Newsletters

09.25.19

State AGs to SEC: Your "Best" is Not Good Enough

Led by New York Attorney General Letitia James, a group of eight state AGs filed suit against the Securities and Exchange Commission (SEC), challenging the agency’s recently enacted Regulation BI (Best Interest).


09.12.19

Credit Union News: Favorable NCUA Decision on Final Rule, Hemp Gets Go-Ahead

In a major win for credit unions, the D.C. Circuit has largely reversed a ruling that would have prevented credit unions from promulgating rules greatly expanding the field of membership, that is, the persons eligible to join a specific credit union.


08.28.19

Payroll Advance Industry in Regulators’ Crosshairs

The payroll advance industry is the subject of a newly announced multistate investigation seeking information to enable regulators to determine whether there is unlawful lending by online companies engaged in this business.


08.14.19

CFPB News: MOUs, Automated Underwriting, Settlements, Payday Rule Delay

In another busy stretch for the Consumer Financial Protection Bureau (CFPB or Bureau), lawmakers reached out to the Bureau and the Department of Education (ED) regarding protections for student borrowers, while the CFPB and the New York attorney general reached a $60 million deal with a group of ...


08.14.19

New York DFS Joins the Innovation Movement

Joining the innovation trend, the New York Department of Financial Services (DFS) announced the creation of a new Research and Innovation Division.


08.14.19

Third Time’s the Charm? Key Takeaways From the Updated TRID FAQs

On July 31, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a third update to its TILA-RESPA Integrated Disclosure (TRID) FAQs, providing new questions and answers regarding giving loan estimates to consumers.


07.31.19

California Legislature Advances Changes to Financing Law

A closely watched bill that would have a significant impact on the financial services industry continues to advance through the California Legislature, although a second measure that would regulate lead generators has stalled.


07.17.19

Ninth Circuit Follows McGill Decision, Cementing Arbitration Risk in California

The U.S. Court of Appeals for the Ninth Circuit has passed on an opportunity to fix the so-called McGill problem in California, affirming the denial of a motion to compel arbitration of a claim for public injunctive relief in Blair v. Rent-A-Center and two companion cases. 


07.17.19

Fintech News: State Licensing Streamlined, More States Step into the Sandbox

The Conference of State Bank Supervisors (CSBS) recently announced that 23 states have now agreed to participate in a streamlined licensing process under which nonbanks requiring a license to operate under state law can benefit from the cooperative efforts of the state regulators in approval of ...


07.17.19

CFPB News: New Rules, AG Overdraft Comments, OIG Report

The Consumer Financial Protection Bureau (CFPB or Bureau) turned its focus to rulemaking, with the Bureau issuing a final rule amending Regulation CC and extending the comment period on the advanced notice of proposed rulemaking (ANPR) on the Home Mortgage Disclosure Act (HMDA).