Finance & Banking General Business Consumer Protection

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:
News & Analysis as of

The British (Financial Regulatory Principles) Are Coming!

Regulation of financial products and services in the U.S. historically has relied on rules-based regulatory policy, governing business processes including disclosures relating to terms, pricing, structure and marketing. The...more

No CFPB regulations in 2014 implementing expanded ECOA small business data collection requirements

Section 1071 of Dodd-Frank amended the Equal Credit Opportunity Act to require financial institutions to collect and maintain certain data in connection with credit applications made by women- or minority-owned businesses and...more

CFPB and FTC Representatives Speak at Symposium on Fine Print

CFPB General Counsel Meredith Fuchs and CFPB Assistant General Counsel for Law and Policy Anne Zorc spoke last week at the Georgetown Consumer Law Society and Citizen Works’ symposium entitled “Making the Fine Print Fair.”...more

Bill to create CFPB small business advisory board introduced

A bill to require the CFPB to establish a small business advisory board was recently introduced by Republican Congressmen Robert Pittenger and Denny Heck....more

Minnesota Appeals Court Upholds State Regulation Of Online Payday Lender

On March 31, the Minnesota Court of Appeals held that the Minnesota state legislature may regulate the activities of online payday lenders that extend loans to individuals residing within the state’s borders, even if the...more

CFPB’s Office of Minority and Women Inclusion issues second annual report

The CFPB’s Office of Minority and Women Inclusion (OMWI) has issued its second annual report to Congress covering the OMWI’s activities in 2013. The Dodd-Frank Act required the CFPB and various other federal agencies...more

Financial Regulatory Developments Focus - April 1, 2014

In this issue: - Derivatives - Bank Structure - Compensation - Regulatory Capital - Financial Services - Funds - Consumer Protection - Enforcement -...more

CFPB service contract inventory available

A notice was published by the CFPB in today’s Federal Register that an inventory and summary of the service contracts over $25,000 it awarded in FY 2013 are available for public viewing. (The inventory and a summary are...more

HUD Guidance Addresses Housing Choice Voucher Funding Shortfalls, Tenant Protection Vouchers

The U.S. Department of Housing and Urban Development (HUD) recently issued guidance for implementing its fiscal year (FY) 2014 budget for Housing Choice Vouchers (HCV), including requirements for obtaining additional HCV...more

Bank Late Payment Fees Held to be Penalties – Class Action Risk for Other Industries

Paciocco v ANZ [2014] FCA 35 - The Federal Court of Australia (Federal Court) has held that late payment fees charged by a bank to its credit card customers were unlawful penalties. Paciocco v ANZ [2014] FCA 35...more

New Privacy Regulations Exempt Commercial Credit Providers From EDR

Commercial credit providers and utilities are not required to join a recognised external dispute resolution scheme to participate in credit reporting until 12 March 2015. ...more

Ally Auto Lending Discrimination Settlement: What it Means for Indirect Auto and Other Lenders

The historic $98 million auto lending discrimination settlement between Ally Financial and Ally Bank (collectively, “Ally”), and the United States Department of Justice (“DOJ”) and Consumer Financial Protection Bureau...more

Pa. Amendments to Installment Sales Statutes Require Attention

Changes to two Pennsylvania statutes governing installment sales will take effect on November 27, 2014, as a result of House Bill 1128, signed into law by Governor Corbett as Act No. 2013-98 (Act 98). Act 98 repeals the...more

New York Attorney General Announces Settlement with Large Payday Lender

On January 24, 2014, New York Attorney General Eric Schneiderman announced that a settlement had been reached with Western Sky Financial, LLC, Cash Call, Inc., WS Funding, LLC, and their principals for alleged violations of...more

The UDAAP Trap: Avoiding CFPB Penalties for Financial Institutions Using Third Party Services

In response to the financial crisis and recession in the United States that began in 2007, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (now commonly known as "Dodd-Frank"). Dodd-Frank...more

Collection Letter Requiring Written Dispute Violated FDCPA, Fourth Circuit Holds

A collection letter violated the Fair Debt Collection Practices Act (FDCPA) because it stated that the debtor could only dispute the debt in writing, the U.S. Court of Appeals for the Fourth Circuit has ruled. The Fourth...more

Senate Committees Hold Data Security Hearings

On Monday, February 3, and Tuesday, February 4, the Senate Banking and Senate Judiciary Committees (respectively) held hearings on the topic of data security and breach notification. Witnesses at both hearings included...more

NADA Proposes Fair Credit Compliance Policy And Program For Its Member Dealers

On January 24, the National Automobile Dealers Association (NADA) distributed a proposed compliance program to its members aimed at reducing the risk of discrimination allegations stemming from CFPB Bulletin 2013-02, which...more

Does the FDCPA Permit a Consumer to Dispute the Validity of a Debt Orally?

On January 31, 2014, the United States Court of Appeals for the Fourth Circuit addressed the issue of whether a debt collection notice that advised consumers that they could only dispute the validity of their debt in writing...more

Report Criticizes Auto Dealer Compensation, Add-On Product Practices

On January 23, the Center for Responsible Lending (CRL) released a report titled “Non-Negotiable: Negotiation Doesn’t Help African-Americans and Latinos on Dealer-Financed Car Loans.” The report provides the results of CRL’s...more

Dodd-Frank News: January 2014: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases ..Dodd-Frank Prohibition on Yield Spread Premiums ..Dodd-Frank Prohibition on Arbitration ..Whistleblower Protection Under the Dodd-Frank Act ..Dodd-Frank Amendments to...more

CFPB Issues Advisory Regarding Recent Retailer Data Breaches; Congressional Activity Increases

On January 28, the CFPB issued a consumer advisory in response to recent reports of data breaches at several large retailers. In addition to providing tips for consumers in the wake of a retail breach, the advisory encourages...more

Financial Services Law - Jan 30, 2014

Swipe Fee Settlement Yields More Litigation - Although the parties reached a $7.25 billion class action settlement of the antitrust suit brought by merchants against Visa and MasterCard over swipe fees, the case is far...more

"Consumer Financial Protection Bureau Focuses on Fair Lending"

Having enacted a number of mortgage-related rules on the eve of statutory deadlines, the Consumer Financial Protection Bureau (CFPB), which now has a confirmed director, has shifted its focus to fair lending enforcement,...more

Remittance transfer rule changes unlikely

Industry should not expect to see any material changes to the CFPB’s remittance transfer rule, at least not between now and 2018 when the CFPB is required to review the rule. That’s the view of Isaac Boltansky of...more

1,219 Results
|
View per page
Page: of 49

Follow Finance & Banking Updates on: