Alston & Bird Consumer Finance ABstract

State Law

California Governor Moves to Strengthen State Consumer Protection Enforcement in 2020

By and

A&B ABstract: On January 10, 2020, California Governor Gavin Newsom released his budget summary for 2020 to 2021. Fearing that the Trump administration will further roll back consumer financial protections, Gov. Newsom proposed the California Consumer Financial Protection Law, which would provide the state’s primary financial services regulator with additional authority to enforce consumer protection […]

New York Proposes Guidance for Regulated Virtual Currency Licensees

By and

A&B ABstract Since the New York Department of Financial Services (“NYDFS”) finalized regulations for virtual currency firms in 2015, several regulated virtual currency licensees (“Licensees”) have sought permission to issue new virtual currencies (i.e., coins) in addition to those included in their initial license applications. On December 11, 2019, NYDFS issued Proposed Guidance in response […]

NY DFS unveils Consumer Protection Task Force, adds Former CFPB Deputy Director

By

A&B ABstract: Less than one month into the new year, New York’s Department of Financial Services (DFS) has taken strong measures to make good on its proclamation that  “2020 must be the year of the consumer” by: (1) unveiling a 12-member Consumer Protection Task Force to help implement an extensive consumer protection agenda; and (2) […]

New York Enacts HECM Law

By

A&B ABstract: Effective March 5, 2020, New York Assembly Bill 5626 (“AB 5626”) regulates the origination and servicing of the federal U.S. Department of Housing and Urban Development (“HUD”) home equity conversion mortgages (“HECMs”). Significant Impact to Mortgage Lenders and Servicers With the stated purpose of providing “new regulations on reverse mortgage products pertaining to […]