News & Analysis as of

State Attorneys General Banking Sector

Orrick, Herrington & Sutcliffe LLP

CFPB dismisses and withdraws from several cases

Recently, the CFPB has been actively dismissing or withdrawing from multiple cases following stays and joint dismissals. These include disputes originated under the previous administration involving banking associations,...more

Lippes Mathias LLP

The Future of Monitorships

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In 2008, then-President Barack Obama famously said, “Elections have consequences.” Seventeen years later that statement is still true. A change in administration at either the federal or state government level ushers in new...more

Orrick, Herrington & Sutcliffe LLP

District court grants bank’s motion for stay pending appeal to consider EFTA arguments

On April 22, the U.S. SDNY granted a bank’s motion for interlocutory appeal and stay pending appeal to the U.S. Court of Appeals for the Second Circuit in a case involving alleged violations of the EFTA. The case stemmed from...more

Morrison & Foerster LLP

CFPB Reverses Course, Withdrawing “Unprecedented” EFTA Interpretation

Following a brief pause under new leadership, the Consumer Financial Protection Bureau (CFPB) has resumed activities, albeit significantly in retreat from the positions taken by the prior administration. In a case involving...more

Bradley Arant Boult Cummings LLP

Idaho Joins the De-Banking Ban Wave

Starting July 1, 2025, Idaho will subject financial institutions with total assets over a certain threshold to new restrictions under the Transparency in Financial Services Act. The law follows a growing trend among states...more

Hudson Cook, LLP

The CFPB's Future is Unclear, but Its $42 Million Judgment Still Sends a Clear Message

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If we could use only one word to describe the future of the Consumer Financial Protection Bureau, I think most of us would agree on the word "uncertain." However, one thing seems certain to occur as we wait to see what will...more

Hudson Cook, LLP

Massachusetts Junk Fee Regulation Presents Challenges to Advertising of Bank Deposit Products

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In early March, nearly a year and a half after it was initially proposed, the Massachusetts Attorney General's Office finalized the Commonwealth's "junk fee" regulation (the "Final Rule") while simultaneously issuing a...more

Goodwin

CFPB Recounts Statement of Interest About EFTA’s Applicability to Wire Transfers

Goodwin on

On Tuesday, March 25, 2025, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a motion in a suit brought by the New York attorney general against a major national bank seeking to withdraw a Statement of Interest...more

Goodwin

CFPB is Proceeding with Some of Its Enforcement Actions, But Most Are Now Stayed or Dismissed

Goodwin on

Although the Consumer Financial Protection Bureau (CFPB or Bureau) voluntarily dismissed a slew of its own enforcement actions following Rohit Chopra’s removal as CFPB Director on January 31, 2025, the Bureau has...more

Venable LLP

New York’s Consumer Protection Overhaul: A Lawsuit Magnet for Banks, Fintechs, and Other Financial Services Providers

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New York lawmakers—with full support from the attorney general—are pushing a sweeping expansion of consumer protection laws that could turn routine financial transactions into the next big class action battleground and expand...more

K&L Gates LLP

Why Financial Institutions Should Stay the Course

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Introduction - Many regulated businesses believe that the only thing worse than strict regulations is a wholly uncertain regulatory environment. With many rule changes on hold and enforcement actions and investigations being...more

Orrick, Herrington & Sutcliffe LLP

District court grants partial preliminary injunction in case challenging Illinois law on interchange fees

Recently, the U.S. District Court for the Northern District of Illinois Court granted a partial preliminary injunction sought by banking associations against the Illinois Attorney General over the Illinois Interchange Fee...more

McGlinchey Stafford

CFPB’s Open Banking Rules: Dead on Arrival or Alive and Well?

McGlinchey Stafford on

The Consumer Financial Protection Bureau (CFPB) finalized its long-awaited Personal Financial Data Rights rules under Section 1033 of the Dodd-Frank Act, marking a significant milestone in the regulation of...more

Snell & Wilmer

Potential Impacts of the New Administration on Financial Institutions

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The inauguration of President Donald Trump on January 20, 2025, is anticipated to bring significant changes to the regulatory landscape for financial institutions. A central aspect of this shift is the expected overhaul of...more

Holland & Knight LLP

A Look at Increased Oversight of Financial Institutions in Florida

Holland & Knight LLP on

For several years, leaders in the Florida executive and legislative branches have sought regulatory and legislative changes to increase banking oversight at the state level. During the 2023 legislative session, House Bill 3...more

Orrick, Herrington & Sutcliffe LLP

Attorneys General criticize Treasury letter regarding de-banking

Recently, 20 state attorneys general (AGs) sent a letter addressed to U.S. Treasury Secretary Janet Yellen objecting to the Treasury’s recent letter which criticized state laws protecting individuals from de-banking. The AGs’...more

Hudson Cook, LLP

"OVER THE LINE!"  Where Banking and Gaming Intersect, the CFPB Has Something to Say.

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The line between virtual and reality is getting thinner. Gamers pay gaming companies real currency for virtual in-game currency to buy skins, create the world they want to live in (virtually), or purchase loot that aid in...more

BakerHostetler

California’s Junk Fee Law and Restaurants

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California’s new junk fee law is set to come into effect July 1. As a refresher, the law prohibits “advertising, displaying, or offering a price for a good or service that does not include all mandatory fees or charges.”...more

Nutter McClennen & Fish LLP

Nutter Bank Report: April 2024

The CFPB has issued a policy statement that provides an analytical framework for identifying what constitutes an abusive act or practice under the Consumer Financial Protection Act of 2010 (CFPA). The new guidance published...more

Sheppard Mullin Richter & Hampton LLP

California AG Warns State-Chartered Banks and Credit Unions on Fees

On February 22, California Attorney General Rob Bonta sent letters to 197 state-charted banks and credit unions warning them that certain fees they charge may constitute “unfair” business practices under California’s Unfair...more

Cozen O'Connor

State AG Pulse | When Testing Systems, Don’t Use Real Data!

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When more than $2 billion was withdrawn from consumer bank accounts without authorization, the AGs took notice. The root cause? A payment processor’s use of real customer data instead of dummy data to test one of its payment...more

Troutman Pepper Locke

Banking Group Sues Kentucky AG Daniel Cameron Over ESG Investigation

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Earlier this month, the Kentucky Bankers Association and its subsidiary Hope of Kentucky, LLC (Hope) sued Kentucky Attorney General (AG) Daniel Cameron in Kentucky state court to enjoin and declare unlawful Cameron’s recent...more

Cozen O'Connor

CFPB Orders Regions Bank to Pay for Surprise Overdraft Fees

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The CFPB has reached a settlement with Regions Bank to resolve allegations that Regions charged its customers overdraft fees on certain ATM withdrawals and debit card purchases even after telling consumers they had sufficient...more

Troutman Pepper Locke

State Attorneys General Call on Financial Giants to Eliminate Overdraft Fees - Regulatory Oversight Podcast

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Please join Troutman Pepper Partner Chris Willis and guests Troutman Pepper Associates Chris Carlson and Susan Nikdel as they discuss the multistate coalition of state attorneys general calling on many of the nation's largest...more

Troutman Pepper Locke

State Attorneys General Call on Financial Giants to Eliminate Overdraft Fees - The Consumer Finance Podcast

Troutman Pepper Locke on

Please join Troutman Pepper Partner Chris Willis and guests Troutman Pepper Associates Chris Carlson and Susan Nikdel as they discuss the multistate coalition of state attorneys general calling on many of the nation’s largest...more

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