Just one day after announcing that it was launching a new system to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends to enforce federal consumer financial laws, the CFPB released its first Consumer
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OppFi asks court to reject California Department of Financial Protection and Innovation’s “true lender” challenge to loans made through bank partnership
Opportunity Financial, LLC (OppFi) has filed a Demurrer to the cross-complaint filed by the California Department of Financial Protection and Innovation (DFPI) in which it asks the California trial court to reject the DFPI’s attempt to apply California usury law
Connecticut Banking Dept. issues cease and desist order to stop fintech loan finder from operating without small loan license
The Connecticut Department of Banking (“Department”) has issued a temporary cease and desist order (“Order”) that directs SoLo Funds, Inc., (“SoLo”) a fintech company that uses peer-to-peer technology to assist consumers in obtaining small dollar loans from third-party lenders, to
Webinar Recording – Dark Patterns: Legal & Regulatory Update
In this initial episode of Ballard Spahr’s new privacy and data security webcast series, Phil Yannella and Greg Szewczyk – co-chairs of the Privacy & Data Security Group – discuss regulatory scrutiny concerning the use of “dark patterns” to steer
Depository institutions beware: California appellate court holds bank liable for registered agent’s mistake in rejecting notice of levy
A California Court of Appeal recently found a bank liable to a judgment creditor under California’s Enforcement of Judgments Law for the bank’s registered agent’s mistake in misreading, and subsequently rejecting, a notice of levy. Although the bank itself did
OCC, FDIC, and Federal Reserve propose amendments to CRA regulations
After moving alone in 2020 to reform its Community Reinvestment Act (CRA) regulation, the Office of the Comptroller of the Currency (OCC) has joined the Federal Deposit Insurance Corporation (FDIC) and Federal Reserve Board in issuing a joint notice of
U.S. Treasury Releases 2022 Strategy for Combatting Terrorist and Other Illicit Financing
Strategy Includes Professionals Not Yet Covered by BSA
On May 13, 2022, the U.S. Treasury (“Treasury”) released its 2022 Strategy for Combatting Terrorist and Other Illicit Financing (“2022 Strategy”). The proposed 2022 Strategy, prepared pursuant to Sections 261 and 262
ALI members approve Restatement of the Law, Consumer Contracts
As expected, the American Law Institute (“ALI”) approved the Restatement of the Law, Consumer Contracts yesterday at ALI’s 2022 Annual Meeting in Washington, DC. The Restatement sets forth a series of rules that are intended to represent the current black
CFPB fines bank $10 million for conduct related to bank account garnishments and account agreements
The CFPB recently ordered a bank to cancel garnishment fees, review its system for processing garnishment orders, cease using contracts which limit consumer rights, and pay a $10 million penalty to the CFPB’s Civil Penalty Fund.
The garnishment process
CFPB issues annual fair lending report
The CFPB recently issued its annual fair lending report covering its fair lending activity in 2021.
In the report’s discussion of its risk-based approach for prioritizing fair lending supervisory and enforcement activity, the CFPB indicates that much of its enforcement