New York may soon be joining California in requiring consumer-like disclosures on commercial financing transactions. On July 23, 2020, the New York State legislature passed SB 5470 (S.5470/A.10118-A), which closely follows...more
As the profound impacts of COVID-19 become ever clearer, the Consumer Financial Protection Bureau (CFPB) continues its recent increase in activity in this space with a new statement and set of frequently asked questions...more
The California Department of Business Oversight (DBO) has started the process of developing regulations to implement SB 1235, which imposes new disclosure requirements for commercial financing in the state....more
In the latest piece of the surcharge controversy, New York’s highest court interpreted state law to hold that a merchant complies with the statute so long as it posts the total dollars and cents price charged to credit card...more
At literally the 11th hour on August 31, the California legislature passed Senate Bill 1235 (SB 1235). Governor Brown has until September 30 to sign this legislation. Although not certain, we believe it is more likely than...more
In a new complaint filed in Arizona federal court, the Federal Trade Commission (FTC) charged a group of four auto dealers with a host of illegal activities ranging from misrepresenting and omitting key financial terms in...more
Mick Mulvaney’s CFPB has now issued final changes to its Prepaid Rule, and the payments industry receives a huge reprieve from some of the more draconian elements of the original rule as issued in 2016....more
Making the most of its enforcement powers before the new administration takes over, and likely concerned that its days as a stand-alone bureau may be coming to an end, the Consumer Financial Protection Bureau (CFPB) took...more
Court to CFPB: Unconstitutional and Wrong on RESPA -
The U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of the Consumer Financial Protection Bureau (CFPB) and...more
10/14/2016
/ Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
Credit Cards ,
Department of Business Oversight ,
Federal Trade Commission (FTC) ,
Kickbacks ,
Lead Generators ,
Mortgages ,
PHH Corp. v CFPB ,
RESPA ,
Truth in Lending Act (TILA)
With the July 2015 amendments to the Military Lending Act (MLA) set to take effect on October 3, the Department of Defense (DoD) published an interpretive rule to help financial institutions achieve compliance with the...more
The growth and expansion of FinTech service providers nationally and internationally over the last five years is reshaping the financial landscape. This evolution includes differentiation in how financial products are...more
2/10/2016
/ Behavioral Advertising ,
CAN-SPAM Act ,
ECOA ,
FDIC ,
FinTech ,
FTC Endorsement Guidelines ,
Popular ,
Social Media ,
TCPA ,
Truth in Lending Act (TILA) ,
UDAAP ,
Unfair or Deceptive Trade Practices
Why it matters -
Congress pushed back against multiple Consumer Financial Protection Bureau (CFPB) initiatives recently, passing legislation that would override the Bureau's policies with regard to auto lending and...more
Why it matters -
Continuing its focus on the auto lending industry, the Consumer Financial Protection Bureau (CFPB) ordered Westlake Services LLC and subsidiary Wilshire Consumer Credit LLC to pay roughly $48 million for...more
10/21/2015
/ Attorney General ,
Automotive Loans ,
Borrowers ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
Enforcement Actions ,
False Advertising ,
FDCPA ,
Federal Trade Commission (FTC) ,
Final Rules ,
Material Disclosures ,
Non-Bank Lenders ,
Redress Payments ,
Restitution ,
Third-Party ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
Why it matters -
The first case brought by a state regulator under Section 1042 of the Dodd-Frank Wall Street Reform and Consumer Protection Act resulted in a consent judgment, with an auto lender agreeing to pay up to...more
Why it matters -
Over the years, companies and individuals that have been the subject of enforcement actions by the Federal Trade Commission, state attorneys general, or other agencies have often found themselves on...more