News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Proposed Regulation

Bradley Arant Boult Cummings LLP

New FDIC Recordkeeping Requirements: Director Chopra Cautions Against a New Form of “Rent-a-Bank”

On September 17, 2024, the Federal Deposit Insurance Corporation (FDIC) rulemaking board proposed new recordkeeping rules intended to bolster the FDIC’s ability to make deposit insurance determinations for accounts that are...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 4, Issue 2, March 2024

Volume 4, Issue 2, 2024 Welcome! Welcome to the second issue of Promissory Notes - our banking and finance e-newsletter - for 2024. Business today is characterized by relentless change. To assist our clients in navigating...more

Troutman Pepper

Massachusetts Proposes Fee Disclosure Regulations Targeting “Junk Fees” and Automatic Renewal Contracts

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On November 30, Massachusetts Attorney General Andrea Joy Campbell announced proposed regulations that would require businesses to clearly disclose the total price of a product at the time it is presented to consumers,...more

Ballard Spahr LLP

Ballard Spahr attorneys and Cornell University law professor submit comments opposing CFPB rulemaking on post-dispute consumer...

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Ballard Spahr Senior Counsel Alan S. Kaplinsky and Mark J. Levin, and David Sherwyn, Professor of Law at Cornell University’s School of Hotel Administration, today submitted lengthy comments to the Consumer Financial...more

Ballard Spahr LLP

CFPB Launches FCRA Rulemaking to Eliminate Creditor Use of Medical Debt

Ballard Spahr LLP on

On September 21, 2023, with limited time to digest the comments received by September 11, 2023 from the request for information regarding medical payment products, the Consumer Financial Protection Bureau (CFPB) started the...more

Ballard Spahr LLP

CFPB reacts quickly and favorably to Petition submitted to it by consumer groups to ban pre-dispute arbitration

Ballard Spahr LLP on

Last week, a group of consumer advocate organizations filed a Petition for Rulemaking with the CFPB that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses that...more

Ballard Spahr LLP

CRA resolutions introduced to override CFPB Section 1071 small business lending rule

Ballard Spahr LLP on

Two joint resolutions under the Congressional Review Act (CRA) to override the CFPB’s final Section 1071 small business lending rule have been introduced by Republican members in the House. The resolutions are H.J. Res. 50...more

Skadden, Arps, Slate, Meagher & Flom LLP

Investment Management Update - April 2023

SEC Rules and Amendments - Liquidity Rule Amendments: Interval Funds to the Rescue? On November 2, 2022, the Securities and Exchange Commission (SEC) voted to propose significant amendments to Rule 22e-4 under the...more

McDermott Will & Emery

Update for Employers Regarding Changes to Background Check Summary of Rights Form Coming Soon

The Consumer Financial Protection Bureau (CFPB) recently released an updated version of the “A Summary of Your Rights Under the Fair Credit Reporting Act” notice to job applicants and employees required in connection with...more

Shipkevich PLLC

California DFPI Proposes Regulation to Implement Registration Requirements for Entities Covered Under California Consumer...

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The California Consumer Financial Protection Law (“CCFPL”), established in September of 2020 under Governor Newsom, augmented the Department of Financial Protection & Innovation’s (“DFPI”) authoritative ability by increasing...more

Buchalter

CFPB Proposed Regulatory Activity Agenda Released, Focuses on Limitations on Bank and Credit Card Fees, Small Business Lending...

Buchalter on

The Office of Information and Regulatory Affairs in the Office of Management and Budget has released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions (Agenda) reports on the actions administrative agencies...more

Akerman LLP

CFPB Proposes Non-Bank Registration System for Reporting of Enforcement Orders

Akerman LLP on

On December 12th, the CFPB proposed to establish a registration system to catalog regulatory actions involving non-bank providers of consumer financial products and services brought by federal and state regulators.  The...more

Goodwin

Federal Reserve Invites Public Comment on Proposed Principles for Large Banking Organizations to Manage Climate-Related Financial...

Goodwin on

Regulatory Developments - Federal Reserve Invites Public Comment on Proposed Principles for Large Banking Organizations to Manage Climate-Related Financial Risks - On December 2, the Federal Reserve announced that it...more

Sheppard Mullin Richter & Hampton LLP

California Regulator Proposes Changes to Student Loan Servicing Laws

On August 30, the Commissioner of the California DFPI issued a notice of rulemaking proposing new regulations and amendments to current regulations implementing the state’s student loan servicing laws...more

Dechert LLP

Dechert Cyber Bits - Issue 17

Dechert LLP on

California Privacy Protection Agency Proposes CPRA Regulations as the ADPPA Continues to Advance in Congress - On July 8, 2022, the California Privacy Protection Agency (“CPPA”) filed a Notice of Proposed Rulemaking...more

Sheppard Mullin Richter & Hampton LLP

CFPB To Issue Data Collection Regulations for Small Business Lenders in September

The U.S. District Court for the Northern District of California recently issued an order setting September 30 as the deadline for the CFPB to issue a notice of proposed rulemaking (NPRM) on small business lending data based...more

Goodwin

Financial Services Weekly Roundup: Madden Fix/Valid When Made Rule Faces New Challengers

Goodwin on

In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more

Ballard Spahr LLP

CFPB Proposes to Implement Growth Act Escrow Exemption for Higher-Priced Mortgage Loans

Ballard Spahr LLP on

As previously reported, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Growth Act), also known as S.2155, directs the CFPB to implement an exemption from the mandatory escrow account requirement for...more

Goodwin

Financial Services Weekly Roundup: The Supreme Court Strikes Back On Single Director Leadership Structures

Goodwin on

In This Issue. The U.S. Supreme Court struck down the single director leadership structure of the Consumer Financial Protection Bureau (CFPB) in a ruling that could have far-reaching implications for the CFPB and other...more

Holland & Knight LLP

CFPB Issues Proposed Libor Transition Rules

Holland & Knight LLP on

The Consumer Financial Protection Bureau (the Bureau) has issued proposed regulations (Proposed Regulations) to facilitate the transition away from Libor (the London Interbank Offered Rate) in the consumer credit market, and...more

Manatt, Phelps & Phillips, LLP

CFPB: Debt Collectors, Consumers Receive Clarity on Time-Barred Debt

Proposing a specific limit on debt collectors but also providing a safe harbor for compliance, the Consumer Financial Protection Bureau (CFPB) has issued proposed regulations that would allow debt collectors to contact...more

Goodwin

Financial Services Weekly News: FDIC Releases Guide To Connect Fintechs With Banks

Goodwin on

In This Issue. The Federal Deposit Insurance Corporation (FDIC) released a new guide to help financial technology companies and others partner with banks; the Financial Industry Regulatory Authority (FINRA) announced that it...more

ArentFox Schiff

California’s ‘Mini-CFPB’—Gov. Newsom’s Budget Proposal Forecasts Significant Expansion of Consumer Financial Services Oversight...

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California is poised to join the growing cadre of states enhancing their consumer financial protection functions in response to perceived decreasing federal oversight and enforcement under the Trump administration. Following...more

Bradley Arant Boult Cummings LLP

California’s Proposed “Mini-CFPB” May Increase Scrutiny of Auto Lenders and Other Industry Participants

Earlier this month, California Gov. Gavin Newsom revealed plans to create a state version of the federal Consumer Financial Protection Bureau (CFPB) as part of the state’s proposed 2020-2021 budget. According to the...more

Goodwin

California and New York Propose to Expand Consumer Protections

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At the start of the new year, both California’s Governor Newson and New York’s Governor Cuomo proposed expansions to their respective state’s regulatory oversight of consumer financial services. Of particular note,...more

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