As we recently noted, the CFPB released the 23rd issue of its Supervisory Highlights report, focusing on COVID-19 prioritized assessments. In the report, the CFPB identified small business lending as an area that poses a risk of consumer harm. In particular, the CFPB focuses its discussion of small business lending on the Paycheck
Federal Reserve Implements Aggressive Liquidity Campaign as Growing Corporate Debt Threatens to Exacerbate COVID-19 Economic Toll
In response to the recent COVID-19 outbreak, Congress recently approved a $2 trillion stimulus package in an attempt to offset the potentially disastrous economic effects of COVID-19. Meanwhile, central banks are implementing increasingly drastic measures aimed at preserving the availability of capital during the looming recession, which appears increasingly imminent as the global economy remains
National Credit Union Administration Encourages Banking Hemp Businesses — With Some Caveats
In December 2018, Congress gave the hemp industry a significant boost by passing the 2018 Farm Bill, which legalized the cultivation and sale of hemp (i.e., cannabis with a THC content of less than .3%). The 2018 Farm Bill tasked the United States Department of Agriculture (USDA) with formulating the regulations to govern this burgeoning
Who Says Loan Underwriting is Boring and Mechanical? Sixth Circuit Rules Loan Underwriters Exempt from FLSA Regs
In the eyes of at least one Federal court, loan underwriting is not mechanical; it requires discretion and independent judgment. That point was a key factor in the Sixth Circuit Court of Appeals’ recent affirmance in Lutz v. Huntington Bancshares, Inc. of the dismissal of a class-action lawsuit filed on behalf of loan originators. The