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MoFo Reenforcement The Enforcement Blog

Tag Archives: legislation

Senate Legislation to Regulate Small-Dollar Loans and Prepaid Cards

Posted in Payday Lending, Regulatory Developments

On April 7, 2016, Sen. Jeff Merkley (D-OR) introduced the “Stopping Abuse and Fraud in Electronic Lending Act of 2016,” or “SAFE Lending Act of 2016,” amending the Truth in Lending Act (“TILA”) and the Electronic Fund Transfer Act (“EFTA”) to include new limitations on small-dollar loans and prepaid cards. S. 2760 is cosponsored by… Read More

Loan to San Bernardino Attacker Generates New Focus on Online Marketplace Lending and Terrorism Financing

Posted in Investigations, Regulatory Developments, Uncategorized

News that an online marketplace lender extended a $28,500 loan to Syed Rizwan Farook, one of the alleged San Bernardino attackers, just two weeks before the attack, has spurred House Financial Services Committee Chairman Jeb Hensarling (R-TX) to announce plans to propose new terrorist financing legislation in the coming months. On December 10, 2015, Chairman… Read More

House Votes to Nix Indirect Auto Bulletin and Expand QM

Posted in CFPB, Fair Lending, Indirect Auto Lending, Mortgage

The U.S. House of Representatives passed legislation on November 18, 2015, that would revoke the CFPB’s guidance on indirect auto lending and expand the qualified mortgage rule’s safe harbor. The Reforming CFPB Indirect Auto Financing Guidance Act, H.R. 1737, “[d]eclares without force or effect” the CFPB’s Bulletin 2013-02 (Indirect Auto Lending and Compliance with the… Read More

Legislation Introduced to Modify CFPB Structure: Will It Gain Traction?

Posted in CFPB

Earlier this month, a year after the House passed a bill to change the structure of the Consumer Financial Protection Bureau (CFPB), Rep. Randy Neugebauer (R-Tex.) again introduced legislation that would modify the structure of the Bureau. The most recent bill, H.R. 1266, would change the CFPB to an independent Financial Product Safety Commission (FPSC)… Read More