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New York Passes Bill to Increase Transparency in Lending

USA - July 28 2020 On July 23, 2020, in an effort to increase transparency in commercial financings so borrowers may make more informed decisions, the New York State…

Crystal Kaldjob, Malka Levitin, Sean Ruff

Will the True Lender Please Stand? - OCC Proposes “True Lender” Bright-Line Rule

USA - July 21 2020 On July 20, 2020, the Office of the Comptroller of the Currency (OCC) issued a notice of proposed rulemaking that would establish when national banks…

Rick Fischer, Brian Fritzsche, Crystal Kaldjob, Nancy R. Thomas

Machine Underwriting: The CFPB Issues Blog Post on Use of Artificial Intelligence in Credit Underwriting

USA - July 9 2020 On July 7, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post on the use of artificial intelligence (AI)…

Rick Fischer, Brian Fritzsche

U.S. Supreme Court Strikes CFPB Director For-Cause Removal Provision

USA - June 30 2020 On June 29, 2020, the U.S. Supreme Court issued its ruling in Seila Law LLC v. Consumer Financial Protection Bureau, holding that the CFPB’s…

Calvin D. Funk, Jeremy R. Mandell, Joseph R. Palmore

Following Suit - FDIC Finalizes Rule Reaffirming “Valid When Made” Doctrine for State Banks

USA - June 29 2020 On June 25, 2020, following the OCC’s lead, the Federal Deposit Insurance Corporation’s (FDIC) Board of Directors voted 3-1 to finalize a rule that…

Rick Fischer, Crystal Kaldjob, Jeremy R. Mandell