Much has been written about the Consumer Financial Protection Bureau’s recent “Policy Statement on Abusive Acts or Practices,”[1] in which the Bureau analyzed the prohibition on abusive conduct in the Consumer Financial Protection Act of 2010 (CFPA). In response to the statement’s publication in the Federal Register, comments were submitted by banks, credit unions, debt collectors, and others.[2] But the Bureau’s policy statement should be of particular interest to another class of persons: real-estate agents who participate in joint ventures with mortgage or title companies.Continue Reading Real-Estate Agents Who Participate in Joint Ventures Should Be Wary of the CFPB’s Recent Policy Statement on Abusive Conduct
California Leads the Way on Commercial Lending Disclosures
In December 2022, California’s new commercial lending disclosure law and complementary regulations went into effect, leading the way for other states to follow.
The new California law imposes disclosure requirements in commercial lending transactions. While this is not new for consumer lenders that are accustomed to complying with the Truth in Lending Act, this is uncharted territory in the commercial lending space. Like the federal Truth in Lending Act, the new California law is meant to provide prospective borrowers with an opportunity to see a concise summary of the obligation’s terms in an easy-to-read format. Ideally, this allows a prospective borrower to take the terms offered by two or more lenders and compare them, side by side, to determine the best offer.Continue Reading California Leads the Way on Commercial Lending Disclosures
Supreme Court Decision Likely Expands the Reach of Fair Lending Laws to Protect Sexual Orientation and Gender Identity
In a landmark case last week, the Supreme Court held in Bostock v. Clayton Co., Ga. that the prohibition on sex-based discrimination in employment is violated when an employee is fired on the basis of homosexuality or transgender status. This article briefly explains why that decision, based on Title VII of the Civil Rights Act