On February 23, 2024, the Consumer Financial Protection Bureau published an order establishing supervisory authority over a small-loan consumer finance company, using a Dodd-Frank Act provision that allows the Bureau to supervise certain nonbanks that it has reasonable cause to
Consumer Financial Services Review
News and Analysis Related to Consumer Financial Services, Litigation, and Enforcement
The Consumer Financial Services Review, published by Mayer Brown, focuses on legal developments and regulatory issues affecting consumer financial services. It covers topics such as state and federal lending laws, interest rate exportation, licensing requirements for lenders and loan arrangers, mortgage origination standards including automated valuation models, and consumer protection statutes like the California CARS Act. The blog also addresses regulatory proposals and rulemakings impacting reverse mortgage programs and secondary market issuers. It provides updates on litigation, compliance challenges, and legislative changes relevant to banks, fintech companies, and other financial institutions engaged in consumer lending and credit transactions.
Latest from Consumer Financial Services Review - Page 6
CFPB Finalizes Significant Restrictions on Credit Card Late Fees
On March 5, the CFPB issued a final rule that would significantly reduce late fees that may be charged on consumer credit card accounts from $30 or more to $8 in most cases. A proposed rule on this subject matter…
HUD Eliminates Mandatory Branch Office Registration
FHA branch offices could become a thing of the past.
The Department of Housing and Urban Development published a final rule on February 2, 2024, eliminating the requirement for lenders to register each branch office where lenders and mortgagees conduct…
FinCEN Proposes New Residential Real Estate Reporting Requirements
On February 7, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued a Notice of Proposed Rulemaking on certain US residential real estate transactions (“2024 NPRM”). The 2024 NPRM would require certain professionals involved in real…
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…
NYDFS Finalizes Climate Risk Management Guidance
The New York Department of Financial Services finalized guidance on how banks and mortgage institutions should manage climate-related financial and operational risks. The agency’s guidance creates extensive obligations for New York institutions, particularly mortgage lenders and servicers for which those…
FHFA Proposes Regulatory and Legislative Reforms for FHLB System
On November 7, 2023, the Federal Housing Finance Agency proposed a series of significant regulatory and legislative reforms for the Federal Home Loan Bank System in a much-anticipated report, “FHLBank System at 100: Focusing on the Future”, containing the results…
Consumer Financial Services: UDAAP Round-Up
Mayer Brown is pleased to provide the latest edition of its UDAAP Round-Up. This newsletter is designed to provide readers with a periodic resource to stay abreast of federal activities regarding the prohibition on unfair, deceptive, or abusive acts…
Bad Omen: CA Imposes New Fee, UDAAP, and Annual Reporting Requirements on Small Business Financers
Mere days before Halloween, California enacted California Senate Bill 666, imposing a set of restrictions on the fees that commercial financers may charge their small business customers. Signed by the governor on October 13, the legislation marks an escalation…
Federal Court Issues Nationwide Injunction In Small Business Data Collection Rule Lawsuit
The CFPB’s 1071 Rule is on hold. On October 26, 2023, the United States District Court for the Southern District of Texas issued a nationwide injunction that enjoins the Consumer Financial Protection Bureau (“CFPB”) from implementing and enforcing its small…