For companies that maintain consumer finance licenses on the Nationwide Multistate Licensing System and Registry (NMLS), it’s time to request renewal of your licenses. The 2023 NMLS renewal season opens on November 1, 2022. Licensees can prepare by keeping the following in mind:
The U.S. Department of Education (DOE) released final regulations on Monday that streamline and improve the rules for major targeted debt relief programs, according to a press release from the department.
A recent Fifth Circuit decision has put certain lenders on notice that a popular method of collecting lump sum, interest-like payments won’t help them if their borrower is an insolvent company going through bankruptcy.
ALEXANDRIA, Va. (Nov. 2, 2022) – Federally insured credit unions must be “all in” on diversity, equity, and inclusion and their commitment to these principles should be reflected in the results of credit union lending and performance, National Credit Union Administration Chairman Todd M. Harper said today at the 2022 DEI & ACCESS Summit.
On October 19, the Fifth Circuit Court of Appeals vacated the Consumer Financial Protection Bureau’s (CFPB) 2017 Payday Lending Rule. Although the holding is narrow, its rationale suggests—at least according to one court—that the CFPB cannot constitutionally act. Despite agreeing that the CFPB was within its power to make the Rule, the Fifth Circuit determined that the CFPB “lacked the wherewithal to exercise that power via constitutionally appointed funds.” Cmty. Fin. Servs. Ass’n of Am., Ltd. v. CFPB, No. 21-50826, 2022 WL 11054082 (5th Cir. Oct. 19, 2022).
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