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Legal Alert: CFPB Proposes to Examine and Directly Supervise Nonbank Auto Lenders

On September 17, the Consumer Financial Protection Bureau (CFPB) proposed to make nonbank automobile lenders subject to the examination and direct supervision of the Bureau. The proposed rule can be found here. Under the...more

9/22/2014 - Automotive Industry Automotive Loans CFPB Larger Participant Nonbank Firms

Legal Alert: CFPB Warns Credit Card Companies About Potential UDAAP Violations When Marketing Promotional Interest Rates

The Consumer Financial Protection Bureau (CFPB) issued a bulletin on September 3, 2014 warning credit card companies that marketing materials for promotional annual percentage rate (APR) offers may be in violation of the...more

9/9/2014 - Advertising Banking Sector Banks CFPB Credit Cards Dodd-Frank False Advertising Interest Rates UDAAP

Inherited IRAs Are Not Bankruptcy-Exempt as “Retirement Funds”

On June 12, 2014, the U.S. Supreme Court unanimously held in Clark v. Rameker that an inherited individual retirement account (IRA) does not qualify for the “retirement funds” exemption in the Bankruptcy Code and is not...more

6/17/2014

CFPB Plans Supervision of Nonbank Automobile Lenders

In a May 23, 2014 blog post by Kelly Cochran, Assistant Director of Regulation, the Consumer Financial Protection Bureau indicated that it is working on a “larger participant” rule for nonbank automobile lenders pursuant to...more

6/3/2014 - Automotive Industry Automotive Loans CFPB Consumer Financial Products Larger Participant Nonbank Firms

Department of Labor Issues Interim Final Employee Whistleblower Rule Under the Consumer Financial Protection Act

On April 4, 2014, the Department of Labor (DOL) issued an Interim Final Rule establishing procedures concerning the manner in which the Occupational Safety and Health Administration (OSHA) will address employee whistleblower...more

4/9/2014 - CFPA CFPB DOL OSHA Whistleblower Protection Policies Whistleblowers

The CFPB Releases Its “Data Point” Report on Payday Lending

On March 25, 2014, the Consumer Financial Protection Bureau (CFPB) released its second report on payday lending. This report followed a white paper on payday lending and deposit advance products that the CFPB issued in April...more

4/3/2014 - CFPB Payday Loans

The CFPB May Propose Standard Prepaid Card Fee Disclosure Rules

Earlier this week, the Consumer Financial Protection Bureau (CFPB) announced that it is working on potential new consumer disclosure requirements for prepaid cards to standardize fee disclosures. The new disclosure...more

3/24/2014 - CFPB Disclosure Requirements Fees Prepaid Payment Products

The CFPB Proposes to Supervise Nonbanks that Perform One Million or More International Money Transfers Per Year

On January 23, 2014, the Consumer Financial Protection Bureau (CFPB) proposed a rule whereby the definition of “larger participants” will be expanded to include nonbanks that perform one million or more international money...more

1/27/2014 - CFPB Compliance Enforcement Money Transfer Nonbank Firms

CFPB Releases Preliminary Report on Arbitration Agreements But Defers Final Analysis and Recommendations

On December 12, 2013, the Consumer Financial Protection Bureau (CFPB) released its preliminary report on the use of arbitration clauses in consumer financial products and services. The preliminary report focuses on...more

12/16/2013 - Arbitration Arbitration Agreements CFPB Credit Cards Prepaid Payment Products

Georgia Department of Banking and Finance Adopts Final Rules Regarding Chartering of Merchant Acquirer Limited Purpose Banks

On December 3, 2013, the Georgia Department of Banking and Finance adopted Final Rules implementing the Georgia Merchant Acquirer Limited Purpose Bank Act. The Final Rules contained several revisions to the second draft of...more

12/4/2013 - Banks Financial Regulatory Reform Merchant Acquirer Banks

Legal Alert: Georgia Department of Banking and Finance Publishes Proposed Regulations Regarding Chartering of Merchant Acquirer...

On July 31, 2013, the Georgia Department of Banking and Finance published its first set of proposed regulations to implement the Georgia Merchant Acquirer Limited Purpose Bank Act. The Act, which became effective on March 28,...more

8/1/2013 - Banks Credit Cards FDIC MasterCard Payment Processors Proposed Regulation Sponsoring Entities Visas

Employers Should Use Revised FCRA Disclosure for Employees and Job Applicants

Employers who use consumer reports as part of their decision-making process in the hiring, promotion or firing of employees should note the attached “A Summary of Your Rights under the Fair Credit Reporting Act” issued by the...more

1/16/2013 - Background Checks CFPB Compliance Credit Reporting Agencies Credit Reports Disclosure Requirements FCRA Summary of Rights Written Consent

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