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The Administrator of the Uniform Consumer Credit Code for the State of Colorado, Julie Ann Meade, has filed motions to dismiss the complaints filed in federal court by two state-chartered banks seeking to permanently enjoin enforcement actions brought by the Administrator against the banks’ nonbank partners.  According to the complaints, these nonbank partners market and service loans originated by the banks, and the banks sometimes sell these loans to their partners.… Continue Reading

The Treasury Department has issued a press release announcing that Treasury Secretary Mnuchin plans to appoint Keith A. Noreika as a Deputy Comptroller and designate him the First Deputy Comptroller of the OCC.  Effective May 5, 2017, Mr. Noreika will serve as Acting Comptroller.  Comptroller Thomas J. Curry has been serving under an extension since the expiration of his term on April 9, 2017.… Continue Reading

On April 20, the United States Court of Appeals for the Ninth Circuit declined to hear an interlocutory appeal  by CashCall of the district court’s order granting the CFPB’s partial summary judgment motion and denying CashCall’s summary judgment motion in the CFPB’s lawsuit against CashCall.  The district court previously had certified its decision for interlocutory appeal.… Continue Reading

Last week the Office of the Comptroller of the Currency published a “Retail Lending” booklet, a new addition to the Safety and Soundness Asset Quality category of the Comptroller’s Handbook, which discusses the risks associated with retail lending and provides a framework for OCC examiners to evaluate retail credit risk management activities.… Continue Reading

The second presentation of the 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, will take place in Chicago on May 4-5, 2017.  I am co-chairing the event, as I have for the past 21 years.  Hundreds of people attended the first presentation in NYC, live and on the web, on April 27-28, 2017. … Continue Reading

Since the CFPB issued its final rule for general purpose prepaid accounts on October 5, 2016, it has faced attacks from Congress and criticism from industry participants

On April 5, in a letter to Congressional leaders, attorneys general (AGs) from 17 states (Iowa, California, Maine, Hawaii, Maryland, Massachusetts, Illinois, Minnesota, Mississippi, Vermont, New York, Virginia, North Carolina, Washington, Oregon, Pennsylvania, and Rhode Island) and the District of Columbia urged Congress to cease its efforts to nullify the rule under the Congressional Review Act (CRA).… Continue Reading

We have expanded CFPB Monitor. This new blog—Consumer Finance Monitor—includes all the news in the CFPB Monitor. It also features a Federal CFS Monitor for analysis on the many other federal agencies that regulate our industry and a State CFS Monitor,  which covers state agency and attorney general developments. News is segmented by topic and agency on the right.… Continue Reading

The CFPB released the Home Mortgage Disclosure (Regulation C) Small Entity Compliance Guide  on December 1, 2015.  According to the CFPB, the purpose of the Compliance Guide is to provide an accessible summary of Regulation C, in light of the final rule amending the Home Mortgage Disclosure Act (HMDA) which we summarized here.… Continue Reading

The CFPB and the FTC have announced that the agencies will host a joint roundtable entitled, “Debt Collection and the Latino Community,” on October 23, 2014. The roundtable will examine how debt collection and credit reporting issues affect Latino consumers, especially those who have limited English proficiency (LEP). Consumer advocates, industry representatives, state and federal regulators, and academics have been invited to exchange information on a range of issues.… Continue Reading