Mayer Brown has published a new edition of Licensing Link, a periodic publication that will keep you informed on hot topics and new developments in state licensing laws, and provide practice tips and primers on important issues related to state
Consumer Financial Services Review
News and Analysis Related to Consumer Financial Services, Litigation, and Enforcement
Latest from Consumer Financial Services Review - Page 3
Connecticut and Florida Join the Fray, Enact Commercial Finance Disclosure Laws
Following closely on the heels of a Georgia law enacted in May, Connecticut and Florida have become the latest states to enact laws requiring providers of small business financing to provide disclosures to recipients—and in Connecticut’s case, to require certain…
CFPB: Compensation Cannot Vary for Brokered Out Loans
In the CFPB’s new Supervisory Highlights, the agency concludes that paying individual mortgage loan originators differently for loan products that are brokered out to another lender, as compared to loans that are originated in-house, is a violation of Regulation…
NYDFS Expands Cybersecurity Requirements for Licensed Financial Services Companies
On June 28, 2023, the New York Department of Financial Services (“NYDFS”) published updated proposed amendments to its cybersecurity regulation (the “2023 Proposal”) applicable to “covered entities.” These updated amendments come after comments from industry groups and other stakeholders to…
CFPB Announces Plans to Streamline Mortgage Servicing Rules
Last Thursday, the CFPB announced in a blog post that it is considering revising its mortgage servicing rules. This development follows a request for information from the CFPB last fall seeking public input on, among other things, streamlined loss mitigation…
Georgia Enacts Commercial Finance Disclosure Law, Extending Legislative Trend
Providers of commercial financing should take note that Georgia has become the fifth US state to enact small business financing disclosure requirements since California started the trend in 2018. Georgia Senate Bill 90 was signed by Governor Brian Kemp on May…
UDAAP Round-Up
Please check out the latest edition of our UDAAP Round-Up — a periodic review of federal activities regarding the prohibition on unfair, deceptive, or abusive acts or practices (“UDAAPs”) in the consumer financial services space. In this edition, we cover…
Pennsylvania Targets Rent-to-Own Company Over Practices
Pennsylvania Attorney General Michelle Henry just announced an $11 million settlement with a rent-to-own provider resolving allegations of deceptive and predatory financing practices. The May 15, 2023, settlement, which is awaiting court approval, resolves allegations that Snap Finance LLC…
Residential Mortgage Loans: Capital Relief Through Synthetic Securitization
Banking organizations looking to reduce the amount of risk-based regulatory capital required to support residential mortgage loan portfolios can use synthetic securitization to convert the capital treatment of their exposures from wholesale or retail exposures to securitization exposures. In this…
New Issue of Licensing Link
Mayer Brown has published a new edition of Licensing Link, a periodic publication that will keep you informed on hot topics and new developments in state licensing laws, and provide practice tips and primers on important issues related to state…