On September 11, 2020, the California Department of Business Oversight (DBO) commenced a formal rulemaking to adopt regulations to implement SB 1235, a law passed in September 2018 to impose first-in-the-nation disclosure requirements on commercial financing.
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).
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).
On September 1, 2020, the Department of Justice’s Antitrust Division (the Division) announced that it is seeking public comment on whether revisions should be made to its 1995 Bank Merger Competitive Review Guidelines (the Banking Guidelines) or its competitive analysis of bank mergers more ...
In a potentially critical new development, the Consumer Financial Protection Bureau (CFPB or Bureau) will now impose what it characterizes as independent “peer review” on certain of its more important internal research.
In carrying out its statutory mandate, the CFPB has released a Request for Information (RFI) relating to the CARD Act, seeking information on two fronts.
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 ...
More than ever before, banks are relying on third-party vendors for important services such as marketing, underwriting assistance, technology, collections, settlement services and even outsourcing of product lines.
On August 3, 2020, the Federal Financial Institutions Examination Council (FFIEC) issued a new joint statement of principles for banks to consider while working with their loan customers as the end of COVID-19 initial loan accommodation periods wind down.
On August 3, 2020, the Federal Trade Commission (FTC) filed a complaint against a merchant cash advance (MCA) provider and two of its officers, alleging misconduct ranging from grossly misrepresenting the terms of the financing to routinely continuing ACH collections after the financing obligation ...