On May 31, 2024, the CFPB announced that it had filed suit against a Pennsylvania-based student loan servicer for engaging in allegedly unfair, deceptive and abusive acts or practices in violation of the CFPA, 12 U.S.C. §§ 5531, 5536(a)(1)(B), and for
Supreme Court punts the NBA preemption analysis back to the Second Circuit
On May 30, 2024, in a unanimous decision, the Supreme Court reversed Cantero v. Bank of America, N.A., and remanded it back to the Second Circuit and instructed the appellate court to analyze whether New York’s law requiring interest
CFPB Opens Public Probe on Closing Fees
On May 30, the CFPB announced that it was probing mortgage closing costs as part of its continued focus on so-called junk fees. The Bureau’s request for information seeks input from the public on “the impact closing costs have on borrowers
FHA’s Releases 12-Hour Cyber Incident Notification Rule
On May 23, the U.S. Department of Housing and Urban Development (HUD) announced that Federal Housing Administration-approved Mortgagees are subject to a heightened cybersecurity incident reporting regime. The new requirement, which amends the Single Family Housing Policy Handbook 4000.1, requires
South Carolina Enacts Earned Wages Access Law
On May 21, less than a month after Kansas, South Carolina has become the fifth state to enact comprehensive earned wages access (EWA) legislation, which is set to take effect on November 21, 2024.
CFPB Files Motion for Summary Judgment on HDMA Enforcement Action
On May 16, the CFPB filed a motion for summary judgement in the U.S. District Court in the Southern District of Florida seeking a $20 million civil penalty against a California-based mortgage provider for allegedly submitting inaccurate government mortgage loan
Ohio Federal Court Holds White Litigant Lacked Standing to Challenge Contest Providing Funding for Black-Owned Businesses
A federal District Court in Ohio recently ruled that a white litigant did not have standing to assert a discrimination claim against a contest that had provided grants to Black-owned businesses. The decision in Roberts v. Progressive Preferred Insurance Co.
California’s DFPI Releases Third Annual Report on Activity Under the CCFPL
On April 25, 2024, California’s Department of Financial Protection and Innovation (“DFPI”) released its Annual Report of Activity Under the California Consumer Financial Protection Law for 2023 (“Annual Report”). The Annual Report provides an overview of rulemaking, enforcement, oversight, consumer
South Carolina Enacts Earned Wage Access Legislation Requiring Registration, Exempting the Product from Lending Laws
On May 21, 2024, South Carolina Governor Henry McMaster signed into law the Earned Wage Access Services Act (the “Act”), which will require earned wage access (“EWA”) providers to register annually with the state’s Department of Consumer Affairs and meet
Council of the EU adopts CRR III and CRD VI
On 30 May 2024, the Council of the EU announced that it has adopted the Directive updating the Capital Requirements Directive as regards supervisory powers, sanctions, third-country branches, and environmental, social and governance risks (CRD VI) and the Regulation updating