Newsletters

08.10.20

FFIEC Guidance Continues to Encourage Prudent Credit Accommodations

On August 3, 2020, the Federal Financial Institutions Examination Council (FFIEC) issued a new joint statement of principles for banks to consider while working with their loan customers as the end of COVID-19 initial loan accommodation periods wind down.


08.05.20

FTC Commissioner Targets Merchant Cash Advance Industry

On August 3, 2020, the Federal Trade Commission (FTC) filed a complaint against a merchant cash advance (MCA) provider and two of its officers, alleging misconduct ranging from grossly misrepresenting the terms of the financing to routinely continuing ACH collections after the financing obligation ...


08.04.20

CFPB’s Request for Information Sends Fair Lending Signals

On July 28, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) seeking industry input on the future of the Equal Credit Opportunity Act (ECOA) and Regulation B.


07.31.20

State Attorneys General Challenge OCC’s ‘Madden Fix’ Rule

As expected, the attorneys general of three large states have sued to block the “Madden fix” rule recently adopted by the Office of the Comptroller of the Currency (OCC).


07.30.20

Cryptocurrency Custody Activities Confirmed for National Banks—But With Caution

Following ongoing efforts to promote the expansiveness of the national bank charter, on July 22, 2020, the Office of the Comptroller of the Currency (OCC) issued an interpretive letter confirming the authority of a national bank to provide cryptocurrency custody services for customers.


07.29.20

New York Legislature Passes Bill Requiring Commercial Finance Disclosures

New York may soon be joining California in requiring consumer-like disclosures on commercial financing transactions.


07.27.20

OCC Proposes Rule to Define the ‘True Lender’

On the heels of finalizing its Madden-fix rule, the Office of the Comptroller of the Currency (OCC) on July 20, 2020, issued a proposed regulation to address bank-partnership uncertainty arising from the so-called true lender theory.


07.13.20

CFPB Issues Final Rule on Small-Dollar Lending With Good News and Bad News for the Industry

On July 7, the CFPB issued its long-awaited final rule (the 2020 Final Rule) amending the regulations that govern payday loans, vehicle title loans and certain high-cost installment loans.


07.06.20

Tuning Out Harmony: The Second Circuit Upholds Regulation Best Interest

Last year, a group of state attorneys general (AGs) filed suit against the Securities and Exchange Commission (SEC), challenging the agency’s Regulation BI (Best Interest), enacted in June 2019..


06.30.20

Volcker Rule Changes Provide Stimulus Effect With Banks and Investment Funds

On June 25, 2020, federal banking and securities regulators issued new regulations that will ease burdens on banks that involve themselves with certain types of investment funds.