Consumer Credit and Privacy Compliance

Online research tools to manage compliance with federal and state laws and regulations

CounselorLibrary.com, LLC, an affiliate of the law firm of Hudson Cook, LLP, is the leading compliance resource for the consumer financial services and privacy industries, providing comprehensive coverage and analysis of federal and state laws, regulations, and litigation. Select a category below, or view all products.

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Last Week, This Morning

Key developments from the past week in consumer and commercial finance and privacy law.

Supreme Court Upholds CFPB Funding Structure, Clears Way for Payday Lending Rule Implementation

Financial Stability Oversight Council Releases Report on Nonbank Mortgage Companies

Maryland Commissioner of Financial Regulation Settles Charges Against FDIC-Insured Non-Maryland State Bank and Its Non-Bank Service Providers for Lending Without State License

New York DFS Develops Model Template to Assist Licensees with Compliance with Cybersecurity Regulation

Maryland Enacts Laws Relating to Prohibited Information in Consumer Credit Reports

CFPB Issues Consent Order Against Fintech Company for Allegedly Failing to Refund Balances on Closed Consumer Banking Accounts in Timely Manner

Student Loan Securitization Trusts and Loan Servicer Resolve CFPB’s Claims that They Failed to Properly Process and Respond to Borrowers’ Loan Servicing Requests

Illinois Senate Passes Small Business Financing Transparency Act

Federal Agencies Issue Third-Party Risk Management Guide for Community Banks

Florida Amends Provisions Governing GAP Products and Creates Vehicle Value Protection Agreements Act

Georgia Amends Laws Governing Banking and Finance

Oklahoma Adds Mortgage Servicers to Definition of “Mortgage Broker” Requiring Licensure, Requires Registration of Branch Offices, Specifies Remote Office Requirements, and Sets Mortgage Licensing Fees

Alaska Targets Bank Partnerships with Predominant Economic Interest and Anti-Evasion Bill

FHFA Releases Fair Lending Final Rule

FHA Updates Reconsideration of Value Policy

Hudson Cook Insights

Today's Trends in Credit Regulation

New Kansas Law Will Require Disclosures for Commercial Financing Transactions

By Eric Mulligan

On April 12, 2024, Kansas Governor Laura Kelly signed SB 345, which establishes commercial financing disclosure requirements. The new law will take effect on July 1, 2024, and will apply to commercial financing transactions of $500,000 or less. article continued

CFPB Imposes Ban from Consumer Lending Activities and $164,000 Penalty on For-Profit Vocational School and Its Founder for Hiding Loan Costs from Students

By Julia K. Whitelock and Erik Kosa

The CFPB entered into a consent order with a for-profit vocational school that offered coding programs using income-share agreements ("ISAs") as tuition financing options. article continued

"Reducing Barriers to HUD-Assisted Housing": HUD NPR for Use of Criminal History in Tenant Screening and Termination At HUD-Assisted Properties

By Jay Harris

Under a Department of Housing and Urban Development (HUD) proposed rule published April 10, new procedural protections would apply to criminal history screening of rental applicants to HUD-assisted housing. article continued

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