3 Key Takeaways and Collection Agency Industry Insights from the NACARA Conference
Last week, the North American Collection Agency Regulatory Association (NACARA) hosted its annual conference at the California Department of Financial Protection and Innovation’s Sacramento office. The event served as a platform for state regulators and collection agency representatives to discuss the latest challenges and emerging trends affecting the industry. More ›
CFPB Publishes Filing Instructions for its New Nonbank Registry for Repeat Offenders
On August 23, the Consumer Financial Protection Bureau (CFPB) issued its Filing Instructions Guide ("Guide") for Nonbank Registration pursuant to its Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule ("the Final Rule"). More ›
New Law May Require Texas Homeowners to Renew Homestead Exemptions
Texas property taxes and the general residential homestead exemptions have been all over the news this past year due to the passing of Proposition 4 in November 2023. This law increased the annual Texas homestead tax exemption from $40,000 to $100,000, starting with January 2023 taxes.
While tax savings relief stole the headlines, another law was enacted that may require homeowners to renew their application for their homestead exemptions every five years. Failure to respond to the Appraisal District’s notice to renew could result in the loss of the exemption and an escrow account nightmare. More ›
What Does the CFPB’s New Public Registry to Detect Repeat Offenders Mean for Your Business?
On June 3, 2024, the Consumer Financial Protection Bureau (CFPB) issued the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule (“the Final Rule”).
The Final Rule, effective September 16, 2024, establishes a public registry of nonbank financial companies that have violated consumer protection laws and will require covered entities to report final judgments, settlements, or other enforcement orders to the CFPB. More ›
Stay Informed and Protected: Subscribe to Our New Privacy, Cyber, & AI Decoded Alerts
In today's age of complex data privacy and AI regulations, staying informed and in compliance is more crucial than ever.
That is why our Privacy, Security, and AI practice created Privacy, Cyber & AI Decoded, a new publication that delivers important insights on data privacy, cybersecurity, and AI compliance when your organization needs them most.
Subscribe to our Privacy, Cyber & AI Decoded alerts to receive these timely insights right in your inbox. More ›
Buy Now Pay Later Lender Licensing Legislation Still Under Consideration in New York
The Buy Now Pay Later ("BNPL")[1] legislation introduced by New York Governor Kathy Hochul officially died last week. However, BNPL legislation introduced last month by New York Assemblymember Pamela Hunter remains active and, similar to the Governor's bill, proposes that New York be the first state to require BNPL lenders to obtain a state license. More ›
The Texas Supreme Court Has Spoken: Mortgage Servicers May Rewind and Restart the Statute of Limitations Clock Within the Same Letter
Last week, the Texas Supreme Court answered the Fifth Circuit’s certified question as to whether simultaneous rescission and reacceleration can reset the limitations period under Texas Law by holding that “a rescission that complies with the statute [Tex. Civil Practice and Remedies Code Section 16.038] resets limitations even if it is combined with a notice of reacceleration.” Moore v. Wells Fargo Bank, N.A., No. 23-0525, 2024 Tex. LEXIS 156, at *2 (Feb. 23, 2024). More ›
CFPB Revises the Supervisory Appeals Process for Financial Institutions
On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued its revised rule addressing how financial institutions can appeal their compliance ratings or adverse material findings by the Bureau. The rule is an update to the Bureau's November 2015 revisions. More ›
A World Without Chevron? U.S. Supreme Court Hears Oral Arguments in Cases that Could Overturn 40-Year-Old Doctrine of Statutory Interpretation
On January 18, 2024, the United States Supreme Court heard oral arguments in two cases challenging the Chevron doctrine of statutory interpretation, Loper Bright Enterprises, et al., v. Gina Raimondo, Secretary of Commerce (Loper-Bright) and Relentless, Inc. v. Department of Commerce (Relentless). Under the Chevron doctrine, courts are supposed to grant deference to an agency's reasonable interpretation of an ambiguous statute. More ›
Louisiana Private Education Lender Registration Added to the Nationwide Multistate Licensing System and Registry
As of January 1, 2024, the Louisiana Office of Financial Institutions (OFI) is accepting registration of private education lenders. This registration requirement is applicable to nonexempt businesses making or holding private education loans and is the result of the passage of the Louisiana Private Student Loan Registry law. More ›
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