As the Kansas City Chiefs were winning the big game, New York made a big change to its law governing credit card surcharges.
While definitions of the term may vary, a "surcharge" is generally understood to mean a higher...more
3/4/2024
/ Compliance ,
Consumer Financial Products ,
Credit Card Surcharges ,
Credit Cards ,
Enforcement Authority ,
First Amendment ,
Merchants ,
Municipalities ,
New Guidance ,
New Legislation ,
Statutory Violations ,
Surcharges ,
Truth in Lending Act (TILA)
In this article, we share a timeline of our monthly "bites" for 2023 applicable to payments, along with some additional related information....more
1/31/2024
/ Amicus Briefs ,
Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Wallets ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
Military Service Members ,
Mobile Payments ,
Money Transfer ,
OCC ,
Payment Systems ,
Prepaid Payment Products ,
Proposed Rules ,
Unemployment Benefits
In this article, we share a timeline of our monthly "bites" for 2023 applicable to student lending along with some information related to financial products and services offered to students....more
1/26/2024
/ Annual Reports ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Relief ,
Debt-Relief Industry ,
Enforcement Actions ,
Federal Student Loans ,
Fees ,
Payment Plans ,
Settlement ,
Standard Form Contracts ,
Student Loans ,
Terms and Conditions ,
Tuition
Growing up in New England we both heard that there were three things you should never discuss in public. Politics and religion were two. The third could differ....more
4/5/2023
/ Advisory Opinions ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Collection ,
FDCPA ,
Federal Trade Commission (FTC) ,
Fees ,
Financial Services Industry ,
Policy Statement ,
Regulation F ,
Supervisory Guidance
[co-author: D. Patrick Yoest]
INTRODUCTION
This survey summarizes several recent developments affecting bank deposits and payment systems. These include payments-related consent orders and enforcement actions by the...more
Back in the 1980s, President Reagan popularized an English translation of the Russian proverb "Doveryai, no proveryai" - trust, but verify. Years later, former Secretary of State John Kerry put a more modern spin on things:...more
This survey summarizes several recent developments affecting bank deposits and payment systems. These include payments-related consent orders and enforcement actions by the Consumer Financial Protection Bureau (“CFPB”) and...more
5/14/2020
/ Bank Accounts ,
Bank Deposits ,
Banks ,
Civil Monetary Penalty ,
Compensatory Damages ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
EFTA ,
Enforcement Actions ,
Expedited Funds Availability Act (EFAA) ,
Federal Trade Commission (FTC) ,
Final Rules ,
Fraud ,
FTC Act ,
Inflation Adjustments ,
Negligence ,
OCC ,
Overdraft Fees ,
Payment Processors ,
Payment Systems ,
Permanent Injunctions ,
Regulation CC ,
Regulation E ,
Settlement ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices ,
Usury
The New York Department of Financial Services ("DFS") has finalized the last piece of the Empire State's student loan servicer puzzle. On October 1st, the DFS issued a Student Loan Servicers Regulation (the "Regulation") that...more
12/27/2019
/ Debt Collection ,
Federal Student Loans ,
Higher Education Act ,
Loan Servicer ,
New Regulations ,
NYDFS ,
Private Student Loans ,
Regulation Z ,
State Regulators ,
Student Loan Servicers Regulation ,
Student Loans
The May 2019 issue of Insights provided high-level background information about the recent trend of state legislation targeting student loan servicers. In the June 2019 issue of Insights, we took a deeper dive into New York's...more
9/3/2019
/ Borrowers ,
Duties & Responsibilities ,
Licensing Rules ,
Loan Servicer ,
New Legislation ,
Ombudsman ,
Payment Bonds ,
Payment Terms ,
Pending Legislation ,
Policies and Procedures ,
Registration Requirement ,
State Legislatures ,
Student Loans ,
Students
The May 2019 issue of Insights provided high-level background information about the recent trend of state legislation targeting student loan servicers. In the June 2019 issue of Insights, we took a deeper dive into New York's...more
The May 2019 issue of Insights included discussion of a growing trend to regulate student loan servicers. Currently, there are a handful of states that impose requirements specifically on such parties. However, the ranks of...more
This survey summarizes several recent developments affecting bank deposits and payment systems. The U.S. department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued new guidance concerning the customer...more
6/10/2019
/ ACH Payments ,
Amended Complaints ,
Amended Rules ,
American Bar Association (ABA) ,
ATMs ,
Bank Deposits ,
Banks ,
Beneficial Owner ,
Blockchain ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Controlling Person ,
Cryptocurrency ,
Customer Due Diligence (CDD) ,
Debit Cards ,
Enforcement Actions ,
Exclusions ,
Failure To Disclose ,
Federal Trade Commission (FTC) ,
FFIEC ,
Financial Institutions ,
Financial Regulatory Agencies ,
FinCEN ,
FRB ,
Indemnity ,
LendingClub ,
Licensing Rules ,
NMLS ,
Payment Systems ,
PayPal ,
Popular ,
Restitution ,
Unauthorized Transactions ,
Unfair or Deceptive Trade Practices ,
Uniform Commercial Code (UCC) ,
Virtual Currency
States around the country continue to consider and enact laws and regulations to regulate student loan servicers and provide protections to student loan borrowers. Several states and the District of Columbia currently have...more