If you aren't CFPB ready, what are you waiting for, CFPB holds public event to discuss regulation of student loan servicing, and more in this issue of Consumer Financial Services Practice Digest

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If You Aren't CFPB Ready, What Are You Waiting For?

Despite the cloud of speculation and uncertainty dogging the CFPB, the agency continues to launch supervisory examinations and enforcement investigations—including in new markets.

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student loan debt

CFPB Holds Public Event to Discuss Regulation of Student Loan Servicing and Public Service Student Loan Forgiveness

The CFPB held a public event on June 22, 2017 in Raleigh, North Carolina, featuring remarks by CFPB Director Richard Cordray and North Carolina Attorney General Josh Stein regarding the Public Student Loan Forgiveness Program. Both Director Cordray and Attorney General Stein spoke about the importance of protecting student loan borrowers, including student loan servicers' obligation to inform borrowers about their repayment options.

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Top State Regulator Issues Reminder to Obtain Prior Approval of Acquisitions or Changes in Control

Anytime there's a potential transaction involving a consumer financial services company, it's a good idea to perform regulatory due diligence and to evaluate potentially relevant state regulatory licenses, including those covering banking, money transmission, mortgage brokering, lending, insurance, and other regulated activities. So what to make of it, then, when a top state regulator issues a press release and guidance on obtaining prior regulatory review and approval that could have easily been understood by licensees and potential buyers as an obligation?

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Supreme court

Courts Remain Divided on ALJ Appointments Issue

The D.C. Circuit has solidified a split between federal appeals courts regarding the application of the Appointments Clause of the Constitution to administrative law judges. This issue, which affects whether certain ALJs were in their positions unconstitutionally when they heard administrative cases before federal agencies, will likely now be heard by the Supreme Court.

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US Capital Building

New Bills Would Require Disclosure of Beneficial Owners

A recent legislative proposal regarding corporate ownership disclosure could affect how financial institutions comply with a variety of regulatory and licensing requirements.

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July 17, 2017: Regulatory Compliance in an Evolving Legal Landscape at the ACA International 2017 Convention and Expo

July 25, 2017: "Litigation & Law Enforcement - Industry Perspective," at the CSBS Legal Seminar

July 26, 2017: "Elements of a Successful Compliance Management System and Vendor Management Rules of the Road," at Online Lenders Alliance's Compliance University

August 1, 2017: "Compliance Catch 22: Thriving in an Evolving Regulatory Environment" and "Adapting to Change: A General Counsel's Perspective," at the 2017 RMA Executive Summit

August 25, 2017: "What's Next for the CFPB?," at the NASCUS Summit 2017