Firm News

Nebraska passed L. B. 363 in March of 2021, effective March 18, 2021, to expand the scope of several key consumer finance statutes to require licensing of entities that acquire any servicing rights or other forms of participation, among other new licensing triggers. Below is a summary of the key provisions. Read More

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amendment to eliminate the gap between the collection bill’s provisions and DC’s coronavirus protections that were repealed as of July 24th.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

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

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

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

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

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

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

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

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