An Illinois federal judge has dismissed a proposed class action lawsuit that alleged that two Midwestern banks failed to provide repayment disclosures to borrowers, in a case that was unique because the CFPB came to the...more
10/7/2024
/ Borrowers ,
Class Action ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Failure To Disclose ,
Financial Institutions ,
Financial Services Industry ,
Regulation Z ,
Regulatory Violations ,
Repayment Options ,
Truth in Lending Act (TILA)
The CFPB has issued a proposed rule with a small amendment to disclosure requirements for certain international remittances and money transfers....more
10/1/2024
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
EFTA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Money Transfer ,
Proposed Amendments ,
Proposed Rules ,
Regulation E ,
Regulatory Agenda
On September 17, 2024, the FDIC board approved a notice of proposed rulemaking that would increase recordkeeping obligations for bank deposits received from third party, non-bank companies that accept those deposits on behalf...more
On September 17, 2024, the FDIC board approved a notice of proposed rulemaking that would increase recordkeeping obligations for bank deposits received from third party, non-bank companies that accept those deposits on behalf...more
9/26/2024
/ Bank Deposits ,
Deposit Accounts ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Nonbank Firms ,
Notice of Proposed Rulemaking (NOPR) ,
Proposed Regulation ,
Proposed Rules ,
Recordkeeping Requirements ,
Regulatory Agenda ,
Third-Party
On July 25, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) issued a “Joint Statement on Banks’...more
On September 17, 2024, the CFPB issued Consumer Financial Protection Circular 2024-05 on improper overdraft practices. The circular reminded financial institutions of their obligation to retain records that prove the consumer...more
9/23/2024
/ ATMs ,
Consent ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Electronic Fund Transfer Act ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Opt-In ,
Overdraft Fees ,
Popular ,
Record Retention ,
Regulation E
Some dollar store chains and other retailers now are charging consumers for obtaining cash back on debt or prepaid card purchases—transactions that generally have been free in the past–the CFPB reported....more
The CFPB earlier this month filed suit against Horizon Card Services and its CEO and sole shareholder Robert Kane for allegedly tricking subprime consumers into signing up for a high-fee credit card that only allowed them to...more
9/19/2024
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
E-Commerce ,
Enforcement Actions ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
Internet Retailers ,
Low Income Housing ,
Statutory Violations ,
Truth in Lending Act (TILA)
Saying it wants to protect consumers from unfair, deceptive or anticompetitive practices, the Transportation Department on Sept. 5 launched an investigation into the rewards programs operated by the nation’s four largest...more
The FDIC has issued a revised list of Q&As concerning the agency’s new rule governing the use of the agency’s official sign....more
On August 15, 2024, the Illinois Bankers Association, American Bankers Association, America’s Credit Unions, and Illinois Credit Union League filed a complaint for declaratory and injunctive relief against the Illinois...more
8/21/2024
/ Anti-Money Laundering ,
Banks ,
BSA/AML ,
Credit Cards ,
Debit Cards ,
Declaratory Relief ,
Electronic Fund Transfer Act ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Injunctive Relief ,
Interchange Fees ,
Late Fees ,
National Bank Act ,
Preemption ,
Regulation II
Very soon, briefing by the parties in the 10th Circuit will commence with respect to Colorado’s appeal of a preliminary injunction entered by the Federal District Court for the District of Colorado. The District Court...more
We are following very closely this appeal to the 10th Circuit of the preliminary injunction issued by the Federal District Court for the District of Colorado to the plaintiffs (three trade groups) enjoining the Colorado...more
8/9/2024
/ Banks ,
Borrowers ,
Colorado ,
Consumer Financial Products ,
DIDMCA ,
FDIC ,
Financial Services Industry ,
Loans ,
National Bank Act ,
Opt-Outs ,
Preliminary Injunctions
The federal banking regulators (The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation) issued on July 25 a lengthy joint statement...more
8/1/2024
/ Banking Regulators ,
Banks ,
Comment Period ,
Consumer Financial Products ,
FDIC ,
Federal Reserve ,
Financial Crimes ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
OCC ,
Public Comment ,
Request For Information ,
Risk Management ,
Third-Party Relationships
On July 29, 2024, the CFPB filed a motion to dismiss the Fort Worth Chamber of Commerce as a Plaintiff for lack of standing and if granted, transfer the case to a the Federal District Court for D.C. In its brief, the CFPB...more
7/31/2024
/ Article III ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Dismiss ,
Motion to Transfer ,
Preliminary Injunctions ,
Proposed Rules ,
Regulatory Agenda ,
Standing
The federal banking regulators are seeking comment to better understand the relationship between financial institutions and third parties that work for them....more
7/31/2024
/ Banking Regulators ,
Consumer Financial Products ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
OCC ,
Public Comment ,
Risk Management ,
Third-Party Relationships
Banking regulators have issued a joint statement outlining the potential risks that financial institutions face in arrangements with third parties to deliver bank deposit products and services and examples of risk management...more
We recently reported that on July 18 the CFPB, upon remand from the Fifth Circuit, re-filed its notice of supplemental authority in support of its motion to dismiss or transfer the case, motion to dissolve the preliminary...more
7/24/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Dismiss ,
Motion to Dissolve ,
Preliminary Injunctions ,
Proposed Rules ,
Regulatory Agenda ,
Standing
We previously reported that, on July 18, the Colorado Attorney General and UCCC Administrator appealed to the 10th Circuit Court of Appeals challenging Judge Domenico’s order dated June 18 D. (Colo.) granting a preliminary...more
7/24/2024
/ Banks ,
Colorado ,
Consumer Financial Products ,
Financial Services Industry ,
Loans ,
Motion To Stay ,
Opt-Outs ,
Preliminary Injunctions ,
Regulatory Agenda ,
Regulatory Reform ,
State Attorneys General ,
Stays
The NCUA board on July 18 voted to maintain its interest rate ceiling on most loans at 18% from Sept. 11, 2024 through March 10, 2026. ...more
On July 17, Acting Comptroller of the Currency Michael Hsu delivered prepared remarks before the Exchequer Club entitled “Size, Complexity, and Polarization in Banking.”...more
7/22/2024
/ Bank of America ,
Banks ,
Cantero v Bank of America NA ,
Chevron Deference ,
Comptroller ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Electronic Fund Transfer Act ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS
The 1978 landmark opinion in Marquette National Bank v. First of Omaha Service Corp held that under the National Bank Act, a national bank has the right to export the interest rate authorized by the state where the bank is...more
A Florida law that prohibits federal and state depository institutions conducting business in the state from denying services based on religion or political beliefs and activities went into effect on July 1....more
7/18/2024
/ Banks ,
Consumer Financial Products ,
Discriminatory Lending Practices ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
Financial Services Industry ,
Florida ,
New Legislation ,
Religious Beliefs ,
Religious Discrimination ,
Unfair or Deceptive Trade Practices
Federal and state regulators risk stifling competition as they continue to develop a regulatory regime for fintech relationships with financial institutions, witnesses told a House subcommittee last week....more
In an unusual move, the CFPB is coming to the defense of a bank being accused of failing to provide repayment disclosures to a borrower....more
7/15/2024
/ Banks ,
Borrowers ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Disclosure Requirements ,
Financial Institutions ,
Financial Services Industry ,
Regulation Z ,
Repayment Options ,
Statutory Violations ,
Truth in Lending Act (TILA)