On August 31, 2021, the United States District Court for the Western District of Texas issued an opinion upholding the Consumer Financial Protection Bureau’s (CFPB) Rule regulating payday lending. Community Financial Services Association of America, LTD., et al. v. CFPB,
Continue Reading CFPB Overcomes Challenge to PayDay Lending Rule
On September 14, 2021, the United States Court of Appeals for the Fifth Circuit held that One Technologies, L.P. (One Tech) did not waive its right to compel arbitration of plaintiff’s federal claim under the Credit Repair Organizations Act (CROA),
Continue Reading Fifth Circuit Holds That Waiver of Right To Arbitrate Is Claim Specific
In August 2021, the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Board of Governors of the Federal Reserve System (the Federal Reserve and, collectively with the OCC and the FDIC, the
Continue Reading Agencies Release Guide for Community Banks Conducting Due Diligence on Fintech Companies
Goodwin invites you to join us for our upcoming webinar on the NYDFS Cybersecurity Regulation.
Now in its fifth year, the NYDFS Cybersecurity Regulation is a standout among state-level information security regulations. This year, the NYDFS is investing additional
Continue Reading NYDFS Cybersecurity Regulation: Focus on Proactive Cybersecurity and Incident Reporting
Debt collectors operating in California may now submit applications for licensure by the Department of Financial Protection and Innovation (DFPI) in compliance with the state’s newly enacted Debt Collection Licensing Act (DCLA).
On September 1, 2021, the DFPI announced that
Continue Reading California Regulator Opens Licensing Application For Debt Collectors
On July 30, 2021, the Consumer Financial Protection Bureau (CFPB) announced that two final rules issued under the Fair Debt Collection Practices Act (FDCPA) will take effect as originally planned, on November 30, 2021, thereby scrapping a proposed delay
Continue Reading CFPB Decides Not To Delay Debt Collection Rules
On June 25, 2021, the U.S. Supreme Court decided TransUnion LLC v. Ramirez, revisiting some of the Article III standing principles it had set forth in Spokeo, Inc. v. Robins, 578 U.S. 330 (2016), and addressing their application to Rule
Continue Reading Supreme Court Reinforces Limits on Federal Court Standing, But Important Questions Remain
The Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency (OCC) released an interagency statement on July 20, 2021 that all three agencies will act together to revise their
Continue Reading OCC Proposes Rescinding 2020 Amendments to CRA Regulation; Coordinated Agency Regulations Coming
On July 12, 2021, the Consumer Financial Protection Bureau (CFPB) issued a consent order (the Consent Order) against a Fintech company that facilitates home improvement loans (the Fintech). The CFPB claims that the Fintech enabled “contractors and other merchants
Continue Reading CFPB Issues Consent Order Against Fintech for Enabling Merchants to Secure Loans for Consumers Without Their Authorization
On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) finalized amendments to the implementing regulation of the Real Estate Settlement Procedures Act (RESPA), Regulation X, which would establish temporary protections for mortgage borrowers as the Coronavirus Aid, Relief, and
Continue Reading CFPB Finalizes Amendments to Regulation X to Protect Borrowers Against Forthcoming Increase In COVID-19 Foreclosures
