On September 21, 2021, the New York Department of Financial Services released its pre-proposed regulations to implement the commercial financing disclosure requirements in S5470-B and S898.
California’s new Private Student Loan Collections Reform Act leads the way in imposing new and burdensome requirements on the financial services industry.
On September 30, 2021, the U.S. Senate, on a party-line vote, confirmed the nomination of Rohit Chopra to head the Consumer Financial Protection Bureau.
In the largest fair lending enforcement action in several years, the Department of Justice and the Office of the Comptroller of the Currency on August 30 announced simultaneous settlements with a national banking association regarding alleged violations of the Fair Housing Act and, in the ...
Illinois House Bill 2746, also known as the “Know Before You Owe Private Education Loan Act,” was signed into law by Illinois Governor J.B. Pritzker on August 26, 2021, after unanimous passage in both chambers of the Illinois Assembly.
On August 19, the California Department of Financial Protection and Innovation (DFPI) announced the adoption of final rules transitioning the application form and certain other submissions relating to the “catchall” California lender license from paper forms to electronic filings.
A leading online payments system platform that offers point-of-sale financing reports it received a Civil Investigative Demand from the Consumer Financial Protection Bureau for allowing educational institutions to encourage students to finance their educational services using the point-of-sale ...
For at least the past 20 years, Maine has capped interest rates for most closed-end unsecured loans at 30% for loans of $2,000 or less, and at 18% on loans of $4,000 or more.
On July 9, 2021, President Biden signed an “Executive Order on Promoting Competition in the American Economy.”
On June 25, the Department of Housing and Urban Development published in the Federal Register a proposal to rescind its own 2020 disparate impact rule.