Conflict of Laws › Finance & Banking › Consumer Protection

CFPB Issues Final Preemption Determination For Maine, Tennessee Unclaimed Gift Card Laws

On April 19, the CFPB issued a final preemption determination regarding whether the Electronic Fund Transfer Act (EFTA) and Regulation E preempt certain unclaimed gift card laws in Maine and Tennessee. The EFTA, as...more

Spotlight on Unclaimed Property: CFPB Rules That Federal Law Preempts Tennessee's Unclaimed Property Statute Applicable to Gift...

In its first preemption determination, on April 19, 2013, the Consumer Financial Protection Bureau (CFPB) ruled that Tennessee's unclaimed property statute provisions applicable to gift cards are preempted by federal law. The...more

CFPB issues first preemption determinations

Last week, the CFPB issued final determinations as to whether certain Maine and Tennessee laws relating to unclaimed gift cards are preempted by federal law on gift card expiration dates. The rulings represent the CFPB’s...more

CFPB Uses Novel Interpretation, Increases Compliance Burden for Gift Card Issuers Through its First Preemption Determination

On April 19, 2013, the Consumer Financial Protection Bureau (“CFPB”) announced it was making a determination to preempt a provision of Tennessee unclaimed property law that it deemed inconsistent with the federal Electronic...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

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

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

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

OCC and OTS: Policy Integration

On December 8, 2011, the Office of the Comptroller of the Currency (OCC) issued a bulletin that outlines the process which the OCC intends to follow to fully integrate the Office of Thrift Supervision (OTS) policy guidance...more

Do the Principles of European Insurance Contract Law Go Too Far in Protecting the Policyholder?

The objective of this article is to analyse the PEICL with respect to the question of whether the policyholder is protected too radically, studying the differences of the PEICL from the regulation of insurance contracts in...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

Does the Use of Foreign Call Centers Violate Privacy and Consumer Protection Laws?

Many companies rely on foreign call centers to help with customer service or other business needs. Now, Plaintiffs in a federal lawsuit allege that the use of such centers violates customers’ privacy and puts personal...more

UPWords- May 2011- Prepaid Discount Vouchers: The Not-So-Final Frontier

The biggest challenge for unclaimed property practitioners is determining how new forms of property fit into unclaimed property laws. Recent technological and entrepreneurial innovations continue to challenge historic...more

Significance of the Principles of European Insurance Contract Law for the pre-contractual information duty: Experience of the...

The provision of cross-border insurance services to consumers in the European Union is problematical as the existence of 27 different contract laws both complicates the cross-border activity and renders it expensive. The...more

Klussman v. Cross Country Bank

Klussman v. Cross Country Bank - Seminal CA choice of law consumer case

In Klussman v. Cross Country Bank, we asserted a very broad based attack on subprime credit card issuer Cross Country Bank's business practices. This published opinion was issued in response to a writ sought by Cross Country...more