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Ballard Spahr LLP

Colorado provides some (but not enough) guidance on new general-purpose credit card carve-out

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In the same 2023 bill (House Bill 23-1229) that included Colorado’s DIDMCA opt-out**, Colorado adopted a statute excepting certain “general-purpose credit cards”, as defined, from the state’s limitations on finance charges...more

Ballard Spahr LLP

Military Lending Act violations alleged against title lender in Georgia class action

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A proposed class action lawsuit filed in the U.S. District Court for the Northern District of Georgia on February 21, 2024 against TitleMax of Georgia, Inc. and TMX Finance LLC (together, “TitleMax”) accuses the Georgia-based...more

Husch Blackwell LLP

Mark Your Calendars: Key 2024 Compliance Dates for Consumer and Small Business Financial Services Regulations

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One of the primary challenges with working in U.S. financial services is keeping up with the ever-changing federal and state regulatory landscape. Juggling the day-to-day fire drills while staying atop of regulatory changes...more

Ballard Spahr LLP

RFI Industry Commenters Urge CFPB to Stay in its Lane on Medical Debt Payments

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American Bankers Association (ABA), Association of Credit and Collection Professionals (ACA International), U.S. Chamber of Commerce (Chamber), Synchrony Bank (Synchrony), and National Consumer Law Center (NCLC) submitted...more

Clark Hill PLC

Speaking It Into Existence: A Deeper Dive Into the CFPB Hearing on Medical Billing and Payment Products

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On July 11, the Consumer Financial Protection Bureau (“CFPB”) held a hearing on issues surrounding medical debt and specifically, payment products. Not surprisingly, the invited experts and special guests taking part in the...more

Hudson Cook, LLP

CFPB Bites of the Month - July 2023 - Freedom, Independence, and Celebration From the CFPB

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In this month's article, we share some of our top "bites" for the prior month covered during the July 2023 webinar. Bite 10: Public Inquiry Launched into Credit Card and Loan Products for Healthcare Costs - On July 7,...more

Venable LLP

Medical Payment Products Face Government Scrutiny

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Multiple government agencies are scrutinizing medical payment products. On July 7, 2023, the Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services (HHS), and U.S. Department of Treasury...more

Ballard Spahr LLP

Colorado opt-out signed into law, effects to be seen

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As anticipated, on June 5, 2023, Colorado Governor Jared Polis signed into law Colorado HB23-1229, which will exclude consumer loans made in Colorado from the provisions of Section 521 of the Depository Institutions...more

Troutman Pepper

CFPB Focuses on Medical Credit Cards and Installment Loans in Latest Report

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Citing research that found about half of U.S. adults find it difficult to afford the cost of their healthcare, the Consumer Financial Protection Bureau (CFPB or Bureau) published a report focusing on medical credit cards and...more

Morrison & Foerster LLP

CFPB Releases Fifth Report On The Consumer Credit Card Market

On September 29, 2021, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) released its fifth biennial report on the consumer credit card market (“Report”). The Report summarizes the impact of the Credit Card...more

Goodwin

SEC Issues No-Action Relief On Registered Funds’ Custody Of Loan Interests

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In this Issue. The U.S. Securities and Exchange Commission (SEC) was very active this week, having (i) issued no-action relief allowing registered funds to engage in self-custody of interests in loans that are originated,...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights: Issue 8, October 2020

Servicemembers’ Civil Relief Act - What You Need to Know - Between the Civil War and 1940, the United States periodically had legislation that prevented lawsuits against soldiers and sailors during times of conflict. Then,...more

Goodwin

Financial Services Weekly Roundup: Madden Fix/Valid When Made Rule Faces New Challengers

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In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more

Hogan Lovells

Consumer finance regulatory news, June 2020 #2

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COVID-19: FCA proposes further support for credit card, personal loan and overdraft customers - On 19 June 2020, the UK Financial Conduct Authority (FCA) published proposed updated temporary guidance for firms relating to...more

Ballard Spahr LLP

CFPB Releases Summer 2017 Supervisory Highlights

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Earlier this week the CFPB released its Summer 2017 Supervisory Highlights, which covers supervisory activities generally completed between January through June of 2017. The report touts the $14 million total restitution...more

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