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Safe Harbors Consumer Financial Products

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: A Close Look at the Consumer Financial Protection Bureau’s Final Credit Card Late Fee...

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Our special guest is Andrew Nigrinis of Legal Economics LLC and former CFPB enforcement economist. The CFPB’s final credit card late fee rule lowers the safe harbor late fee amount that card issuers other than “smaller card...more

Troutman Pepper

Texas District Court Transfers Credit Card Late Fee Rule Lawsuit to D.C.

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Last week, the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau) credit card late fee rule (Final Rule) was transferred from the U.S. District Court for the Northern District of Texas to the...more

Ballard Spahr LLP

Operational impacts of the new CFPB Credit Card Late Fee Rule

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On March 5, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final credit card late fee rule (the “Final Rule”), which, amongst other things, significantly reduces the late fee safe harbor cap for issuers...more

Troutman Pepper

Texas District Court Questions Venue in Credit Card Late Fee Rule Lawsuit

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As discussed here, earlier this month the Consumer Financial Protection Bureau (CFPB or Bureau) finalized its credit card late fee rule (Final Rule). The Final Rule sets a safe harbor amount for late fees at $8 and eliminates...more

Morrison & Foerster LLP

CFPB Issues Final Rule to Reduce Credit Card Late Payment Fees

On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) announced the issuance of its final rule to amend Regulation Z and further restrict credit card late payment fees (the “Final Rule”). With certain material...more

Troutman Pepper

The War on Fees Intensifies: Presidential Strike Force and Industry’s Legal Counterattack

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As discussed here, earlier last week the Consumer Financial Protection Bureau (CFPB or Bureau) finalized its credit card late fee rule (Final Rule). The Final Rule sets a safe harbor amount for late fees at $8 and eliminates...more

Troutman Pepper

CFPB Issues Final Credit Card Late Fee Rule

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We discussed the Consumer Financial Protection Bureau’s (CFPB or Bureau) credit card late fee proposed rule here 13 months ago, and today, the Bureau announced that it has finalized the rule (Final Rule) setting a safe harbor...more

Troutman Pepper

Undated Model Debt Violation Notice Does Not Violate the FDCPA

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Last week, a district court in Nevada held that an undated, model form debt validation notice does not violate the Fair Debt Collection Practices Act (FDCPA). In Bergida v. PlusFour, Inc., the defendant sent a debt validation...more

Alston & Bird

Structured Finance Spectrum - Summer 2023

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Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features smooth sailing through safe harbors, the English Court doing the cross-class...more

Katten Muchin Rosenman LLP

Sweeping SEC Proposals Raise Significant Concerns for SPAC Market

On March 30, the SEC released comprehensive proposals for rule changes that would materially expand the liability regime for SPAC transactions, including by limiting the availability of a commonly used safe harbor for...more

Morgan Lewis - All Things FinReg

CFPB Proposes Delay of Mandatory Compliance Date for General Qualified Mortgage Rule

We previously reported on recent mortgage rulemakings that were finalized by the Consumer Financial Protection Bureau (CFPB or Bureau) late last year. Of the two final rules from the Bureau, one drastically simplifies the...more

Goodwin

CFPB Affirms Regulation Z Does Not Apply To Non-Recourse Earned Wage Access

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Recently, the Consumer Financial Protection Bureau (CFPB) issued an order accepting into the CFPB’s compliance assistance sandbox an earned wage access (EWA) program where participating employees are not obligated to repay...more

Troutman Pepper

Colorado Attorney General Announces Landmark Settlement in True Lender Litigation Actions

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In January 2017, the Attorney General of Colorado filed two lawsuits against Marlette Funding LLC and Avant of Colorado LLC. Among other things, the lawsuits claimed that these two companies, as the online platforms for loans...more

Ballard Spahr LLP

Colorado Settlement Provides a Possible Path Forward for Certain Bank-Fintech Online Lending Partnerships

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We have previously blogged about the lawsuits filed by the Colorado Attorney General against fintechs Avant and Marlette Funding and their partner banks WebBank and Cross River Bank. These lawsuits challenged on Madden and...more

Cozen O'Connor

EU Kills Privacy Shield | Honesty In Telecom Advertising | Big False Claims Act Settlements

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2020 AG Elections- Indiana GOP Chooses AG Candidate for 2020; Virginia Looks Ahead to 2021- •Todd Rokita, former Indiana Secretary of State and U.S. Congressman, has won the Republican nomination for Indiana AG over...more

Ballard Spahr LLP

Department of Defense Reverts to Prior Position on MLA Interpretive Rule Q&A #2 Regarding Motor Vehicle and Personal Property...

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In a new interpretive rule published on February 28, 2020, the Department of Defense (DoD) has announced that it is withdrawing guidance previously issued in its December 14, 2017 Interpretive Rule, Q&A #2, governing motor...more

Mayer Brown

FDIC Adopts Changes to Securitization Safe Harbor Rule

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Since its adoption in 2010, the Federal Deposit Insurance Corporation’s (the “FDIC”) securitization safe harbor rule, 12 C.F.R. § 360.6 (the “Rule”), which relates to the treatment of financial assets transferred in...more

Smith Debnam Narron Drake Saintsing & Myers,...

Bureau Sheds Light on its Abusive Acts or Practices Standard in New Statement of Policy

The CFPB has issued a Statement of Policy which seeks to “convey and foster greater certainty above the meaning of abusiveness” and provide a framework for its exercise of supervisory and enforcement authority as to abusive...more

Jones Day

Bill Preparing for a "Hard" Brexit Presented in French Parliament

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The Situation: The French government has presented a new bill in order to prepare for a "Hard" Brexit scenario. The Result: If the United Kingdom leaves the European Union in March 2019 without an overall deal—or with a...more

Smith Debnam Narron Drake Saintsing & Myers,...

Consumer Financial Services Spring 2018 Update

District Court Takes Expansive View of Deceptive or Misleading Practices under FDCPA - The FDCPA prohibits a debt collector from using "any false, deceptive, or misleading representation" in connection with the collection...more

Carlton Fields

Expect Focus - International - March 2018

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Trends Against BITS and Investor State Dispute Resolution - In my first Expect Focus International article (http://bit.ly/2G9Demu), I suggested that investors doing business outside the United States should do so in...more

Balch & Bingham LLP

That’s No Autodialer: D.C. Circuit Unwinds 2015 FCC TCPA Ruling

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This article addresses the Court’s reversal of over a decade of confusion regarding autodialers. The TCPA defines an autodialer (automatic telephone dialing system, or ATDS) as “equipment which has the capacity (a) to store...more

Balch & Bingham LLP

Revoking Contractual Consent is Different: D.C. Circuit Unwinds 2015 FCC TCPA Ruling

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Here, we address one significant component of the decision: the D.C. Circuit’s confirmation that consumers may revoke consent to call by any reasonable means but with the qualification that parties may be able to contract...more

Balch & Bingham LLP

No Safe Harbor for Reassigned Numbers: D.C. Circuit Unwinds 2015 FCC TCPA Ruling

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Here, we examine the D.C. Circuit’s reversal of not simply the one-call safe harbor for reassigned numbers imposed by the FCC’s 2015 TCPA ruling but also the Commission’s treatment of reassigned numbers as a whole. ...more

Balch & Bingham LLP

D.C. Circuit Unwinds 2015 FCC TCPA Ruling: An Overview

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In a watershed case, the United States Court of Appeals for the District of Columbia Circuit (D.C. Circuit) unwound key components of the controversial 2015 ruling by the Federal Communications Commission (FCC or Commission)...more

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