Newsletters

08.28.19

Federal Reserve Banks Report On Small Businesses Nonemployer Firms

In a pair of new reports, the 12 Federal Reserve Banks provided data on the financing needs, decisions and outcomes of (i) small businesses (fewer than 500 employees) and (ii) nonemployer firms.


08.28.19

California Regulator: Lenders Moving Away From Small-Dollar Loans to High-Interest Installment Loans

California non-bank consumer lenders are moving away from small-dollar short term payday loans and are, instead, embracing longer-term installment loans with amounts over $2,500 to avoid interest rate caps, according to the state’s banking regulator.


08.14.19

California DBO Proposes Commercial Finance Disclosure Regulations and Seeks Further Comments

The California Department of Business Oversight (DBO) has issued its long-awaited draft regulations to implement SB 1235, a 2018 law requiring consumer-like disclosures for commercial financing in California.  The DBO has requested public comment on these draft regulations, giving interested ...


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

Payment Processor Faces Joint Federal, State Action

The Federal Trade Commission (FTC) and the Ohio attorney general have sued a payment processor arising from activities that allegedly enabled its merchant customers to defraud consumers.


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.


07.31.19

CFPB's Latest Proposed Rulemaking (TILA/HMDA) Focused on Mortgage Markets

It has been an unusually busy rule-making stretch for the consumer mortgage markets at the Consumer Financial Protection Bureau (CFPB or Bureau), marked by its issuance of an advanced notice of proposed rule-making (ANPR) relating to its proposal to allow expiration of the temporary qualified ...


07.31.19

Will GOP Credit Reporting Bill Gain Bipartisan Support?

Credit reporting companies would be subject to supervision and examination authority by the Consumer Financial Protection Bureau (CFPB) and would be barred from using Social Security numbers, under new legislation proposed by Rep. Patrick McHenry (R-N.C.).