On October 1, 2023 the California Department of Financial Protection and Innovation’s (“DFPI”) final regulations impacting those who provide commercial financial products and services will become effective. The regulations...more
On August 28, 2023 (the “Effective Date”), SB 103, signed into law by Missouri’s governor, will become the nation’s second statutory framework for earned wage access (EWA) providers. The Missouri law closely resembles...more
8/24/2023
/ Banks ,
Consumer Financial Products ,
Earned Wage Access ,
Employees ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Legislation ,
Wage and Hour ,
Wages
In remarks delivered yesterday at a roundtable convened by the White House on protecting Americans from harmful data broker practices, CFPB Director Chopra announced that the CFPB plans to propose a rule under the Fair Credit...more
On June 13, Nevada’s governor signed into law Senate Bill 290 creating the nation’s first statutory framework for earned wage access (EWA) providers operating in the state. The law appoints the state’s Commissioner of...more
6/30/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Earned Wage Access ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Licensing Rules ,
Nevada ,
New Legislation ,
NMLS ,
Wages
A fintech peer-to-peer lender has entered into separate consent orders with California, Washington D.C., and Connecticut relating to its practice of requesting tips and donations in connection with the loans offered through...more
5/24/2023
/ California ,
Consent Order ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Donations ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
Peer-to-Peer ,
Settlement ,
Tips ,
True Lender
The Consumer Financial Protection Bureau (“CFPB”) received more than 225 public comments to its credit card late fee proposal (the “Proposed Rule”). As we have discussed, the Proposed Rule would make significant changes to...more
Auriemma Roundtables, a leading provider of business intelligence solutions to the consumer finance industry, together with First National Bank of Omaha and a group of several other premier consumer financial services firms,...more
The CFPB has issued a determination that the Truth in Lending Act (TILA) does not preempt the commercial financing laws of New York, California, Utah, and Virginia. The determination will be effective on the date it is...more
The CFPB has issued a request for information about business models that collect and sell consumer data, such as data brokers, data aggregators, and platforms. The RFI is intended to provide the CFPB with insight into the...more
The CFPB has issued a new report ,“Consumer Use of Buy Now, Pay Later: Insights from the CFPB Making Ends Meet Survey,” that looks at the financial profiles of consumers who use buy-now-pay-later (BNPL) products....more
The U.S. Supreme Court has granted the certiorari petition filed by the CFPB seeking review of the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. v. CFPB. In that decision, the Fifth...more
The New York Department of Financial Services (DFS) has issued final regulations implementing the state’s Commercial Finance Disclosure Law (CFDL) which requires consumer-like disclosures for “commercial financing”...more
The CFPB has issued a new circular (2023-01) that addresses the circumstances under which “negative option marketing practices” can violate the CFPA prohibition of unfair, deceptive, or abusive acts or practices....more
On December 2, a non-profit advocacy organization filed a lawsuit in a California federal district court seeking to enjoin the California Department of Financial Protection and Innovation (DFPI) from enforcing the final...more
In a notice of “Intent to Make Preemption Determination under the Truth in Lending Act (Regulation Z),” the CFPB announced that it is seeking comments on its preliminary determinations that the Truth in Lending Act (TILA)...more
Last week, the CFPB issued its long-awaited report on buy-now-pay-later (BNPL) products. While the report identifies consumer risk and harms arising from BNPL products, it does not discuss any actions that the CFPB plans to...more
The results of a recent poll on buy-now-pay-later (BNPL) conducted on behalf of the Financial Technology Association (FTA) indicate that BNPL products are viewed favorably by a strong majority of adults who have used BNPL. ...more
The CFPB announced that it has entered into a consent order with Hello Digit, LLC (“Digit”) to settle the CFPB’s claims that Digit engaged in deceptive acts and practices in connection with an automated savings tool it...more
The CFPB has issued an interpretive rule that addresses when digital marketing providers are “service providers” subject to the Consumer Financial Protection Act, including the CFPA’s prohibition on unfair, deceptive, or...more
In Director Chopra’s recent interviews with several news reporting organizations, a persistent theme was the CFPB’s concerns about the entry of big tech companies into financial services, particularly in connection with...more
The California Department of Financial Protection and Innovation (DFPI) has filed its opposition to Opportunity Financial, LLC’s (OppFi) Demurrer to the DFPI’s cross-complaint. In the Demurrer, OppFi asks the California trial...more
A Delaware federal court has refused to dismiss a class action complaint filed against a credit union that alleges the credit union violated Regulation E and the Delaware Consumer Fraud Act (CFA) even though the credit...more
The California Department of Financial Protection and Innovation (DFPI) has filed its opposition to Opportunity Financial, LLC’s (OppFi) Demurrer to the DFPI’s cross-complaint. In the Demurrer, OppFi asks the California...more
The New York State Department of Financial Services (DFS) has issued an Industry Letter providing guidance on overdraft and non-sufficient funds (NSF) fees to depository institutions that it supervises....more
The California Department of Financial Protection and Innovation (DFPI) has issued proposed regulations implementing certain provisions of the state’s Consumer Financial Protection Law (CFPL). Comments must be submitted by...more