Newsletters

08.29.18

CFPB Updates: MLA Controversy, GLBA Amendment, Settlement, CFPB Constitutionality

In the latest Bureau of Consumer Financial Protection (CFPB or Bureau) news, the reported halt to Military Lending Act (MLA) examinations has created controversy, an amendment to the Gramm-Leach-Bliley Act (GLBA) annual privacy notice requirements was finalized, and a $14 million settlement was ...


08.16.18

CFPB News: A Settlement, a Loss and More Leadership Fights

The Bureau of Consumer Financial Protection (CFPB or Bureau) settled with a Minnesota-based bank for $30 million over the marketing and sale of its overdraft practices, and lost its suit against a law firm accused of violating the Consumer Financial Protection Act (CFPA) and Fair Debt Collection ...


08.16.18

Add-Ons Cost Kentucky Bank $4.75M in Federal Reserve Board Action

A Kentucky bank must pay $4.75 million in restitution pursuant to a consent order with the Board of Governors of the Federal Reserve System in an enforcement action involving add-on products.


08.03.18

OCC to Accept Fintech Charter Applications. What Happens Next?

In a decision long anticipated by the fintech industry and opposed by multiple state regulators, on July 31 the Office of the Comptroller of the Currency (OCC) announced it will accept applications for special purpose national bank charters for fintech companies.


08.02.18

FTC Seeks Greater Data Security, Privacy Authority

The Federal Trade Commission (FTC) is seeking more power to protect consumers and promote competition. In testimony before Congress, the FTC chair and the associate director for the Division of Privacy and Identity Protection discussed the agency’s enforcement efforts and assured lawmakers ...


08.02.18

CFPB News: New Innovations Office, ‘Gentler’ Consent Orders

The kinder, gentler Bureau of Consumer Financial Protection (CFPB) has created a new office focused on emerging technology, announced a pair of consent orders that include minimal financial penalties, and continued to fend off constitutional challenges in federal court.


08.02.18

New York’s DFS Report Could Yield Increased Regulation

Based on a law requiring a survey of online lending in the state, New York’s Department of Financial Services (DFS) issued a report on the methods of operation, lending practices, and risks and benefits of online lending, including recommendations that could lead to additional regulation of ...


08.02.18

ALJs Could Get Political With New Executive Order

The new executive order (EO) granting agency chiefs the power to hire administrative law judges (ALJs) according to their own standards—and eliminating the exam and competitive hiring process formerly in place—could turn the position of ALJ into a politicized one, critics of the move ...


07.18.18

States Work to Bring Banking Services to Marijuana Businesses

States are pushing to allow or encourage banking services to be provided to marijuana-related businesses, with efforts spreading from California to New York.


07.18.18

California Considering Bill to Require Disclosures for Small Business Lending

In new California commercial financing-related legislation, a pending state bill would mandate specified disclosures for small business lending, while a recently passed ordinance in Los Angeles will require banks doing business with the city to reveal if they use sales goals.