Newsletters

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.


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).


07.03.19

Fair Lending: Lawmakers Concerned About Algorithms; CFPB Issues Report

As a more centrist Consumer Financial Protection Bureau (CFPB) issued a modest annual fair lending report, Democratic lawmakers continue to press a far more aggressive fair lending agenda, as reflected by a letter sent by Sens. Elizabeth Warren (D-Mass.) and Doug Jones (D-Ala.) to the Federal ...


07.03.19

CFPB News: Kraninger Steers an Independent Path

CFPB Director Kathy Kraninger continues to chart her own course. CFPB developments include its settlement with a student loan management company, a public hearing on “abusive acts or practices, ” and updated guidance on payday lending. Meanwhile, court developments (on ...


07.03.19

Putative Class Action Attacks Securitization Based On Madden Case

On June 12, 2019, three holders of credit cards issued by a national bank brought a putative class action in the Eastern District of New York directly attacking the bank’s securitization of its credit card receivables based on the Second Circuit’s decision in Madden v. Midland Funding, ...


06.19.19

CFPB News: Kraninger Affirms CIDs, Payday Rule Delayed

Director Kathy Kraninger is in the news, taking a hard line on civil investigative demands (CIDs), backing two new settlements and issuing a further delay of the payday loan rule.


06.19.19

California Arbitration Decision Highlights McGill Risk

A recent arbitration decision by a federal district court in San Diego highlights the risk posed by the California Supreme Court’s 2017 decision in McGill v. Citibank.