Browsing: Legal

Legal CFPB issues decision on TILA preemption of state laws

The CFPB issued a determination that state disclosure laws covering lending to businesses in California, New York, Utah and Virginia are not preempted by the Truth in Lending Act, confirming its preliminary determination that “there is no conflict because the state laws extend disclosure protections to businesses and entrepreneurs that seek commercial financing.”

Legal Rosenberg: Banks on ‘front lines’ of identifying financial crimes

In terms of understanding risk and risk exposure, financial institutions are on the front lines and serve as the eyes and ears to regulators in providing critical insight on emerging illicit finance threats, Elizabeth Rosenberg, U.S. assistant secretary for terrorist financing and financial crimes, said today during the ABA/ABA Financial Crimes Enforcement Conference.

Legal ABA, associations seek summary judgment in CFPB lawsuit

The American Bankers Association and six other trade groups on Tuesday asked a federal court in Texas to grant summary judgment in their lawsuit against the CFPB for exceeding its legal authority when it expanded the definition of “unfairness” to encompass discrimination in the UDAAP exam manual earlier this year.

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