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Washington's Unprecedented Bid to Supplant State Insurance Regulators

In mid-October, Prudential Financial Inc. dropped its fight against being designated as a systemically important financial institution (SIFI) by the Treasury Department's Financial Stability Oversight Council. When the...more

Ninth Circuit Vacates Restitution Order In Overdraft Ordering Case, Allows State Fraud Claims To Proceed

On December 26, the U.S. Court of Appeals for the Ninth Circuit held that a national bank’s practice of posting payments to checking accounts in a particular order is a federally authorized pricing decision, and that federal...more

Federal District Court Holds Ohio Post-Repossession Notice Requirements Not Preempted

On October 17, the U.S. District Court for the Northern District of Ohio held that the post-repossession notice requirements in the Ohio Retail Installment Sales Act (RISA) and the Ohio Uniform Commercial Code (OUCC) were not...more

ABA seeks broad CFPB preemption ruling

In August, the CFPB issued a notice seeking public comment on its plans to determine whether certain provisions of Maine and Tennessee laws relating to unclaimed gift cards are preempted by federal law on gift card expiration...more

Justice Scalia, Liberal Construction & The Finance Lenders Law

A few weeks ago, I purchased a copy of Reading Law: The Interpretation of Legal Texts by Justice Antonin Scalia and Bryan Garner. According to the cover, the authors “carefully and engagingly explain 57 valid canons of...more

Missouri District Court Holds State Funds Transfer Act Preempts Certain Customer Indemnity Agreements

On August 20, the U.S. District Court for the Western District of Missouri dismissed a bank’s counterclaims that its customer’s agreement to indemnify the bank for any losses, costs, or expenses covers the customer’s losses...more

CFPB to Determine Whether CARD Act Preempts State Unclaimed Property Laws

The Consumer Financial Protection Bureau (CFPB) recently announced its intention to consider and address requests made by the Maine Office of the State Treasurer and payment card industry representatives to determine whether...more

New Jersey Legislature Amends Stored Value Card Abandonment Law

On June 29, 2012, New Jersey Governor Chris Christie signed into law legislation amending New Jersey’s unclaimed property law relating to the escheat of abandoned stored value cards (SVCs) to the state. Under the...more

Summary of CFPB Notice of Intent for Gift Card Preemption Determinations

On August 21, 2012, the Consumer Financial Protection Bureau (“CFPB”) published a notice of intent to make a preemption determination on whether provisions of abandoned property laws in Maine and Tennessee relating to gift...more

CFPB Seeks Input on Conflict Between State and Federal Gift Card Laws

On August 16, the CFPB issued a Notice that it intends to make a preemption determination with regard to two state gift card laws. The CFPB is seeking public comment to inform its response to requests that the CFPB address...more

CFPB to make first preemption determinations

The CFPB intends to determine whether certain provisions of Maine and Tennessee laws relating to unclaimed gift cards are preempted by federal law on gift card expiration dates. The CFPB’s rulings will represent the agency’s...more

Parks v. MBNA: The California Supreme Court Issues Sweeping Decision on National Bank Act Preemption

The California lower courts have not been friendly toward national banks’ claims of preemption. That may change. On June 21, the California Supreme Court held in a unanimous opinion that the National Bank Act preempts...more

Employers in Florida Face State-Specific Employee Benefit Plan Issues

Employers with Florida employees face certain state-specific employee benefits compliance challenges. While in general ERISA preemption will serve to minimize the number of state laws applicable to the ERISA-governed benefit...more

Tenth Circuit Permits Trade Group Challenge to New Mexico Fair Credit Reporting Act

On May 7, the U.S. Court of Appeals for the Tenth Circuit published an opinion that a trade group has standing to sue the Attorney General of New Mexico over that state’s credit reporting and identify theft requirements....more

Iran-Related Investment Bill Clears Committee

On May 2, 2012, the California Assembly Insurance Committee approved a bill that would direct the insurance commissioner to treat a domestic insurer’s investment in a company that has business operations in Iran as a...more

Fourth Circuit Holds State Debt Collection Law Not Preempted by National Banking Act

On April 5, the Fourth Circuit held that the National Bank Act (NBA) did not preempt the Maryland Credit Grantor Closed End Credit Provisions (CLEC). Epps v. JP Morgan Chase Bank, No. 10-2444, 2012 WL 1134065 (4th Cir. Apr....more

Pa. Appellate Court Issues Opinion in Dietz v. Chase Home Finance, LLC, Clarifying Preemption of State Common Law Claims by Fair...

The decision in Dietz is one of first impression in the Pennsylvania appellate courts and essentially forecloses would-be plaintiffs from asserting common law claims against creditors based on incorrect credit reporting,...more

NASAA Slams The JOBS Act, But Have The States Really Been Handcuffed?

NASAA isn’t in the business of firing off rockets but it did launch a missile yesterday targeted directly at the JOBS Act. In this press release, NASAA’s president, Jack E. Herstein, is quoted as saying: "The JOBS bill...more

Financial Services Report -- Spring 2012

In this issue Beltway Report; Bureau Report; Mortgage Report; Operations Report; Privacy Report; Plastics Report; and Preemption Report. Excerpt from Beltway Report Bend Over, Cough On January 23,...more

Jobs Or Bucket Shops?

Last week, New York Times columnist Gail Collins wrote this Op-Ed piece criticizing the Jumpstart Our Business Startups (aka JOBS) Act (H.R. 3606). Dave Lynn provided a good summary of the bill in this posting on...more

Investment Management Legal + Regulatory Update: February 2012

In this issue: Senate Bill Would Raise Taxes on Derivatives Trades; Senate Hearings Question Fund Investments in Commodity-related Investments; SEC Grants No-action Relief for Potential Section 10(f) Violations; FINRA...more

The Download: Developments In E-Commerce, Privacy, Internet Advertising, Marketing And Information Services Law And Policy –...

Special Report: Third Circuit NJ Gift Card Law Ruling: New Jersey Retail Merchants Association v. Sidamon-Eristoff If you issue or sell “stored value cards,” colloquially referred to as “gift cards,” in the state of...more

Got Pot? The Feds Try to Make Mortgagee Banks Liable Under the Crack House Statute

Banks holding mortgages now have one more thing to worry about: potential criminal and civil liability and forfeiture under the federal “crack-house” statute. Sound crazy? Read on, because late last year the four U.S....more

U.S. Court of Appeals Holds New Jersey’s Retroactive Escheatment of Gift Card Abandoned Funds Unconstitutional and its Priority...

On January 5, 2012, the U.S. Court of Appeals for the Third Circuit found that New Jersey’s recently enacted unclaimed property laws requiring retroactive escheatment of abandoned amounts from stored value cards (SVC or gift...more

Bureau of Consumer Financial Protection Narrows Federal Preemption of Mortgage Lending Laws

Among the many changes made by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) were changes to the Alternative Mortgage Transaction Parity Act (“AMTPA”). AMTPA, a federal law that has been in...more

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