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Financial Transactions Consumer Financial Products

Brownstein Hyatt Farber Schreck

CFPB Publishes Overdraft Fee Guidance

On Sept. 17, the Consumer Financial Protection Bureau (CFPB) published guidance for federal and state consumer protection enforcement officials to use to prevent banks and credit unions from charging overdraft fees in certain...more

Mayer Brown

Missouri Regulates Providers and Brokers Under New Commercial Financing Law

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Missouri has enacted the nation’s ninth state commercial finance disclosure law, regulating the providers and brokers of certain commercial financing transactions. Signed by Governor Mike Parson on July 11, 2024, Missouri...more

DLA Piper

Digital Transformation: eSignature and ePayment News and Trends - July/August 2024

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Today’s ever-shifting business environment means that consumers, businesses, employers, and employees all expect to transact digitally. To remain efficient and competitive, companies must digitally transform their businesses....more

Orrick, Herrington & Sutcliffe LLP

CFPB Envisions Increased Scrutiny of Video Game Financial Transactions and Data Practices

For the first time, the Consumer Financial Protection Bureau (CFPB) has publicly expressed interest in regulating video game companies for financial transactions they offer and consumer data they collect....more

Ballard Spahr LLP

Connecticut Department of Banking issues guidance on consumer-like disclosures in sales-based financing offers

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On June 10, 2024, the Connecticut Department of Banking (“Department”) issued guidance (the “Guidance”) to give direction on required consumer-like disclosures in certain commercial financing offers....more

Ballard Spahr LLP

CFPB report on banking in video games and virtual worlds

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On April 4, 2024, the CFPB issued a report examining the growth of financial transactions in online video games and virtual worlds. The report, titled “Banking in Video Games and Virtual Worlds,” highlights the growth and...more

Ballard Spahr LLP

CFPB issues new circular on deceptive practices in connection with marketing remittance transfers

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The CFPB issued a new circular advising remittance transfer providers that false advertising about the cost or speed of sending remittance transfers can be considered a violation of the Consumer Financial Protection Act even...more

Mayer Brown

Mexican Reform Regarding Electronic Negotiable Instruments

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On March 26, 2024, the President of Mexico published the reform passed by the Mexican Congress to the General Law of Negotiable Instruments and Credit Transactions (Ley General de Títulos y Operaciones de Crédito, “LGTOC”),...more

Troutman Pepper

Proposed Legislation in Louisiana Aims to Regulate Commercial Financing Transactions

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On March 1, Senate Bill (SB) 335 was introduced, which, if passed, would impose certain requirements on “commercial financing transactions.” Recently, multiple states have enacted disclosure regulations for commercial...more

Troutman Pepper

Comment Period on CFPB’s Auto Finance Data Project Closing Soon

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Comments on the Consumer Financial Protection Bureau’s (CFPB or Bureau) proposal to collect data from auto finance businesses that acquire or originate as few as 500 financing transactions a year are due by March 25, 2024....more

Ballard Spahr LLP

Democratic Senators continue to pressure Zelle and other payment apps to change fraud policies

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On February 15, 2024, Senators Sherrod Brown (D-OH), Jack Reed (D-RI) and Elizabeth Warren (D-MA) sent a letter to Zelle seeking clarification of its reimbursement policy for victims of imposter scams and urging Zelle to...more

Mayer Brown Free Writings + Perspectives

FINRA Update on Targeted Exam Regarding Crypto Asset Communications – Potential Violations in 70% of Retail Communications...

On January 23, 2024, the Financial Industry Regulatory Authority, Inc. (“FINRA”) published an update to the targeted exam it launched in November 2022, which was designed to review – for compliance with FINRA Rule 2210 – the...more

Manatt, Phelps & Phillips, LLP

Massachusetts AG Proposes Rule Regulating “Junk Fees” and Subscriptions

On November 30, Massachusetts Attorney General Andrea Campbell (the “AGO”) unveiled a new proposed rule regulating “junk fees” and consumer subscriptions (the “Proposed Rule”). The Proposed Rule in large part mimics, and in...more

Troutman Pepper

Federal Agencies Announce Increased Regulations Z and M Dollar Thresholds for Exempt Consumer Credit and Lease Transactions, and...

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On November 13, the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board (Fed) announced increased dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are...more

Allen Matkins

The Nebulous Meaning Of "Small Business" In New Ban On Commercial Loan Fees

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Beginning in January, "covered entities" will be prohibited from charging specified fees in connection with a commercial financing transaction with a "small business" or "small business" owner.  Cal. Stat. ch. 881 (SB 666). ...more

Troutman Pepper

California Joins War on Fees With Passage of S.B. 666

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On October 13, California Governor Gavin Newsom signed into law Senate Bill 666, which amends the California Financing Law to prohibit a covered entity from charging certain fees in connection with a commercial financing...more

Troutman Pepper

October 11 Was a Red-Letter Day in the Growing Federal-State War on Fees

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On October 11, the Consumer Financial Protection Bureau (CFPB or Bureau) published a special edition of its Supervisory Highlights report. This report serves as a “victory lap” for the Bureau, which highlights the relief it...more

Troutman Pepper

Visa Announces New Dispute Process to Combat “Friendly Fraud”

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On September 28, Visa, Inc. announced its new dispute process aimed at combatting first-party or “friendly fraud” for card-not-present transactions. The rule change offers merchants more ways to show a disputed charge is...more

Troutman Pepper

Connecticut Becomes Latest State to Enact a Commercial Financing Disclosure and Registration Law

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On June 28, Connecticut Governor Ned Lamont signed into law Senate Bill 1032 entitled An Act Requiring Certain Financing Disclosures, which requires certain providers of commercial financing to make various disclosures and...more

Troutman Pepper

Securities Industry Arbitrations and Litigation Update: FINRA Reaffirms Its Commitment to Enforcement Actions In Connection with...

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Mindful of the impending retirement of many millions of investors in the “baby boomer” generation, which hold a substantial amount of the world’s wealth, the Financial Industry Regulatory Authority (FINRA) continues to...more

Manatt, Phelps & Phillips, LLP

Commercial Financing Disclosure Laws Continue to Spread

U.S. states continue to consider and adopt statutes requiring TILA-like disclosures in connection with various types of commercial financing transactions. Most recently, Georgia passed a law, effective January 1, 2024,...more

Orrick, Herrington & Sutcliffe LLP

NYDFS gives custodial guidance on crypto insolvency

On January 23, NYDFS reiterated expectations for sound custody and disclosure practices for entities that are licensed or chartered to custody or temporarily hold, store, or maintain virtual currency assets on behalf of...more

Hudson Cook, LLP

New California Law Impedes Creditors' Ability to Offer Voluntary Protection Products to Military Servicemembers

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California recently enacted Senate Bill 1311, the Military and Veteran Consumer Protection Act of 2022, with the stated intent of strengthening the state's military consumer protection laws by enhancing protections for...more

Pillsbury Winthrop Shaw Pittman LLP

Prepare for Arrival: Aviation Finance Transitions to SOFR

Term SOFR emerges as the new market standard for aviation financing and leasing transactions. Market standards are evolving in new SOFR-based financings, including with respect to market disruption, breakage costs and...more

Bennett Jones LLP

Anti-Money Laundering Rules Expanded to Include Payment Service Providers and Crowdfunding Platforms

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Payment service providers and crowdfunding entities that were not previously subject to anti-money-laundering (AML) and anti-terrorist financing (ATF) legislation in Canada should be aware of changes that came into force...more

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