As we previously blogged, the Board of Governors of the Federal Reserve (the “Board”) held an open meeting on October 25, 2023 to discuss the debit card interchange fee cap. The debit card interchange fee cap was part of the...more
10/31/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Information ,
Credit Cards ,
Debit and Credit Card Transactions ,
Debit Cards ,
Dodd-Frank ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interchange Fees
On October 25, 2023, the Consumer Financial Protection Bureau (CFPB) released its sixth consumer credit card market biennial report to Congress as required under the Credit Card Accountability Responsibility and Disclosure...more
Last Friday, the U.S. Supreme Court agreed to decide when a right of action first accrues for an Administrative Procedure Act (APA) challenge to a final rule issued by a federal agency—when the final rule is issued or when...more
10/3/2023
/ Administrative Procedure Act ,
Certiorari ,
Consumer Financial Products ,
Corner Post Inc v Board of Governors of the Federal Reserve System ,
Debit and Credit Card Transactions ,
Durbin Amendment Rules ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interchange Fees ,
Regulatory Requirements ,
SCOTUS ,
Statute of Limitations
On September 21, 2023, with limited time to digest the comments received by September 11, 2023 from the request for information regarding medical payment products, the Consumer Financial Protection Bureau (CFPB) started the...more
9/28/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Consumer Reports ,
Creditors ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Financial Services Industry ,
Medical Debt ,
Proposed Regulation ,
Regulation V ,
Regulatory Agenda ,
Rulemaking Process ,
SBREFA
American Bankers Association (ABA), Association of Credit and Collection Professionals (ACA International), U.S. Chamber of Commerce (Chamber), Synchrony Bank (Synchrony), and National Consumer Law Center (NCLC) submitted...more
9/22/2023
/ American Bankers Association ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Department of Health and Human Services (HHS) ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Health Care Providers ,
Loans ,
Medical Bills ,
Medical Debt ,
Request For Information ,
U.S. Treasury
A complaint filed on July 20, 2023 in Minnesota federal court seeks declaratory and injunctive relief under the Administrative Procedures Act (APA) against defendants Federal Deposit Insurance Corporation (FDIC) and Chairman...more
7/25/2023
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
OCC ,
Overdraft Fees ,
Supervisory Guidance ,
Unfair or Deceptive Trade Practices
Minnesota recently enacted the Commerce Omnibus Finance Bill, which includes amendments to several provisions of Minnesota law related to consumer loans and financial institutions....more
7/25/2023
/ Annual Percentage Rate (APR) ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Protection and Innovation (DFPI) ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Guidance Update ,
Money Transmitter ,
New Regulations ,
Omnibus Guidance ,
Short-Term Loans ,
Small Loans ,
True Lender
During his remarks in a meeting with private sector companies on June 15, 2023, President Biden described junk fees as “these hidden charges that companies sneak into your bill to make you pay more and without you really...more
6/22/2023
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Transportation (DOT) ,
FCC ,
Federal Trade Commission (FTC) ,
Fees ,
Financial Services Industry ,
Hidden Fees ,
HUD ,
Regulation E ,
Regulation Z
A new CFPB report, “Issue Spotlight: Public Benefits Delivery & Consumer Protection,” looks at what it describes as “the challenges that recipients of public benefits programs offering cash assistance encounter in accessing...more
The U. S. Court of Appeals for the D.C. Circuit held that the CFPB’s prepaid card rule (Prepaid Rule) does not mandate a “model clause.” The ruling was made in the lawsuit that PayPal, one of the largest digital wallet...more