In the Consumer Financial Protection Bureau’s (“CFPB’s”) most recent Supervisory Highlights, published on April 24th, the agency identified a wide variety of fees that were improperly charged to mortgage borrowers. As...more
On April 30, 2024, the Consumer Financial Protection Bureau (“CFPB”) published a report called “Price Complexity in Laboratory Markets” that concluded that the financial services industry should keep pricing for financial...more
The Consumer Financial Protection Bureau (“CFPB”) is engaged in a firestorm of tricky litigation these days. Some highlights, in addition to the Third Circuit’s NCSLT ruling we reported on previously:
With respect to the...more
On March 19, 2024, the Third Circuit handed down a decision that statutory trusts used as issuing entities for securitizations are considered “covered persons” for purposes of the Consumer Financial Protection Act ("CFPA"),...more
On March 26, 2024, the U.S. Commodity Futures Trading Commission (“CFTC”) filed a complaint (the “Complaint”) in the U.S. District Court for the Southern District of New York (“SDNY”) for injunctive and other relief against...more
4/8/2024
/ BSA/AML ,
CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Financial Services Industry ,
Futures Commission Merchants (FCMs) ,
Popular ,
Statutory Violations ,
Trading Platforms
On Tuesday, the Third Circuit, handed down a decision in a case involving the Consumer Financial Protection Bureau ("CFPB") and the National Collegiate Master Student Loan Trust ("NCMSL") that finds that statutory trusts used...more
On March 5th the Consumer Financial Protection Bureau ("CFPB") announced that it had finalized its rule revisions to Regulation Z and the Official Staff Commentary regarding “Credit Card Penalty Fees.” See a redline of the...more
3/7/2024
/ CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit and Credit Card Transactions ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Regulation Z ,
Rulemaking Process
On February 16, 2024, the Financial Crimes Enforcement Network (“FinCEN”) issued a proposed rule addressing “Anti-Money Laundering Regulations for Residential Real Estate Transfers.” The proposed rule would, among other...more
2/26/2024
/ AML/CFT ,
Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Corporate Transparency Act ,
Financial Regulatory Reform ,
FinCEN ,
Money Laundering ,
Proposed Rules ,
Real Estate Investments ,
Real Estate Transactions ,
Regulatory Agenda ,
Regulatory Requirements ,
Suspicious Activity Reports (SARs)
The Federal Financial Institutions Examination Council (“FFIEC”) published a statement on February 12, 2024 regarding “principles for the examination of supervised [institutions’] residential property appraisal and...more
2/23/2024
/ Appraisal ,
Banks ,
Bias ,
Consumer Financial Products ,
Discrimination ,
FFIEC ,
Financial Institutions ,
Financial Services Industry ,
FIRREA ,
Industry Examinations ,
NCUA ,
OCC ,
Property Valuation ,
Residential Property Owners ,
Supervision
As February already begins to wind down and all of us are wondering what we might have missed so far this year, here is a round-up of additional regulatory activities in financial services...more
2/23/2024
/ Bank Merger Act ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debit and Credit Card Transactions ,
ECOA ,
FDIC ,
Financial Industry Regulatory Authority (FINRA) ,
Financial Services Industry ,
New Guidance ,
NRSRO ,
OCC ,
Securities and Exchange Commission (SEC) ,
Supervisory Highlights
On January 25, 2024, the Commodity Futures Trading Commission (“CFTC”) published, first, Release No. 8854-24, a customer advisory cautioning the public to beware of artificial intelligence (“AI”) scams (the “AI Advisory”),...more
2/13/2024
/ Artificial Intelligence ,
CFTC ,
Comment Period ,
Commodities ,
Commodities Traders ,
Commodity Sale Agreements ,
Decentralized Autonomous Organization (DAO) ,
Derivatives ,
Innovative Technology ,
Investment ,
Investment Management
In January 2024, the Consumer Financial Protection Bureau ("CFPB") issued two proposed rules that, if implemented as written, would result in further whittling down overdraft or non-sufficient funds ("NSF") fees charged by...more
2/12/2024
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Insufficient Funds ,
Overdraft Fees ,
Regulation Z ,
Rulemaking Process ,
Truth in Lending Act (TILA)
On December 21, 2023, the Financial Crimes Enforcement Network (“FinCEN”) published its final rule setting forth the circumstances under which beneficial ownership information reported to FinCEN pursuant to the Corporate...more
2/9/2024
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
BSA/AML ,
Corporate Transparency Act ,
Final Rules ,
Financial Crimes ,
Financial Institutions ,
FinCEN ,
Ownership Interest ,
Regulatory Requirements ,
Reporting Requirements
When the Consumer Financial Protection Bureau (“CFPB”) took over responsibilities for interpreting the Fair Credit Reporting Act (“FCRA”) from the Federal Trade Commission (“FTC”) in 2011, the agency seemed to take a good...more
The financial services regulatory agencies have rolled into 2024 as busy as ever. This list hits on some quick takes of developments in the last month; a summit, a meeting and a symposium involving hot topics such as...more
1/26/2024
/ Artificial Intelligence ,
CFTC ,
ETFs ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Inflation Adjustments ,
Machine Learning ,
OCC ,
Regulatory Agenda ,
Risk Management ,
Securities and Exchange Commission (SEC) ,
Special Purpose Acquisition Companies (SPACs)
From January 18th to 20th, the American Bar Association’s Banking Law Committee of the Business Law Section held its winter meeting in Washington, DC. This meeting not only provides an excellent retrospective of the previous...more
Earlier this week, the Consumer Financial Services Law Subcommittee of the American Bar Association’s Business Law Section met in Santa Barbara for its winter meeting. This conference brings together practitioners in consumer...more
1/15/2024
/ American Bar Association (ABA) ,
Buy Now Pay Later (BNPL) ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data Security ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Opt-In
This final installment of our coverage on the Consumer Financial Protection Bureau’s proposed rule regarding “personal financial data rights” builds upon concepts and concerns covered in our earlier posts. For an overview of...more
For purposes of general applicability of the Truth in Lending Act and Regulation Z to credit transactions and the Consumer Leasing Act and Regulation M for lease transactions, the Consumer Financial Protection Bureau ("CFPB")...more
In our continuing series on the proposed rule introduced by the Consumer Financial Protection Bureau (“CFPB”) regarding Personal Data Financial Rights, this week’s installment examines the obligations that are applicable to...more
On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) announced a new proposed rule wherein providers of digital wallets and payment apps would be defined as “Larger Participants” and would become subject to...more
11/10/2023
/ Big Tech ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Wallets ,
Financial Services Industry ,
Mobile Apps ,
Online Payments ,
Proposed Rules ,
Regulatory Agenda
On October 30, 2023, the White House announced that President Biden had issued an Executive Order regarding artificial intelligence (“AI”). The Executive Order was accompanied by a Fact Sheet summarizing the eight policy...more
11/6/2023
/ Algorithms ,
Artificial Intelligence ,
Bias ,
Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Policies ,
Cybersecurity ,
Discrimination ,
Discriminatory Lending Practices ,
Executive Orders ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
HUD ,
Machine Learning ,
Regulatory Reform ,
Risk Management ,
U.S. Treasury
As we reported last week, the Consumer Financial Protection Bureau (“CFPB”) released a proposed rule addressing “personal data financial rights.” Comments are due on December 29, 2023....more
11/3/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Data Protection ,
Electronic Payment Transactions ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Open Banking ,
Personal Data ,
Proposed Rules ,
Regulation E ,
Regulation Z
As we mentioned last week, the Federal Reserve Board (“FRB”) announced proposed changes to Regulation II (Debit Card Interchange Fees and Routing), which is the implementing regulation of the Durbin Amendment to the...more
11/3/2023
/ Comment Period ,
Debit and Credit Card Transactions ,
Debit Cards ,
Durbin Amendment Rules ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FRB ,
Interchange Fees ,
Regulation II ,
Regulatory Agenda
On Thursday, October 19, 2023, the Consumer Financial Protection Bureau (“CFPB”) released a proposed rule addressing “personal data financial rights”, as we reported last week that they would be doing later in October. The...more