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Garnishment Practices: Has the Dust Settled or Is It Still Flying? — The Consumer Finance Podcast [Audio]

Please join Troutman Pepper Partner Chris Willis, along with colleagues Lori Sommerfield and Mary Zinsner, as they discuss the impact of a consent order issued by the Consumer Financial Protection Bureau (CFPB) in May 2022...more

OCC and FDIC Issue Separate Guidance on Overdraft Fees

On April 26, both the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) issued separate advisories warning against the risks associated with overdraft fees, particularly...more

Financial Services Industry Groups Oppose CFPB’s Proposed “Fine Print” Registry

Financial services industry groups are staunchly opposing a proposal by the Consumer Financial Protection Bureau (CFPB or Bureau) to require supervised nonbank entities to provide information about their use of certain terms...more

Banking Groups Warn CFPB of Adverse Impact on Small Banks of Proposed Elimination of Late Fee Safe Harbor, Request SBREFA Panel

Bankers are opposing any effort by the Consumer Financial Protection Bureau (CFPB or Bureau) to reduce or eliminate the late fee safe harbor, citing a potentially significant adverse impact on community banks and credit...more

Bank CEOs Testify Before Congressional Committees on Financial Services

On September 21 and 22, chief executives from the nation’s seven largest banks faced questioning before Congress, marking the third time senior bank officers have testified before Congress in the last three years. Senators...more

OCC Closely Watches as Banks and Fintech Partner

On September 6, Acting Comptroller of the Currency Michael Hsu warned that fintech and big techs partnerships and their forays into payment and lending could lead to increased risk for the banking industry. “My sense is that...more

9/14/2022  /  Banking Sector , Banks , FinTech , OCC , Popular

No $500M Windfall for Lenders in Mistaken Wire Transfer Case

On September 8, Second Circuit ruled that lenders must return $500 million to Citibank, which had mistakenly wired the funds to them. The decision vacates a 2021 Southern District of New York ruling, which held that the...more

Banking Groups Challenge CFPB’s RFI on Customer Service

Banking trade groups are challenging a request for information (RFI) issued by the Consumer Financial Protection Bureau (CFPB) regarding customer service at large financial institutions. In a joint letter dated August 22, the...more

Texas Supreme Court Holds Administrative Wire Transfer Form Does Not Impose Contractual Duties on Bank

In Cadence Bank, N.A. v. Roy J. Elizondo III, PLLC, the Supreme Court of Texas recently held that an administrative form relied upon by a victim of a fraud scam did not impose contractual obligations on a bank to verify...more

4/7/2022  /  Banking Sector , Banks , Wire Transfers

2020 Consumer Financial Services Year in Review & A Look Ahead

2020 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation, Troutman Pepper is uniquely positioned to help its clients find successful resolutions...more

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