On Wednesday, Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger delivered her first policy speech since succeeding Mick Mulvaney as head of the CFPB in December. Forecasting the Bureau’s agenda over the coming months, Kraninger promised that, among other things, the Bureau will publish within weeks proposed rules to implement the Fair Debt Collection Practices
SEC Increases Activity with Retail Investors: Misappropriation
With the SEC prioritizing protection of retail investors, investment advisers are facing increased scrutiny for misappropriation offenses. Adviser representatives are becoming more creative, making it harder for investment advisers to detect misappropriation. It may be easy for investment advisers to rely on software and automated-alerts to safeguard client assets, but the days of solely
FDIC Requests Comments on Small-Dollar Lending by Banks
A recent FDIC request for information (RFI) suggests the FDIC is interested in enabling banks to offer small, short-term loans to consumers. Over the coming weeks the FDIC will be taking comments on the matter. After analyzing the comments received, the FDIC may issue guidance or regulations encouraging banks to offer these products.
FDIC data
Fair Lending: State Responses to Moves at the CFPB
This Post is a “Part II” to our recent blog post describing the CFPB’s current plans to consider new rules that may narrow lenders’ exposure to “disparate-impact” liability under the Equal Credit Opportunity Act (“ECOA”), as well as other federal developments along the same lines, particularly with respect to auto lending. Today, we report on
A Veterans Day Catch Up on the CFPB’s Surrender of Military Lending Act Supervision
In light of Veterans Day, there are some recent notable developments regarding the Military Lending Act (MLA) worth discussing. Enacted in 2006, the MLA caps the annual interest rate for an extension of consumer credit to a servicemember and/or their dependents at thirty six percent, among other protections. The MLA initially applied to a narrow
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 under Acting Director Mulvaney last Thursday. The complaint, filed in the Central District of California,
CFPB Issues Game-Changing Rule On Arbitration Clauses
On Monday, July 10, 2017, the Consumer Financial Protection Bureau (CFPB) issued a game-changing final rule regarding the use of arbitration clauses in consumer contracts. The Rule is effective 60 days following its publication in the Federal Register and applies only to contracts entered into more than 180 days after that date. The final rule