The Consumer Financial Protection Bureau (“CFPB”) announced early this morning that it is proposing new federal rules for the prepaid market in a Notice of Proposed Rule Making (“NPRM”) to be released later today. The NPRM will affect a variety of prepaid products and will include provisions requiring consumer protections […]
Banking Update
Court Holds A Spouse-Guarantor Can Assert ECOA Claim As Affirmative Defense To A Collection Lawsuit
on Wednesday, 10 September 2014 in
Banking Update
The Sixth Circuit Court of Appeals recently held that when a collection suit is filed against a spouse-guarantor, the spouse-guarantor can assert violation of the Equal Credit Opportunity Act (“ECOA”) and Regulation B as an affirmative defense. I. ECOA Prohibits Discrimination Based On Marital Status A. ECOA bans creditor from […]
OCC Provides Risk Management Guidance for Bankers Engaged in Asset-Based Lending Activities
on Wednesday, 3 September 2014 in
Banking Update
Asset-Based Lending (“ABL”) can be a profitable business; however, this type of lending has some disadvantages and inherent risks that must be assessed and managed by banks to maintain a profitable model. Earlier this year, the Office of the Comptroller of the Currency (the “OCC”) issued the ABL booklet, which […]
Have the Rules Been Changed Under the Servicemembers Civil Relief Act?
on Thursday, 28 August 2014 in
Banking Update
Lenders potentially face new compliance risks under the Servicemembers Civil Relief Act (the “SCRA”) as a result of a recent settlement announced by the Department of Justice (DOJ) and the Department of Education (ED). As a result of a referral from the Consumer Financial Protection Bureau (CFPB) and an examination […]
Nebraska Legislative Update
on Thursday, 21 August 2014 in
Banking Update
The second session of the 103rd Nebraska Legislature recently ended on April 17, 2014. With the completion of the session, the Legislature enacted several new bills and introduced many amendments to existing bills that are pertinent to the banking industry. This article provides brief summaries on several pieces of legislation […]
