• 04.01.20

    Credit Reporting During COVID-19: CFPB Issues Critical New FCRA Guidance

    Furnishers and consumer reporting agencies (CRAs) have just received important new guidance on credit reporting during the COVID-19 pandemic. Here are the key takeaways.

  • 03.31.20

    New Small Business Administration Paycheck Protection Program Information

    The Treasury Department released additional information today regarding the Paycheck Protection Program that has been authorized under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).

  • 03.30.20

    Congressional Action—Lending Programs and Relief Provisions Under the CARES Act

    On March 27, 2020, President Donald Trump signed into law the CARES Act, an approximately $2 trillion stimulus package to mitigate the adverse economic effects of the COVID-19 pandemic.

  • 03.25.20

    Feds, States Offer Guidance on Loan Modifications

    Aiming to encourage financial institutions to accommodate borrowers affected by COVID-19, federal and state regulators issued an interagency statement on loan modifications.

  • 03.24.20

    California Agencies Release Guidance for Banks, Lenders

    The California Department of Business Oversight and the Business, Consumer Services and Housing Agency released two new guidance documents—one for financial institutions and a second for escrow agents, finance lenders and services, student loan servicers, residential mortgage lenders and ...

  • 03.11.20

    FDIC Offers De Novo Guidance for Nontraditional Applicants

    In an attempt to help non-banks and fintechs understand the de novo application process, the Federal Deposit Insurance Corporation (FDIC) released new materials, including a supplement to its Deposit Insurance Application Procedures Manual (the Supplement) that describes special considerations and ...

  • 02.27.20

    CFPB: Debt Collectors, Consumers Receive Clarity on Time-Barred Debt

    Proposing a specific limit on debt collectors but also providing a safe harbor for compliance, the Consumer Financial Protection Bureau (CFPB) has issued proposed regulations that would allow debt collectors to contact consumers about time-barred debt as long as the collectors disclose, in the ...

  • 02.27.20

    Fair Lending: CFPB Agrees to Restart Women- and Minority-Owned Business Data Collection

    In a settlement with a consumer advocacy group on a significant fair lending issue, the Consumer Financial Protection Bureau (CFPB) has agreed to restart long-stalled efforts to gather statutorily mandated data on lending to women- and minority-owned businesses.     

  • 02.19.20

    Securitization Vehicles Win Madden Victory

    In one of two closely watched New York class actions asserting usury claims against national bank securitization vehicles based on the Second Circuit’s decision in Madden v. Midland Funding, 786 F.3d 246 (2d Cir. 2015), a federal magistrate judge has recommended dismissal based on federal ...

  • 02.19.20

    GAO Asked to Study Alternative Data Credit Decisions

    In a new letter last month, a group of Democratic lawmakers asked the Government Accountability Office (GAO) to take a closer look at the use of alternative data for credit decisions, particularly in the context of mortgage lending.

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