On December 16, the Consumer Financial Protection Bureau (CFPB) issued orders to five companies offering buy now, pay later (BNPL) products. BNPL programs are designed to allow consumers to purchase goods and to defer payment over a short term with little to no interest, but with the potential for fees in the event of nonpayment.
Illinois Governor J.B. Pritzker signed the Illinois Predatory Loan Prevention Act (Act) into immediate effect on March 23. The Act imposes sweeping changes and contains broad language, leaving the state’s lenders and borrowers with an uncertain future.
To understand this new law, one must recognize that Illinois based the Act on the federal government’s Military
Five federal banking regulatory agencies are gathering information and comments on financial institutions’ use of artificial intelligence (AI), including machine learning. On March 29, the Federal Reserve Board, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency issued a request
The California Consumer Financial Protection Law (CCFPL) went into effect on January 1. The CCFPL requires the Department of Financial Protection & Innovation (DFPI), formerly the Department of Business Oversight, to establish an Office of Financial Technology Innovation (OFTI). The DFPI stated in its recent monthly bulletin that OFTI would allow it to “work proactively
In a final act of his tenure, Brian Brooks, the acting Comptroller of the Currency (OCC) on January 14 finalized a rule to ensure “fair access to banking services provided by large national banks, federal savings associations, and federal branches and agencies of foreign bank organizations.” Brooks announced that he would be stepping down from
November 9 – 13, 2020
Troutman Pepper is proud to continue our sponsorship of LEND360, one of the most active conferences in the online lending space. LEND360 is the go-to event that connects every angle of the online lending industry and offers unparalleled networking and learning opportunities with the best and brightest in the industry.
On October 27, the Office of the Comptroller of the Currency (OCC) issued its final rule on how to determine when a national bank or federal savings association (referred to collectively as a national bank) is the “true lender” in the context of a partnership between a national bank and a third party. The final
On September 15, the Conference of State Bank Supervisors (CSBS) announced that money transmitters operating in 40 or more states will be able to take advantage of a new, comprehensive exam designed to satisfy all state money transmitter examination requirements in 2021. Per the CSBS, this “one company, one exam” program, known formally as “MSB
On September 15, 2020, after considerable delay and pursuant to a court settlement, the Consumer Financial Protection Bureau (CFPB) released its Outline of Proposals Under Consideration and Alternatives Considered for small business lending data collection rulemaking. When the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) was passed, Section 1071 amended the Equal Credit
In January 2017, the Attorney General of Colorado filed two lawsuits against Marlette Funding LLC and Avant of Colorado LLC. Among other things, the lawsuits claimed that these two companies, as the online platforms for loans made to Colorado citizens, violated Colorado’s usury caps. In November 2018, the Attorney General amended the complaint to include