News & Analysis as of

European Free Trade Association

The European Free Trade Association is an intergovernmental organization established in 1960 to facilitate and promote free trade among its member states and as a counterbalance to the more politically-driven... more +
The European Free Trade Association is an intergovernmental organization established in 1960 to facilitate and promote free trade among its member states and as a counterbalance to the more politically-driven European Economic Community (EEC). The current member states of the EFTA are Liechtenstein, Iceland, Norway, and Switzerland.   less -

Consumer Financial Services Law - March 30, 2017

Industry Groups Respond on Consumer Access to Financial Records - Financial industry groups responded to the Consumer Financial Protection Bureau's (CFPB) request for information on consumer access to their financial...more

Brexit: UK/EU Jump into the Unknown - What’s Ahead?

by Foley & Lardner LLP on

This is the fifth in an ongoing series of blog posts by Foley & Lardner LLP on the implications of the June 23, 2016 voter referendum in the United Kingdom (“UK”) to exit the European Union (“EU”) (“Brexit”)....more

Banking and Financial Institutions Newsletter

by Polsinelli on

President Trump Issues Executive Order Instructing Review of Financial Regulations - President Donald Trump on February 3rd issued an Executive Order (EO) detailing his Administration’s core principles for financial...more

ABA comments on CFPB’s RFI on consumer access to financial information

by Ballard Spahr LLP on

The American Bankers Association has submitted a comment letter in response to the CFPB’s request for information regarding consumer access to financial information. The ABA observes that while larger institutions have...more

News from Abroad -- Does an SPC for a Biological Product Cover a Biosimilar? Guidance from Norway

In December 2016, the Norwegian Court of Appeal handed down its decision in Pharmaq v Intervet, which concerns the validity of Intervet's SPC for a viral vaccine for preventing pancreatic disease (PD) in salmonid fish. ...more

Will Congress nullify the prepaid card rule?

by Ballard Spahr LLP on

We have previously written about the Congressional Review Act (“CRA”), a law that establishes a procedure by which Congress can nullify a covered rule adopted by a federal agency. According to a memorandum prepared by the...more

Court Enforces CFPB Civil Investigative Demand Against Tribal Lending Entity; Rejects Argument that Tribal Sovereignty Precludes...

by Dorsey & Whitney LLP on

On January 20, 2017, in CFPB v. Great Plains Lending, a three-judge panel of the Ninth Circuit Court of Appeals upheld the Consumer Financial Protection Bureau’s civil investigative demands for documents from lending...more

CFPB Sues Bank Over Overdraft Sales Pitch

The CFPB’s concern with incentives and overdrafts continues and has resulted in a lawsuit filed against a Minnesota based TCF National Bank. In the lawsuit, the CFPB alleges that TCF National Bank violated the UDAAP...more

Dating Apps and Class Actions: A Match Made in the Courtroom

by Benesch on

Tinder touts itself as being “the world’s leading social app for meeting new people. It claims that “with its global reach, people in all 196 countries around the world are swiping right to connect with others, making it a...more

CFPB settles with military financing company for alleged TILA/EFTA disclosure violations

by Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with Military Credit Services, LLC, a company providing revolving credit to military consumers, to settle allegations that the company’s open-end credit agreements...more

Why Brexit is Not Bad News For UK-Based Arbitration and Litigation

by Dechert LLP on

A lot has been said about the uncertainties surrounding Brexit and its likely impact on doing business with and within the UK. Will London remain Europe’s financial centre? Will the UK reinstate customs duties on imports and...more

California Court Rejects Attempt to Overturn Judgement Based on Spokeo

by Carlton Fields on

A defendant who lost a bench trial in a certified class case alleging that it violated the Electronic Funds Transfer Act by forcing the plaintiff and class to use electronic funds transfer services to obtain loans sought to...more

Receiver for payday lenders sued by CFPB files malpractice lawsuit

by Ballard Spahr LLP on

The court-appointed receiver for a group of interrelated companies sued by the CFPB in September 2014 for engaging in allegedly unlawful online payday lending activities has filed a malpractice lawsuit against the law firm...more

FTC continues vigorous use of enforcement authority

by Ballard Spahr LLP on

As observers ponder the CFPB’s future in a Trump Administration, the Federal Trade Commission’s continuing role as an enforcer of federal consumer financial protection laws should not be overlooked. Over the approximately...more

What the PHH decision means for the CFPB’s UDAAP authority

by Ballard Spahr LLP on

In addition to its implications for CFPB rulemaking, the D.C. Circuit’s decision in PHH Corporation v. CFPB has significant implications for the CFPB’s authority to enforce federal consumer financial protection laws as well...more

Brexit: Hard Landing/Soft Landing or Down the Rabbit Hole: What’s Ahead?

by Foley & Lardner LLP on

This is the third in an ongoing series of blog posts by Foley & Lardner LLP on the implications of the June 23, 2016 referendum decision in the United Kingdom (“UK”) to exit the European Union (“EU”)...more

The Prepaid Rule is Finally Here

Last week, the CFPB issued its long-awaited final rule amending Regulation E (Electronic Funds Transfer Act) and Regulation Z (Truth in Lending Act) to create regulations for prepaid financial products (Prepaid Rule). The...more

CFPB publishes Reg E corrections

by Ballard Spahr LLP on

The CFPB has published a final rule in the Federal Register that makes several corrections to Regulation E (which implements the Electronic Fund Transfer Act). The corrections...more

CFPB Finalizes Prepaid Card Rule …and the Clock is Ticking

by White & Case LLP on

On October 5, 2016, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released its long-awaited final rule on prepaid cards (the “Final Rule”). The 1689-page Final Rule will fundamentally change how...more

CFPB Issues Long-Awaited Prepaid Account Products Final Rule

On October 5, 2016, the Consumer Financial Protection Bureau (the Bureau or the CFPB) issued its final rule to extend certain federal consumer protections to the prepaid market.1 Specifically, the rule extends Regulation E...more

The Potential Effect of Brexit on UK Environmental Law

by Shearman & Sterling LLP on

The majority of modern environmental legislation in the UK is derived from EU law, either from directives that have been implemented by UK domestic legislation or from regulations that apply directly in EU member states such...more

DoD issues MLA interpretive rule

by Ballard Spahr LLP on

The Department of Defense (DoD) has issued an interpretive rule to assist the industry in complying with its July 2015 final rule amending the Military Lending Act’s implementing regulation. The much-anticipated guidance was...more

Implications of the UK’s Brexit Referendum

by Ropes & Gray LLP on

As autumn approaches and preparation for the next round of Brexit discussions begins, this note summarises the current position and analysis following the UK’s vote to leave the EU on the 23rd June (the “Referendum”). Whilst...more

Overdraft Service Program Costs Bank $10M in CFPB Fine

Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast....more

How Will Brexit Impact Environmental and Energy Law?

by Latham & Watkins LLP on

While the overwhelming majority of the UK’s environmental legislation is derived from EU legislation and UK climate change and energy policy is largely influenced by the EU, surprisingly, environment and energy has been the...more

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Cybersecurity

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