On August 10, 2022, the Consumer Financial Protection Bureau (“CFPB”) issued an interpretive rule clarifying its position that digital marketers providing consumer financial services companies with customer targeting and advertisement delivery services are subject to the Consumer Financial Protection Act
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Mayer Brown launches Residential Finance Market Stress Task Force
Mayer Brown has launched a cross-office, multidisciplinary Residential Finance Market Stress Task Force (the “Task Force”) to advise market participants navigating the current market stress. As one of a discrete group of law firms with significant expertise in residential finance…
A Constitutional Taking?
Pay close attention to New Jersey Bill A793, the Community Wealth Preservation Act, which the New Jersey legislature passed at the end of June and sent to the Governor for consideration. While I’m not steeped in the intricacies of…
CFPB to Rethink QMs Again
Apparently time flies when you’re Director Chopra of the Consumer Financial Protection Bureau (“CFPB”). On June 17, Director Chopra issued a blog post titled “Rethinking the Approach to Regulations,” indicating that the agency will move toward “simpler and…
The Date Is Set: California DFPI Adopts Final Commercial Financing Disclosure Rules and Announces Effective Date
After an almost two-year regulatory process, the California Department of Financial Protection and Innovation (DFPI) adopted final administrative regulations to implement the state’s 2018 commercial financing disclosure law. Most importantly, the final rules come with a long-awaited effective date: December…
Vindication for the CFPB But Lack of Guidance on True Lender Issues
By Ori Lev
In a ruling with important implications for the Consumer Financial Protection Bureau (Bureau or CFPB), the Ninth Circuit has revived the CFPB’s claims for substantial civil penalties and restitution in a lawsuit that was first filed some seven years ago.…
CFPB Reiterates ECOA Applies After Loan Origination
On May 9, 2022, the CFPB issued an Advisory Opinion outlining its position that the Equal Credit Opportunity Act (ECOA) and its implementing regulation, Regulation B, extend beyond applicants seeking credit to include those who have received credit. The 16-page…
Latest CFPB Supervisory Highlights Cites Violations in Auto Servicing, Consumer Reporting, Debt Collection, and Other Areas
On May 2, 2022, the Consumer Financial Protection Bureau released the Spring 2022 edition of its Supervisory Highlights (“Supervisory Highlights” or “Report”). This edition covers examinations completed between July 2021 and December 2021, and notably is the first edition that…
This Time It’s Forever: California Poised to Reinstate One-Loan Exemption
The California State Legislature provided commercial lenders with welcome news this week when the California Senate passed Senate Bill 577 (“SB 577”). If it is signed by the governor, SB 577 will reinstate the de minimis exemption from the California…
Recent Student Loan Licensing Developments: Kentucky to License Student Loan Servicers, Virginia Narrows Scope of Existing Law
Earlier this month, both Kentucky and Virginia enacted significant legislation related to student loan servicing. Kentucky joined the ever-growing list of states to pass legislation regulating student loan servicing activities while Virginia pared back its existing student loan servicing law.…