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.”
‘For regional banks, the ultimate question may be whether they want to deal with this or simply de-risk.’
Understanding the rules surrounding returns as the number of cases skyrockets.
While the focus of each state has a unique flavor with varying eligibility thresholds, banks should consider some common threads.
With more than 130 data protection regulations already in place, achieving and maintaining privacy compliance has become one of the most challenging imperatives in business today.
The Supreme Court will hear a case challenging the CFPB’s funding structure on the grounds that it violates the separation of powers clause of the U.S. Constitution.
Contracts are risk-management tools, especially as millions of dollars in liability—and the bank’s reputation and customer relationships—can be at stake.
In a report today, the Financial Crimes Enforcement Network said it was able to identify tens of billions of dollars in suspicious activity by Russian oligarchs thanks in large part to filings from U.S. depository institutions.
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.
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.