News & Analysis as of

Banking Sector Consumer Protection Laws

A&O Shearman

PRA to review Loan to Income flow limit rule and offers interim modification by consent

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The Prudential Regulation Authority (PRA) has announced it will be reviewing the Loan to Income (LTI) flow limit requirements, following the Financial Policy Committee's (FPC) recommendation, as stated in its July financial...more

Troutman Pepper Locke

Wire Fraud Litigants Beware: Fourth Circuit Ruling Protects the Banks — The Consumer Finance Podcast

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In this episode of The Consumer Finance Podcast, Chris Willis is joined by veteran litigators and Troutman Pepper Locke Partners Mary Zinsner and Heryka Knoespel to dissect a groundbreaking Fourth Circuit decision on bank...more

A&O Shearman

UK APPG publishes report assessing the APP fraud mandatory reimbursement requirement

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The UK All-Party Parliamentary Group (APPG) on Fair Banking has published its latest report, "No Half Measures – A Blueprint to Beat APP Fraud", alongside a press release. The report assesses the UK's response to authorised...more

Baker Donelson

Mid-Year 2025 Financial Services Litigation Update

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Litigation against banks and other financial services firms is always evolving. This mid-year 2025 update discusses trends from recent case filings and decisions and highlights the importance of awareness of new legal...more

Ballard Spahr LLP

Ballard Spahr Submits Amicus Brief on Behalf of Banking Trade Groups in Important SCOTUS Arbitration Case

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On behalf of the American Bankers Association (ABA) and the Consumer Bankers Association (CBA), Ballard Spahr has submitted an amicus brief to the United States Supreme Court in Coinbase, Inc., et al. v. Kramer, et al., No....more

Hogan Lovells

English Supreme Court holds that the Etridge protocol applies to hybrid loan transactions

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Lenders in the retail market will be familiar with the Etridge protocol, which (in summary) requires them to ensure that the guarantor of a loan must first obtain independent legal advice, in order to minimise the risk that...more

Troutman Pepper Locke

NYC Comptroller Requested Stronger Protections for New Yorkers Amidst Attenuated CFPB Authority

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New York City Comptroller Brad Lander released a report titled “Standing Up for New York Consumers – How New York State and New York City can Strengthen Consumer Financial Protection in the Trump Era,” which called for the...more

White & Case LLP

Greenwashing and sustainability - a clear enforcement focus for regulators

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As the world continues its shift towards a low carbon economy and businesses seek to meet the expectations of potential investors, shareholders and customers, regulators continue to watch closely to ensure that claims are...more

Woods Rogers

Legislation Impacting Financial Services Industry Going Into Effect July 1, 2025

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The 2025 Virginia General Assembly session concluded in May. During this term, legislators passed a variety of bills that will impact financial services. The more significant legislation is summarized below...more

Orrick, Herrington & Sutcliffe LLP

Fifth Circuit affirms lower court’s decision holding that a credit reporting agency did not violate the FCRA by not investigating...

On June 13, the U.S. Court of Appeals for the Fifth Circuit affirmed the district court’s decision granting summary judgment in favor of the defendant, a credit reporting agency, and dismissing all claims brought by the...more

McDermott Will & Emery

Barrierefreiheitsstärkungsgesetz (BFSG) und die betroffenen Bankdienstleistungen

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Am 28. Juni 2025 tritt das Barrierefreiheitsstärkungsgesetz (BFSG) in Kraft. Das Kernziel des BFSG ist es, allen Menschen die barrierefreie Teilhabe am Wirtschaftsleben zu ermöglichen. So ist die Teilhabe an digitalen...more

Sheppard Mullin Richter & Hampton LLP

NYC Comptroller Report Calls for Overhaul of State Consumer Financial Protections

On June 9, 2025, New York City Comptroller Brad Lander released a report urging City and State leaders to modernize consumer financial protections. The report outlines a series of legislative and regulatory recommendations...more

Goodwin

Senate Banking Committee Proposes Bill That Would Eliminate CFPB Federal Reserve Funding

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In June 2025, the Senate Banking Committee introduced a version of the “One Big, Beautiful Bill” that would eliminate the CFPB’s Federal Reserve funding. The CFPB can currently receive funds of up to 12% of the Federal...more

Kohrman Jackson & Krantz LLP

Unclaimed Funds in Ohio: Is the State Holding Money that Belongs to You?

The Ohio Department of Commerce’s Division of Unclaimed Funds is safeguarding approximately $4 billion in unclaimed assets. In 2024, the Ohio Department of Commerce received $525 million in unclaimed funds but only $149...more

Blank Rome LLP

Executive Summary – New York Regulation and Disclosure – What Mortgage Applicants Need to Know

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A new law in New York took effect on June 11, 2025, requiring banking organizations, licensed lenders, and mortgage bankers provide a disclosure pamphlet titled “What Mortgage Applicants Need to Know” (the “Pamphlet”)....more

Holland & Knight LLP

Georgia Governor Updates Legislation Impacting Banking and Financial Services Industries

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Georgia Gov. Brian Kemp recently signed legislation that will impact the banking and financial services industries in the state. It becomes effective July 1, 2025. The Georgia General Assembly adjourned the 2025 legislative...more

Orrick, Herrington & Sutcliffe LLP

Second Circuit sides with bank in FCRA case

On May 28, the U.S. Court of Appeals for the Second Circuit affirmed a judgment issued by a district court judge in U.S. SDNY dismissing a plaintiff-appellant’s claims under the FCRA for allegedly failing to reasonably...more

Cooley LLP

CFPB Moves to Vacate Its Own Open Banking Rule Citing Legal Deficiencies and Overreach

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On May 30, 2025, the Consumer Financial Protection Bureau (CFPB) took the rare step of asking the US District Court for the Eastern District of Kentucky to vacate the CFPB’s own final rule implementing Section 1033 of the...more

Holland & Knight LLP

CFPB Seeks to Vacate the Open Banking Rule

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The CFPB has requested that a federal district court vacate the Biden-era Open Banking Rule (Rule) in a motion for summary judgment filed on May 30, 2025. The CFPB had previously submitted a status report to the U.S. District...more

Eversheds Sutherland (US) LLP

CFPB withdraws dozens of guidance documents in sweeping regulatory shift

Consistent with President Trump’s de-regulatory agenda, the Consumer Financial Protection Bureau (CFPB or Bureau) is withdrawing over five dozen of its guidance documents, including interpretive rules, advisory opinions, and...more

Awatif Mohammad Shoqi Advocates & Legal...

Does the bank have a right to close a customer's account as a result of multiple bounced cheques?

In the UAE, it is legally permissible for banks to close a customer’s account if multiple checks are returned due to insufficient funds. All the banks and financial institutions in the UAE are regulated by the Central Bank of...more

Orrick, Herrington & Sutcliffe LLP

Class action settlement seeks approval over alleged bank fee breach

On April 24, in the U.S. District Court for the Eastern District of Arkansas, a Memorandum of Law to support an unopposed motion for final approval of a class action settlement was filed to resolve all claims against the...more

Sheppard Mullin Richter & Hampton LLP

FDIC Orders Bank to Pay $1.225 Billion for Alleged Interchange Fee Misclassification 

On April 18, the FDIC announced a consent order against a Delaware-based bank alleging that the bank engaged in unsafe and unsound banking practices and violated various federal consumer protection laws, including Section 5...more

Wilson Sonsini Goodrich & Rosati

Focus on Fintech – Q1 2025

Welcome to Wilson Sonsini’s Focus on Fintech newsletter. This quarterly newsletter provides ongoing analysis and commentary on regulatory developments impacting the fintech industry. In this issue, our attorneys discuss...more

Sheppard Mullin Richter & Hampton LLP

Fourth Circuit Rejects Rehearing in ACH Fraud Suit Alleging Violations of KYC Rules and NACHA Operating Standards

On April 22, the Fourth Circuit declined to reconsider a panel ruling that found a credit union could not be held liable for a scam in which fraudsters diverted over $560,000 from a metal fabricator through unauthorized ACH...more

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