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As Economic Winds Blow, So Do Whistleblowers: How to Protect Your Company Through Turbulent Times

March 14, 2023 By Consumer Finance Team

A&B ABstract: As recently reported by the Financial Times, banks are preparing for the “deepest job cuts since the financial crisis,” with firings to be “super brutal.” Already, nonbank lenders and service providers have been suffering with several rounds of layoffs and, potentially, more to come. Former employees, particularly disgruntled ones, may have information they […]

Filed Under: Department of Justice, Uncategorized Tagged With: #SEC, complaints, Department of Justice, DOJ, Securities and Exchange Commission, whistleblower

New York Amends Disclosure Requirements for Telemarketers

January 11, 2023 By Aldys London and Gloria Han

A&B Abstract: New York Governor Kathy Hochul signed legislation in December designed to limit unwanted telemarking calls by providing consumers the option to be added to a company’s do-not-call list at the outset of a call. The new law takes effect March 6, 2023. Updated Requirements for New York Telemarketers: The new legislation (S.8450-B/A.8319-C) amends […]

Filed Under: State Law, Uncategorized Tagged With: #New York, telemarketing

State Community Reinvestment Acts Reaching Beyond Banks

September 23, 2022 By Caroline Eisner

A&B ABstract: When Congress passed the federal Community Reinvestment Act (“CRA”) in 1977 to address redlining, it imposed affirmative requirements on insured depository institutions to serve the credit needs of the communities where they receive deposits. At that time, banks were extending the vast majority of mortgages nationally. However, non-banks have become the dominant mortgage […]

Filed Under: Mortgage Loans, State Law, Uncategorized Tagged With: #Massachusetts, #New York, Community Reinvestment Act, Connecticut, CRA, DC, District of Columbia, Illinois, mortgage lending

New CFPB Chief Rohit Chopra Confirmed by Senate and Takes Immediate Action Against Big Tech Firms

November 10, 2021 By Josh Dhyani

A&B Abstract: On September 30, 2021, the Senate confirmed Rohit Chopra to serve as director of the Consumer Financial Protection Bureau (CFPB) in a 50-48 vote along party lines. He had been serving as a member of the Federal Trade Commission (FTC) where he had been a vocal critic of big tech companies and advocated […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Consumer Loan, Debt Collection, Dodd-Frank Act, Mortgage Servicing, Student Loans, Uncategorized Tagged With: #CFPB, #debtcollection, Mortgage Servicing, Servicing, student loan servicing

The District of Columbia Continues to Fight the “True Lender” Rule in Court

April 19, 2021 By Kelley Barnaby and Anne Martin

A&B ABstract: Innovative partnerships between banks and nonbanks have expanded lending services to consumers and small businesses. These partnerships, known as marketplace lending arrangements, offer non-traditional loan products to consumers and small businesses. Significantly, state laws establishing interest rate caps do not apply to marketplace lending arrangements where the bank is the true lender. But […]

Filed Under: Uncategorized Tagged With: #truelender

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Recent Posts

  • CFPB Issues Special Edition of Supervisory Highlights Focusing on Junk Fees
  • As Economic Winds Blow, So Do Whistleblowers: How to Protect Your Company Through Turbulent Times
  • Merrily the State CRAs Roll Along
  • The COVID-19 National Emergency is Ending: Are mortgage servicers ready?
  • California DFPI Digital Asset Lending Regulatory Year in Review
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