News & Analysis as of

Disclosure Consumer Financial Products

White & Case LLP

Side Letters: Just Paper Tigers, Or Do They Roar?

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Side letters document bespoke arrangements between all or certain parties to a financing transaction and supplement the terms of the principal documents thereto. Becoming increasingly popular with stakeholders, and with the...more

Klein Moynihan Turco LLP

CFPB Releases Comparison Shopping Warning

On January 29, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a circular (the “Circular”) detailing what it considers deceptive financial services marketing practices under the Consumer Financial Protection...more

Perkins Coie

California DFPI Orders Consumer Financing Platform To Cease Hidden Junk Fees

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On January 9, the California Department of Financial Protection and Innovation (DFPI) issued an order against a consumer financing platform that enables merchants to offer installment contracts to their customers. The...more

Perkins Coie

N.Y. Governor Proposes Measures To Ensure Fairness in “Buy Now Pay Later” Services

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On January 2, New York Governor Kathy Hochul announced a proposal to establish regulations for the “Buy Now Pay Later” (BNPL) loan industry. Gov. Hochul announced that she will propose legislation to require BNPL providers...more

Sheppard Mullin Richter & Hampton LLP

FTC Settles with Cash-Advance Fintech for Alleged Deceptive and Discriminatory Practices

On January 23, the FTC entered into a settlement agreement with a cash-advance fintech app for $3 million over violations of the FTC Act, the Restore Online Shoppers’ Confidence Act (ROSCA), and ECOA....more

Spilman Thomas & Battle, PLLC

Plaintiffs Pursuing Increased Class Action Claims for Overdraft Fees and Charges Against Customers

With plaintiff attorneys seeing potential large dollar settlements and verdicts, along with increased regulatory scrutiny, banks need to review their overdraft practices. As noted by the American Bankers Association, banks...more

Orrick, Herrington & Sutcliffe LLP

DFPI modifies CCFPL proposal

On February 24, the California Department of Financial Protection and Innovation (DFPI) released modifications to proposed regulations for implementing and interpreting certain sections of the California Consumer Financial...more

Orrick, Herrington & Sutcliffe LLP

California: TILA does not preempt state laws on commercial financial disclosure

On January 20, California Attorney General Rob Bonta sent a comment letter to CFPB Director Rohit Chopra in response to a preliminary determination issued by the Bureau in December, which concluded that commercial financial...more

Ballard Spahr LLP

IRS Issues Clarification Regarding Taxpayer First Act Disclosure of Information Provision

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The Taxpayer First Act adopted in the summer of 2019 includes the following provision that has an effective date of December 28, 2019...more

Ballard Spahr LLP

CFPB’s Ombudsman’s Office issues fifth annual report

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The CFPB’s Ombudsman’s Office has issued its fifth annual report covering the Office’s activities during fiscal year 2016 (October 1, 2015 through September 30, 2016).  The role of the Ombudsman’s Office is to assist in the...more

Ballard Spahr LLP

Disclosure Confusion in the Online Lead Generation Industry

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This post is the second in a series we’re writing on the FTC’s workshop on online lead generation entitled Follow the Lead. In our first post, we explored how online lead generation works. Here, we will discuss two...more

Ballard Spahr LLP

CFPB use of behavioral economics validated by Executive Order

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Since opening its doors for business, behavioral economics has played a central role in the CFPB’s regulatory agenda. Behavioral economists posit that consumers are not rational decision makers and instead have certain...more

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