In one of his first actions since being sworn in as director of the Consumer Financial Protection Bureau (CFPB), Rohit Chopra has made clear that the CFPB will be looking over the shoulder of large technology companies to protect consumers.
Director Chopra comes to the CFPB directly from his stint as a commissioner at the
On 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. This
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
As homeowners file insurance claims for property damage following Hurricane Ida and with Hurricane Larry threatening the northeast coast, mortgage servicers are facing an influx of insurance proceeds or loss draft funds. To avoid borrower litigation and to protect against potential liability to borrowers and investors, mortgage servicers must ensure that all loss draft activities
Yesterday, 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
Just two short months after the Consumer Financial Protection Bureau announced its COVID-19 mortgage servicing final rule, the effective date of August 31, 2021, is here. As we noted in our detailed breakdown of the final rule and corresponding webinar, the final rule poses new risks and challenges for mortgage servicers attempting to
Yesterday, in Community Financial Services Association of America, Ltd. v. Consumer Financial Protection Bureau, a lawsuit involving implementation of the payment provisions of the Payday, Vehicle Title, and Certain High-Cost Installment Loans Regulation (the “Small Dollar Rule”), the district court ruled on the Consumer Financial Protection Bureau’s (CFPB) and the Community Financial Services Association’s
Despite the cannabis industry’s explosive growth, many financial institutions have been hesitant to transact with cannabis-related businesses given the ambiguity created by divergent state and federal cannabis laws. The SAFE Banking Act seeks to remove these ambiguities at the federal level and pave the way for more financial institutions to serve the cannabis industry. But
In a ruling that will provide guidance on when lenders must raise a foreclosure counterclaim in a borrower lawsuit, the South Carolina Court of Appeals in Deutsche Bank National Trust Company v. Estate of Patricia Ann Owens Houck has held that foreclosure was not a compulsory counterclaim in a borrower’s suit alleging errors in origination.
Over the years, we have followed actions of the Consumer Financial Protection Bureau (CFPB) and published information that can be found on our Financial Services Perspectives blog. Now that the 10-year anniversary of the CFPB opening its doors has passed, let’s take a look back at where it started and where it may be