Newsletters

11.27.18

CFPB: Payday Lending Rule, New Report and MLA Concerns

This week in news from the Bureau of Consumer Financial Protection (CFPB or Bureau), a Texas federal court granted a stay of the compliance deadline for the Payday, Vehicle Title and Certain High-Cost Installment Loans Rule, allowing the industry to breathe a sigh of relief.


11.27.18

SCRA News: DOJ Settles Action, FTC Proposes Rule

One of the nation’s largest credit unions will pay $95,000 after a DOJ investigation into the company’s violations of the Servicemembers Civil Relief Act (SCRA).


11.27.18

Online Lender Settles With FTC Over Refinancing Misrepresentations

Issuing a warning to other lenders, the Federal Trade Commission (FTC) reached a deal with an online lender over charges the company violated the FTC Act by making false statements about student loan refinancing.


11.07.18

Ruling on Surcharge Law, NY Court Adds to Murky Situation

In the latest piece of the surcharge controversy, New York’s highest court interpreted state law to hold that a merchant complies with the statute so long as it posts the total dollars and cents price charged to credit card users.


11.07.18

CFPB News

The Bureau of Consumer Financial Protection (CFPB or Bureau) may have changed its name under Acting Director Mick Mulvaney, but its recent enforcement action against a small-dollar lender in Tennessee makes it look just like the old CFPB.


10.24.18

CFPB News: ‘Regulation by Enforcement’ Over, Other CFPB Updates

To no one’s surprise, Bureau of Consumer Financial Protection (CFPB or Bureau) acting director Mick Mulvaney declared regulation by enforcement dead.


10.24.18

Latest State Action: Washington AG Sues Debt Collectors

Demonstrating heightened enforcement efforts by some state regulators, Washington Attorney General Bob Ferguson filed suit against a pair of debt collection companies and their owner, asserting the defendants were operating without a license in violation of state law.


10.10.18

Latest Buzz: Is California Regulator Readying New Financial Regulations?

In a sign that the California Department of Business Oversight (DBO) is contemplating new enforcement activity or possibly proposed regulations in the lending space, the DBO sent letters to 20 consumer installment lenders asking for details about their annual percentage rates (APRs) and online ...


10.10.18

CFPB: Staff Controversy, Credit Invisibility, Disclosure Sandbox, Meetings Renewed

The Bureau of Consumer Financial Protection (CFPB or Bureau) continues in the news, as the CFPB released a report on credit invisibility, met with advisory groups for the first time this year and proposed a policy for its new “sandbox” program.


10.10.18

California Enacts New Laws Impacting Financial Institutions

Following a busy few months for the California legislature, financial institutions are now facing some new requirements.