Consumer Financial Services Compliance

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  • What’s luring fintechs into auto lending?

    Member Robert Savoie (Cleveland) was quoted in “What’s luring fintechs into auto lending?” in Auto Finance News (subscription required). The article outlines various benefits that the auto finance industry offers to fintech companies, including minimal regulatory hurdles and the opportunity to diversify credit offerings. Some of Robert’s quotes include: “When [fintechs] look to pivot intoMore

  • CFPB Statement Clarifies Credit Reporting and CARES Act

    On April 1, 2020, as the nation was in the beginning stages of its COVID-19 shutdown and companies, including financial institutions, encountered operational challenges, the CFPB released a statement on supervisory enforcement regarding the Fair Credit Reporting Act (FCRA) and the CARES Act (the “Statement”). In discussing investigating disputes, the CFPB recognized the operational disruptionsMore

  • South Dakota Adds Mortgage Branch Registration Requirement

    On July 1, the South Dakota Division of Banking posted a Mortgage Branch Registration requirement to the Nationwide Multistate Licensing System.

  • McGlinchey Launches Podcast That Brings You “More”

    McGlinchey Stafford is pleased to announce the launch of its podcast, “More With McGlinchey,” available now where you listen to podcasts. “We know our clients look to us to cut through the noise in distilling the issues that matter to them,” said Rudy Aguilar, McGlinchey’s Managing Member. “We’re committed to providing information where our audienceMore

  • FDIC Issues Final Rule Codifying Valid When Made Doctrine, Cites McGlinchey Attorney

    At long last, the FDIC has issued its final rule codifying the “valid when made” doctrine. The rule was finalized on June 25, 2020, and clarifies that the interest rate lawfully assessed by an originating depository institution may not be impacted by the sale, assignment, or other transfer of the loan or a change in state law.

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