Welcome to the second annual installment of Seyfarth Shaw’s Commercial Litigation Outlook. Our nationally recognized team provides keen insights about what to expect in 2022. In short, it will be a busy year that will call...more
3/15/2022
/ Class Action ,
Commercial Bankruptcy ,
Commercial Court ,
Commercial Litigation ,
Cybersecurity ,
Data Privacy ,
Department of Justice (DOJ) ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FinTech
The Consumer Financial Protection Bureau (CFPB or Bureau) announced on March 11, 2021 that it is rescinding its January 24, 2020 policy statement, “Statement of Policy Regarding Prohibition on Abusive Acts or Practices” (2020...more
Just two weeks before the inauguration of President-elect Biden, and the launch of a new executive administration, the Consumer Financial Protection Bureau (CFPB or Bureau) Taskforce on Federal Consumer Financial Law...more
Seyfarth Synopsis: The Federal Deposit Insurance Corporation (“FDIC”) has issued a new rule codifying and clarifying its expectations for industrial banks and their parent companies to receive approval for federal deposit...more
On December 7, 2020, the Consumer Financial Protection Bureau (CFPB) along with attorneys general from all 50 states and the District of Columbia and bank regulators from 53 jurisdictions covering 48 states and Puerto Rico,...more
12/10/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Homeowners Protection Act ,
Mortgage Servicers ,
Mortgages ,
Nationstar ,
Non-Bank Lenders ,
RESPA ,
Settlement Agreements ,
Statutory Violations ,
Unfair or Deceptive Trade Practices
COVID-19 has not only created red tape for us—sheltering-in-place, staying six feet away from others, wearing masks in public—but it also has created new red tape for lenders. Each day new federal and state legislation, as...more
4/15/2020
/ Breach of Contract ,
Capital Markets ,
Continuing Legal Education ,
Coronavirus/COVID-19 ,
Debt Repurchasing ,
Debt Restructuring ,
Distressed Debt ,
Financial Services Industry ,
Force Majeure Clause ,
International Tax Issues ,
Lenders ,
Liability ,
New Legislation ,
State and Local Government ,
Tender Offers ,
Webinars
Seyfarth Synopsis: Through a reintroduced House bill, Congress is taking strides to push for cosmetic regulation reform and, separately, through the SAFE Act, it is seeking to establish a safe harbor for financial...more
11/1/2019
/ Agribusiness ,
Cannabidiol (CBD) oil ,
Cannabis Products ,
Cosmetics ,
Farm Bill ,
Farms ,
Financial Services Industry ,
Food and Drug Administration (FDA) ,
Hemp ,
Legislative Agendas ,
Licensing Rules ,
Marijuana ,
Personal Care Products ,
Proposed Legislation ,
Proposed Regulation ,
Proposed Rules ,
Public Health ,
Regulatory Agenda ,
Regulatory Requirements ,
Rulemaking Process ,
Safety Standards ,
Toxic Chemicals ,
USDA
Following last year’s passage of the 2018 Farm Bill, the National Credit Union Administration (NCUA) issued a regulatory update in August of 2019 to federally insured credit unions. Citing growth in hemp-related commerce,...more
9/11/2019
/ Anti-Money Laundering ,
Bank Secrecy Act ,
BSA/AML ,
Decriminalization of Marijuana ,
Farm Bill ,
Financial Services Industry ,
Hemp ,
Lending ,
Marijuana ,
Marijuana Cultivation ,
Marijuana Related Businesses ,
NCUA ,
Regulatory Requirements
In response to “the void left by the Trump Administration’s pullback of the [CFPB],” the New Jersey Attorney General recently announced that Paul R. Rodriguez will be serve at the Director of the New Jersey Division of...more
On January 23, 2018, the Consumer Financial Protection Bureau’s (“CFPB”) Acting Director, Mick Mulvaney, issued a mission statement to the CFPB redirecting the agency’s mission and focus. Mulvaney emphasized that the law...more
1/29/2018
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Deregulation ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mission Statement ,
Regulatory Agencies
Seyfarth Synopsis: Ninth Circuit upholds district court decision granting five businesses injunctive relief, finding that state law banning credit card surcharges is unconstitutional as applied to the five businesses.
...more
1/11/2018
/ Constitutional Challenges ,
Credit Card Surcharges ,
Credit Cards ,
Debit and Credit Card Transactions ,
Due Process ,
Financial Services Industry ,
First Amendment ,
Fourteenth Amendment ,
Free Speech ,
Injunctive Relief ,
Merchants ,
Retail Market ,
Retailers ,
Truth in Lending Act (TILA)
Seyfarth Synopsis: Pursuant to the the Congressional Review Act, President Trump officially repealed the CFPB Arbitration Rule.
As expected, President Trump signed the resolution to repeal the arbitration rule proposed...more
11/6/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry ,
Trump Administration
Seyfarth Synopsis: Financial institutions can maintain the status quo of their pre-dispute resolution clauses in consumer contracts because Senate voted against CFPB’s proposed arbitration rule....more
10/27/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
Seyfarth Synopsis: The Consumer Financial Protection Bureau issued a final rule that exposes financial services companies to increased litigation by banning the use of arbitration agreements to block consumer class actions. ...more
7/18/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry