CFPB Publishes Filing Instructions for its New Nonbank Registry for Repeat Offenders

On August 23, the Consumer Financial Protection Bureau (CFPB) issued its Filing Instructions Guide ("Guide") for Nonbank Registration pursuant to its Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule ("the Final Rule"). More ›

New Law May Require Texas Homeowners to Renew Homestead Exemptions

Texas property taxes and the general residential homestead exemptions have been all over the news this past year due to the passing of Proposition 4 in November 2023. This law increased the annual Texas homestead tax exemption from $40,000 to $100,000, starting with January 2023 taxes.

While tax savings relief stole the headlines, another law was enacted that may require homeowners to renew their application for their homestead exemptions every five years. Failure to respond to the Appraisal District’s notice to renew could result in the loss of the exemption and an escrow account nightmare. More ›

What Does the CFPB’s New Public Registry to Detect Repeat Offenders Mean for Your Business?

On June 3, 2024, the Consumer Financial Protection Bureau (CFPB) issued the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule (“the Final Rule”).

The Final Rule, effective September 16, 2024, establishes a public registry of nonbank financial companies that have violated consumer protection laws and will require covered entities to report final judgments, settlements, or other enforcement orders to the CFPB. More ›

CFPB Revises the Supervisory Appeals Process for Financial Institutions

On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued its revised rule addressing how financial institutions can appeal their compliance ratings or adverse material findings by the Bureau. The rule is an update to the Bureau's November 2015 revisions. More ›

A World Without Chevron? U.S. Supreme Court Hears Oral Arguments in Cases that Could Overturn 40-Year-Old Doctrine of Statutory Interpretation

On January 18, 2024, the United States Supreme Court heard oral arguments in two cases challenging the Chevron doctrine of statutory interpretation, Loper Bright Enterprises, et al., v. Gina Raimondo, Secretary of Commerce (Loper-Bright) and Relentless, Inc. v. Department of Commerce (Relentless). Under the Chevron doctrine, courts are supposed to grant deference to an agency's reasonable interpretation of an ambiguous statute. More ›

Proposed California Debt Collection Licensing Regulations Raise Scope Concerns

Last month, the Department of Financial Protection and Innovation (DFPI) published proposed regulations under the Debt Collection Licensing Act (DCLA). The regulations largely address procedural matters related to obtaining a license. However, the DFPI's proposed regulations also appear to implicitly address the scope of the license requirement, potentially expanding the category of licensees beyond what the statutory text contemplates. More ›

Interactive COVID-19 Regulatory Map for Consumer Financial Institutions

To assist consumer financial services lenders, servicers and investors, Hinshaw has developed an interactive tracker of state regulations related to the COVID-19 pandemic. The tracker documents actions by various state regulators, along with the limits imposed by states on foreclosures, evictions, and debt collections, and allows users to click on any state to view applicable provisions.  More ›

6 Ways to Achieve Compliance without an Audit

No doubt there is a need for compliance audits. I do them. You do them. Almost every regulatory & compliance lawyer and consulting company that exists does them. In fact, some state and federal laws mandate that you do a compliance audit. You can do them internally, you can do them externally, and you can run yourself in circles trying to make someone who matters realize the value in implementing changes that result from the audit.

Realistically, there are only so many traffic signals and stop signs you can yield to. In the first of a recurring series of Compliance Corner posts, we're going to look at 6 practical tips you can implement without a formal compliance audit that will either stave off the regulators, or make a couple of zeros drop off their demand (I mean before the decimal point). Even if you've had a terrible experience interacting with a government agency, and you just don't buy that these efforts will matter to them, these tips will help you to build better relationships with your customers. More ›