Newsletters

12.21.20

CFPB News: Bureau Finalizes Part Two of FDCPA Disclosure Rules

Completing a process long in the works, the Consumer Financial Protection Bureau has issued the second part of its final Debt Collection Rule.

12.10.20

New York Drags Its Securities Filings Into the 21st Century

New rules will simplify the notice filing process for private placements by requiring filings be made on a Form D via the North American Securities Administrators Association multistate Electronic Filing Depository, consistent with how such filings have long been made in most other states.

11.23.20

Consent Order Confirms California MCA Enforcement Campaign

On November 12, 2020, the California Department of Financial Protection and Innovation (DFPI) (until recently called the Department of Business Oversight) entered into a consent order with Allup Finance LLC (Allup) finding that Allup’s merchant cash advance (MCA) product was a disguised ...

11.10.20

Did You Really Need That PPP Loan? The SBA Wants to Know

Without much fanfare, the Small Business Administration (SBA) has started investigating borrowers of larger Paycheck Protection Program (PPP) loans to obtain information about their business activities.

11.05.20

CFPB Releases Final Debt Collection Rule, Part 1

On October 30, 2020, the Consumer Financial Protection Bureau released the first part of its long-awaited final Debt Collection Rule, which substantially updates and modernizes Regulation F, the implementing regulation for the federal Fair Debt Collection Practices Act.

10.30.20

CFPB Enforcement: How the Latest Changes Impact Covered Entities

The Consumer Financial Protection Bureau (CFPB, or the Bureau) has announced major changes to its organizational structure, placing enforcement operations under the control of the supervision office.

10.23.20

CFPB Announces Rulemaking on Consumer Access to Financial Records

Will consumers gain better-defined insights into their own financial records? Yes, says the Consumer Financial Protection Bureau (CFPB or Bureau), which issued an advance notice of proposed rulemaking (ANPR) concerning consumer access to financial records, thus beginning the process of developing ...

10.22.20

Security Implications of Extraterritorial Application of U.S. Law on Cryptocurrency Markets

Recent action by the U.S. government reminds us that engaging in the cryptocurrency markets continues to present counterparty risk in the context of with whom you are doing business.

10.15.20

COVID-19 Emergency Powers: MI Supreme Court Places Many Remotely Notarized Mortgage Loans at Risk

A recent ruling by the Michigan Supreme Court nullifying hundreds of emergency orders by Michigan Governor Gretchen Whitmer may have profound implications for those mortgage loans closed in reliance on the expanded remote notarization provisions established by emergency order, including with ...

10.09.20

RESPA: CFPB Issues FAQs, Rescinds 2015 Marketing Services Agreements Guidance

In a significant action, the Consumer Financial Protection Bureau (CFPB) has abruptly rescinded a 2015 compliance bulletin concerning marketing services agreements (MSAs) and updated FAQs relating to Real Estate Settlement Procedures Act (RESPA) compliance generally.