Consumer Financial Services Compliance

Consumer Financial Services Compliance
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  • Louisiana to Require Virtual Currency Business License

    The Louisiana Office of Financial Institutions (OFI) will require virtual currency businesses to hold a license, though the license application may not be available until 2021.

  • NYDFS FAQs Confirm Scope of COVID Mortgage Forbearance Law

    On June 17, New York Governor Andrew Cuomo signed legislation creating N.Y. Banking Law § 9-x, which relates to residential forbearances as a result of COVID-19. Recently, the NYDFS released FAQs to address questions from those in the industry.

  • FTC report highlights concerns with dealer advertising and add-on products

    On July 30, 2020, the FTC issued a Bureau of Consumer Protection Staff report with findings from the FTC’s April 2017 study and 38 in-person interviews with customers who purchased and financed vehicles through dealers in the Washington, DC, metro area. The report amplifies themes from its enforcement actions and roundtables focused on deceptive advertising practices, spot-delivery, and add-on products.

  • A disruptive vision: Varo is officially a bank

    Member Robert Savoie is quoted in “A disruptive vision: Varo is officially a bank” in Bank Innovation. The article details how Varo recently became the first fintech to gain a national bank charter without acquiring a bank.

  • Regulatory Risk Roundup

    State and federal compliance is always top of mind for any auto lender. Mark Edelman (Cleveland) will join Auto Finance Risk Summit for a Regulatory Risk Roundup on August 5 to discuss how to stay ahead of changing state regulatory risks, and the strategies lenders can adopt for stronger federal regulatory compliance.

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