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Financial Services Perspectives Blog

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CFPB Approves Synchrony’s “Dual-Feature Credit Card”

USA - January 8 2021 On December 30, 2020, the CFPB approved Synchrony Bank’s application to offer a “dual-feature credit card” (DFCC) under the CFPB’s Compliance…

Four Significant Changes to Consumer Bankruptcy Included in the Consolidated Appropriations Act, 2021

USA - January 8 2021 On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA 2021). Similar to the March 2020 CARES Act, several temporary…

New York Enacts Small Business Truth in Lending Disclosure Requirement Affecting Small Business Loans, MCAs, and Other Forms of Business Finance

USA - January 6 2021 A New Year brings new compliance requirements for non-banks and FinTechs conducting business in New York, including Merchant Cash Advance (MCA)…

New York Enacts a Moratorium on COVID-19-Related Residential Evictions and Foreclosures

USA - January 6 2021 On December 28, 2020, New York passed a new law entitled the “COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020.” The act places a…

When Do CARES Act Forbearance Rights and Foreclosure Moratoriums End?

USA - January 5 2021 The March 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) contains a number of provisions that help borrowers with Federally…

New York Enacts New Reverse Mortgage Foreclosure Law

USA - January 4 2021 On December 15, 2020, New York Governor Andrew Cuomo signed into law a bill that, among other things, requires reverse mortgage lenders in the state…

COVID Relief Bill Includes $82 Billion for Education: Significant Financial Aid Policy Alterations Included in Bill

USA - December 28 2020 Whether it was in a third grade classroom, on a community college campus, or in the most advanced university research lab, it is fair to say the 2020…

Untouchable No More: Reinforcements Arrive for TCPA Defendants Battling the FCC’s Aggressive Expansion of the Statute

USA - December 15 2020 The Telephone Consumer Protection Act (TCPA) was signed into law almost 30 years ago when around 3% of the population owned cellular telephones and…

Top 10 Changes to Consumer Bankruptcy Proposed in the Consumer Bankruptcy Reform Act of 2020

USA - December 14 2020 On December 9, 2020, Congressional Democrats, including Elizabeth Warren (D-Mass.) and Jerrold Nadler (D-N.Y.), proposed sweeping legislation that…

GSE Deferral Programs Continue to Pose Risk for Mortgage Servicers

USA - December 10 2020 In mid May 2020, we highlighted that the Fannie Mae and Freddie Mac (GSEs) COVID-19 payment deferral programs put mortgage servicers at risk of…