Description: The latest on consumer finance regulation, litigation, and enforcement
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Goodwin’s Consumer Finance Insights (CFI) monitors, reports, and analyzes the latest legal news, activity, and developments impacting the consumer finance industry. Consumer financial services companies—whether banks, fintechs, nonbank and alternative lenders, payment providers, or industry vendors or service providers, like digital advertisers and lead generators—face a constantly shifting and maturing regulatory and legal landscape. Growing from the Financial Crisis, today more than any time in history th
On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the small business lending rule (Final Rule) which implements the small business lending data collection requirements set for in Section 1071 of the Dodd-Frank Act (Section 1071). Section 1071 amended the Equal Credit Opportunity Act (ECOA) to require financial…
On August 17, 2023, the Consumer Financial Protection Bureau (CFPB) announced that it had taken action against a residential mortgage loan originator that provided illegal incentives to real estate brokers and agents in exchange for mortgage loan referrals. The CFPB also penalized a real estate brokerage firm that accepted kickbacks…