Consumer Credit and Privacy Compliance
Online research tools to manage compliance with federal and state laws and regulations
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Last Week, This Morning
Key developments from the past week in consumer and commercial finance and privacy law.
CFPB Issues Consent Order Against Fintech Company for Allegedly Failing to Refund Balances on Closed Consumer Banking Accounts in Timely Manner
Student Loan Securitization Trusts and Loan Servicer Resolve CFPB’s Claims that They Failed to Properly Process and Respond to Borrowers’ Loan Servicing Requests
Illinois Senate Passes Small Business Financing Transparency Act
Federal Agencies Issue Third-Party Risk Management Guide for Community Banks
Florida Amends Provisions Governing GAP Products and Creates Vehicle Value Protection Agreements Act
Georgia Amends Laws Governing Banking and Finance
Oklahoma Adds Mortgage Servicers to Definition of “Mortgage Broker” Requiring Licensure, Requires Registration of Branch Offices, Specifies Remote Office Requirements, and Sets Mortgage Licensing Fees
Alaska Targets Bank Partnerships with Predominant Economic Interest and Anti-Evasion Bill
FHFA Releases Fair Lending Final Rule
FHA Updates Reconsideration of Value Policy
CFPB’s Supervisory Highlights Edition Focuses on Mortgage Servicing
Mississippi Provides for Annual Adjustment of Maximum Loan Amount under which Mississippi Consumer Alternative Installment Loan Act Licensees May Impose Finance Charges Permitted Under Act
Freddie Mac Proposes Purchase of Single-Family, Closed-End Second Mortgage Loans as New Product
Virginia Adds Affidavit Requirement for Certain Subordinate Mortgage Lienholders Seeking to Foreclose and Timing Requirement for Foreclosure Sale Purchasers to Pay Off Priority Liens
Kansas Enacts Earned Wage Access Services Act and Money Transmission Act
Hudson Cook Insights
Today's Trends in Credit Regulation
New Kansas Law Will Require Disclosures for Commercial Financing Transactions
By Eric Mulligan
On April 12, 2024, Kansas Governor Laura Kelly signed SB 345, which establishes commercial financing disclosure requirements. The new law will take effect on July 1, 2024, and will apply to commercial financing transactions of $500,000 or less. article continued
CFPB Imposes Ban from Consumer Lending Activities and $164,000 Penalty on For-Profit Vocational School and Its Founder for Hiding Loan Costs from Students
By Julia K. Whitelock and Erik Kosa
The CFPB entered into a consent order with a for-profit vocational school that offered coding programs using income-share agreements ("ISAs") as tuition financing options. article continued
"Reducing Barriers to HUD-Assisted Housing": HUD NPR for Use of Criminal History in Tenant Screening and Termination At HUD-Assisted Properties
By Jay Harris
Under a Department of Housing and Urban Development (HUD) proposed rule published April 10, new procedural protections would apply to criminal history screening of rental applicants to HUD-assisted housing. article continued