Maryland regulations governing “shared appreciation agreements” become effective November 25, 2024. After the Maryland Commissioner of Financial Regulation proposed regulations governing required disclosures for shared appreciation agreements in July 2024, the regulations were finalized on October 30, 2024, with no
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CFPB Issues Long-Awaited Open Banking Rule; Lawsuit Immediately Filed
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) marked a significant milestone in the shift towards open banking in the United States with the finalization of its rulemaking on Personal Financial Data Rights. As we discussed in our
CFPB Supervisory Highlights Target Certain Auto Lending and Servicing Practices
For the most recent edition of Supervisory Highlights, the Consumer Financial Protection Bureau focused on examiners’ findings in the auto finance sector. Several of these practices were identified by the CFPB in prior Supervisory Highlights. Many of the CFPB’s
New Hampshire Banking Department Clarifies Licensing for Motor Vehicle Financing
In response to the significant ambiguities raised by New Hampshire’s recent amendments to its Motor Vehicle Retail Installment Sales Act — not to mention their immediate effectiveness and draconian liability provisions — the state’s Banking Department has issued several nuggets
New Hampshire Significantly Amends its Motor Vehicle Retail Installment and Sales Finance Company Act
On August 2, 2024, New Hampshire enacted legislation that significantly revises its Motor Vehicle Retail Installment Sales Act, effective July 1, 2024.
Unfortunately, that effective date is not a typographical error. The New Hampshire Banking Department apparently tried during the
Key Takeaways from the CFPB Proposal to Amend Regulation X Mortgage Servicing Rules (Podcast)
Members of Mayer Brown’s Financial Services team summarize the main takeaways of the CFPB’s proposal to amend the Regulation X mortgage servicing rules, focusing on the proposal to amend the requirements for mortgage servicers to assist borrowers in default who
A New Play in EWA? CFPB Issues Proposed Interpretive Rule On Earned Wage Access
On July 18, 2024, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) issued a proposed interpretive rule (the “Proposed Rule”) purporting to clarify the application of the Truth in Lending Act (“TILA”) and Regulation Z to earned wage access
DIDMCA Opt-Out Update—District Court Constrains Colorado Opt-Out
On June 18, state-chartered banks and their fintech partners received welcome news in ongoing litigation challenging the scope of Colorado’s opt-out from the interest exportation regime established by the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA). The
Supreme Court Preemption Ruling Could Create Uncertainty and Burden for National Banks
On May 30, the Supreme Court issued its opinion in Cantero v. Bank of America, N.A., in which the Court was set to decide whether national banks must comply with state interest-on-escrow laws (and by extension, certain other state
CFPB Interpretive Rule Exposes Some BNPL Programs to Credit Card Requirements
On May 22, the Consumer Financial Protection Bureau (“CFPB”) issued an interpretive rule purportedly clarifying the breadth of the term “credit card” for Truth in Lending Act (“TILA”)/Regulation Z purposes in the buy-now/pay-later (“BNPL”) context (the “Interpretive Rule”). The clarification