mike-van / pexelsThere’s always something happening in the ARM industry — even on a short week after a holiday. Staying on top of it all is a challenging endeavor. That’s where insideARM’s weekly recap comes in. Our weekly recap of top stories will give you the news we found most interesting last week and more importantly- why we think it’s relevant. Last week we brought you news about the CFPB tightening its supervision authority over nonbanks as well as details about a new law limiting liability for coerced debt in Illinois.
On Wednesday we brought you an article from Troutman Pepper Locke regarding the CFPB’s proposal to limit its supervision of nonbanks by adopting a more stringent definition of “risks to consumers.” If the proposed rule is finalized without any material changes, nonbank financial institutions can anticipate a reduction in supervisory actions by the CFPB under the new rule.
On Thursday, we published an article from Orrick that gave an overview of a new law limiting liability for coerced debt in Illinois. Coerced debt laws are increasing and vary from state to state. Coerced debt is a relatively new concept. Claims of coerced debt have different verification standards from state to state and require a unique tone verbally and in writing when investigating or asking for additional documentation.
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