Newsletters

09.27.18

CFPB Updates: First Mulvaney Lawsuit, Questions About Disparate Impact

The latest news from the Bureau of Consumer Financial Protection (CFPB or Bureau) includes the first lawsuit filed under the leadership of Acting Director Mick Mulvaney, committee approval of his permanent replacement and the publication of the 17th edition of the Bureau’s Supervisory ...


09.27.18

Federal Banking Regulators Join Forces on Supervisory Guidance

All five federal banking regulators recently issued an interagency statement, explaining the role of supervisory guidance and describing the agencies’ approach to supervisory guidance.


09.13.18

California Passes First-in-Nation Disclosure Requirements for Small Business Loans

At literally the 11th hour on August 31, the California legislature passed Senate Bill 1235 (SB 1235). 


08.29.18

CFPB Updates: MLA Controversy, GLBA Amendment, Settlement, CFPB Constitutionality

In the latest Bureau of Consumer Financial Protection (CFPB or Bureau) news, the reported halt to Military Lending Act (MLA) examinations has created controversy, an amendment to the Gramm-Leach-Bliley Act (GLBA) annual privacy notice requirements was finalized, and a $14 million settlement was ...


08.29.18

State Regulators Busy With Fintech Sandbox, Investigation and Settlement

In state-specific news, Arizona opened its sandbox for fintech play, Lending Club revealed that Massachusetts is following in the footsteps of the Federal Trade Commission (FTC) and the Georgia attorney general reached a $75,000 settlement with a financial institution over unauthorized fees.


08.16.18

FTC Steers Arizona Auto Dealers Into Court

In a new complaint filed in Arizona federal court, the Federal Trade Commission (FTC) charged a group of four auto dealers with a host of illegal activities ranging from misrepresenting and omitting key financial terms in advertisements to falsifying information on vehicle financing applications.


08.02.18

CFPB News: New Innovations Office, ‘Gentler’ Consent Orders

The kinder, gentler Bureau of Consumer Financial Protection (CFPB) has created a new office focused on emerging technology, announced a pair of consent orders that include minimal financial penalties, and continued to fend off constitutional challenges in federal court.


08.02.18

California Continues Oversight of Student Loan Servicers

Following in the recent footsteps of the California attorney general’s lawsuit against the country’s largest student loan servicer, the state’s Department of Business Oversight (DBO) sent letters to 12 servicers seeking information about why they have not applied for licenses ...


07.18.18

California Considering Bill to Require Disclosures for Small Business Lending

In new California commercial financing-related legislation, a pending state bill would mandate specified disclosures for small business lending, while a recently passed ordinance in Los Angeles will require banks doing business with the city to reveal if they use sales goals.


07.18.18

California AG Hits Student Loan Servicer With Lawsuit

California Attorney General Xavier Becerra announced a lawsuit against Navient Corp. and its subsidiaries on behalf of the estimated 1.5 million borrowers living in the state, alleging misconduct in the servicing and collection of federal student loans.