This week, the Texas federal district court hearing the industry lawsuit challenging the CFPB’s final credit card late fee rule (Rule) issued the following unusual order...more
5/14/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
SCOTUS ,
Truth in Lending Act (TILA)
On February 27, 2024, the U.S. Supreme Court heard oral argument in Cantero v. Bank of America, N.A., a case involving the effect of the Dodd-Frank Act on the scope of preemption under the National Bank Act (NBA). The...more
On April 26, 2024, Plaintiffs filed their response to the CFPB’s Petition for a Panel Rehearing with the Fifth Circuit in the lawsuit challenging the CFPB’s credit card penalty fees rule (Rule). On the same date, the...more
4/30/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
SCOTUS ,
Truth in Lending Act (TILA)
The CFPB (or “Bureau”) filed a cross-motion for summary judgment in the lawsuit regarding the small business lending data collection and reporting rule, also known as the 1071 rule based on the Dodd-Frank section that...more
4/29/2024
/ Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Data Collection ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Motion for Summary Judgment ,
SCOTUS ,
Section 1071 ,
Small Business
Our special guest is Jeff Sovern, Professor at the University of Maryland Francis King Carey School of Law. In March 2022, the CFPB announced that it had revised its exam manual to instruct its examiners to apply the...more
Just two days after the CFPB issued its final credit card late fee rule (Rule) last week, a lawsuit was filed in a Texas federal district court seeking to invalidate the Rule. The plaintiffs in the lawsuit are the Chamber of...more
3/14/2024
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Credit Cards ,
Dodd-Frank ,
Final Rules ,
Financial Services Industry ,
Late Fees ,
Oral Argument ,
Preliminary Injunctions ,
Safe Harbors ,
SCOTUS ,
Truth in Lending Act (TILA)
On January 17, 2024, the U.S. Supreme Court heard oral argument in two cases in which the question presented is whether the Court should overrule its 1984 decision in Chevron, U.S.A., Inc. v. Nat. Res. Def. Council, Inc. That...more
On February 27, 2024, the U.S. Supreme Court heard oral argument in Cantero v. Bank of America, N.A., a case involving the effect of the Dodd-Frank Act on the scope of preemption under the National Bank Act (NBA). The...more
3/5/2024
/ Bank of America ,
Cantero v Bank of America NA ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
Interest Rates ,
Mortgages ,
National Bank Act ,
Oral Argument ,
Preemption ,
SCOTUS
The oral argument in Cantero v. Bank of America, N.A. will be heard on Tuesday, February 27 before the US Supreme Court. The Court recently granted the unopposed motion of the Solicitor General to participate in the oral...more
2/27/2024
/ Bank of America ,
Banks ,
Cantero v Bank of America NA ,
Dodd-Frank ,
Federal v State Law Application ,
Financial Services Industry ,
Interest Rates ,
Mortgage Escrow Account ,
National Bank Act ,
OCC ,
Oral Argument ,
Preemption ,
SCOTUS ,
Solicitor General ,
Statutory Violations
The scope of national bank preemption is currently before the U.S. Supreme Court in Cantero v. Bank of America, N.A. A New York statute requires the payment of interest on mortgage escrow accounts and the question before the...more
2/1/2024
/ Amicus Briefs ,
Bank of America ,
Cantero v Bank of America NA ,
Comptroller ,
Department of Justice (DOJ) ,
Escrow Accounts ,
Mortgages ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS
Bank of America, N.A. has filed its merits brief in Cantero v. Bank of America, N.A., the case currently before the U.S. Supreme Court dealing with the scope of national bank preemption. The petitioners must file their reply...more
1/29/2024
/ Amicus Briefs ,
Bank of America ,
Cantero v Bank of America NA ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
Mortgages ,
National Bank Act ,
OCC ,
Oral Argument ,
Preemption ,
SCOTUS
On January 17, 2024, the U.S. Supreme Court heard oral argument in the two cases in which the question presented is whether the Court should overrule its 1984 decision in Chevron, U.S.A., Inc. v. Nat. Res. Def. Council, Inc. ...more
1/23/2024
/ Administrative Procedure Act ,
Article III ,
Chevron Deference ,
Chevron v NRDC ,
Financial Services Industry ,
Loper Bright Enterprises v Raimondo ,
Magnuson-Stevens Act (MSA) ,
National Marine Fisheries Service ,
Oral Argument ,
Regulatory Requirements ,
Relentless Inc v US Department of Commerce ,
SCOTUS ,
Standing ,
Statutory Interpretation ,
Vessels
On February 27, 2024, the U.S. Supreme Court will hear oral argument in Cantero v. Bank of America, N.A., a case involving the scope of preemption under the National Bank Act (NBA). The question before the Court is whether...more
1/18/2024
/ Banks ,
Cantero v Bank of America NA ,
Consumer Financial Products ,
Financial Services Industry ,
Mortgage Escrow Account ,
Mortgages ,
National Bank Act ,
OCC ,
Oral Argument ,
Preemption ,
SCOTUS ,
State Attorneys General
This special podcast episode, hosted by Senior Counsel and former Consumer Financial Services Practice Leader Alan Kaplinsky, sets the stage for the upcoming oral argument in the two U.S. Supreme Court cases where the fate of...more
This New Year is setting up to be a momentous one for the consumer financial services industry in the United States Supreme Court. In 2024, the Supreme Court is expected to decide four impactful cases that may hold that the...more
1/3/2024
/ Amicus Briefs ,
Chevron Deference ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Department of Justice (DOJ) ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
National Bank Act ,
OCC ,
Oral Argument ,
Regulatory Agencies ,
Regulatory Authority ,
SCOTUS
The scope of national bank preemption is currently before the U.S. Supreme Court in Cantero v. Bank of America, N.A. A New York statute requires the payment of interest on mortgage escrow accounts and the question before the...more
12/29/2023
/ Amicus Briefs ,
Bank of America ,
Cantero v Bank of America NA ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Financial Services Industry ,
Mortgages ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS
Providers of consumer financial services that rely on federal preemption to charge customers uniform interest rates and fees on a nationwide basis are currently facing a series of legislative and litigation challenges. In...more
12/21/2023
/ Banking Sector ,
Certiorari ,
Chevron Deference ,
Dodd-Frank ,
FDIC ,
Financial Services Industry ,
Interest Rates ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS ,
State Banks ,
True Lender
Last week, by a vote of 221-202, the House of Representatives voted to approve S.J. 32, the resolution introduced under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071...more
12/6/2023
/ Administrative Procedure Act ,
Biden Administration ,
Congressional Review Act ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Payday Lending Rule ,
Presidential Veto ,
Regulatory Requirements ,
SCOTUS ,
Section 1071 ,
Small Business ,
Small Business Loans
The U.S. Supreme Court has scheduled oral argument for January 17, 2024 in the two cases in which the question presented is whether the Court should overrule its 1984 decision in Chevron, U.S.A., Inc. v. Nat. Res. Def....more
11/29/2023
/ Administrative Procedure Act ,
Article III ,
Certiorari ,
Chevron Deference ,
Chevron v NRDC ,
Fifth Amendment ,
Financial Services Industry ,
Loper Bright Enterprises v Raimondo ,
Magnuson-Stevens Act (MSA) ,
National Marine Fisheries Service ,
Oral Argument ,
Regulatory Requirements ,
Relentless Inc v US Department of Commerce ,
SCOTUS ,
Vessels
Earlier this month, the CFPB filed a notice with the Texas federal district court that it is appealing to the Fifth Circuit the district court’s order granting summary judgment to a group of trade associations in their...more
11/21/2023
/ Appeals ,
Banking Examinations ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Federal Funding ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
SCOTUS ,
Summary Judgment ,
Trade Associations ,
UDAAP
A Nevada federal district court has stayed an action filed by the CFPB to enforce a civil investigative demand (CID) issued to a small-dollar lender pending the U.S. Supreme Court’s decision in Community Financial Services...more
11/14/2023
/ Administrative Proceedings ,
Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Federal Funding ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Agencies ,
SCOTUS ,
Small Dollar Lenders ,
Stays
On November 29, 2023, the U.S. Supreme Court will hear oral argument in Jarkesy v. Securities and Exchange Commission, a case in which the respondents are challenging the constitutionality of the SEC’s use of administrative...more
11/7/2023
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Amicus Briefs ,
Article II ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Trade Commission (FTC) ,
Oral Argument ,
Regulatory Authority ,
SCOTUS ,
SEC v Jarkesy ,
Securities and Exchange Commission (SEC) ,
Securities Fraud ,
Seventh Amendment
On October 3, 2023, the U.S. Supreme Court held oral argument in CFSA v. CFPB, a case with profound potential implications for the future of the CFPB. The Court will rule on whether the CFPB’s funding mechanism violates the...more
The Texas federal district court hearing the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule) has issued an order that preliminarily enjoins the CFPB from...more
10/31/2023
/ Administrative Procedure Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Dodd-Frank ,
Federal Funding ,
Financial Institutions ,
Financial Services Industry ,
Preliminary Injunctions ,
SCOTUS ,
Section 1071 ,
Small Business ,
Small Business Loans
Last month, I moderated a live and virtual program at the American Bar Association Business Law Section 2023 Fall Meeting in Chicago. The program was entitled: “U.S. Supreme Court to Revisit Chevron Deference: What the...more