Newsletters

09.14.23

CFPB Loses Major UDAAP Case

On September 8, 2023, the U.S. District Court for the Eastern District of Texas issued an opinion and order vacating a March 2022 anti-discrimination update to the UDAAP section of the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) Supervision and ...


09.11.23

The CFPB’s Summer 2023 Supervisory Highlights

The Consumer Financial Protection Bureau’s (CFPB or Bureau) Summer 2023 Supervisory Highlights, which discusses key examination findings between July 2022 and March 2023, underscores the Bureau’s continuing aggressive interpretations of its authority.


08.21.23

California Imposes More Regulation on Commercial Financing

After being the first state to impose disclosure requirements on small business finance transactions, California has now added an annual reporting requirement and subjected commercial finance companies to UDAAP claims. 


07.14.23

Supreme Court: Business Registration Statutes Don't Violate Due Process

A recent decision by the U.S. Supreme Court will encourage forum shopping by enterprising plaintiffs, particularly to out-of-state jurisdictions where a defending business has few or no contacts.


10.24.22

Lights Out? Fifth Circuit Finds CFPB’s Funding Mechanism Unconstitutional

On October 19, 2022, the Fifth Circuit sent shock waves through the financial world, ruling that the Consumer Financial Protection Bureau’s independent funding structure violates the U.S. Constitution’s Appropriations Clause.


10.12.22

Three Takeaways From the CFPB’s Fall 2022 Supervisory Highlights Special Edition

Last week, the CFPB released a special edition of its Supervisory Highlights focusing on recent examination findings related to practices by student loan servicers and schools and colleges that directly lend to students. Here are three things you should know.  


09.22.22

California Enacts Legislation Regulating GAP Waivers

In an effort to reduce allegedly “unnecessary junk products” sometimes included in automobile financing, on September 14, Governor Gavin Newsom signed into law Assembly Bill 2311, further regulating motor vehicle conditional sales contracts and the terms of guaranteed asset protection ...


06.13.22

Comment Deadline Approaching for CA’s Burdensome Proposal on Handling and Reporting Complaints

July 5 is the deadline for submitting comments on the California Department of Financial Protection and Innovation’s proposed regulations on complaint handling and reporting, which would impose significant obligations on certain providers of consumer financial services in California.


05.02.22

FTC Proposes Expansion of TSR That May Impact SMB Lending

The Federal Trade Commission (FTC) issued a press release announcing a notice of proposed rulemaking and an advance notice of proposed rulemaking seeking public comment on possible changes to the Telemarketing Sales Rule  “extending protections against telemarketing tricks and ...


04.28.22

Illinois Adopts Regulations Under Predatory Loan Prevention Act

The Illinois Department of Financial and Professional Regulation has adopted a series of regulations pursuant to the Illinois Predatory Loan Prevention Act.