On June 25, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) kicked off its symposia series with a panel discussion of whether the Bureau should use its rulemaking authority to further define “abusive acts or practices.” The Dodd-Frank Act added a prohibition on abusive acts and practices to the established prohibition on unfair acts and […]
House Committee Holds Hearing on “Ending Debt Traps in the Payday and Small Dollar Credit Industry”
On April 30, 2019, the House Committee on Financial Services held a hearing on “Ending Debt Traps in the Payday and Small Dollar Credit Industry,” which focused on three potential bills. Discussion Draft of Protecting Consumers from Debt Traps and Unreasonable Rates Act This draft, based on legislation sponsored by Senators Durbin and Merkley and […]
Alston & Bird Issues Client Alert on Ohio Division of Financial Institution Guidance Requiring Mortgage Loan Servicer Registration for Passive Secondary Market Investors in Ohio MSRs
On March 12, Alston & Bird Partner Nanci Weissgold, and Senior Associate Lisa Lanham issued a Client Alert on Ohio Division of Financial Institution’s (“Division”) guidance on clarification of legislative amendments (as enacted by HB 489 and currently in effect as of March 20, 2019) to the Ohio Residential Mortgage Lending Act (“RMLA”), that requires […]