Pursuant to a consent order with eight state financial regulators, Equifax agreed to take corrective actions following its record-breaking 2017 data breach, but avoided paying any fines or penalties.
In new California commercial financing-related legislation, a pending state bill would mandate specified disclosures for small business lending, while a recently passed ordinance in Los Angeles will require banks doing business with the city to reveal if they use sales goals.
States are pushing to allow or encourage banking services to be provided to marijuana-related businesses, with efforts spreading from California to New York.
California Attorney General Xavier Becerra announced a lawsuit against Navient Corp. and its subsidiaries on behalf of the estimated 1.5 million borrowers living in the state, alleging misconduct in the servicing and collection of federal student loans.
A group of state attorneys general reached out to congressional leadership, pushing back against the Madden fix legislation pending in the U.S. House of Representatives.
Consumer lenders doing business in California will be subject to the new consumer privacy requirements by 2020, under California’s version of the General Data Protection Regulation (GDPR).
The future of the Bureau of Consumer Financial Protection (CFPB) remains uncertain, as the nomination of a permanent director turned controversial, and a New York federal court ruled its structure unconstitutional.
In another news-heavy cycle, the Bureau of Consumer Financial Protection (CFPB) released a report on year-end credit card borrowing, dropped a potentially major RESPA-based investigation on co-marketing practices, and reached two major settlements.
Concerns about “regulation by enforcement” continue to make headlines as Rep. Blaine Luetkemeyer (R-Missouri) reached out to federal financial regulators to encourage a halt to this “unsettling trend.”
The California Department of Business Oversight (DBO) released a pair of reports on installment consumer lending for 2017, finding that the combined dollar amount of installment consumer loans by nonbanks in the state fell almost 10 percent over the prior year.