CFPB Fall Supervisory Highlights Shed Light on Agency Priorities – Small Dollar LendingThe Fall Supervisory Highlights came out this month and reports the Bureau’s findings of examinations completed between January 2021 and June 2021. The CFPB publishes the Supervisory Highlights to help institutions better understand how the CFPB examines and monitors compliance with federal consumer financial laws. CFPB examiners often find problems during supervisory examinations that are

CFPB Sets Sight On “Buy Now Pay Later” in Targeted InquiriesOn December 16, the CFPB announced that it had issued orders to five companies providing “Buy Now Pay Later” (BNPL) products to “collect information on the risks and benefits of these fast-growing loans.” Earlier this year, the CFPB released a blog directed at consumers explaining how BNPL products operate and identifying potential risks associated with

CFPB Fall Supervisory Highlights Shed Light on Agency PrioritiesYesterday, the Consumer Financial Protection Bureau (CFPB) released its Fall Supervisory Highlights. The report covers examinations completed between January and June of 2021. Over the last year, the Biden-era CFPB has made various statements about its priorities. For instance, the Bureau has issued comments or taken action related to the small dollar lending agenda,

The Future of the National Flood Insurance Program – A Legislative UpdateCongress has reauthorized the National Flood Insurance Program (NFIP) through February 18, 2022.  Prior to this most recent temporary reauthorization, the NFIP had been set to expire on December 3, 2021. Since 2017, there have been 18 temporary reauthorizations as more comprehensive and permanent legislative solutions to the program have failed to gain traction in

CFPB Issues a Request for Information Seeking Public Comment on Detecting Discrimination in Mortgage LendingOn Tuesday, November 16, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a  request for information seeking input on rules implementing the Home Mortgage Disclosure Act (“HMDA”), to evaluate whether the rules currently meet HMDA’s stated goals. HMDA, originally enacted in 1975, requires qualifying lenders to collect, report, and disclose data about originations and purchases

The CFPB Director Expresses Concern About Section 1071 Regulatory Burdens on Small BanksAfter the Consumer Financial Protection Bureau (CFPB) issued their Notice of Proposed Rulemaking (NPRM) related to Dodd-Frank 1071, Rohit Chopra, the new CFPB director, expressed his concern regarding the regulatory burden that the proposed rule would have on small banks. Director Chopra stated that he hoped the CFPB could move towards bright-lined rules that are

New York DFS Proposes Regulation to Implement TILA-Like Requirements on Small Business LoansOn September 21, 2021, New York’s Department of Financial Services (DFS) announced proposed regulations that clarify the small business Truth in Lending disclosure requirements that go into effect on January 1, 2022. The proposed regulations come just in time as non-banks and fintechs are attempting to prepare to comply with the commercial financing law with

The SAFE Banking Act passed in the U.S. House of Representatives for the fifth time on September 23, 2021. ThisU.S. House Passes the SAFE Banking Act as Part of Defense Bill landmark legislation would pave the way for more financial institutions to serve the state-legal cannabis industry by removing some of the attendant legal and regulatory risks, as we have previously explained.

In a tactical

CFPB Issues NPRM on Dodd-Frank 1071; Bradley to Host Initial Webinar on September 8Yesterday, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited Notice of Proposed Rulemaking (NPRM) related to Dodd-Frank 1071. As we have discussed in this space, Section 1071 amends the Equal Credit Opportunity Act to mandate certain reporting requirements for financial services companies making business loans. The act aims to “facilitate enforcement of fair