CFPB, Federal Agencies, State Agencies, and Attorneys General
The NCUA board on July 18 voted to maintain its interest rate ceiling on most loans at 18% from Sept. 11, 2024 through March 10, 2026.
The only exception to that rate cap is loans modeled after the agency’s Payday Alternative Loan program; the interest rate on those loans will remain capped at 28%.… Continue Reading
On July 17, Acting Comptroller of the Currency Michael Hsu delivered prepared remarks before the Exchequer Club entitled “Size, Complexity, and Polarization in Banking.”
These were his first public remarks about the Supreme Court’s recent opinion in Cantero v. Bank of America. In that case, the Court reversed a Second Circuit opinion which had held that because of preemption a national bank need not comply with a New York law which requires the payment of 2% interest on residential mortgage escrow accounts.… Continue Reading
A group of federal agencies have finalized reconsideration of value (ROV) guidance for residential real estate valuations. The agencies are the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board (Board) and National Credit Union Administration (NCUA). The guidance will be effective upon publication in the Federal Register.… Continue Reading
We recently reported that, upon remand from the Supreme Court (after it ruled that the CFPB’s funding mechanism is Constitutional), the plaintiff-trade groups filed a petition for rehearing en banc in the Fifth Circuit in the CFSA v. CFPB case. In the petition, they requested the Fifth Circuit en banc to rehear other claims in their case attacking the remnants of the CFPB’s payday lending regulation which had earlier been rejected by the same Fifth Circuit panel of judges who held that the CFPB was unconstitutionally funded.… Continue Reading
The Conference of State Bank Supervisors (CSBS) will release the first phase of major enhancements to the Nationwide Multistate Licensing System & Registry (NMLS) on July 20.
The updates are intended to address certain issues industry users have raised, including allowing users to create a username and password without having to contact the NMLS Call Center, and allowing users who have multiple NMLS accounts to access their accounts using one username and password.… Continue Reading
On July 18, 2024, in the lawsuit challenging the CFPB’s credit card late fee rule (Rule), the CFPB refiled its notice of supplemental authority in support of its motion to dismiss or transfer the case, motion to dissolve the preliminary injunction, and brief in support its motion. The filings were previously stricken due to the district court’s lack of jurisdiction.… Continue Reading
Today, on the very last day for filing an appeal, the Colorado Attorney General and UCCC Administrator filed a Notice of Appeal to the Tenth Circuit Court of Appeals of the Colorado federal district court’s order in favor of the plaintiffs in NAIB, et al v. Weiser, et al. The lawsuit was filed by three consumer financial services industry trade groups challenging Colorado’s opt-out legislation.… Continue Reading
The 1978 landmark opinion in Marquette National Bank v. First of Omaha Service Corp held that under the National Bank Act, a national bank has the right to export the interest rate authorized by the state where the bank is located to borrowers located elsewhere. Section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (“DIDMCA”) conferred equivalent rate exportation powers on state-chartered, FDIC-insured banks.… Continue Reading
Republicans on Capitol Hill have introduced legislation that would require a review of all federal court decisions, laws, regulations and legal cases that used the Chevron Deference Doctrine as the basis for decisions.
The introduction of those bills reflects Congress’s effort to adjust to the post-Chevron world. In that regard, some GOP members of Congress are pressing for a review of cases in which the Chevron Deference Doctrine was used.… Continue Reading
In a major win for the CFPB, in CFPB v Touchstone Financial, a panel of the U.S. Court of Appeals for the Seventh Circuit (7th Circuit) recently held that the Regulation B provision prohibiting discrimination under the Equal Credit Opportunity Act (ECOA) against prospective applicants is consistent with the statute.… Continue Reading
