To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
6/26/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
FHFA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
OCC ,
Regulation V ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC)
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
6/19/2024
/ Artificial Intelligence ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Cryptoassets ,
Cryptocurrency ,
Debt Collection ,
Debt Collectors ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lenders ,
Medical Debt ,
Payday Loans ,
Proposed Rules ,
Securities and Exchange Commission (SEC)
On June 11, the Consumer Financial Protection Bureau (CFPB or Bureau) released a proposed rule amending Regulation V, which implements the Fair Credit Reporting Act (FCRA), concerning medical debt. The proposed rule would...more
6/13/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Medical Debt ,
Proposed Rules ,
Regulation V ,
Regulatory Agenda ,
Reporting Requirements
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
6/11/2024
/ Broker-Dealer ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
OCC ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC)
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
6/5/2024
/ Artificial Intelligence ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debtors ,
Digital Assets ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Mortgages ,
OCC ,
Proposed Rules ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC)
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
5/30/2024
/ Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Leasing Act (CLA) ,
Consumer Lenders ,
Cryptocurrency ,
Digital Assets ,
Electronic Fund Transfer Act ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Truth in Lending Act (TILA)
On May 16, the Illinois legislature passed Senate Bill (SB) 2933. The bill amends the Illinois Consumer Fraud and Deceptive Business Practices Act making it unlawful for a consumer reporting agency (CRA) to create a consumer...more
Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a complaint against SoLo Funds, Inc., a fintech company operating a small-dollar, short-term lending platform. The CFPB alleges that SoLo Funds...more
5/22/2024
/ Annual Percentage Rate (APR) ,
Borrowers ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Loans ,
Statutory Violations ,
Unfair or Deceptive Trade Practices
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
5/22/2024
/ CFTC ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Cybersecurity ,
Digital Assets ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Money Laundering ,
Popular ,
Student Loans
In Holden v. Holiday Inn Club Vacations Inc., the U.S. Court of Appeals for the Eleventh Circuit recently upheld a consolidated district court ruling granting summary judgment for the defendant furnisher in two Fair Credit...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
5/15/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Protection Act ,
Debt Collection ,
Dodd-Frank ,
FDIC ,
FHFA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
NCUA ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC)
The U.S. Court of Appeals for the Third Circuit has recently underscored the fact that a plaintiff does not automatically gain Article III standing under the Fair Debt Collections Practices Act (FDCPA) simply because they are...more
5/8/2024
/ Article III ,
Creditors ,
Debt ,
Debt Collection ,
FDCPA ,
Financial Services Industry ,
Injury-in-Fact ,
Putative Class Actions ,
Remand ,
Standing ,
Vacated
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
5/8/2024
/ Artificial Intelligence ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Cryptoassets ,
Cryptocurrency ,
Cybersecurity ,
Department of Justice (DOJ) ,
Executive Orders ,
FDIC ,
Federal Trade Commission (FTC) ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
IRS ,
NIST ,
Public Comment ,
Securities and Exchange Commission (SEC) ,
USPTO
In the third episode of this four-part series, Ethan, Addison, and Trey discuss several state-level developments that occurred in the digital asset sector during 2023. The group discusses the inception of New York Department...more
The Consumer Financial Protection Bureau (CFPB) recently released an Issue Spotlight highlighting the costs and fees associated with Health Savings Accounts (HSAs). While acknowledging that HSAs offer tax advantages that can...more
5/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Employee Benefits ,
Employees ,
Employer Liability Issues ,
Financial Regulatory Reform ,
Financial Services Industry ,
HDHP ,
Health Insurance ,
Health Savings Accounts ,
Medical Expenses ,
Tax Deductions
In an unpublished decision, the U.S. Court of Appeals for the Ninth Circuit recently affirmed the decision of a California district court finding that the furnisher conducted a reasonable investigation under the Fair Credit...more
Earlier this week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its second report detailing changes in the credit reporting of medical debts made by the three national consumer reporting agencies (CRAs)...more
In the second episode of this four-part series, Ethan, Addison, and Trey explore the CFPB's proposed rule to define a market for general-use consumer payment applications under its larger participant authority, and its impact...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
4/30/2024
/ Administrative Procedure Act ,
Algorithms ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Corporate Transparency Act ,
Credit Reports ,
Department of Financial Protection and Innovation (DFPI) ,
Digital Assets ,
Federal Trade Commission (FTC) ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
FTC Act ,
Regulation X ,
Section 1071 ,
Securities and Exchange Commission (SEC)
In the opening episode of a four-part series examining major developments in the digital assets industry in 2023, Ethan Ostroff, Addison Morgan, and Trey Smith discuss significant federal regulatory events that transpired...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
4/23/2024
/ Artificial Intelligence ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
HUD ,
Regulatory Agenda
In 2023, the digital asset industry demonstrated remarkable resilience amidst significant challenges, including the dissolution of several digital asset financial services companies, numerous bank failures, and a $4.7 billion...more
4/23/2024
/ Banks ,
Blockchain ,
Consumer Financial Products ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Distributed Ledger Technology (DLT) ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
OCC ,
Policy Statement ,
Smart Contracts ,
U.S. Treasury
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more
4/17/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Digital Assets ,
FDCPA ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
IRS ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC)
Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) released the spring edition of its Supervisory Highlights report, providing a high-level overview of alleged unfair, deceptive, or abusive acts or practices...more
4/16/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Reporting Agencies ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Supervisory Highlights ,
Unfair or Deceptive Trade Practices
In March, a district court in the Eastern District of California followed other courts holding that an undated, model form debt validation notice does not violate the Fair Debt Collection Practices Act (FDCPA). Specifically,...more