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Ballard Spahr LLP

CFPB wins default judgment in auto dealership complaint, but federal judge rejects bureau assessment of damages

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A federal District Judge for the Northern District of Georgia, Victoria Marie Calvert, awarded a default judgment to the CFPB against USASF, a car loan servicer of loans originated by U.S. Auto Sales Inc., a buy-here,...more

Ballard Spahr LLP

CFPB to host ‘first look’ at nonbank enforcement order registry

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The CFPB has scheduled two sessions to provide a preview of its nonbank enforcement order registry. The virtual-only discussions are scheduled for September 30 and October 9. Both sessions will feature the same content....more

Troutman Pepper

FDIC and OCC Finalize New Guidelines on Bank Mergers

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Yesterday, both the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC) finalized new guidelines regarding bank mergers. According to the agencies, these updates aim to enhance...more

Troutman Pepper

FDIC Proposes New Rule to Strengthen Recordkeeping for Third-Party Deposits

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On September 17, the Federal Deposit Insurance Corporation (FDIC) announced a notice of proposed rulemaking (Proposal) aimed at enhancing recordkeeping for bank deposits received from fintech and other third-party, non-bank...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2024 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Ballard Spahr LLP

Plaintiffs free to appeal CFPB 1071 Rule after some plaintiffs drop their CFPB unlawful funding claim

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On August 26, 2024, Chief Judge Randy Crane in the E.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the CFPB’s 1071 Rule (small business loan data collection rule)....more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2024 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Troutman Pepper

U.S. Senator Rounds Introduces Legislation Aimed at Fostering AI Innovation in the Financial Services Industry

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On August 27, U.S. Senator Mike Rounds (R-SD) introduced the “Unleashing AI Innovation in Financial Services Act” (S. 4951), a bill aimed at fostering artificial intelligence (AI) innovation within the financial services...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Secondary Sanctions? The UK Broadens Its Designation Criteria To Target Foreign Persons With Exposure to the Russian Government...

On 31 July 2024, the UK government broadened its Russian sanctions regime, giving the government express power to impose sanctions on persons who provide financial services, or make available funds, economic resources, goods...more

Ballard Spahr LLP

Appeals Court: No FCRA Informational Injury Standing

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A job applicant who claims he was not fully informed about adverse information that appeared on a background check is not entitled to relief under the Fair Credit Reporting Act (the FCRA), the Sixth Circuit Court of Appeals...more

Ballard Spahr LLP

House Republican introduces resolution to nullify CFPB non-bank registry rule

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Rep. Andy Ogles, R-Tenn., on August 30, 2024 introduced in the House of Representatives a resolution under the Congressional Review Act (CRA) that would nullify the CFPB’s final nonbank registry rule....more

Skadden, Arps, Slate, Meagher & Flom LLP

Investing in Fintechs – Navigating the UK Regulatory Approval Process

As the UK Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) consider feedback to their consultation on guidance regarding the UK change-in-controller regime (consultation paper 25/23), we provide a...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2024

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week... ...more

Conyers

Shifting Sands: The Future of Offshore Regulatory Disputes (Part 1)

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As an evolving area of commercial disputes in the Cayman Islands, global enforcement trends provide us with valuable insight into the types of regulatory proceedings on the horizon for offshore jurisdictions. In this first...more

Troutman Pepper

Where Have All the New Banks Gone?

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Regulators, Stevens said, calculate a de novo group’s capital requirement with a key principle in mind: an institution’s need to maintain about an 8% leverage ratio after three years of operations. That means that in addition...more

Eversheds Sutherland (US) LLP

NAIC investment-related initiatives: August 2024 status report

The National Association of Insurance Commissioners (NAIC) held its 2024 Summer National Meeting August 11-15 in Chicago, Illinois, where regulators continued to work through the implementation of numerous investment-related...more

A&O Shearman

Regulatory monitoring - August 2024

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) EU - EBA: Opinion on measures in accordance with Article 458 CRR following a notification by the De Nederlandsche Bank - Status: Final - The EBA has...more

A&O Shearman

Regulatory monitoring: EU version - August 2024

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION a) General - (i) EU - EBA: Opinion on measures in accordance with Article 458 CRR following a notification by the De Nederlandsche Bank - Status: Final - The EBA has...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2024 # 4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week... ...more

Ballard Spahr LLP

Texas Judge Rules CFPB Did Not Exceed Authority in Issuing Small Business Reporting Rule

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In a tentative win for the CFPB, a federal judge in Texas ruled on August 26, 2024, that the agency did not exceed its authority when it issued its final Section 1071 small business lending rule. The court also rejected...more

Troutman Pepper

FDIC Proposal on Change-in-Control Notices Has Potential Ripple Effects on M&A

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Some advisers suggested the bank regulatory agencies could join forces without this proposed rule, though they have not always coordinated on various works in the past. Although the agencies could collaborate informally,...more

Conyers

The New Cayman Islands Beneficial Ownership Regime is Now in Force

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The Beneficial Ownership Transparency Act, 2023 (the “BOT Act”) is now in force. The BOT Act was gazetted in December 2023 and was brought into force on 31 July 2024 by the BOT Act Commencement Order. The new Beneficial...more

Ballard Spahr LLP

CFPB files its reply brief in support of the CFPB’s motion to dissolve the preliminary injunction in the credit card late fee...

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On August 22, 2024, the CFPB filed its reply brief in support of its motion to dissolve the preliminary injunction and lift the stay of the CFPB’s credit card late fee final rule (“Rule”) in the lawsuit challenging the Rule....more

Ballard Spahr LLP

Consumer groups show support of CFPB’s Auto Finance Data Pilot and urge the Bureau to expand its data collection

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In February 2023, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced an auto finance data pilot, where it ordered nine large auto lenders to provide information about their auto lending portfolios....more

Troutman Pepper

Brokered Deposits Rule Threatens to Upend Bank Balance Sheets

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“In the worst case, these [newly designated brokered deposits] will have to get offloaded in a way that potentially puts those banks at even greater liquidity risk, especially to the extent that they have a higher...more

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