On 12 May 2022, the European Commission adopted a Delegated Regulation amending the regulatory technical standards (RTS) laid down in Delegated Regulation (EU) No 183/2014, as regards the specification of the calculation of specific and general credit risk adjustment. The
Financial
SFDR queries forwarded to the Commission
On 13 May 2022, the European Supervisory Authorities (ESAs) submitted to the European Commission 10 queries regarding the interpretation of the Sustainable Finance Disclosure Regulation (SFDR) and the Taxonomy Regulation (TR).
The queries relate to the following five areas:
- Principal
…
Government consults on a new statutory debt solution
On 13 May 2022, HM Treasury issued a consultation on a new form of statutory debt solution, the statutory debt repayment plan (SDRP), that will allow for most of an individual’s debts to be combined into a single plan and…
EBA consults on standardized information requirements to support sales of non-performing loans
On 16 May 2022, the European Banking Authority (EBA) issued a consultation regarding draft implementing technical standards (ITS) specifying the templates to be used by credit institutions for the provision of information to credit purchasers when selling or transferring non-performing…
Next Week’s Webcast: “The SEC’s Climate/Cyber Rulemakings – Your Action Items Now”
Join us next Tuesday, May 24th (from 3:00-4:00 pm eastern) for a video program – “The SEC’s Climate/Cyber Rulemakings: Your Action Items Now” – that will cover the practical side of the SEC’s recent climate and cybersecurity disclosure…
Arizona AG Announces $1.6 Million Settlement with Debt Collectors
On May 16, 2022, the Arizona Attorney General’s Office (Arizona AG) announced that it reached a settlement agreement with the owner of several debt collection companies regarding alleged deceptive debt collection practices in violation of state law.
The agreement resolves a lawsuit by…
CFPB issues annual fair lending report
The CFPB recently issued its annual fair lending report covering its fair lending activity in 2021.
In the report’s discussion of its risk-based approach for prioritizing fair lending supervisory and enforcement activity, the CFPB indicates that much of its enforcement…
Preparing for the Restatement of the Law, Consumer Contracts
For a more detailed discussion of the new Restatement, we encourage you to also listen to the episode of the Consumer Finance Monitor Podcast released today with Ballard Spahr’s Alan Kaplinsky (who is on the ALI Board of Advisers to…
CFPB Affirms that ECOA Protects Consumers After Receiving Credit
On May 9, the CFPB released an advisory opinion affirming that ECOA and its implementing rule, Regulation B, protect not only those persons actively seeking credit, but also those who have sought and received credit. The CFPB stated in the…
Treasury Department Proposes Non-Loan Status for Earned Wage Access
In March, U.S. Department of Treasury issued its annual General Explanations of the Administration’s Revenue Proposals, commonly known as the “Green Book.” Among other revenue proposals, the Treasury addressed the treatment of on-demand pay arrangements or earned wage access (EWA)…