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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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2018 Financial Services Conference

April 22-24, 2018

Save the Date! Our fifteenth annual Conference will be held at the Baltimore Marriott Waterfront in Baltimore, Maryland. For more details and to register, click here. For sponsorship and exhibitor opportunities, click here.

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Hudson Cook Insights

Today's Trends in Credit Regulation

Online Lending Under Review in New York State

By Latif Zaman

On December 29, 2017, New York Governor Andrew Cuomo signed New York Senate Bill 6593. The legislation would have established a seven-person task force to study online lending in the state and submit a report of findings and recommendations for potential regulatory or legislative action to the governor and lawmakers by April 15, 2018. In legislative materials justifying the bill, lawmakers noted that online lenders issued more than $20 billion in loans in 2015. While the lawmakers acknowledged that "online loans can provide another avenue for entrepreneurs to acquire capital and grow their small businesses," they determined that there was "significant potential for unscrupulous online lenders to exploit consumers through predatory practices such as unusually high interest rates, lack of disclosure of hidden fees, and unclear loan terms." article continued

Arizona Proposes Fintech Sandbox

By Wingrove S. Lynton

On January 18, 2018, Representative Jeff Weninger introduced House Bill 2434 (Regulatory Sandbox Program). If enacted, HB 2434 would make Arizona the first state in the country to create a fintech "regulatory sandbox" that fosters innovation and provides regulatory relief to startups, entrepreneurs, and even established companies. HB 2434 defines a "regulatory sandbox" as a program established by the legislation that allows a person to temporarily test innovative financial products or services on a limited basis without otherwise being licensed or authorized to act under Arizona law. Arizona Attorney General Mark Brnovich, who understands that regulatory sandboxes can help states advance fintech, is a staunch supporter of HB 2434. article continued

CFPB Updates Prepaid Accounts Rule

By Katie Hawkins

On January 25, 2018, the Consumer Financial Protection Bureau issued a final rule modifying its rule governing prepaid accounts (the "Rule"). The Rule was initially issued on October 5, 2016 and creates comprehensive protections for prepaid accounts under Regulation E, which implements the Electronic Funds Transfer Act, and Regulation Z, which implements the Truth in Lending Act. The Bureau issued a statement on December 21, 2017 announcing its intention to issue a modified final rule, leaving the prepaid card industry guessing about next steps. The recently-announced modifications bring some clarification to the Rule and largely respond to concerns raised by the prepaid card industry regarding compliance with the Rule. article continued

Virginia's AG Actively Pursuing "Predatory" Lenders

By Catherine M. Brennan

In advising online lenders, there are a few states where we urge caution, depending on the theory of lending used by the lender. One of the states where we urge caution is Virginia. Virginia Attorney General Mark Herring, in office since January 2014, revamped his Consumer Protection Section in March 2017 to include a new Predatory Lending Unit ("PLU"). This effort had been in the works for several years. In 2015, during a field hearing held by the Consumer Financial Protection Bureau in Richmond, Herring said he would create this unit. The goal of the PLU is to "investigate and prosecute suspected violations of state and federal consumer lending statutes, including laws concerning payday loans, title loans, consumer finance loans, mortgage loans, mortgage servicing, and foreclosure rescue services." article continued

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