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Christopher M. Paridon

All Things FinReg

LATEST REGULATORY DEVELOPMENTS IMPACTING
THE FINANCIAL SERVICES INDUSTRY

California DFPI Staffs Up, Begins Investigating Previously Out-of-Reach Businesses

By Michelle Park Chiu , Nicholas M. Gess , and Martin Hirschprung
// January 19, 2021
The California Department of Financial Protection and Innovation (DFPI) announced in its January 2021 monthly bulletin that it will begin exercising its enhanced powers under the California Consumer Financial Protection Law (CCFPL) that came into effect January 1.
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Topics: Attorneys General, Consumer Financial Protection Bureau, Consumer Financial Services, Enforcement, FinTech, Innovation, Litigation, Regulation, States, Supervision and Examination, UDAAP, UDAP

Fair Lending Focus: CFPB Issues Statement on Serving Consumers with Limited English Proficiency

January 15, 2021
The Consumer Financial Protection Bureau (Bureau or CFPB) on January 13 issued a Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency (Statement), which is intended to provide compliance principles and guidelines to inform and assist financial institutions in their decisionmaking related to serving limited English proficiency (LEP) consumers in non-English languages.
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Topics: BCFP, Bureau of Consumer Financial Protection, CFPB, Consumer Financial Protection Bureau, Consumer Financial Services, Dodd-Frank Act, ECOA, Enforcement, Federal Trade Commission, Regulation, Regulatory, UDAAP, UDAP

OCC Issues Final ‘True Lender’ Rule

By Steve Levitan
// October 28, 2020
The Office of the Comptroller of the Currency (OCC) issued a final rule on October 27 that determines when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a partnership between a bank and a third party, such as a marketplace lender.
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Topics: Banking, Enforcement, FinTech, Global Regulation and Supervision, Innovation, Lending, Marketplace Lending, Office of the Comptroller of the Currency, Regulation, Regulatory, Supervision and Examination

CFPB Issues Final Rule Extending the Qualified Mortgage ‘GSE Patch’

By Asa J. Herald
// October 21, 2020
The Consumer Financial Protection Bureau (CFPB or Bureau) on October 20 issued a final rule to extend the government-sponsored enterprises patch (GSE Patch), i.e., the “temporary qualified mortgage” exemption within the qualified mortgage/ability-to-repay rule.
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Topics: BCFP, Bureau of Consumer Financial Protection, CFPB, Consumer Financial Protection Bureau, Consumer Financial Services, Dodd-Frank Act, Enforcement, Lending, Mortgage Lending, Regulation, Regulatory, Supervision and Examination

CFPB Issues Guidance Regarding Applications for Early Termination of Consent Orders

By Nicholas M. Gess
// October 06, 2020
The Consumer Financial Protection Bureau (CFPB or Bureau) issued a policy statement on October 5 establishing a process to allow for early termination of consent orders.
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Topics: BCFP, Bureau of Consumer Financial Protection, CFPB, Consumer Financial Protection Bureau, Consumer Financial Services, Dodd-Frank Act, Enforcement, Regulation, Supervision and Examination

California Means Business (Regulation) with New ‘Mini-CFPB’ Law

By Michelle Park Chiu , Nicholas M. Gess , and Martin Hirschprung
// September 14, 2020
California’s governor is expected to sign into law soon a bill creating a state consumer financial protection agency, the Department of Financial Protection and Innovation (DFPI), which some have called California’s “mini-CFPB.” We reported previously on the importance of this law in January and March.
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Topics: Attorneys General, California, Consumer Financial Protection Bureau, Consumer Financial Services, Enforcement, FinTech, Innovation, Litigation, Regulation, States, Supervision and Examination, UDAAP, UDAP
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