The annual September 30 deadline for submitting the Annual Report of Blocked Property (ARBP) to the U.S. Department of Treasury Office of Foreign Assets Control (OFAC) is fast approaching. Under federal regulations, "all U.S....more
The series of antitrust class action lawsuits first brought by U.S. merchants against Visa and Mastercard in 2006 continued its winding path toward closure as the parties announced in March 2024 that they had reached a...more
On October 25, for the sixth time since its inception, the Consumer Financial Protection Bureau ("CFPB" or "Bureau") released its biennial report ("Report") evaluating the state of the consumer credit card market. The Credit...more
11/6/2023
/ CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Debit and Credit Card Transactions ,
Debt Collection ,
Enforcement ,
Fair Credit Reporting Act (FCRA) ,
Installment Agreements ,
Interest Rates ,
Late Fees ,
Open Banking ,
Repayment Options ,
Truth in Lending Act (TILA)
Takeaways from the CFPB's proposal, which addresses the Bureau's FCRA concerns – from brokers to data security to targeted marketing -
The Consumer Financial Protection Bureau (CFPB) recently took its first step in making...more
The annual Sept. 30 deadline for submitting the Annual Report of Blocked Property (ARBP) to the U.S. Department of Treasury Office of Foreign Assets Control (OFAC) is approaching once again. Under federal regulations, all...more
The Consumer Financial Protection Bureau (CFPB or Bureau), under Director Chopra, is moving toward placing new restrictions on fees for the late payment of credit card debts. The proposed rulemaking represents a continuation...more
Financial institutions' longstanding practice of charging fees to consumers for the late payment of credit card debts is under scrutiny from the Consumer Financial Protection Bureau (CFPB) and its Director, Rohit Chopra....more
On September 29, 2021, the Consumer Financial Protection Bureau (CFPB) released its fifth biennial report (Report) evaluating the state of the consumer credit card market. In addition to addressing impacts to the credit card...more
Last month, the Consumer Financial Protection Bureau (CFPB) issued a long-anticipated proposed rule (published in the Federal Register on October 8, 2021) requiring regulated financial institutions to collect and report small...more
The annual September 30 deadline for submitting the Annual Report of Blocked Property (ARBP) to the U.S. Department of Treasury Office of Foreign Assets Control (OFAC) is approaching once again. Under federal regulations, all...more
With a new administration incoming at the Consumer Financial Protection Bureau (CFPB) and the country turning the corner in its fight against the pandemic, the CFPB has begun to flex its regulatory muscles once again. From...more
Though the January 1, 2021, effective date of the California Consumer Financial Protection Law (CCFPL) has now passed, financial institutions continue to work through the intricacies of the expansive new regulations. As we...more
As COVID-19 continues to impact personal finances in the United States, the Consumer Financial Protection Bureau (CFPB) has ramped up enforcement actions intended to safeguard a set of borrowers not protected by the CARES...more
The September 30 deadline is fast approaching for submitting the Annual Report of Blocked Property (ARBP) to the U.S. Department of Treasury Office of Foreign Assets Control (OFAC). ...more
On May 22, 2020, the Consumer Financial Protection Bureau (CFPB) introduced two new No-Action Letter (NAL) "templates," described as part of the Bureau's ongoing efforts to both spur the introduction of new personal finance...more
The U.S. government – through the CARES Act and the actions of myriad federal agencies including the Federal Reserve, FDIC, and CFPB – has acted to provide relief to credit card consumers affected by COVID-19. Credit card...more
Update March 31: The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which was signed into law on March 27, 2020, includes a section enacting an amendment to the Fair Credit Reporting Act (FCRA) requiring...more
While many financial institutions have taken steps to provide far-reaching financial relief to consumers impacted by the COVID-19 pandemic, not all consumers will get such relief. ...more
For the past few weeks, federal administrative, legislative, and regulatory bodies have been pushing financial institutions to offer far-reaching relief programs for consumers impacted by COVID-19 and governmental action...more
Governor Andrew Cuomo's 2020 agenda includes a series of consumer protection items designed to enhance the authority of the New York Department of Financial Services (NYDFS) to oversee broad swaths of licensed and unlicensed...more
Prior to 2019, just one state – Massachusetts – had legislation on its books mandating that retailers accept cash payments. Since February 2019, four major jurisdictions have passed such legislation....more
The concept of open banking has been around for much of the 21st century and has been instrumental in creating a host of new banking services. ...more
The September 30 deadline is fast approaching for submitting the Annual Report of Blocked Property (ARBP) to the U.S. Department of Treasury Office of Foreign Assets Control (OFAC). ...more
With the Republican Party in control of the Senate and the White House, it is highly unlikely that financial regulations proposed by any Democrat will become law during the current administration....more
Over the past couple of years, consumers have seen a proliferation of installment payment plans to finance the purchase of goods and services. At a high level, these plans are designed to help consumers pay off large...more