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Ballard Spahr LLP

FDIC board approves NPRM that would increase recordkeeping for custodial accounts

Ballard Spahr LLP on

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

Ballard Spahr LLP

The Once and Future Rule: How the CFPB’s Credit Card Late Fee Rule Compares to Regulation Z and the Previously Proposed Rule

Ballard Spahr LLP on

On March 5, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final credit card late fee rule (the “Final Rule”). The timing for publication of the final rule was widely perceived as coordinated with the...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - February 2024 # 3

Troutman Pepper on

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

Manatt, Phelps & Phillips, LLP

CFPB’s Proposes Data Rights Rule to Accelerate the Shift to “Open Banking”

Manatt, Phelps & Phillips, LLP on

On October 19, the Consumer Financial Protection Bureau (CFPB) issued its highly anticipated notice of proposed rulemaking to implement Section 1033 of the Dodd-Frank Act. The Personal Financial Data Rights Rule would require...more

Orrick, Herrington & Sutcliffe LLP

House Republicans question CFPB’s card late-fee proposal

Orrick, Herrington & Sutcliffe LLP on

On March 1, several Republican House Financial Services Committee members sent a letter to CFPB Director Rohit Chopra expressing concerns over the Bureau’s credit card late fee proposal. ...more

Cadwalader, Wickersham & Taft LLP

Federal Reserve Issues Proposed Rules under LIBOR Act

Cadwalader, Wickersham & Taft LLP on

On July 19, the Federal Reserve issued a notice of proposed rulemaking (“NPR”) that would implement the Federal LIBOR Act. The NPR focuses primarily on identifying the particular version of SOFR that will apply to legacy...more

Cadwalader, Wickersham & Taft LLP

Federal Banking Agencies Issue Interagency Proposal to Update Community Reinvestment Act Rules

Cadwalader, Wickersham & Taft LLP on

On May 5, the Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve Board (“FRB”) and the Office of the Comptroller of the Currency (“OCC”) (together, the “Agencies”) issued a notice of proposed rulemaking to...more

Ballard Spahr LLP

Response from community groups to OCC/FDIC joint CRA proposal

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While banks, community groups, and regulators all seem to agree that there is a need to reform the Community Reinvestment Act (the “CRA”), which was signed into law by Jimmy Carter back in 1977 and hasn’t received a major...more

Polsinelli

The CFPB’s Long Awaited Debt Collection Rule is Certain to Shake Up the Industry

Polsinelli on

On May 7, 2019, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking (the Proposed Rulemaking) to implement portions of the Fair Debt Collection Practices Act (FDCPA)....more

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