Congress recently passed the first significant federal legislation recognizing the apparent enduring presence of payment stablecoins in the US financial and consumer markets. President Donald Trump signed into law on July 18,...more
After the Senate passed the GENIUS Act last month, the House of Representatives has now passed the GENIUS Act by a vote of 308-122, sending the landmark stablecoin legislation to President Trump for his signature....more
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
The US Senate has passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) by a vote of 68-30, a significant development for cryptocurrency regulation in the United States. This passage...more
6/23/2025
/ Banks ,
Cryptocurrency ,
Financial Institutions ,
Financial Regulatory Reform ,
New Legislation ,
OCC ,
Popular ,
Proposed Legislation ,
Regulatory Requirements ,
Stablecoins ,
U.S. Treasury
Changes regarding the future of the Consumer Financial Protection Bureau (CFPB), including both the agency's leadership and its policy priorities, have been rapidly announced by the Trump administration.1 While the consumer...more
On April 16, the Consumer Financial Protection Bureau (CFPB) seemingly provided its employees with a memorandum outlining its ongoing supervisory and enforcement priorities (Memo). Although the Memo has not been made publicly...more
On March 28, the Federal Deposit Insurance Corporation (FDIC) rescinded Biden administration guidance related to state-chartered banks' participation in "crypto-related activities" and published a new interpretation of the...more
In an apparent departure from decades of jurisprudence acknowledging the exemption of wire transfers from the ambit of the Electronic Funds Transfer Act (EFTA or the Act), one federal district court recently found that a bank...more
Pundits and pontificators have been looking for any sign or indication as to how (and when) the new Trump administration will come into shape with respect to the consumer financial services sector. While only broad outlines...more
Money 20/20 has come to a close in Las Vegas. What is usually a leading industry conference predominantly focused on consumer and commercial payments markedly "pivoted" this year. Specifically, in what can likely be...more
On September 24, Governor Gavin Newsom signed into law California Senate Bill 1286 that will impact the collection of "covered commercial debt" and "covered commercial credit" in the state after July 1, 2025 (the law's...more
10/1/2024
/ California ,
Commercial Bankruptcy ,
Commercial Leases ,
Commercial Mortgages ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
Debtors ,
Financial Services Industry ,
Governor Newsom ,
New Legislation
On July 24, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the Banking Regulators) jointly released the...more
On May 22, the Consumer Financial Protection Bureau (CFPB) released an interpretive rule (Rule) that subjects certain "buy now, pay later" (BNPL) providers to requirements set forth in the Truth in Lending Act's implementing...more
The Supreme Court was busy last week issuing opinions of interest to consumer finance companies, CFPB-regulated entities, and anyone who finds themselves enforcing arbitration rights in court....more
In a 7-2 decision that was widely expected after oral argument, the US Supreme Court issued its decision in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd. on May 16, holding...more
In a ruling long anticipated in the securitization industry, the US Court of Appeals for the Third Circuit on March 19 issued its opinion in Consumer Financial Protection Bureau v. National Collegiate Master Student Loan...more
On January 17, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its Notice of Proposed Rulemaking regarding proposed changes to overdraft fee rules for certain banks and credit unions. In the widely...more
On December 13, 2023, New York Governor Kathy Hochul signed into law Assembly Bill 2672, which has significant implications for merchants in that it imposes disclosure requirements with respect to credit card surcharges for...more
Katten's Privacy, Data and Cybersecurity Quick Clicks is a monthly newsletter highlighting the latest news and legal developments involving privacy, data and cybersecurity issues across the globe....more
On October 27, the Federal Trade Commission (FTC or Commission) published a final rule expanding data breach notification requirements for certain financial institutions (Final Rule). Federal Register, will require entities...more
11/2/2023
/ Banking Sector ,
Cyber Attacks ,
Cyber Incident Reporting ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Data Security ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
Hackers ,
Personally Identifiable Information ,
Reporting Requirements
On Wednesday, October 11, the White House — joined by the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB or Bureau) — announced new measures aimed at a variety of so-called “junk fees” charged...more
Katten's Privacy, Data and Cybersecurity Quick Clicks is a monthly newsletter highlighting the latest news and legal developments involving privacy, data and cybersecurity issues across the globe....more
Long gone are the days when a bank or finance company relies simply on a traditional credit score or report to decide whether to make a loan. For some time now, banks and consumer finance companies have sourced data from a...more
Connecticut and Nebraska recently adopted statutory amendments to state non-mortgage consumer lending laws that expand licensing requirements. While differing in scope, the common element in the amendments is a keen focus on...more
On July 31, the US District Court for the Southern District of Texas issued an order granting in part and denying in part the motion for preliminary injunction filed by the Texas Bankers Association, Rio Bank (a Texas...more