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
Year: 2021
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
MAINE AMENDS CONSUMER CREDIT CODE; ANTI-EVASION PROVISION ADDED
On June 21, 2021, the Maine governor signed L.D. 522 into law, a bill that significantly amends the scope of the Maine Consumer Credit Code (“MCCC”). The legislation amends the MCCC to add a new Part 7 titled “Fraudulent Practices.” Read More
OHIO PERSONAL PRIVACY ACT INTRODUCED IN OHIO GENERAL ASSEMBLY
On July 13, 2021, H.B. 376, the Ohio Personal Privacy Act (“OPPA”), was introduced in the Ohio General Assembly. The OPPA sets forth certain consumer privacy rights similar to those found in the California Consumer Privacy Act (“CCPA”), Virginia Consumer Data Protection Act (“VCDPA”) and recently enacted Colorado Privacy Act (“CPA”). Read More
CSBS AND OCC ENTER 90 DAY LITIGATION STAY
On June 15, the Conference of State Bank Supervisors (“CSBS”) filed an unopposed motion to stay litigation for 90 days in its pending case against the Office of the Comptroller of the Currency (“OCC”) in the United States District Court for the District of Columbia (Court). Read More
SECOND CIRCUIT HOLDS NYDFS LACKS STANDING IN OCC FINTECH CHARTER SUIT
Recently, the Second Circuit held that the New York Department of Financial Services lacked standing to challenge the Office of the Comptroller of the Currency’s (“OCC”) special purpose national bank charter for nondepository financial technology companies (“Fintech Charter”). The Second Circuit held that failed to allege that the OCC’s decision to offer the Fintech Charter caused NYDFS to suffer “an actual or imminent injury in fact.” Read More
COLORADO LEGISLATURE PASSES CONSUMER DATA PRIVACY ACT
On June 8, 2021, the Colorado legislature passed the Colorado Privacy Act (“CPA”), a comprehensive consumer privacy bill that closely resembles the California Consumer Privacy Act (“CCPA”) and Virginia Consumer Data Protection Act (“VCDPA”). The legislation is now headed to the Governor for his signature. Read More
CFPB ISSUES UPDATED FAQS FOR ELECTRONIC FUNDS TRANSFERS AND MORTGAGE SERVICING
On June 4, 2021, the Consumer Financial Protection Bureau (“CFPB”) issued a set of frequently asked questions (“FAQs”) regarding the unauthorized transfer and error resolution provisions
under the Electronic Fund Transfer Act (“EFTA”) and Regulation E. The EFTA and Regulation E impose a number of requirements for electronic fund transfers, including specific authorization and disclosure-related requirements and dispute resolution procedures. Read More
PROPOSED RULES FOR OHIO SMALL LOAN ACT AND REQUEST FOR FEEDBACK
The Ohio Division of Financial Institutions circulated proposed rules under the Ohio Small Loan Act (“SLA”) for preliminary feedback on June 2, 2021. The Division requested feedback by June 11,
2021. Read More
SENATE VOTES TO OVERTURN OCC TRUE LENDER RULE
On May 11, the U.S. Senate voted 52-47 to approve Senator Chris Van Hollen’s Congressional Review Act resolution of disapproval to invalidate the rule submitted by the OCC related to “National Banks and Federal Savings Associations as Lenders” (85 Fed. Reg. 6872 (October 30, 2020) (the “True Lender Rule”). Seeour Prior ALERT dated October 30, 2020 for further discussion of the True Lender Rule Read More