The Federal Deposit Insurance Corporation has announced that it is launching a new Banker Engagement Site (BES) this month through FDICconnect to serve as the primary tool for exchanging examination planning and other...more
9/8/2023
/ Banking Examinations ,
Banks ,
Community Development ,
Community Reinvestment Act ,
Document Requests ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Portal
We first look at what generative AI is and how it differs from other types of AI and technology such as machine learning. We then look at the ways in which banks and fintech companies can deploy AI tools and the business use...more
Recently, we published a blog post in which I urged the CFPB to agree to extend the relief granted by the Texas federal district court in the lawsuit challenging the CFPB’s final small business lending rule (Rule) to all...more
The CFPB has released its Spring 2023 rulemaking agenda as part of the Spring 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions. The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates...more
6/15/2023
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Insufficient Funds ,
Overdraft Fees ,
Regulation Z ,
Rulemaking Process
The current session of the New York legislature adjourned on June 10, 2023 without any action on two bills (A. 7138 and S. 795) that would make sweeping changes to the provisions of the state’s general business law (Section...more
Two companion bills titled the “Consumer and Small Business Protection Act” have been introduced in the New York legislature would make sweeping changes to the provisions of the state’s general business law (Section 349)...more
Joined by two experts on the BNPL industry, we first review the types of BNPL products currently available, how they are accessed by consumers, how they generate revenue for industry participants, and potential consumer...more
The two lawsuits filed in federal district court in California by state attorneys general challenging the OCC and FDIC “Madden fix” final rules will both be heard by Judge Jeffrey S. White. Judge White was appointed to the...more
Ballard Spahr LLP has submitted a comment letter to the OCC in support of its proposed rule, “National Banks and Federal Savings Associations as Lenders” (the “Proposed Rule”)....more
The CFPB has announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records. The announcement was made concurrently with the Bureau’s...more
Less than two months after issuing its final “Madden fix” rule, the OCC has now issued a proposed rule to address when a national bank or federal savings association should be considered the “true lender” in the context of a...more
7/22/2020
/ Consumer Financial Products ,
Financial Regulatory Reform ,
Financial Services Industry ,
HOLA ,
Interest Rates ,
Madden v Midland Funding ,
National Bank Act ,
Non-Bank Lenders ,
OCC ,
Rulemaking Process ,
True Lender
On January 31, 2020, by a vote of 65 to 33, the Virginia House of Delegates passed a bill that would establish a 36% rate cap on certain consumer loans. Since Democrats also hold a majority in the Virginia Senate, the Senate...more
2/14/2020
/ Annual Percentage Rate (APR) ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Protection Laws ,
Financial Regulatory Reform ,
Financial Services Industry ,
High-Interest Loans ,
Interest Rate Caps ,
Interest Rates ,
Payday Loans ,
Regulatory Standards ,
Short-Term Loans ,
State and Local Government ,
Title Loans
PLI’s 25th Annual Consumer Financial Services Institute will take place on March 23-24, 2020, in New York City (and by live webcast and groupcast in Philadelphia, Pittsburgh, and Mechanicsburg, Pennsylvania, and New...more
2/4/2020
/ Artificial Intelligence ,
Banks ,
Blockchain ,
Class Action ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Deregulation ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Innovative Technology ,
Madden v Midland Funding ,
OCC ,
Regulatory Standards ,
TCPA ,
True Lender ,
UDAP
The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator. Both governors have framed their proposals as a response to what they...more
1/13/2020
/ Abusive Acts ,
Administrative Authority ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Discriminatory Lending Practices ,
Elder Issues ,
Financial Literacy ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Innovative Technology ,
Legislative Agendas ,
Military Service Members ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Reform ,
Robocalling ,
State and Local Government ,
Students ,
Unfair or Deceptive Trade Practices
According to an NPR report published last week, a group of lawmakers consisting of three Democratic Senators, one Democratic House member, and one Republican House member is expected to introduce House and Senate versions of...more
The CFPB announced that it will establish a taskforce, the Taskforce on Federal Consumer Financial Law to examine ways to harmonize and modernize federal consumer financial laws.
...more
Last week, California Governor Newsom signed into law AB 539, which makes significant amendments to the California Financing Law (CFL), and SB 616, which creates a new exemption from levy for deposit account funds....more
The Senate Banking Committee will hold a hearing on October 27, 2019 entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress” at which the witness will be Director Kraninger. ...more
The Republican members of the House Financial Services Committee have sent a letter to Comptroller of the Currency Joseph Otting urging the OCC to make action to address the uncertainty created by Second Circuit’s Madden...more
9/24/2019
/ Debt Buyers ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Madden v Midland Funding ,
National Bank Act ,
OCC ,
Preemption ,
Regulatory Agenda ,
Rulemaking Process ,
Usury ,
Valid When Made Doctrine
The CFPB has announced a number of “enhancements” to its consumer complaint database. In March 2018, the CFPB issued a request for information seeking comment on potential changes to its practices for the public reporting of...more
The CFPB has filed an answer in the lawsuit filed in May 2019 in a California federal district court by the California Reinvestment Coalition, the National Association for Latino Community Asset Builders, and two individual...more
7/25/2019
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Data Management ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
Minority-Owned Businesses ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
Women-Owned Businesses
Two bills relevant to consumer finance have been passed by the New York Assembly and Senate and are awaiting Governor Cuomo’s signature.
The first bill, S3704, would amend New York’s plain language requirement to extend...more
24 state attorneys general, the D.C. attorney general, and the Executive Director of the Hawaii Office of Consumer Protection have sent a joint comment letter to the CFPB urging it not to make any changes to the Regulation E...more
7/12/2019
/ ATMs ,
Consumer Financial Protection Bureau (CFPB) ,
Debit and Credit Card Transactions ,
Debit Cards ,
Deregulation ,
EFTA ,
Financial Institutions ,
Financial Regulatory Reform ,
Opt-In ,
Overdraft Fees ,
Overdraft Rule ,
Regulation E ,
Regulatory Agenda ,
Regulatory Requirements ,
Rulemaking Process ,
State Attorneys General
At the American Law Institute’s annual meeting next Tuesday in Washington, D.C., members will be voting on whether to approve a Tentative Draft of the Restatement of the Law, Consumer Contracts (the “Restatement”). ...more
The CFPB is proposing significant revisions to its “Policy to Encourage Trial Disclosure Programs” (TDP Policy), which sets forth the Bureau’s standards and procedures for exempting individual companies, on a case-by-case...more
9/14/2018
/ Banking Sector ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Disclosure Requirements ,
Dodd-Frank ,
Exemptions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Sandbox ,
Trial Disclosure Programs