The California Department of Financial Protection and Innovation (DFPI) released its fourth annual report highlighting key accomplishments from 2024 pursuant to its authority under the California Consumer Financial Protection...more
On December 26, 2024, the US Court of Appeals for the Fifth Circuit issued an order in Texas Top Cop Shop, Inc. et al. v. Garland et al., that effectively pauses beneficial ownership information (BOI) reporting requirements...more
In an order dated December 23, 2024, in the case Texas Top Cop Shop, Inc. et al. v. Garland et al., the US Court of Appeals for the Fifth Circuit issued a stay pending appeal of a preliminary injunction issued by a lower...more
On December 12, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule that treats covered overdraft services offered by banks with more than $10 billion in assets (large banks) as credit, bringing them for...more
On Tuesday, December 3, 2024, the US District Court for the Eastern District of Texas issued an order in favor of the plaintiffs in Texas Cop Shop, Inc. et al. v. Garland et al., granting the plaintiffs’ motion for...more
On August 28, 2024, the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued a final rule that expressly includes certain investment advisers in the definition of a “financial institution”...more
On September 5, 2024, the Consumer Financial Protection Bureau (CFPB) released its annual report on debt collection, drawing attention to a range of activities with respect to medical and rental debt collection that the CFPB...more
Millions of existing companies formed or registered in the US on or before December 31, 2023, are required to file beneficial ownership information (BOI) reports on or before January 1, 2025, pursuant to the requirements of...more
On August 13, 2024, the Consumer Financial Protection Bureau (CFPB) issued an advisory opinion stating that contracts for deed are “credit” under Regulation Z, and therefore subject to its myriad requirements. Unlike a...more
On April 30, 2024, the Consumer Financial Protection Bureau (CFPB) published a report on a study investigating the effects of complex pricing structures and increased competition on consumer choices. The CFPB found that...more
On April 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule revising its procedures for establishing supervisory authority over nonbank financial institutions on the basis that the institution poses...more
Last Friday, a federal court in Alabama ruled in National Small Business United v. Yellen that the beneficial ownership information (BOI) reporting requirements established by the Corporate Transparency Act (CTA) are...more
On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule amending provisions in Regulation Z that govern credit card late fee charges. The final rule follows the March 2023 release of the proposed...more
The beneficial ownership information (BOI) reporting rule implementing Section 6403 of the Corporate Transparency Act (CTA) was finalized by the US Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) in...more
On February 1, 2023, the Consumer Financial Protection Bureau announced a notice of proposed rulemaking to amend the provisions in Regulation Z governing credit card late fee charges permitted under Regulation Z, which...more
On February 15, 2022, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin indicating that it will be scrutinizing prepaid card providers who distribute government benefits and payments. Specifically,...more