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Sep 2, 2024 | 
collectionadvisor.com | Christopher Friedman
Late August is that time of year when the relentless summer heat has us all feeling a bit exhausted and cranky. It’s like the regulatory compliance landscape—everything seems manageable until it isn’t, and then you’re left sweating bullets. Enter the Telephone Consumer Protection Act (TCPA), the regulatory equivalent of a late-August heatwave. It’s often overlooked until it becomes a pressing issue, and when it does, the exposure can be enormous.
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Jun 6, 2024 | 
wineenthusiast.com | Christopher Friedman
Anyone in the bar and restaurant industry interested in spirits or in southern Mexican culture has, no doubt, watched in horror or delight the rocket-like ascension of mezcal on the global drinks scene over the last few years. The agave-based spirit seems to have taken off on the coattails of tequila—which continues its own rapid climb to the top of alcohol sales mountain—on a mission to make itself the go-to drink of everyone.
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Apr 26, 2024 | 
jdsupra.com | Christopher Friedman |Shelby D. Lomax |Mike Silver
It is no secret that the Federal Deposit Insurance Corporation (FDIC) actively monitors its banks for compliance with Section 8 of the Real Estate Settlement Procedures Act (RESPA Section 8). However, in its March 2024 Consumer Compliance Supervisory Highlights (Supervisory Highlights), the FDIC addresses interpretive issues that have a long history.
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Feb 21, 2024 | 
jdsupra.com | Christopher Friedman |Michael Silver |Leslie Sowers
On February 12, 2024, the Federal Financial Institutions Examination Council (FFIEC) issued a statement of principles that relate to valuation discrimination and bias for its member entities to consider in preparation for their consumer compliance and safety and soundness examinations. The FFIEC specifically states that this statement should neither be interpreted as new guidance, nor signal an increased focus on appraisal practices.
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Sep 22, 2023 | 
law360.com | Christopher Friedman |Shelby D. Lomax
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Sep 14, 2023 | 
jdsupra.com | Christopher Friedman |Leslie Sowers
The Consumer Financial Protection Bureau (CFPB) has been making waves in the mortgage settlement services space with its renewed increased attention to the Real Estate Settlement Procedures Act’s (RESPA) anti-kickback provisions. For instance, in August, the Bureau issued a $1.75 million civil penalty against a non-bank mortgage company and a real estate brokerage firm for alleged RESPA Section 8 violations.
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Aug 30, 2023 | 
jdsupra.com | Christopher Friedman |Susan Seaman |Daniel Wilkinson
On August 2, 2023, the California Department of Financial Protection and Innovation (DFPI) issued a final rule that prohibits certain persons from engaging in unfair, deceptive, or abusive acts or practices (UDAAP) in connection with offering or providing commercial financing or other financial products or services to small businesses, nonprofits, or family farms.
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Aug 3, 2023 | 
jdsupra.com | Maureen Clark |Christopher Friedman
Over the last several weeks, there have been two significant developments involving Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. First, on June 28, 2023, the Consumer Financial Protection Bureau issued a comprehensive set of Frequently Asked Questions to assist small business lenders and finance companies with complying with a final rule mandated by Section 1071. As we noted in a previous alert, the rule has staggered compliance dates.
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Jun 30, 2023 | 
jdsupra.com | Christopher Friedman |Shelby D. Lomax
The Consumer Financial Protection Bureau (CFPB) recently released its Spring 2023 rulemaking agenda, signaling an expansion of its supervisory authority over the payments market. Of particular interest is the introduction of a new rule that aims to supervise larger nonbank participants in the consumer payments space. The Bureau anticipates releasing the notice of proposed rulemaking next month. The proposed rule will be a continuation of the CFPB’s ongoing efforts to regulate the payments industry.
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May 30, 2023 | 
jdsupra.com | Maureen Clark |Christopher Friedman
The Consumer Financial Protection Bureau (CFPB) recently introduced the Dodd-Frank 1071 Small Entity Compliance Guide, an important resource for financial institutions navigating the mandates of Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This provision amended the Equal Credit Opportunity Act and is similar to the Home Mortgage Disclosure Act.
