As discussed here, last week the U.S. Supreme Court issued its long-awaited decision in Community Financial Services Association of America, Limited (CFSA) v. Consumer Financial Protection Bureau (CFPB or Bureau) holding that...more
5/20/2024
/ Banks ,
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 ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
SCOTUS ,
Section 1071
Monday, three trade organizations filed a complaint in Colorado federal court challenging H.B. 1229, Colorado’s effort to limit interest charges by out-of-state financial institutions, which is set to take effect on July 1,...more
In a recent speech at the Financial Data Exchange Global Summit, Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB), discussed the current state of open banking in the United States and emphasized the...more
3/19/2024
/ Anti-Competitive ,
Banks ,
CFPB Director ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Open Banking ,
Proposed Rules ,
Standard Setting Organizations
On March 1, Senate Bill (SB) 335 was introduced, which, if passed, would impose certain requirements on “commercial financing transactions.” Recently, multiple states have enacted disclosure regulations for commercial...more
3/11/2024
/ Banks ,
Brokers ,
Consumer Financial Products ,
Disclosure Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
Legislative Agendas ,
Proposed Legislation ,
Regulatory Requirements ,
State and Local Government
Recently, Lead Bank and its loan servicer Hyphen, LLC, an online lending platform operating Helix Financial, filed a motion to dismiss a purported class action alleging violations of the Georgia Installment Loan Act (GILA)...more
2/7/2024
/ Annual Percentage Rate (APR) ,
Banks ,
Class Action ,
Consumer Financial Products ,
Financial Services Industry ,
Installment Agreements ,
Loan Agreements ,
Loan Servicer ,
Motion to Dismiss ,
Payday Loans ,
RICO ,
Statutory Violations
We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more
2/1/2024
/ Automotive Loans ,
Banks ,
Class Action ,
Consumer Bankruptcy ,
Consumer Financial Products ,
Debt Collection ,
Digital Assets ,
Fair Lending ,
Financial Services Industry ,
FinTech ,
Mortgages ,
Student Loans ,
Tribal Loans ,
Uniform Commercial Code (UCC)
On October 16, the Federal Reserve Board (Fed) published a notice of an Open Board Meeting to take place on October 25. The only matter under consideration at that meeting will be the Fed’s proposed revisions to the debit...more
10/20/2023
/ Administrative Procedure Act ,
Banks ,
Certiorari ,
Corner Post Inc v Board of Governors of the Federal Reserve System ,
Debit Cards ,
Dodd-Frank ,
Durbin Amendment Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interchange Fees ,
Public Comment ,
Statute of Limitations
On June 28, Connecticut Governor Ned Lamont signed into law Senate Bill 1032 entitled An Act Requiring Certain Financing Disclosures, which requires certain providers of commercial financing to make various disclosures and...more
7/10/2023
/ Banks ,
Connecticut ,
Consumer Financial Products ,
Disclosure Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
Financing ,
New Legislation ,
Regulatory Requirements
On December 10, 2023, New York General Business Law § 520-e requiring a grace period for the use of credit card rewards points will go into effect. Specifically, the legislation provides that if any credit card rewards...more
As we previously reported on the blog, the Consumer Financial Protection Bureau (CFPB) recently published a proposed rule that would dramatically cut the safe harbor for credit card late fees. In his State of the Union...more
Please join Troutman Pepper Partner Chris Willis and his colleagues Associates Caleb Rosenberg and Josh McBeain as they discuss commercial financing regulatory developments, specifically what is happening in both legislatures...more