In its recently published Fall 2018 Rulemaking Agenda, the Bureau of Consumer Financial Protection announced that it is considering future rulemaking activity regarding the requirements of the Equal Credit Opportunity Act (“ECOA”) – specifically, “concerning the disparate impact doctrine
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State Regulators Sue to Stop OCC Fintech Charter
Update: On July 23, 2020, the New York Department of Financial Services (“DFS”) filed its appellate brief asking the Second Circuit Court of Appeals to uphold the lower court’s decision to block the Office of Comptroller of the Currency’s (“OCC”)’s
California Passes Small Business Truth-in-Lending Law
On September 30, 2018, California enacted the nation’s first small business truth-in-lending law when Governor Jerry Brown signed into law SB 1235. The law aims to protect small businesses from predatory lending practices by requiring increased transparency of certain
Mulvaney’s First New Enforcement Action Continues Focus on Asset-Advance Firms
In the latest sign of regulatory scrutiny of asset-advance companies offering consumers what regulators believe are in fact regulated “credit” under federal law and “loans” under state law, the Bureau of Consumer Financial Protection (BCFP) filed its first new lawsuit
Feds Love Fintech: Treasury Promises Fintech Charter and a New Approach to Regulation
On Tuesday, the U.S. Department of the Treasury issued its “Nonbank Financials, Fintech, and Innovation” Report, the fourth in a series of reports outlining the Trump administration’s financial regulatory agenda. In the report, Treasury presents a new approach to
CFPB Announces a New “Office of Innovation”
Earlier this week, Acting Director Mulvaney announced the creation of a new “Office of Financial Innovation,” and appointed Paul Watkins, an official who led the Arizona Attorney General’s fintech initiatives, to lead the Office. The new Office, which will now
Democrats Decry Kraninger at Hearing, but Republicans Appear Supportive
Thursday’s Senate confirmation hearing for Kathy Kraninger, President Trump’s nominee to lead the Consumer Financial Protection Bureau (“CFPB”), produced a number of testy exchanges with Democrats but no obvious obstacles to the Senate confirming her ultimately. Kraninger, now an Associate
No Changes to CFPB This Year
Senate Votes to Strike Down Key CFPB Bulletin on Lending Discrimination in the Indirect Auto Market
On Wednesday, the U.S. Senate voted almost entirely along party lines to invalidate, under the Congressional Review Act, the Consumer Financial Protection Bureau’s (CFPB) (in)famous 2013 Bulletin on lending discrimination in the indirect auto market via discretionary mark-ups and dealer
Mortgage Litigation Updates
Case Developments
In this week’s edition of the Mortgage Litigation Update, we summarize (i) a decision from the Northern District of California finding that a loan servicer’s solicitation and review of a borrower’s loan modification does not give rise to