFPB CFPB Appoints New Members to Advisory Committees CFPB Director Rohit Chopra addresses FDIC deposit insurance and the banking industry

CFPB Rulemaking

House Republican introduces resolution to nullify CFPB non-bank registry rule This Week’s Podcast: The CFPB’s Registry of Nonbanks and Circular that Certain Contract Terms Violate Law Texas Judge Rules CFPB Did Not Exceed Authority in Issuing Small Business Reporting Rule

CFPB Supervision

CFPB: Most debt collection complaints in 2023 were attempts to collect debts not owed CFPB: Families Forced to Pay ‘Junk’ Fees for School Lunches In Rare Move, the CFPB Comes to the Defense of Bank

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

New research suggests proposed Regulation II revisions lowering debit card interchange fees will cost consumers up to $2 billion annually Banking and Non-Banking Industries Voice Concern Over Basel III Endgame Proposal’s Potentially Significant Negative Impact on Consumers CBA launches overdraftfacts.com to provide insights to policymakers

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

CFPB files its reply brief in support of the CFPB’s motion to dissolve the preliminary injunction in the credit card late fee lawsuit Bank and Credit Union Industry Groups Challenge Illinois Interchange Fee Prohibition Act as Unlawful and Urge the Court to Stop the Operational Havoc Plaintiffs declare that Fort Worth Chamber is the CFPB’s “natural adversary” in their opposition brief to the CFPB’s motion to dismiss

Credit Reports

CFPB issues proposal to prohibit use of medical debt information in credit decisions CFPB Director Addresses Credit Report Fees Before the Mortgage Bankers Association CFPB issues letters in support of Connecticut and California bills on medical debt reporting; Connecticut bill enacted

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

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

FHA Requiring Reporting of Significant Cybersecurity Incidents FTC announces new Safeguards Rule breach notification requirements California’s Proposed “Delete Act” Would Create a ‘Do Not Sell’ List for Data Brokers

De-Risking

Department of Treasury Issues Strategy on De-Risking

Debit Cards

Bank and Credit Union Industry Groups Challenge Illinois Interchange Fee Prohibition Act as Unlawful and Urge the Court to Stop the Operational Havoc ABA and State Bankers Associations ask Federal Reserve to withdraw its debit card interchange proposed rule Senator Durbin attempts to revive Durbin 2.0 with Senate Judiciary Committee hearing in April and solicits testimony from Visa, Mastercard, United Airlines and American Airlines CEOs

Debt Collection

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 This week’s podcast episode: California Consumer Finance Law - Hot Topics and Recent Developments

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

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

Department of Education Faces Major Setback in SAVE Litigation Appellate court upholds $21 million judgment against for-profit college regarding unfair competition and false advertising claims CFPB report identifies challenges faced by borrowers in resumption of student loan payments

Dept. of Justice

DOJ launches whistleblower pilot program and cracks down on artificial intelligence misuse DOJ Settles with Patriot Bank for Redlining in Memphis Republican Senators urge CFPB and DOJ to retract joint statement on consideration of immigration status under ECOA

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

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

FDIC Urges Financial Institutions to Complete Voluntary Diversity Self-Assessments CFPB’s Office of Minority and Women Inclusion Publishes Annual Report to Congress 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

Earned Wage Access

CFPB Proposes Interpretive Rule that EWAs Are Credit; Expedited Funding Fees and Tips May Be Finance Charges under Regulation Z California’s DFPI Releases Third Annual Report on Activity Under the CCFPL South Carolina Enacts Earned Wage Access Legislation Requiring Registration, Exempting the Product from Lending Laws

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

Diverse Group Expresses Support for Bills to Limit Trigger Leads Revised Trigger Leads Bill Introduced in U.S. House of Representatives CFPB issues two new FCRA advisory opinions on background screening reports and disclosure of credit files to consumers

Fair Lending

Federal Agencies Finalize Reconsideration of Value Guidance 7th Circuit Holds ECOA Protections Apply to Prospective Applicants HUD Enters Conciliation Agreement with the Appraisal Foundation to Curb Discrimination in the Industry

FCC

This week's podcast episode: Telephone Consumer Protection Act update: Developments impacting consent and lead generation FCC issues final rule on revocation of consent for robocalls and robotexts TCPA unsolicited robocall ban now includes AI-generated voices

FDIC

FDIC Releases Second Set of Q&As on Required Use of FDIC Logo Plaintiffs oppose Colorado’s motion for a stay of the preliminary injunction in the Colorado opt-out litigation FDIC Seeking Comments on Industrial Bank Rule Changes

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 Releases Second Set of Q&As on Required Use of FDIC Logo Trade Groups Call on FDIC to Withdraw Brokered Deposit NPRM FDIC Urges Financial Institutions to Complete Voluntary Diversity Self-Assessments

Federal Agencies

Banking Regulators Ask Fifth Circuit to Lift Injunction Blocking CRA Rules Witnesses Call on Congress to Establish Regulatory Office in Wake of Loper Proposals to Ease Capital Standards for New Banks Could Lead to More Failures, CRS Says

Federal Reserve Board

Federal District Court in Texas which recently validated CFPB’s small business data collection rule might entertain “new” funding challenge to CFPB Unlawful funding argument raised in challenge to final CFPB rule Banking Regulators Seek Comment on Third-Party Relationships with Financial Institutions

Financial Crimes Enforcement Network (FINCEN)

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 Are four digits enough? FinCEN seeks comments on CIP rule’s SSN collection requirement

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’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 FinCEN issues reminder to financial institutions to identify and report elder financial exploitation

Fintech

This Week's Podcast: Why do Fintechs Want to Become Banks?Banking Regulators Seek Comment on Third-Party Relationships with Financial Institutions Regulators Outline Risks that Third-Party Servicers Pose to Banks

Flood Insurance

National Flood Insurance Program to Expire on Sept. 30 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

FTC

Regulators Focus on Solar Lending Industry FTC Issues Final Rule to Fight Fake Product Reviews FTC Orders Career Training Company to Pay $43.5 Million for Luring Students With Deceptive Ads

FTC Enforcement

FTC, State of Arizona Charge Auto Dealership with Deceiving Consumers FTC Issues Final Rule to Fight Fake Product Reviews FTC Shuts Down Credit Repair Company

General

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 Committee on Judicial Review of the Administrative Conference of the United States develops recommendation to prevent forum shopping

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

FFIEC Announces Release of 2023 HMDA Data Snapshot CFPB Issues 2023 Annual Fair Lending Report 2023 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

HUD, Fannie Mae and Freddie Mac Delay Implementation of Reconsideration of Value Guidance HUD Charges Appraiser, Appraisal Management Company, and Lender with Race Discrimination HUD Enters Conciliation Agreement with the Appraisal Foundation to Curb Discrimination in the Industry

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

CFPB publishes language access plan for consumers with limited English proficiency DOJ Settles Redlining Claims in Rhode Island HUD requires use of Supplemental Consumer Information Form for FHA mortgage loans

Litigation and Court Decisions

This week's podcast episode: The Demise of the Chevron Doctrine – Part I Appeals Court: No FCRA Informational Injury Standing Pennsylvania Supreme Court To Decide Enforceability of Online Arbitration Agreements

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

FTC Orders Career Training Company to Pay $43.5 Million for Luring Students With Deceptive Ads FirstCash Files Motion for Partial Summary Judgment in Case Filed by CFPB CFPB continues to look to creditors to help servicemembers take advantage of SCRA benefits

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

CFPB Issues Proposed Rule Amending Mortgage Servicing Rules VA Announces Temporary Variance Allowing Veterans to Pay Broker Commissions and Announces a Targeted Foreclosure Moratorium Department of Veterans Affairs Enacts Sweeping Loss Mitigation Program Changes

Mortgages

Petition for rehearing to be filed in Ninth Circuit in National Bank Act preemption case related to mortgage escrow accounts DC Attorney General Settles with Four Title Company Joint Venture Organizers In finding no National Bank Act Preemption, Ninth Circuit Ignores Supreme Court Directive in and Pays Lip Service to Cantero v. Bank of America Opinion Regarding NBA Preemption

NCUA

Financial Regulators Propose Standards to Promote Interoperability of Data Federal Banking Agencies Issue NPRM Consistent with FinCEN’s AML/CFT Modernization Proposal NCUA Board Votes to Maintain 18% Interest Rate Ceiling on Most Loans

Non-sufficient funds 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 OCC and FDIC address overdraft and NSF fee practices

Not-For-Profits

Department of Treasury Issues Strategy on De-Risking

NSF fees

Minnesota Bankers Association appeals dismissal of lawsuit against FDIC over NSF fee guidance This week's podcast episode: A close look at the Consumer Financial Protection Bureau’s proposed rules on overdraft and nonsufficient funds fees California AG issues warning to state-chartered banks and credit unions on “surprise overdraft” and returned deposit item fees

NYDFS

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 NYDFS releases final regulations implementing virtual currency licensee assessments

OCC

Financial Regulators Propose Standards to Promote Interoperability of Data Acting Comptroller Hsu pressured to repeal preemption regs by Conference of State Bank Supervisors and consortium of consumer groups Banking Regulators Seek Comment on Third-Party Relationships with Financial Institutions

OHDFI

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

Overdrafts

Michigan federal court shuts down class action against Flagstar Bank for so-called “surprise overdraft” fees and multiple NSF fees on re-presentments Acting Comptroller Hsu Highlights Latest Efforts of OCC in Elevating Financial Fairness This week's podcast episode: A close look at the Consumer Financial Protection Bureau’s proposed rules on overdraft and nonsufficient funds fees

Payday Lending

CFPB: Payday Plaintiffs Not Entitled to En Banc Rehearing Plaintiff Trade Groups Petition for Rehearing En Banc in Challenge to Payday Lending Rule Update on CFPB payday lending rule: “it ain’t over ‘till it’s over”

Payments

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 Democratic Senators continue to pressure Zelle and other payment apps to change fraud policies Republican lawmakers ask CFPB to reopen comment period on proposal to supervise nonbank providers of digital wallets and payment apps

Podcasts

This week's podcast episode: The Demise of the Chevron Doctrine – Part I FinCEN’s Notice of Proposed Regulations to Strengthen and Modernize AML/CFT Compliance Programs: A Podcast This week’s podcast episode: The Cantero Opinion: The Supreme Court Leaves National Bank Preemption in Limbo

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 In finding no National Bank Act Preemption, Ninth Circuit Ignores Supreme Court Directive in and Pays Lip Service to Cantero v. Bank of America Opinion Regarding NBA Preemption

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

FHA Requiring Reporting of Significant Cybersecurity Incidents Minnesota Legislature Sends Privacy Bill to Governor FTC warns “quietly changing” privacy policies may be an unfair or deceptive practice

Private Education

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

Proposed Rulemaking

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

HUD, Fannie Mae and Freddie Mac Delay Implementation of Reconsideration of Value Guidance CFPB Issues “Interpretive Rule” Deeming BNPL Providers Card Issuers HUD, Fannie Mae and Freddie Mac Issue Reconsideration of Value Guidance to Combat Appraisal Bias

Regulatory and Enforcement

DC Attorney General Settles with Four Title Company Joint Venture Organizers CFPB Issues Initial Filing Instructions Guide for Nonbank Enforcement Order Registry VA Announces Secondary Borrowing Requirements for Loan Assumptions

Remittance Transfers

CFPB issues new circular on deceptive practices in connection with marketing 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

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

CFPB Announces the Beta Platform for Small Business Lending Data Reporting Federal District Court in Texas which recently validated CFPB’s small business data collection rule might entertain “new” funding challenge to CFPB Unlawful funding argument raised in challenge to final CFPB rule

Small Business

CFPB Announces the Beta Platform for Small Business Lending Data Reporting Texas Judge Rules CFPB Did Not Exceed Authority in Issuing Small Business Reporting Rule CFPB Releases Updated 1071 Filing Instructions Guide

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

Colorado appeals to Tenth Circuit from Federal District Court order granting plaintiffs’ motion for a preliminary injunction in lawsuit challenging application of Colorado opt-out statute to out-of-state state banks making loans to Colorado residents FTC issues report on collaboration with state attorneys general Pennsylvania AG Settles with Law firms over Alleged Deceptive Debt Settlement Services

State Licensing

PA Department Of Banking And Securities: virtual currency is “money”Wisconsin and Maine enact Model Money Transmission Modernization Law Washington state “true lender” law signed, effective June 6, 2024

State regulation

DC Attorney General Settles with Four Title Company Joint Venture Organizers 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 New Florida Law Prohibits Banks from Considering Customers’ Political, Religious Beliefs

Student Loan Equity Act

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

Student Loans

Department of Education Faces Major Setback in SAVE Litigation Federal Judges Block Biden Student Loan Forgiveness Plan CFPB Publishes Consumer Response Annual Report

TCPA

This week's podcast episode: Telephone Consumer Protection Act update: Developments impacting consent and lead generation FCC issues final rule on revocation of consent for robocalls and robotexts TCPA unsolicited robocall ban now includes AI-generated voices

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

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 FTC seeks comment on whether to continue Telemarketing Sales Rule business-to-business exception and proposes amendments

TILA / RESPA

CFPB Adjusts HMDA and HPML Asset Exemption Thresholds CFPB Approves Trial Disclosure Program Waiver Template Application for Construction-to-Permanent Loans CFPB announces revised methodology for determining average prime offer rates

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

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 CFPB Takes Action Against BloomTech, Inc. for ISAs that Violate TILA, UDAAP, and the FTC’s Holder Rule

UDAP

DC Attorney General Settles with Four Title Company Joint Venture Organizers FTC bans group of student loan debt relief scammers from debt relief industry New York Governor’s Proposed TED Bill Includes Sweeping BNPL Legislation

Uncategorized

Transportation Department opens probe into rewards programs at four largest airlines 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