DC has released the bill text for its debt collection bill and the enrolled bill includes a retroactive effective date of July 24, 2021. The effective date was changed by technical amendment to eliminate the gap between the collection bill’s provisions and DC’s coronavirus protections that were repealed as of July 24th. Read More
Month: August 2021
IN “FIRST OF ITS KIND” CONSENT ORDER CA DFPI TO REGULATE INCOME SHARE AGREEMENT SERVICER
On August 5th, the California Department of Financial Protection and Innovation (“DFPI”) entered into a consent order with a fintech that provides software to schools and other institutions to enable the institutions to issue income share agreements (“ISAs”). The fintech also services the ISAs for the institutions. Under the consent order, the DFPI granted conditional approval for the fintech to obtain a student loan servicer license under the California Student Loan Servicing Act (“SLSA”). The fintech had voluntarily applied for the servicer license in April. Read More
DISTRICT OF COLUMBIA COLLECTION BILL EFFECTIVE DATE DELAYED UNTIL OCTOBER 1, 2021
DC has amended its collections bill and the effective date has been delayed until October 1, 2021. The mayor has not yet signed the bill but is expected to sign the amended bill. Read More
COURT REQUESTS ADDITIONAL BRIEFING AFTER CFPB FILES MOTION TO LIFT STAY OF PAYDAY LOAN RULE PAYMENT PROVISIONS
After the CFPB filed a motion in pending litigation to lift the stay
of the compliance date for the payment provisions of the CFPB
Payday Lending Rule, the federal district court issued an order
requesting additional briefing from both parties concerning what
would be the appropriate compliance date if the court were to rule in
favor of the CFPB on the summary judgment motions. READ MORE
OCC TRUE LENDER RULE DISAPPROVED: NOW WHAT?
On June 30, 2021 President Biden signed the Joint Resolution
of Congress disapproving the rule adopted by the Office of the
Comptroller of Currency relating to “National Banks and Federal
Savings Associations as Lenders” (85 Fed. Reg. 68742 (October 30,
2020)) (the “True Lender Rule”), and providing that such rule shall
have no force or effect. Read More
DISTRICT OF COLUMBIA SET TO ENACT EXPANSIVE DEBT COLLECTION BILL
The District of Columbia Council recently passed a debt
collection bill that is expected to be signed this week. The bill takes
effect immediately upon signature and is applicable to originating
creditors.Read More