• 12.11.19

    Student Lending: AGs Question Education Department, CFPB Sued

    In the latest student lending happenings, a group of state attorneys general wrote to the Department of Education seeking confirmation of student loan discharge relief to thousands of borrowers, while a consumer group filed suit against the Consumer Financial Protection Bureau (CFPB) alleging lax ...

  • 12.04.19

    OCC, FDIC Propose Madden Fix Regulations

    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 ...

  • 12.04.19

    Disgorgement: One Less Arrow in the SEC’s Quiver?

    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

    CFPB News: Enforcement Updates, New Interpretive Rule and Well-Being Report

    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.  

  • 11.26.19

    Bill Would Expand Interest Rate Cap

    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

    Ninth Circuit Eases Path for FCRA Plaintiffs

    Addressing two issues of first impression in the U.S. Court of Appeals, Ninth Circuit, a panel ruled that a consumer suffers a concrete, Article III injury-in-fact when a third party obtains her credit report for a purpose not authorized by the Fair Credit Reporting Act (FCRA).  

  • 11.20.19

    Federal Regulators Propose FASB Guidance

    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

    CFPB Socks Debt Relief Company, Issues Ombudsman Report and Discusses Dodd-Frank

    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.

  • 11.13.19

    States Tackle Student Loan Servicing

    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.

  • 11.13.19

    California Expands Restrictions on Consumer Loans

    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.  

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