News & Analysis as of

New Regulations Consumer Financial Products Financial Services Industry

Ballard Spahr LLP

Acting Comptroller Hsu pressured to repeal preemption regs by Conference of State Bank Supervisors and consortium of consumer...

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On July 19, we blogged about comments Acting Comptroller Hsu made before the Exchequer Club on July 17 particularly his decision to review prior OCC preemption determinations in light of the Supreme Court’s recent opinion in...more

Ballard Spahr LLP

South Carolina Enacts Earned Wage Access Legislation Requiring Registration, Exempting the Product from Lending Laws

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On May 21, 2024, South Carolina Governor Henry McMaster signed into law the Earned Wage Access Services Act (the “Act”), which will require earned wage access (“EWA”) providers to register annually with the state’s Department...more

Mayer Brown

Vietnam's New Banking Law for Foreign Investors - Five Key Takeaways

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The full text of the new Credit Institution Law No. 32/2024/QH15 (the "New Law") adopted by the National Assembly on 18 January 2024 has now been released. The New Law governs Vietnamese credit institutions and foreign bank...more

Perkins Coie

California DFPI Orders Consumer Financing Platform To Cease Hidden Junk Fees

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On January 9, the California Department of Financial Protection and Innovation (DFPI) issued an order against a consumer financing platform that enables merchants to offer installment contracts to their customers. The...more

Troutman Pepper

CFPB Reports That College-Sponsored Financial Products Have Higher Fees and Less Favorable Terms

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The Consumer Financial Protection Bureau (CFPB or Bureau) released its 14th annual report to Congress in fulfillment of its requirements under the Credit Card Accountability Responsibility and Disclosure (CARD) Act. For the...more

Troutman Pepper

CFPB Issues Letter Supporting California DFPI’s Proposed Classification of EWAs as Loans and Promises Guidance as to Federal...

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In March 2023, the California Department of Financial Protection and Innovation (DFPI) proposed new regulations under the California Financing Law that would update the definition of loan to include what it dubs as...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2023 # 3

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Ballard Spahr LLP

Nebraska enacts new licensing requirement for small dollar loans

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Nebraska Governor, Jim Pillen, signed into law Legislative Bill 92 on June 6, 2023, which amended the Nebraska Installment Loan Act (the “Act”) effective June 7, 2023 (the “Effective Date”). As amended, the licensing...more

Ballard Spahr LLP

Minnesota Omnibus Bill includes consumer loan law amendments for all-in APR cap and anti-evasion, new money transmitter laws, and...

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Minnesota recently enacted the Commerce Omnibus Finance Bill, which includes amendments to several provisions of Minnesota law related to consumer loans and financial institutions....more

Ballard Spahr LLP

Nevada enacts licensing requirement for private education loan lenders and servicers

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The Nevada Legislature recently passed Assembly Bill 332 (“AB 332”), which amends Nev. Rev. Stat. Title 55 relating to Banks and Related Organizations to add a new chapter regulating Private Education Lenders and Student Loan...more

Troutman Pepper

Nevada Passes Law Creating Licensing Requirements for Earned Wage Access Providers

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On June 15, Nevada Governor Joe Lombardo signed SB 290 into law, which imposes licensing, reporting, examination, and other substantive requirements on providers of earned wage access (EWA) products. Specifically, the...more

Orrick, Herrington & Sutcliffe LLP

NYDFS issues check-cashing fee regulations

On January 18, NYDFS announced that it has adopted an updated check cashing regulation. As previously covered by InfoBytes, NYDFS issued a proposed check cashing regulation in June 2022, following an emergency regulation...more

Cadwalader, Wickersham & Taft LLP

Protecting Depositors by Enforcing Proper Advertising of FDIC Insurance

During an open session of the Federal Deposit Insurance Corporation (“FDIC”) this week, the Board of Directors voted to finalize a new regulation that will give the FDIC, and the public, better tools to ensure that deposits...more

Manatt, Phelps & Phillips, LLP

Illinois Adopts Regulations Under Predatory Loan Prevention Act

The Illinois Department of Financial and Professional Regulation (IDFPR) has adopted a series of regulations pursuant to the Illinois Predatory Loan Prevention Act (PLPA). The new regulations will require certain Illinois...more

Ballard Spahr LLP

Final regulations implementing New York student loan servicing law effective Oct. 16

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Final regulations adopted by the New York Department of Financial Services (NYDFS) to implement the state’s new student loan servicing law became effective on October 16, 2019 upon the publication by the NYDFS of a Notice of...more

Ballard Spahr LLP

California publishes final student loan servicer regulations; California bill introduced to require additional information in...

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The California Department of Business Oversight has sent an email to servicers notifying them of the publication of its final student loan servicer regulations, which became effective March 28, 2019....more

Womble Bond Dickinson

What Schools Need to Know About CFPB’s Prepaid Accounts Regulation

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Counsel at schools and universities understandably don’t follow legal developments in financial services very closely, but recent changes in regulations affecting prepaid accounts could impact institutions of higher...more

Ballard Spahr LLP

New York Regulation of Consumer Reporting Agencies Following Data Breaches

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This week, New York Governor Andrew Cuomo issued a press release directing the New York Department of State to issue a new regulation impacting consumer reporting agencies....more

Proskauer - Minding Your Business

New CFPB Arbitration Rule Already Under Attack

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) issued a new rule that would make it easier for consumers to bring class action lawsuits against financial institutions. The new rule bans financial...more

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