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 ...
On July 28, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) seeking industry input on the future of the Equal Credit Opportunity Act (ECOA) and Regulation B.
As expected, the attorneys general of three large states have sued to block the “Madden fix” rule recently adopted by the Office of the Comptroller of the Currency (OCC).
Following ongoing efforts to promote the expansiveness of the national bank charter, on July 22, 2020, the Office of the Comptroller of the Currency (OCC) issued an interpretive letter confirming the authority of a national bank to provide cryptocurrency custody services for customers.
New York may soon be joining California in requiring consumer-like disclosures on commercial financing transactions.
On the heels of finalizing its Madden-fix rule, the Office of the Comptroller of the Currency (OCC) on July 20, 2020, issued a proposed regulation to address bank-partnership uncertainty arising from the so-called true lender theory.
On July 7, the CFPB issued its long-awaited final rule (the 2020 Final Rule) amending the regulations that govern payday loans, vehicle title loans and certain high-cost installment loans.
Last year, a group of state attorneys general (AGs) filed suit against the Securities and Exchange Commission (SEC), challenging the agency’s Regulation BI (Best Interest), enacted in June 2019..