CFPB, Federal Agencies, State Agencies, and Attorneys General
In March 2021, Illinois Governor Pritzker signed into law SB 1792, which contains the Predatory Loan Prevention Act (the “Act”). The new law became effective immediately upon signing notwithstanding the authority it gives the Illinois Department of Financial and Professional Regulation (“IDFPR”) to adopt rules “consistent with [the] Act.”
The Act extends the 36%…
The U.S. Court of Appeals for the Second Circuit has ruled that the lawsuit filed by the New York Department of Financial Services (DFS) seeking to block the OCC’s issuance of special purpose national bank (SPNB) charters to non-depository fintech companies should be dismissed for lack of Article III standing. In December 2017, the DFS’s…
The FDIC has filed a motion for summary judgment in the lawsuit filed by the Attorney Generals of six states and District of Columbia to set aside the FDIC’s “Madden-fix” rule. The filing also includes the FDIC’s opposition to the summary judgment motion filed by the AGs.
The lawsuit is pending before…
Yesterday, by a vote of 52-47, the Senate passed the resolution introduced by Democratic Senators under the Congressional Review Act (CRA) to overturn the OCC’s “true lender” final rule. The rule addresses when a national bank or federal savings association should be considered the “true lender” in the context of a partnership with a…
As discussed in our earlier blog, the Senate Banking, Housing and Urban Affairs Committee held a hearing on April 28, 2021 entitled “The Reemergence of Rent-a-Bank?”.
The hearing focused primarily on the final “True Lender” rule issued by the OCC on October 27, 2020, which was effective December 29, 2020. The True Lender…
The Attorney Generals of the six states and District of Columbia who filed a lawsuit against the FDIC to set aside its “Madden-fix” rule have filed a motion for summary judgment in the case.
The lawsuit is pending before the same California federal district court judge (Judge Jeffrey S. White) who is…
On Wednesday, April 28, the Senate Banking Committee will hold a hearing, “The Reemergence of Rent-a-Bank?”
In addition to Brian Brooks, the former Acting Comptroller of the Currency, the scheduled witnesses are Josh Stein, North Carolina Attorney General, Lisa Stifler, Director of State Policy, Center for Responsible Lending, Dr. Frederick D. Haynes, III,…
The OCC has filed a Statement of Recent Decision in Support of Defendants’ Motion for Summary Judgment in the lawsuit filed by state AGs to enjoin the OCC’s final rule (Rule) purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations.
The recent decision submitted by the OCC, Robinson…
On April 15, 2021, the House Financial Services Committee’s Subcommittee on Consumer Protection and Financial Institutions will hold a hearing titled, “Banking Innovation or Regulatory Evasion? Exploring Trends in Financial Institution Charters.” A topic expected to receive attention at the hearing is the OCC’s decision to accept applications for special purpose national bank…
The Illinois Department of Financial and Professional Regulation (DFPR) has issued Predatory Loan Prevention Act Frequently Asked Questions (PLPA). The PLPA became effective on March 23, 2021, the day it was signed into law by Governor Pritzker. The DFPR also issued a “Notice Regarding the Consumer Reporting Database and the Predatory Loan Prevention…
