
John D. Socknat
Articles
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1 week ago |
mondaq.com | Richard J. Andreano |John D. Socknat
The House Financial Services Committee has approved a bill thatwould restrict the use of "trigger leads" in the mortgageindustry. The committee approved H.R. 2808, the Homebuyers PrivacyProtection Act in a 46-0 vote. Companion legislation has been introduced in the Senate;no action has been taken on the legislation in that body. Duringthe last Congress, the measure passed the Senate but was not passedby the House. Sens. Bill Hagerty, R-Tenn. and Jack Reed, D-R.I.have introduced the bill in the Senate.
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Feb 9, 2025 |
creditandcollectionnews.com | John Culhane |John D. Socknat |Joseph J. Schuster
The CFPB rescinded an advisory opinion that had described how one particular type of “earned wage” product did not involve the offering or extension of “credit” as that term is defined in the Truth in Lending Act and Regulation Z as Rohit Chopra’s term as director was coming to an end.
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Jan 16, 2025 |
jdsupra.com | John D. Socknat
Borrowers with subprime or deep subprime credit scores make up the majority of Buy Now, Pay Later (BNPL) originations, the CFPB said, in a new report. From 2021 to 2022, borrowers with deep subprime credit scores accounted for 45% of BNPL originations, while people with subprime credit cards were responsible for 16% of originations.
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Dec 3, 2024 |
jdsupra.com | John Culhane Jr. |John Kimble |John D. Socknat
In the wake of the Office of Administrative Law’s approval of its registration and reporting requirements for providers of income-based advances, private postsecondary education financing, debt settlement services, and student debt relief services, California’s Department of Financial Protection and Innovation (“DFPI”) has issued an invitation for comment on “what other industries…the DFPI should establish registration and reporting requirements for under the [California Consumer Financial...
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Nov 1, 2024 |
jdsupra.com | John Culhane Jr. |John Kimble |John D. Socknat
On October 11, California’s Office of Administrative Law (“OAL”) approved the Department of Financial Protection and Innovation’s (“DFPI’s”) registration rulemaking for providers of the following products: Income-Based Advances (more commonly known as earned wage access (“EWA”) products); Private Postsecondary Education Financing (including income share agreements (“ISAs”); Debt Settlement Services; and Student Debt Relief Services.
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