We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more
2/17/2025
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Regulatory Agenda ,
Regulatory Requirements ,
TCPA ,
UDAAP ,
Uniform Commercial Code (UCC)
On January 27, a three-judge panel of the U.S. Court of Appeals for the Fourth Circuit issued a significant opinion holding that the Servicemembers Civil Relief Act (SCRA) does not prohibit the enforcement of arbitration...more
1/29/2025
/ Appeals ,
Arbitration ,
Arbitration Agreements ,
Class Action ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Dispute Resolution ,
Federal Arbitration Act ,
Financial Institutions ,
Financial Services Industry ,
Mandatory Arbitration ,
Military Lending Act ,
Servicemembers Civil Relief Act (SCRA)
The legal landscape of consumer reporting continues to evolve with courts, federal regulators and state legislatures all playing roles in shaping this area of the law.
Originally published in Law360 - January 9, 2024....more
We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more
2/1/2024
/ Automotive Loans ,
Banks ,
Class Action ,
Consumer Bankruptcy ,
Consumer Financial Products ,
Debt Collection ,
Digital Assets ,
Fair Lending ,
Financial Services Industry ,
FinTech ,
Mortgages ,
Student Loans ,
Tribal Loans ,
Uniform Commercial Code (UCC)
On January 18, a court in the Eastern District of Wisconsin denied class certification in a Telephone Consumer Protection Act (TCPA) case concluding that the factual issue of whether the proposed class members had suffered an...more
1/26/2024
/ Article III ,
Cell Phones ,
Class Action ,
Class Certification ,
Corporate Counsel ,
FRCP 23 ,
Injury-in-Fact ,
Ringless Voice Messages ,
Robocalling ,
Standing ,
TCPA ,
Telecommunications
The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) recently announced a Notice of Proposed Rulemaking (NPRM) that identifies international convertible virtual currency mixing as a class of...more
11/29/2023
/ Cryptoassets ,
Cryptocurrency ,
Digital Currency ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Money Laundering ,
Notice of Proposed Rulemaking (NOPR) ,
Reporting Requirements ,
U.S. Treasury ,
Virtual Currency
On October 12, the U.S. Court of Appeals for the Third Circuit issued a decision rejecting a district court’s finding that the so-called informational injury doctrine established Article III standing for the named plaintiff...more
The Third Circuit Court of Appeals overruled a district court’s reading of an exception into §1681s-2(b) of the Fair Credit Reporting Act (FCRA) that would allow a furnisher discretion to refuse to investigate an indirect...more
Several recent events highlight the expanding effort by the federal government to address the growing digital currency marketplace and the government’s role in it....more
The National Credit Union Administration (NCUA) — the federal regulator that oversees credit unions — announced that credit unions may partner with third-party digital asset service providers to give members access to...more
Federal Deposit Insurance Corp. (FDIC) Chairman Jelena McWilliams announced at the October 25 Money 20/20 conference that the FDIC is currently working with the Federal Reserve and Office of the Comptroller of the Currency to...more