Newsletters

10.18.21

New York Commercial Financing Disclosure Requirements Take Effect Soon

On September 21, 2021, the New York Department of Financial Services released its pre-proposed regulations to implement the commercial financing disclosure requirements in S5470-B and S898.


10.01.21

Chopra Takes the Reins at the CFPB

On September 30, 2021, the U.S. Senate, on a party-line vote, confirmed the nomination of Rohit Chopra to head the Consumer Financial Protection Bureau.


08.11.21

Student Lending: CFPB Investigates Point-of-Sale Financing

A leading online payments system platform that offers point-of-sale financing reports it received a Civil Investigative Demand from the Consumer Financial Protection Bureau for allowing educational institutions to encourage students to finance their educational services using the point-of-sale ...


06.29.21

Fair Lending: HUD to Reinstate Lower Bar for Proving Disparate Impact

On June 25, the Department of Housing and Urban Development published in the Federal Register a proposal to rescind its own 2020 disparate impact rule.


06.28.21

SCOTUS Deals Blow to Federal Court Plaintiffs with Statutory Violations But No Discernible Damages

The U.S. Supreme Court held on June 25 in TransUnion LLC v. Ramirez that plaintiffs lack Article III standing to pursue claims in federal court in the absence of a concrete injury-in-fact (i.e., actual economic damages or bodily injury) even where the defendant violated a federal statute granting a ...


06.28.21

CFPB Rulemaking Will Require Reporting On Lending To Women- And Minority-Owned And Small Businesses

The Consumer Financial Protection Bureau is finally moving forward with rulemaking under Section 1071 of the Dodd-Frank Act, which will require “financial institutions” to collect, maintain and report to the CFPB data on credit applications made by women-owned, minority-owned, and small ...


04.29.21

Consumer Mortgages: Why the CFPB’s QM Rule Compliance Delay Isn’t Quite What It Seems

As proposed back in March, the Consumer Financial Protection Bureau has now formally delayed the mandatory compliance date for the new general qualified mortgage (QM) rule to October 1, 2022, effective June 30.


04.12.21

California DFPI Modifies Proposed SB 1235 Regulations

On April 7, 2021, in response to public comments, the California DFPI issued redlined modifications to its proposed regulations for SB 1235, a groundbreaking law requiring consumer-like disclosures for certain types of commercial financing.


04.02.21

CFPB Rescinds Policy Statements That Provided Flexibility During the COVID-19 Crisis

Another day, another major pronouncement from the Consumer Financial Protection Bureau, which just took two important actions.


04.01.21

Regulation by Blog or Press Release?

In two recent communications, the Consumer Financial Protection Bureau acting director is signaling that the Bureau will vigorously enforce against consumers harmed by short-term lenders that fail to underwrite loans based on the borrowers’ ability to repay them.