In mid-May 2018, per multiple reports, John Michael “Mick” Mulvaney, the acting director of the Consumer Financial Protection Bureau, announced plans to fold the CFPB’s Office of Students and Young Consumers into its preexisting Office of Financial Education, itself a part of this agency’s Consumer Education and Engagement Division. During this reorganization, the
We are proud to announce that Troutman Sanders partner David Anthony will be a featured speaker at the Practising Law Institute’s 23rd Annual Consumer Financial Services Institute at the Practising Law Institute (PLI) Center in New York City on March 26-27, 2018.
In its 23rd year, topics will focus on a broad array of recent
On Thursday, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued its first no-action letter to Upstart Network, Inc., an online lender. The no-action letter green-lights the lender’s use of alternative data in marketing and pricing decisions. In exchange, Upstart will report lending and compliance information to the CFPB.
California-based Upstart provides an
On April 25, the Consumer Financial Protection Bureau held its Spring 2017 Community Bank Advisory Council meeting in Washington. The purpose of the meeting was to allow representatives from community banks an opportunity to provide additional input on the Bureau’s Request for Information (“RFI”) on the use of alternative data to assess creditworthiness of consumers
Join Troutman Sanders Partners James W. Stevens and Alan D. Wingfield on Thursday, February 9 at 12 p.m. ET for a complimentary webinar to discuss current trends and outlook for the key fair lending issues of redlining and disparate impact.
Specific topics of discussion include the basics of federal regulators’ theories and methodologies in assessing
The Federal Deposit Insurance Corporation (“FDIC”) is seeking comment on proposed examination guidance for Third-Party Lending. [1] The proposed guidance, issued July 29, provides banks with safety, soundness and consumer compliance measures to be followed when lending through a business relationship with a third party. The proposed guidance will apply to all banks that engage
In a letter dated July 21, Senators Sherrod Brown (D-Ohio) and Jeffrey Merkley (D-Ore.), on behalf of the Committee on Banking, Housing, and Urban Affairs (the “Committee”), asked the heads of several federal agencies to provide the Committee with information concerning their understanding of the role of fintech in the consumer financial services
On June 22, 2016, the Consumer Financial Protection Bureau (“CFPB”) issued its third update to its exam procedures for mortgage servicers. In its press release, the CFPB stated that mortgage servicers should “note a greater emphasis” on complaint handling, responses to requests by borrowers, and fair lending issues. According to the CFPB, the update
On June 10, Troutman Sanders attended the Federal Trade Commission’s FinTech Forum on marketplace lending. The event marked the first in the FTC’s FinTech Forum series, which is part of the FTC’s ongoing efforts to examine marketplace lending and its impact on consumers. The topics discussed during the forum included adequate
We are pleased to announce that Troutman Sanders attorneys David Anthony, Ashley Taylor, Paige Fitzgerald, and Laura Anne Kuykendall published a survey through Thomson Reuters which focuses on consumer financial regulation issues for the Commonwealth of Virginia. The survey is formatted as a question and answer guide, and addresses state-specific laws governing