The OCC has mounted a vigorous defense of federal preemption, calling it “a cornerstone of the dual banking system, under which federally and state-charted banks operate alongside each other.”...more
The short answer is that the outcome of the Supreme Court hearing (whose oral argument is scheduled for May 15 at 10 am) is of immense importance to all stakeholders in the consumer financial services industry. We will...more
5/8/2025
/ Banks ,
Citizenship ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Executive Orders ,
Financial Regulatory Reform ,
Financial Services Industry ,
Fourteenth Amendment ,
Preliminary Injunctions ,
Regulatory Requirements ,
SCOTUS ,
Standing ,
Trump Administration
The podcast we are releasing today is part 1 of a re-purposed webinar we produced on March 25 titled “The Impact of the Election on the CFPB - Part 4.” As a result of the diminishing impact of the CFPB on enforcing the...more
4/24/2025
/ Artificial Intelligence ,
Banks ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Retail Banks ,
State Attorneys General ,
Unfair or Deceptive Trade Practices
The CFPB is rescinding its existing enforcement and supervision priority documents, according to a memo sent to bureau staff by CFPB Chief Legal Officer Mark Paoletta....more
4/18/2025
/ Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
Enforcement Priorities ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgages ,
Non-Bank Lenders ,
Regulatory Reform ,
Student Loans ,
Supervisory Guidance ,
Trump Administration
In a 37 page order, Chief Judge Virginia M. Kendall in the Northern District of Illinois determined that the Illinois Bankers Association, American Bankers Association, America’s Credit Unions, and Illinois Credit Union...more
1/14/2025
/ Article III ,
Banks ,
Constitutional Challenges ,
Federal Credit Unions ,
Financial Institutions ,
Interchange Fees ,
National Bank Act ,
Payment Systems ,
Preemption ,
Preliminary Injunctions ,
Sovereign Immunity ,
Standing
On October 22, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final rule implementing Section 1033 of the Dodd-Frank Act (the “Final Rule” or the “Open Banking Rule”), granting consumers greater access...more
10/25/2024
/ Banks ,
Consumer Data Requests ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Management ,
Depository Institutions ,
Dodd-Frank ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Open Banking ,
Regulation E ,
Regulation Z ,
Right of Access
The CFPB has banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer financial products, saying that the company had misled student borrowers about the company’s neutrality and initiated...more
10/17/2024
/ Arbitration ,
Arbitrators ,
Banks ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
Student Loans ,
UDAAP ,
Unfair or Deceptive Trade Practices
In today’s podcast, which repurposes a recent webinar, we examine the impact, if any, of a landmark opinion rendered by Judge Daniel Domenico of the Federal District Court for the District of Colorado in a case challenging...more
A group of 11 financial services associations is calling on the FDIC to withdraw its notice of proposed rulemaking intended to strengthen the prudential protections of the agency’s safety and soundness rule for brokered...more
A great number of fintechs are contemplating owning a bank or obtaining a banking charter—either a national bank charter, a state bank charter or a special purpose charter. In this episode, we are joined by our special guest...more
Very soon, briefing by the parties in the 10th Circuit will commence with respect to Colorado’s appeal of a preliminary injunction entered by the Federal District Court for the District of Colorado. The District Court...more
We are following very closely this appeal to the 10th Circuit of the preliminary injunction issued by the Federal District Court for the District of Colorado to the plaintiffs (three trade groups) enjoining the Colorado...more
8/9/2024
/ Banks ,
Borrowers ,
Colorado ,
Consumer Financial Products ,
DIDMCA ,
FDIC ,
Financial Services Industry ,
Loans ,
National Bank Act ,
Opt-Outs ,
Preliminary Injunctions
We previously reported that, on July 18, the Colorado Attorney General and UCCC Administrator appealed to the 10th Circuit Court of Appeals challenging Judge Domenico’s order dated June 18 D. (Colo.) granting a preliminary...more
We previously reported that, on July 18, the Colorado Attorney General and UCCC Administrator appealed to the 10th Circuit Court of Appeals challenging Judge Domenico’s order dated June 18 D. (Colo.) granting a preliminary...more
7/24/2024
/ Banks ,
Colorado ,
Consumer Financial Products ,
Financial Services Industry ,
Loans ,
Motion To Stay ,
Opt-Outs ,
Preliminary Injunctions ,
Regulatory Agenda ,
Regulatory Reform ,
State Attorneys General ,
Stays
On July 17, Acting Comptroller of the Currency Michael Hsu delivered prepared remarks before the Exchequer Club entitled “Size, Complexity, and Polarization in Banking.”...more
7/22/2024
/ Bank of America ,
Banks ,
Cantero v Bank of America NA ,
Chevron Deference ,
Comptroller ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Electronic Fund Transfer Act ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS
A Florida law that prohibits federal and state depository institutions conducting business in the state from denying services based on religion or political beliefs and activities went into effect on July 1....more
7/18/2024
/ Banks ,
Consumer Financial Products ,
Discriminatory Lending Practices ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
Financial Services Industry ,
Florida ,
New Legislation ,
Religious Beliefs ,
Religious Discrimination ,
Unfair or Deceptive Trade Practices
The CFPB soon plans to issue a final rule that would require certain supervised nonbank entities to register with it and provide information about their use of certain terms and conditions in standard-form contracts for...more
The Financial Institutions and Monetary Policy Subcommittee of the House Financial Services Committee will hold a field hearing in Lexington KY on this coming Friday, July 12 at 10 am, ET to discuss “Financial...more
On this coming Thursday, July 11, from Noon until 1 pm, ET, we will be holding a Webinar Roundtable about the Supreme Court’s recent opinion on May 30, in which a unanimous Supreme Court reversed and remanded the Cantero v....more
Here is an update on the lawsuit filed by three trade associations against the Colorado Attorney General and UCCC Administrator challenging the application of the Colorado opt-out statute to out-of-state, state chartered,...more
7/5/2024
/ Banks ,
Charter ,
Colorado ,
Consumer Financial Products ,
DIDMCA ,
FDIC ,
Financial Services Industry ,
First Amendment ,
Loans ,
Motion to Dismiss ,
Opt-Outs ,
Out-of-State Companies ,
Preliminary Injunctions ,
State Attorneys General
In the same 2023 bill (House Bill 23-1229) that included Colorado’s DIDMCA opt-out**, Colorado adopted a statute excepting certain “general-purpose credit cards”, as defined, from the state’s limitations on finance charges...more
6/28/2024
/ Banks ,
Colorado ,
Consumer Financial Products ,
Credit Cards ,
DIDMCA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Loans ,
Opt-Outs ,
Truth in Lending Act (TILA)
On April 22, 2024 (almost 2 months before Judge Daniel Domenico issued a preliminary injunction against the UCCC Administrator and Colorado Attorney General), Administrator Martha Fulford issued an Interpretive Opinion Letter...more
The Colorado federal district court hearing NAIB, et al v. Weiser, et al., the lawsuit filed by three consumer financial services industry trade groups challenging Colorado’s opt-out legislation, has granted the plaintiffs’...more
6/20/2024
/ Amicus Briefs ,
Banks ,
Borrowers ,
Colorado ,
DIDMCA ,
FDIC ,
Financial Services Industry ,
Interest Rates ,
Loans ,
National Bank Act ,
Opt-Outs ,
Out-of-State Companies ,
Preliminary Injunctions
On June 13, 2024, CFPB Director Rohit Chopra appeared before the House Financial Services Committee for a hearing, “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” As we expected, the House Financial...more
Although neither the CFPB, the Federal Reserve Board, nor the Treasury has responded to Professor Emeritus Hal Scott’s op-ed on May 20 in the Wall Street Journal, my interview with Professor Scott on our Consumer Finance...more
6/11/2024
/ Administrative Agencies ,
Banks ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Federal Funding ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry