Newsletters

03.11.20

Federal Reserve Board Takes Control

Following years of uncodified interpretive guidance, the Board of Governors of the Federal Reserve System adopted a final rule addressing the issue of how to determine whether one company has “control” over another company for purposes of the Bank Holding Company Act and the Home ...


03.11.20

FDIC Offers De Novo Guidance for Nontraditional Applicants

In an attempt to help non-banks and fintechs understand the de novo application process, the Federal Deposit Insurance Corporation (FDIC) released new materials, including a supplement to its Deposit Insurance Application Procedures Manual (the Supplement) that describes special considerations and ...


03.11.20

Expansion of OFAC Sanctions Jurisdiction Impacting Non-US Businesses

In connection with a settlement with a Swiss company, the Office of Foreign Assets Control (OFAC) has extended its reach in an important development for foreign businesses which may utilize software or hardware originating from the United States.


02.27.20

CFPB: Debt Collectors, Consumers Receive Clarity on Time-Barred Debt

Proposing a specific limit on debt collectors but also providing a safe harbor for compliance, the Consumer Financial Protection Bureau (CFPB) has issued proposed regulations that would allow debt collectors to contact consumers about time-barred debt as long as the collectors disclose, in the ...


02.27.20

Maryland Bill Would Ban Merchant Cash Advances

On February 3, 2020, Maryland State Senator Benjamin Kramer introduced a bill that would completely prohibit merchant cash advances (MCAs) in Maryland.  


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.