12.04.19
In a welcome development for fintechs, lenders and investors, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) separately have proposed regulations to address the substantial uncertainty created by the Second Circuit’s decision in Madden ...
Can the Supreme Court’s 2017 decision in Kokesh v. SEC, which found that disgorgement is a penalty and not an equitable remedy for statute of limitations purposes, be logically expanded to spell the end of the SEC’s long-standing and widely accepted practice of seeking disgorgement from ...
11.26.19
In recent Consumer Financial Protection Bureau (CFPB) news, the CFPB notched a $59 million victory in Wisconsin federal court, settled an enforcement action on employment background screening and published an interpretive rule easing the requirements for a temporary loan originator license.
A new bill introduced in both houses of Congress would extend the Military Lending Act’s (MLA’s) 36 percent per annum interest rate cap to all consumer borrowers, not just military service members. The change would affect all MLA-covered loans.
11.20.19
The Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board of Governors, Office of the Comptroller (OCC) and National Credit Union Administration (NCUA) have released a proposed Interagency Policy Statement on Allowances for Credit Losses.
11.13.19
The Consumer Financial Protection Bureau (CFPB) is moving forward with new enforcement initiatives even as it concedes its structure is unconstitutional. We discuss the latest developments.
Oversight of student loan servicing remains top of mind for state regulators, with new regulations taking effect in New York, California, Colorado and Maine, and with several other states considering similar measures.
In addition to providing for the establishment of public banks, the recent California legislative session resulted in the passage of a significant bill capping interest rates on certain types of loans.
11.12.19
On September 26, 2019, a proposed ballot measure titled the Fairness for Injured Patients Act was filed in California.
10.30.19
Two executive orders recently signed by President Donald Trump will now require that federal agencies publish all informal guidance and limit its use in enforcement actions.