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
Some dollar store chains and other retailers now are charging consumers for obtaining cash back on debt or prepaid card purchases—transactions that generally have been free in the past–the CFPB reported....more
On July 30, 2024, the Federal Deposit Insurance Corporation (“FDIC”) Board of Directors approved a final rule that updates the FDIC’s regulations concerning Section 19 of the Federal Deposit Insurance Act, 12 U.S.C.§ 1829...more
Tuesday, the League of Southeastern Credit Unions (LSCU) and the Virginia Credit Union League (VCUL) announced plans to merge, marking the first state league consolidation since 2022. According to the leagues’ combined...more
The U.S. Drug Enforcement Agency’s proposal to reschedule cannabis from a Schedule I to a Schedule III drug under the Controlled Substances Act (CSA) has generated considerable buzz across business sectors, including for the...more
August 13, 2024 - The Federal Reserve Bank of New York published a Liberty Street Economics blog post entitled, “When Are Central Bank Reserves Ample?” August 13, 2024 - The Federal Deposit Insurance Corporation...more
Recently, the U.S. Court of Appeals for the Sixth Circuit entered an opinion affirming a district court’s dismissal of a credit union’s lawsuit against a cellphone carrier. In this case, the plaintiff’s customers who were...more
As discussed here, on June 28, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposed significant amendments to the anti-money laundering and countering the financing of terrorism...more
The North Carolina Supreme Court on Thursday, May 23 held that a credit union’s unilateral update to add an arbitration provision and class action waiver to its contract with one of its customers was valid under North...more
On May 6, the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and Federal Housing Finance Agency (FHFA) issued a notice of proposed rulemaking and request for public comment to...more
There has been a great deal of press about the Federal Trade Commission’s (FTC) vote to ban employee non-competition provisions and policies. While the FTC describes the rule as a comprehensive ban, it acknowledges that the...more
On February 20, 2024, California Attorney General Rob Bonta issued a letter warning California-chartered banks and credit unions with assets under $10 billion that charging surprise overdraft fees and returned deposited item...more
At the end of March, components of the US Federal Reserve System (“FRS” or the “Fed”) prevailed in two lawsuits brought by depository institutions seeking master accounts.1 These decisions have significant implications for...more
As we previously reported, on March 25, 2024, three consumer financial services industry trade groups filed a lawsuit in federal district court in Colorado challenging legislation recently adopted to opt out of rate...more
On March 25, 2024, three consumer financial services industry trade groups filed a lawsuit asking the federal district court in Colorado to strike down recent Colorado legislation purporting to opt out of a federal law that...more
In 1980, Congress passed Public Law 96-221, called the Depository Institutions Deregulation and Monetary Control Act (“DIDMCA”), which, in part, allowed federally insured state banks, state credit unions, and state savings...more
This past week, Indiana Governor Eric Holcomb signed H.B. 1284 and S.B. 188 into law, each of which will become effective on July 1, 2024. H.B. 1284 was authored in response to the recent Indiana Supreme Court holding in...more
Historically, the banking and finance industry has operated without much union interference. However, under the current guidance of Jennifer Abruzzo, General Counsel of the National Labor Relations Board (“Board”), the tides...more
On February 22, 2024, California Attorney General Rob Bonta issued letters (the “AG Letter”) to California’s 197 state-chartered banks and credit unions warning that overdraft and returned deposited item fees may violate...more
Recently, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its first report on the results of its updated Terms of Credit Card Plans survey. The report found that for the first half of 2023, small banks and...more
On February 6, 2024, National Credit Union Administration (NCUA) Chairman Todd M. Harper spoke at a Brookings Institution event to outline his regulatory agenda and supervisory priorities for 2024. His prepared remarks...more
Credit unions have been a crucial component of the American financial services ecosystem for over a century. Rodney Hood – former Chair of the National Credit Union Administration (NCUA) – joins RegFi co-hosts Jerry Buckley...more
In an October 2023 advisory opinion, the Consumer Financial Protection Bureau (CFPB) put large banks and credit unions on notice that the use of chatbots and other technologies could increase the risk of violating federal law...more
On January 23, the Chairman of the National Credit Union Administration (NCUA) released a letter outlining its supervisory priorities for the new year. While the organization acknowledged that the credit union system had...more
The last two years have seen a significant uptick in the number of transactions involving credit union acquisitions of banks with 26 deals announced and two transactions already announced in 2024. Yet, the law around these...more
Over the last several years credit unions have sought to raise funds in the capital markets by issuing their Share Certificates through brokers or other intermediaries. Credit union shares have many of the same attributes of...more