On June 20, 2020, Oregon Governor Kate Brown signed House Bill 4204 into law. The bill requires lenders to defer loan payments and refrain from enforcing default remedies on certain secured obligations during the “emergency period” beginning March 8, 2020,
Consumer Finance Legal Report
A Critical Resource On Consumer Finance Legal Developments
The Consumer Finance Legal Report, published by Perkins Coie LLP, focuses on legal developments and regulatory trends affecting consumer finance. It covers topics such as Consumer Financial Protection Bureau (CFPB) enforcement actions, mortgage servicing regulations, payday lending rules, nonbank financial entities oversight, anti-discrimination efforts in consumer finance, and supervisory highlights on credit, debt collection, and fair lending. The blog analyzes significant court decisions, CFPB reports, and policy changes impacting financial institutions, servicers, and fintech companies. It also addresses compliance challenges related to consumer protection laws, including unfair, deceptive, or abusive acts or practices (UDAAP), and highlights the CFPB's evolving supervisory priorities and enforcement strategies.
Latest from Consumer Finance Legal Report - Page 4
COVID-19 Related Eviction and Foreclosure Orders/Guidance 50 State Tracker
By Perkins Coie
In response to the COVID-19 pandemic, the federal and state governments as well as many local governments have established regulations to temporarily suspend foreclosure and eviction activities. Perkins Coie has created an easy-to-use state-by-state guidance tracker for eviction and foreclosure…
Coronavirus Uncertainty and the New York Foreclosure Statute of Limitations
By Perkins Coie
In response to the ongoing coronavirus pandemic, New York’s Governor Andrew Cuomo issued two executive orders since March 20, 2020, suspending the state’s statute of limitations for the commencement of new court cases until May 7, 2020. Executive Order 202.14…
CCPA in Litigation: 2018 to Present
By Perkins Coie
The California Consumer Privacy Act (CCPA) went into effect on January 1, 2020. Although enforcement cannot begin until July, private plaintiffs have started to bring claims under the law’s limited private right of action since the beginning of the year.…
Accessing and Maintaining Liquidity During the COVID-19 Pandemic
By Perkins Coie
As companies across all industries including consumer finance, prepare to face the widespread economic effects of the coronavirus (COVID-19) pandemic, ensuring access to liquidity during this time is a key strategy in addressing the challenges posed by COVID-19. This update…
California Governor’s Executive Order Aimed at Assisting Borrowers, Tenants, Renters, and Homeowners Affected by COVID-19
By Perkins Coie
California Governor Newsom issued Executive Order N-28-20 (order) on March 16, 2020, to assist Californians experiencing financial hardship. The order implements measures specifically aimed at helping those that have lost their source of income due to business closures or layoffs…
Coronavirus (COVID-19) and the Workplace: Practical Considerations and Tips for US Employers
By Perkins Coie
As the world reacts to the continued spread of the coronavirus (COVID-19), employers including mortgage lenders and servicers, are rightfully concerned about what, if anything, they should be doing to respond to this global health crisis in relation to their…
CCPA Amendments Provide Important Clarification
By Perkins Coie
On Friday the 13th of September 2019—the last day of California’s Legislative Session—California lawmakers updated, finalized and sent six bills that would amend the California Consumer Privacy Act (CCPA) to Governor Newsom’s desk for signature. Despite months of efforts from various…
Seventh Circuit’s “No Harm, No Foul” Holding Requires Concrete Harm in Consumer Lending Cases
By Perkins Coie
In Casillas v. Madison Avenue Associates, Inc., 926 F.3d 329, 333 (7th Cir. 2019), the Seventh Circuit upheld the district court’s holding that a plaintiff lacked standing to pursue a claim under the Fair Debt Collection Practices Act (FDCPA)…
CCPA and the Scope of the GLBA Exemption
By Perkins Coie
The CCPA exempts processing of personal information “pursuant to” the Gramm-Leach-Bliley Act (GLBA). Businesses must analyze their processing activities, including the types of personal information collected and how they are used, to determine which activities are conducted “pursuant to” the…