Newsletters

12.23.20

CARES Act Litigation: Stimulus Bill Decimates Agent Fee Class Action Lawsuits

In its recent passage of the 2021 stimulus bill, Congress may have vanquished the last hopes of the plaintiffs’ bar seeking to require Paycheck Protection Program (PPP) lenders to pay agent fees for accountants in a wave of putative class action lawsuits.


12.22.20

CFPB 2020 Year in Review and What to Expect in 2021

It was another busy year for the Consumer Financial Protection Bureau (CFPB or Bureau), with two lead stories this year: constitutionality and the COVID-19 pandemic.


12.21.20

CFPB News: Bureau Finalizes Part Two of FDCPA Disclosure Rules

Completing a process long in the works, the Consumer Financial Protection Bureau has issued the second part of its final Debt Collection Rule.


11.23.20

Consent Order Confirms California MCA Enforcement Campaign

On November 12, 2020, the California Department of Financial Protection and Innovation (DFPI) (until recently called the Department of Business Oversight) entered into a consent order with Allup Finance LLC (Allup) finding that Allup’s merchant cash advance (MCA) product was a disguised ...


10.30.20

CFPB Enforcement: How the Latest Changes Impact Covered Entities

The Consumer Financial Protection Bureau (CFPB, or the Bureau) has announced major changes to its organizational structure, placing enforcement operations under the control of the supervision office.


10.15.20

COVID-19 Emergency Powers: MI Supreme Court Places Many Remotely Notarized Mortgage Loans at Risk

A recent ruling by the Michigan Supreme Court nullifying hundreds of emergency orders by Michigan Governor Gretchen Whitmer may have profound implications for those mortgage loans closed in reliance on the expanded remote notarization provisions established by emergency order, including with ...


09.04.20

California’s Expansive New Financial Protection Agency: What You Need to Know Right Now

California is poised to enact broad new legislation creating an entirely revamped financial protection regimen, including a powerful new Department of Financial Protection and Innovation (DFPI).


09.03.20

CFPB Finds Multiple Consumer Finance Violations in National Bank’s Overdraft Practices

On August 20, the Consumer Financial Protection Bureau (CFPB) entered a consent order with a national bank over the sales and marketing practices for its optional overdraft service called Debit Card Advance (DCA).


09.02.20

The Risks of False Advertising When Raising Capital in the Age of COVID-19

“Fraudsters often seek to use national crises and periods of uncertainty to lure investors into scams. They may play off investors’ hopes and fears, as well as their charity and kindness, and may try to exploit confusion or rumors in the marketplace.”


08.21.20

Federal Banking Agencies Issue BSA/AML Enforcement Guidance

On August 13, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the Comptroller of the Currency (collectively, the Agencies) issued a joint statement to clarify Bank Secrecy Act/anti-money ...