On May 16, Governor Ron DeSantis signed bill CS/CS/SB 232 into law. The bill includes modifications to the Florida Consumer Collection Practices Act (FCCPA) to make clear that the prohibition on communications between “9...more
The acting head of the Consumer Financial Protection Bureau (CFPB) continues to winnow out regulatory tools used by agency staff under the prior administration. Just a month after revoking certain interpretative rules and...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
On Friday, Judge Mark Pittman of the U.S. District Court for the Northern District of Texas (Fort Worth Division) gave a significant, if not temporary, victory to the credit card industry. In a 12-page Order and Opinion,...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
Background: Agency Rulemaking Challenges in the Fifth Circuit -
In recent years, Texas federal courts and the US Fifth Circuit Court of Appeals have been central battlegrounds for many challenges to alleged government...more
On January 24, the Consumer Financial Protection Bureau (CFPB) issued a new proposed rule in its ongoing campaign against so-called “junk fees.” The proposed rule specifically targets nonsufficient funds (NSF) fees charged...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 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
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
Katten's Financial Markets and Funds Quick Take is a monthly newsletter highlighting key noteworthy developments potentially affecting financial markets and funds....more
On April 3, the Consumer Financial Protection Bureau (CFPB) published its Policy Statement on Abusive Acts or Practices(Policy Statement or Statement). Notably, in connection with the Policy Statement's issuance, the CFPB...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
In June, the Consumer Financial Protection Bureau (CFPB) issued a report (Report) summarizing its research into the use of artificial intelligence (AI) in consumer finance. The Report focused on the shift away from "human...more
On May 15, Pennsylvania Attorney General Michelle Henry (AG Henry) announced an $11.4 million settlement against Snap Finance LLC and its affiliates (Snap RTO LLC, Snap Second Look LLC, and Snap Finance Holdings, LLC) (Snap)...more