• 08.28.19

    CFPB: Settlement Agreements, Call for Payday Lending Rule, New Ombudsman

    In Consumer Financial Protection Bureau (CFPB or Bureau) news, the battle over its constitutionality continues in a New York federal court, the Bureau announced more enforcement activity, student lending remained a hot-button issue and Sen. Sherrod Brown (D-Ohio) called for the CFPB to move forward ...

  • 08.28.19

    Federal Reserve Banks Report On Small Businesses Nonemployer Firms

    In a pair of new reports, the 12 Federal Reserve Banks provided data on the financing needs, decisions and outcomes of (i) small businesses (fewer than 500 employees) and (ii) nonemployer firms.

  • 08.14.19

    California DBO Proposes Commercial Finance Disclosure Regulations and Seeks Further Comments

    The California Department of Business Oversight (DBO) has issued its long-awaited draft regulations to implement SB 1235, a 2018 law requiring consumer-like disclosures for commercial financing in California.  The DBO has requested public comment on these draft regulations, giving interested ...

  • 08.14.19

    CFPB News: MOUs, Automated Underwriting, Settlements, Payday Rule Delay

    In another busy stretch for the Consumer Financial Protection Bureau (CFPB or Bureau), lawmakers reached out to the Bureau and the Department of Education (DOE) regarding protections for student borrowers, while the CFPB and the New York attorney general reached a $60 million deal with a group of ...

  • 08.14.19

    New York DFS Joins the Innovation Movement

    Joining the innovation trend, the New York Department of Financial Services (DFS) announced the creation of a new Research and Innovation Division.

  • 07.17.19

    Ninth Circuit Follows McGill Decision, Cementing Arbitration Risk in California

    The U.S. Court of Appeals for the Ninth Circuit has passed on an opportunity to fix the so-called McGill problem in California, affirming the denial of a motion to compel arbitration of a claim for public injunctive relief in Blair v. Rent-A-Center and two companion cases. 

  • 07.17.19

    Fintech News: State Licensing Streamlined, More States Step into the Sandbox

    The Conference of State Bank Supervisors (CSBS) recently announced that 23 states have now agreed to participate in a streamlined licensing process under which nonbanks requiring a license to operate under state law can benefit from the cooperative efforts of the state regulators in approval of ...

  • 07.17.19

    CFPB News: New Rules, AG Overdraft Comments, OIG Report

    The Consumer Financial Protection Bureau (CFPB or Bureau) turned its focus to rulemaking, with the Bureau issuing a final rule amending Regulation CC and extending the comment period on the advanced notice of proposed rulemaking (ANPR) on the Home Mortgage Disclosure Act (HMDA).

  • 07.03.19

    Fair Lending: Lawmakers Concerned About Algorithms; CFPB Issues Report

    As a more centrist Consumer Financial Protection Bureau (CFPB) issued a modest annual fair lending report, Democratic lawmakers continue to press a far more aggressive fair lending agenda, as reflected by a letter sent by Sens. Elizabeth Warren (D-Mass.) and Doug Jones (D-Ala.) to the Federal ...

  • 07.03.19

    CFPB News: Kraninger Steers an Independent Path

    CFPB Director Kathy Kraninger continues to chart her own course. CFPB developments include its settlement with a student loan management company, a public hearing on “abusive acts or practices, ” and updated guidance on payday lending. Meanwhile, court developments (on ...