Newsletters

02.27.20

Fair Lending: CFPB Agrees to Restart Women- and Minority-Owned Business Data Collection

In a settlement with a consumer advocacy group on a significant fair lending issue, the Consumer Financial Protection Bureau (CFPB) has agreed to restart long-stalled efforts to gather statutorily mandated data on lending to women- and minority-owned businesses.

02.19.20

Securitization Vehicles Win Madden Victory

In one of two closely watched New York class actions asserting usury claims against national bank securitization vehicles based on the Second Circuit’s decision in Madden v. Midland Funding, 786 F.3d 246 (2d Cir. 2015), a federal magistrate judge has recommended dismissal based on federal ...

02.19.20

GAO Asked to Study Alternative Data Credit Decisions

In a new letter last month, a group of Democratic lawmakers asked the Government Accountability Office (GAO) to take a closer look at the use of alternative data for credit decisions, particularly in the context of mortgage lending.

02.19.20

Regulators Crack Down On Credit Repair Companies

Regulators are keeping a close eye on credit repair companies as evidenced by a pair of new lawsuits filed by the Illinois attorney general and a separate action brought by the Federal Trade Commission (FTC).

02.13.20

CFPB Under Fire: Executive Appointments and Enforcement Actions Rattle Legislators

Democratic legislators and consumer groups heavily criticized the Consumer Financial Protection Bureau (CFPB or Bureau) for a number of recent moves.

02.13.20

Hearing Considers Madden, Proposed Rate Cap

The House Financial Services Committee held the first of a two-part hearing titled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.”

02.13.20

Foreign Payment Processor, CEO Settles With FTC

The Federal Trade Commission (FTC) has reached a deal with a Latvian payment processor and its CEO, settling charges that the defendants facilitated a “free trial” scam involving personal care products and dietary supplements.

02.13.20

CSBS Reports On Progress in Implementing Vision 2020

What progress has the Conference of State Bank Supervisors (CSBS) made in implementing the 2019 recommendations of the Fintech Industry Advisory Panel (the “Advisory Panel”) related to Vision 2020, its bold approach to modernizing and streamlining the state licensing and supervision of ...

02.05.20

Opponents of OCC’s “Madden Fix” Proposal Preview Their Litigation Strategy

Comments on the Office of the Comptroller of the Currency’s (OCC) proposed “Madden fix” regulation are in.

02.05.20

Arbitration: Will U.S. Supreme Court Step In to Solve California’s McGill Problem?

It now looks as though the Supreme Court is ready to receive, and we think grant, a petition for writ of certiorari in Blair v. Rent-A-Center (and related cases) that could spell doom for California’s McGill rule under which arbitration agreements are enforceable only if they exclude court ...