
Showing 30 posts by Vaishali S. Rao.
A Circuit Split Emerges on the Constitutionality of the CFPB's Funding Structure, Months Before the Issue Comes Before the U.S. Supreme Court
On March 23, 2023, the Court of Appeals for the Second Circuit issued a decision in CFPB v. Law Offices of Crystal Moroney (Moroney). The case reviewed constitutional challenges to the Consumer Financial Protection Bureau's (CFPB) funding structure previously decided by the Fifth Circuit Court of Appeals last October in Community Financial Services Association of America, Ltd. v. CFPB (Community Financial). In Community Financial, the Fifth Circuit vacated the CFPB's 2017 "Payday Lending Rule" on the grounds that it was invalid "as the product of the Bureau's unconstitutional funding scheme." The CFPB's petition for writ of certiorari was granted by the U.S. Supreme Court in February. More ›
SCOTUS Decision in Student Loan Forgiveness Cases May Hinge on Article III Standing
On February 28th, 2023, the United States Supreme Court heard oral arguments in two related cases, Biden v. Nebraska and Department of Education v. Brown, both of which challenge President Biden's one-time student loan forgiveness program. More ›
Fifth Edition of 50 State Guide on Student Loan Servicing Laws Now Available
An important resource for financial services compliance professionals has been updated. The Fifth Edition of the 50 State Guide on Student Loan Servicing Laws is a quick reference guide and resource for student loan industry participants regarding enacted state laws, and pending or previously introduced legislation. More ›
Proposed California Debt Collection Licensing Regulations Raise Scope Concerns
Last month, the Department of Financial Protection and Innovation (DFPI) published proposed regulations under the Debt Collection Licensing Act (DCLA). The regulations largely address procedural matters related to obtaining a license. However, the DFPI's proposed regulations also appear to implicitly address the scope of the license requirement, potentially expanding the category of licensees beyond what the statutory text contemplates. More ›
CFPB Signals Change by Rescinding Abusive Acts or Practices Policy, With Confirmation of Chopra Likely to be Delayed
On March 11, 2021, the Consumer Financial Protection Bureau (CFPB) announced rescission of its January 24, 2020 Statement of Policy Regarding Prohibition on Abusive Acts or Practices (Policy). In announcing its rescission, the Bureau indicated the Policy did not provide the intended clarity to regulated entities, and declared it inconsistent with the Dodd-Frank Act, including by limiting the Bureau's full scope of supervisory and enforcement authority. More ›
CFPB Highlights COVID-19-Fueled Regulatory Risks for Examined Industries in Special Edition of Supervisory Highlights
In its recent Special Edition of Supervisory Highlights on COVID-19 Prioritized Assessments, the Consumer Financial Protection Bureau (CFPB) summarized challenges and risks with respect to several industries it had informally examined since the start of the pandemic. Beginning in May 2020, the Bureau rescheduled about half of its planned examinations and instead conducted "prioritized assessments" in response to the pandemic. These assessments included seeking information on how institutions were responding and communicating with consumers, and also examining how institutions were confronting and adapting compliance in response to the pandemic. More ›
Illinois Moves to Cap Consumer Loan Interest Rates, Lenders Subject to Penalties and Other Relief
On January 13th, the last day of the Illinois legislature's six-day lame duck session, the General Assembly passed the Illinois Predatory Loan Prevention Act (PLPA) as part of SB 1792.
The PLPA caps consumer loan annual percentage rates at 36% for both open and closed end credit. The 36% APR should be calculated using the system of calculating a military annual percentage rate under federal law, which is widely considered an "all-in" method of calculating rates and fees. The Illinois Department of Financial and Professional Regulation (IDFPR) may issue rules pertaining to the Act. More ›
CFPB Rescinds RESPA Compliance and Marketing Services Agreements Bulletin, Provides Clarity on RESPA Fee Prohibition in FAQs
The Consumer Financial Protection Bureau (CFPB ) rescinded Bulletin 2015-05, RESPA Compliance and Marketing Services Agreements on October 7, 2020, stating that the bulletin did not provide the regulatory clarity necessary for compliance with the Real Estate Settlement Procedures Act (RESPA) and Regulation X. The CFPB also issued frequently asked questions (FAQs) to clarify when marketing services agreements (MSAs) are acceptable under RESPA. More ›
Fourth Edition of 50 State Guide on Student Loan Servicing Regulations Now Available
An important resource for financial services compliance professionals has been updated. The Fourth Edition of the 50 State Guide on Student Loan Servicing Regulations is a quick reference guide and resource for student loan servicers regarding the regulations specific to the industry, along with pending legislation, litigation, and court rulings. More ›
SCOTUS Decides Federal Debt is not Exempted from TCPA, While FCC Autodialer Declaration Further Alters TCPA Landscape
With a major U.S. Supreme Court decision leading the way, recent developments continue to reshape the landscape of the Telephone Consumer Protection Act (TCPA). More ›
Topics
- ACA
- ACA International
- Amicus Brief
- Anti-Discrimination Policy
- Appellate Decisions
- Appointment Power
- Appraised Value
- Arbitration
- Arbitration Rule
- Article III Standing
- ATDS
- Attorneys' Fees
- Auto-Dialer
- Automatic Telephone Dialing System
- Bankruptcy
- Bankruptcy Code
- behavioral economics
- Biden Administration
- Biometric Information Privacy Act
- Bitcoin
- Blockchain
- Business Records
- California
- California Consumer Financial Protection Law
- California Consumer Privacy Act
- California Court of Appeal
- California Department of Financial Protection and Innovation
- Car Dealership
- CARES Act
- CCPA
- CDC
- CFPA
- CFPB
- Chapter 11 Bankruptcy
- Chapter 13 Bankruptcy
- Chapter 7 Bankruptcy
- Circuit Split
- City of Miami
- Civil Contempt
- Claim-Splitting
- Class Action
- Class Action Fairness Act of 2005
- Class Certification
- Climate Change
- Cole Memorandum
- Colorado
- Commercial Foreclosure
- Communications
- Compliance Audit
- Compliance Corner
- Congressional Review Act
- Connecticut
- Connecticut Insurance Department
- Constitutional Claims
- Consumer Data Privacy
- Consumer Disclosures
- Consumer Financial Protection Act
- Consumer Financial Protection Bureau
- Consumer Protections
- Coronavirus
- Coronavirus Aid, Relief, and Economic Security Act
- Corporate Compliance
- Corporate Governance
- COVID-19
- CPRA
- Craigslist
- Credit Report
- Credit Reporting Agencies
- Creditor
- Cryptocurrency
- cyber regulation
- Cybersecurity
- D.C. Circuit Court of Appeals
- Damages
- Data Breach
- Data Privacy Laws
- Data Security
- Debt Buyers
- Debt Collection
- Debt Collector
- Debt Dispute
- Debt Purchase
- Debtor
- Deceased Debtors
- Default Notice
- Department of Education
- Department of Financial Protection and Innovation
- Department of Financial Services
- DFPI
- DFS
- DFS Part 500
- Digital Financial Asset Law
- Disclosure
- Discovery Rule
- District of Columbia
- Document Retention
- Dodd-Frank
- Dodd-Frank Wall Street Reform and Consumer Protection Act
- Due Process Clause
- ECOA
- Economic Impact Payment
- Education
- Education Debt
- Eighth Amendment
- Electronic Communications
- Eleventh Amendment
- Eleventh Circuit Court of Appeals
- Employee Benefits
- Employer Participation Student Loan Assistance Act
- Equal Opportunity Act
- European General Data Privacy Regulation
- Eviction
- Excessive Fines Clause
- Executive Order
- FACTA
- Fair and Accurate Credit Transactions Act
- Fair Credit Billing Act
- Fair Credit Reporting Act
- Fair Debt Collection Practices Act
- Fair Employment and Housing Act
- Fair Lending
- Fair Market Value
- Fairness in Class Action Litigation Act of 2017
- FCBA
- FCC
- FCRA
- FDCPA
- Federal
- Federal Arbitration Act
- Federal Communications Commission
- Federal Housing Administration
- Federal Housing Finance Agency
- Federal Rules of Civil Procedure
- Federal Rules of Civil Procedure 68
- Federal Trade Commission
- FHA
- Fifth Amendment
- Fifth Circuit Court of Appeals
- Financial CHOICE Act
- Financial Registration
- Financial Regulatory
- Financial Risk
- FinTech
- First Amendment
- First Circuit Court of Appeals
- Florida
- Florida Supreme Court
- For-Profit Student Loans
- Forbearance
- Forbearance Agreement
- Foreclosure
- Foreclosure Sale
- Fourteenth Amendment
- Fourth Circuit Court of Appeals
- FTC
- Furnishers
- GDPR
- hacking
- Hardship Declaration
- HealthTech
- Hearsay
- HMDA
- Hobbs Act
- HUD
- Human Intervention Test
- Hunstein
- IDFPR
- Illinois
- Illinois Consumer Fraud and Deceptive Business Practices Act
- Illinois Predatory Loan Prevention Act
- Illinois Student Loan Bill of Rights
- Illinois Supreme Court
- Investigation
- IRS
- Judicial Estoppel
- Kathleen Kraninger
- Kentucky
- kickbacks
- Lack of Standing
- Landlord and Tenant
- Least Sophisticated Consumer Standard
- Legal Standing
- Legislation
- Lender Credit Bid
- LGBTQ
- Licensing
- Litigation
- Loan Defaults
- Loan Discharge
- Loan Modification
- Loan Servicing
- Louisiana
- Maine
- Mandatory Arbitration
- Marijuana
- Marketing Services Agreements
- Maryland
- Massachusetts
- Massachusetts Appeals Court
- Massachusetts Consumer Protection Act
- Massachusetts Land Court
- Massachusetts Supreme Judicial Court
- Material Misrepresentation
- Materiality Requirement
- Medical Debts
- Medical Marijuana
- Minnesota
- Monetary Damages
- Mortgage
- Mortgage Acceleration
- Mortgage Debt
- Mortgage Foreclosure
- Mortgage Loan Acceleration
- Mortgage Loans
- Mortgage Servicers
- Mortgage Servicing
- Motion to Dismiss
- MSA
- Municipal Code
- Municipal Code Violations
- Nevada
- New Jersey
- New York
- New York Court of Appeals
- New York Department of Financial Services
- New York Real Property Procedures and Acts
- Ninth Circuit Court of Appeals
- NMLS
- North Carolina
- North Carolina Consumer Finance Act
- North Dakota
- Notice of Proposed Rule Making
- NPRM
- NYCRA
- NYS DFS
- Obama Administration
- OFAC
- Office of Foreign Assets Control
- Origination
- Paragraph 22
- Part 500
- Pennsylvania
- Personal Jurisdiction
- Post-Discharge-Communications
- PPP
- Pre-Foreclosure Mediation
- Preemption
- Privacy
- Private Right of Action
- Private Student Loans
- Property Value
- Proposed Legislation
- Real Estate Settlement Act
- Redlining
- referral fees
- Regulated Entities
- Regulated Non-Depositories
- Regulated Organizations
- Regulation
- Regulation X
- Regulatory
- Regulatory Compliance
- Regulatory Relief
- Remote Working
- Residential Foreclosure
- RESPA
- Reverse Mortgage
- Revocation Claims
- Revocation of Election to Accelerate
- Rhode Island
- Rhode Island Supreme Court
- Richard Cordray
- RICO
- Right of Redemption
- Right to Cure
- Right to Cure Notice
- Right to Reinstate
- Risk Management
- Robocalls
- Rohit Chopra
- S.A.F.E. Mortgage Licensing Act
- Safe-Harbor Provision
- Sanitary Codes
- SCOTUS
- Second Circuit Court of Appeals
- Securities & Exchange Commission
- Separation of Powers
- Settlement Conference
- Seventh Circuit Court of Appeals
- Sixth Circuit Court of Appeals
- Social Media
- Standard of Proof
- Statute of Limitations
- Statutory Damages
- Statutory Interpretation
- Stimulus
- Student Loans
- Students
- Supreme Court of the United States
- Tax Lien
- TCPA
- Telephone Consumer Protection Act
- Texting
- Third Circuit Court of Appeals
- TILA
- Trump
- Trump Administration
- Truth in Lending Act
- U.S. Constitution
- U.S. Department of Housing and Urban Development
- UCC
- UDAAP
- Unauthorized Use
- Undue Hardship
- Unfair and Deceptive Practices
- Unfair Competition
- Uniform Commercial Code
- United States Treasury
- Unsolicited Advertisement
- Usury Laws
- Utah
- Video Conferencing
- Virginia
- Virtual Currency Business Act (VCBA)
- Voluntary Discontinuance
- Voluntary Dismissal
- Washington D.C.
- Wisconsin
- Wisconsin Consumer Act