Deposit Account Litigation: Highlights From 2024 and What to Expect in 2025 — The Consumer Finance Podcast
Consumer Finance Monitor Podcast Episode: Understanding the Credit Card Competition Act a/k/a Durbin 2.0
Consumer Protection and Safety and Soundness Perspective of Credit Union Regulation - The Consumer Finance Podcast
By an exemption order dated June 27, 2025, federal prudential regulators have given banks and credit unions some welcomed flexibility when collecting an individual’s or entity’s taxpayer identification number (TIN) during...more
The Prudential Regulation Authority (PRA) has published consultation paper CP13/25 proposing amendments to the credit union investment rules to permit investments in credit union service organisations (CUSOs). The proposals...more
Earlier this year, North Dakota’s Governor signed HB 1127, which introduces new compliance obligations for financial corporations operating in North Dakota. This new law will take effect on August 1, 2025....more
On June 27, the OCC, FDIC and NCUA, with the concurrence of FinCEN, granted an exemption allowing banks to use a third party source to obtain customer tax identification numbers (TIN) for customers before opening an account....more
On July 1, the CFPB terminated a consent order with a federal credit union by issuing an order terminating the consent order. The original consent order was issued on November 7, 2024, concerning alleged violations of...more
Banks and credit unions may now rely on third parties to provide a consumer’s Social Security or Taxpayer Identification Number, according to an order issued by the FDIC, OCC and the NCUA with the consent of the Financial...more
On June 13, the governor of Florida signed HB 1549 and approved amendments to the state’s financial institutions codes and money services business chapter. For financial services, the act (i) changes the due dates for...more
Mergers and acquisitions continue to be a critical strategy for banks aiming to bolster their market presence and operational efficiency. The United States has 4,500+ banks, 4,000+ credit unions, and a large number of...more
On June 10, the governor of Connecticut signed HB 7093, which amends the state’s credit union provisions. The legislation, effective July 1, (i) allows credit unions to extend credit with preferential rates or terms to...more
Georgia Gov. Brian Kemp recently signed legislation that will impact the banking and financial services industries in the state. It becomes effective July 1, 2025. The Georgia General Assembly adjourned the 2025 legislative...more
Effective May 1, 2025, the American Arbitration Association (“AAA”) amended its Consumer Arbitration Rules, including Rule 12 dealing with the registration of consumer arbitration clauses. The AAA stated that its goal was to...more
On May 21, the U.S. Court of Appeals for the Eleventh Circuit affirmed the lower court’s denial of the defendant’s motion to compel arbitration in a lawsuit against a credit union over alleged improper fees charged to the...more
On May 14, the Georgia General Assembly passed HB 15 revising various banking and finance provisions. The bill revises procedures for incorporators of credit unions. It also addressed licensure requirements for money...more
On March 10, 2025, a Minnesota state court judge granted in part and denied in part a credit union’s motion for summary judgment—and granted the defendants’ motion for leave to assert counterclaims against the credit union—in...more
Financial institutions that use code-based tracking technologies may soon find themselves facing increased scrutiny and legal exposure as the next wave of class action litigation begins. On December 19, 2024, a member of...more
On April 30, the CFPB and two industry associations filed a joint motion with the U.S. District Court for the Eastern District of Texas requesting that the court vacate the Bureau’s medical debt rule. The associations,...more
After the first 100 days of President Donald Trump’s second term, few areas of government have avoided disruption or controversy, and the regulation of credit unions—normally a quiet corner within the federal bureaucracy—has...more
On March 26, 2025, the U.S. Court of Appeals for the Fourth Circuit issued an important decision addressing a depository institution’s liability for wire transfer losses resulting from a business email compromise scam....more
On April 22, the Fourth Circuit declined to reconsider a panel ruling that found a credit union could not be held liable for a scam in which fraudsters diverted over $560,000 from a metal fabricator through unauthorized ACH...more
On April 18, the NCUA confirmed that President Trump terminated the positions of two NCUA board members, Todd Harper and Tanya Otsuka, leaving the agency with a single board member: Chairman Kyle S. Hauptman. The NCUA assured...more
On March 26, the US Court of Appeals for the Fourth Circuit issued a decision that has important ramifications for banks and credit unions that process millions of Automated Clearing House (ACH) and Electronic Funds Transfer...more
On March 26, the U.S. Court of Appeals for the Fourth Circuit reversed and remanded a lower court’s decision in a case involving a fraudulent email scam that caused a financial loss of over $550,000. The plaintiff, a metal...more
Business email compromise (BEC) fraud, driven by technology and increasing sophistication by criminal organizations, has become a major issue for both consumers and financial institutions. According to a September 2024...more
On March 26, the U.S. Court of Appeals for the Fourth Circuit reversed a district court’s decision holding a credit union liable for a wire transfer in a business email compromise scam case where the credit union lacked...more
On March 17, a group of banking and credit union trade associations (the plaintiffs) filed a motion for summary judgment in the U.S. District Court for the Northern District of Illinois, arguing the Illinois Interchange Fee...more