HUSCHBLACKWELL BRI T a1 8 CONSUMER FINANCIAL SERVICES MONTHLY DIGEST JULY 2024 Husch Blackwell’s Consumer Financial Services group is pleased to provide a monthly round-up of our previous month’s content, as well as news regarding our team. The Monthly Digest brings together our team’s articles, alerts, events, and podcasts in one convenient place, just in case you missed them in our other channels. Be sure to follow our LinkedIn page for regular updates. MARCI KAWSKI CONSUMER FINANCIAL SERVICES PRACTICE LEADER 608.234.6051 [email protected] CONNECT ON LINKEDIN FRESH PERSPECTIVES THE SEVENTH CIRCUIT UPHOLDS REGULATION B’S DISCOURAGEMENT PROHIBITION AS CONSISTENT WITH ECOA MARCI KAWSKI, MIKE G. SILVER, AND LISA LAWLESS EXPLORE THE IMPLICATIONS OF THE RECENT SUPREME COURT DECISION IN LOPER BRIGHT, PARTICULARLY IN CONNECTION WITH EQUAL CREDIT OPPORTUNITY ACT (ECOA) ENFORCEMENT ACTIONS AND DISPUTES, SUCH AS CFPB V. TOWNSTONE.  READ THE LEGAL UPDATE MISSOURI ENACTS NEW COMMERCIAL FINANCE DISCLOSURE LAW CHRIS FRIEDMAN, ALEX MCFALL, AND SHELBY LOMAX PROVIDE COMMENTARY ON A RECENTLY ENACTED MISSOURI STATE LAW THAT INTRODUCES NEW COMMERCIAL FINANCE DISCLOSURE REQUIREMENTS. THE LAW IS ONE OF A NUMBER OF STATE-LEVEL CONSUMER FINANCIAL-STYLE LAWS AND REGULATIONS TO MAKE ITS WAY OF LATE INTO THE COMMERCIAL FINANCING SPACE. READ THE LEGAL UPDATE CFPB’S PATH FORWARD THIS WEBINAR RECORDING FEATURES MARCI KAWSKI, CHRIS FRIEDMAN, AND MIKE G. SILVER DISCUSSING HOW THE U.S. SUPREME COURT’S RECENT 7-TO-2 DECISION IN CFPB V. COMMUNITY FINANCIAL SERVICES ASSOCIATION OF AMERICA WILL IMPACT THE CFPB’S ENFORCEMENT AND LITIGATION AGENDA.  VIEW WEBINAR RECORDING COLORADO’S DIDMCA OPT OUT PAUSED FOR BANK LOANS MADE OUT OF STATE  SUSAN SEAMAN ANALYZES A DECISION FROM THE U.S. DISTRICT COURT FOR THE DISTRICT OF COLORADO WHICH GRANTED A PRELIMINARY INJUNCTION TO STOP COLORADO FROM ENFORCING INTEREST AND CERTAIN FEE LIMITATIONS UNDER THE COLORADO CONSUMER CREDIT CODE ON CONSUMER LOANS MADE BY STATE BANKS FROM AN OUT-OF-STATE LOCATION.   READ THE LEGAL UPDATE CONNECTICUT RELEASES NEW GUIDANCE ON COMMERCIAL FINANCING DISCLOSURES: WHAT YOU NEED TO KNOW  CHRIS FRIEDMAN AND ALEXANDRA MCFALL REPORT ON CONNECTICUT’S COMMERCIAL FINANCIAL DISCLOSURE LAW—AN ACT REQUIRING CERTAIN FINANCING DISCLOSURES—WHICH WENT INTO EFFECT ON JULY 1, 2024, AND APPLIES TO SALES-BASED FINANCING OF $250,000 OR LESS AND REQUIRES CERTAIN COMMERCIAL FINANCE PROVIDERS TO REGISTER WITH THE STATE.  READ THE LEGAL UPDATE MEDIA MENTIONS REAL ESTATE COMPLIANCE OUTLOOK | IN-DEPTH REPORT | SETTING THE STANDARD FOR REGULATING OPEN BANKING, AI TECHNOLOGY SOLUTIONS AS PART OF THE JULY 2024 ISSUE OF THE REAL ESTATE COMPLIANCE OUTLOOK IN-DEPTH REPORT, ROBERT ROZBORIL, WRITING FOR THE DODD FRANK UPDATE, SPOKE WITH PARTNER CHRIS FRIEDMAN FOR HIS ARTICLE, “SETTING THE STANDARD FOR REGULATING OPEN BANKING, AI TECHNOLOGY SOLUTIONS.” THE DISCUSSION RELATED TO TECHNOLOGY’S ROLE IN REAL ESTATE FINANCE, PARTICULARLY REGARDING THE CONSUMER FINANCIAL PROTECTION BUREAU’S RULE OUTLINING QUALIFICATIONS FOR ANY ORGANIZATION INTERESTED IN BEING RECOGNIZED AS AN INDUSTRY STANDARD-SETTING ORGANIZATION, COMBINED WITH ITS PERSONAL FINANCIAL DATA RIGHTS RULE.   READ THE REPORT “CURIOUS” CFPB AGENDA ITEM SPARKS BUZZ OVER CONTRACT RULES JON HILL, WRITING FOR LAW360 IN HIS ARTICLE “‘CURIOUS’ CFPB AGENDA ITEM SPARKS BUZZ OVER CONTRACT RULES,” SPOKE WITH PARTNER MIKE G. SILVER REGARDING THE CONSUMER FINANCIAL PROTECTION BUREAU’S (CFPB) LATEST REGULATORY AGENDA WHICH INCLUDED AN ITEM DISCLOSING THAT THE CFPB IS CONSIDERING “WHETHER TO ISSUE REGULATIONS REGARDING THE INCLUSION OR ENFORCEMENT OF CERTAIN PROVISIONS IN CONTRACTS FOR CONSUMER FINANCIAL PRODUCTS OR SERVICES,” STYLING IT AS A POTENTIAL “REGULATION AA” RULEMAKING PROJECT.    READ THE ARTICLE (LOGIN REQUIRED) CFPB ISSUES FIRST PROPOSED RULE AFTER CHEVRON, SUPREME COURT’S ADMINISTRATIVE LAW OPINIONS RESPA NEWS SPOKE WITH PARTNER CHRIS FRIEDMAN IN ITS ARTICLE, “CFPB ISSUES FIRST PROPOSED RULE AFTER CHEVRON, SUPREME COURT’S ADMINISTRATIVE LAW OPINIONS,” REGARDING THE IMPACT THAT THE CONSUMER FINANCIAL PROTECTION BUREAU’S PROPOSAL TO MODERNIZE MORTGAGE SERVICING RULES COULD HAVE ON BOTH THE INDUSTRY AND CONSUMERS.    READ THE ARTICLE (LOGIN REQUIRED) SUPREME COURT ENDS CHEVRON DEFERENCE  GABRIELLE SAULSBERY, WRITING FOR BANKING DIVE IN HER ARTICLE “SUPREME COURT ENDS CHEVRON DEFERENCE,” SPOKE WITH MIKE G. SILVER, AMONG OTHERS, REGARDING THE IMPACT THAT THE U.S. SUPREME COURT’S DECISION TO END CHEVRON DEFERENCE WILL HAVE ON THE CONSUMER FINANCIAL PROTECTION BUREAU.   READ THE ARTICLE INDUSTRY INSIDER DETAILS HOW CHEVRON DECISION MAY IMPACT CFPB, FUTURE RULEMAKINGS THE DODD FRANK UPDATE, IN ITS ARTICLE “INDUSTRY INSIDER DETAILS HOW CHEVRON DECISION MAY IMPACT CFPB, FUTURE RULEMAKINGS,” SPOKE WITH MIKE G. SILVER, AND TRADE ADVOCATES, ABOUT WHAT THE FINANCIAL INDUSTRY SHOULD EXPECT FOLLOWING THE U.S. SUPREME COURT’S RULING IN LOPER BRIGHT ENTERPRISES V. RAIMONDO.   READ THE ARTICLE SURGE IN CREDIT REPORT LAWSUITS HAS BANKS, CREDIT AGENCIES SCRAMBLING KATE BERRY, IN HER AMERICAN BANKER ARTICLE “SURGE IN CREDIT REPORT LAWSUITS HAS BANKS, CREDIT AGENCIES SCRAMBLING,” SPOKE WITH PARTNERS RYAN DICLEMENTE AND MIKE G. SILVER, AMONG OTHERS, REGARDING THE INCREASE IN LAWSUITS FILED BY CONSUMERS DISPUTING INFORMATION ON THEIR CREDIT REPORTS.    READ THE ARTICLE (LOGIN REQUIRED) Trailblazing Legal Leadership From regulatory compliance through litigation defense, Husch Blackwell’s Consumer Financial Services team represents clients across the spectrum of consumer financial products and services. Follow Us LinkedIn X Instragram Facebook Blogs YouTube TikTok