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Banking Sector Financial Services Industry State Attorneys General

Fox Rothschild LLP

Thirty-two Attorneys General Press Congress to Finally Pass the SAFER Banking Act to Protect Cannabis Businesses and Communities

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The cannabis industry continues to face a fundamental challenge: access to the regulated banking system. Despite legalization (adult use and/or medical) in dozens of states, cannabis remains federally illegal, leaving...more

Hudson Cook, LLP

The CFPB's Future is Unclear, but Its $42 Million Judgment Still Sends a Clear Message

Hudson Cook, LLP on

If we could use only one word to describe the future of the Consumer Financial Protection Bureau, I think most of us would agree on the word "uncertain." However, one thing seems certain to occur as we wait to see what will...more

Venable LLP

New York’s Consumer Protection Overhaul: A Lawsuit Magnet for Banks, Fintechs, and Other Financial Services Providers

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New York lawmakers—with full support from the attorney general—are pushing a sweeping expansion of consumer protection laws that could turn routine financial transactions into the next big class action battleground and expand...more

Orrick, Herrington & Sutcliffe LLP

Attorneys General criticize Treasury letter regarding de-banking

Recently, 20 state attorneys general (AGs) sent a letter addressed to U.S. Treasury Secretary Janet Yellen objecting to the Treasury’s recent letter which criticized state laws protecting individuals from de-banking. The AGs’...more

Nutter McClennen & Fish LLP

Nutter Bank Report: April 2024

The CFPB has issued a policy statement that provides an analytical framework for identifying what constitutes an abusive act or practice under the Consumer Financial Protection Act of 2010 (CFPA). The new guidance published...more

Cozen O'Connor

State AG Pulse | When Testing Systems, Don’t Use Real Data!

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When more than $2 billion was withdrawn from consumer bank accounts without authorization, the AGs took notice. The root cause? A payment processor’s use of real customer data instead of dummy data to test one of its payment...more

Morgan Lewis - All Things FinReg

“Madden Fix” Rules Withstand a Key Test: What Happens Next

More than six years after it was decided, the practical consequences of the US Court of Appeals for the Second Circuit’s Madden v. Midland Funding, LLC decision continue to diminish. The decision—which held that, under some...more

Allen Matkins

What's The DFPI Doing In Federal Court?

Allen Matkins on

Enforcement actions by the California Department of Financial Protection typically involve either administrative proceedings or civil actions in the California state courts.  Recently, however, the DFPI announced that it and...more

Troutman Pepper Locke

Consumer Groups and State AGs Push Regulators to Tighten Guidance on Bank Partnerships

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On October 18, consumer advocate groups and 19 state attorneys general wrote comment letters, urging banking regulators to denounce “rent-a-bank” arrangements between financial institutions and fintechs or other third-party...more

Hudson Cook, LLP

GAP Refunds: What's Old is New Again

Hudson Cook, LLP on

Over the last decade, as more and more states have enacted laws governing guaranteed automobile protection products, compliance with state GAP laws has been a regular topic of discussion between consumer financial services...more

Morrison & Foerster LLP

Financial Services Report - Spring 2021

Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

Goodwin

SEC Issues No-Action Relief On Registered Funds’ Custody Of Loan Interests

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In this Issue. The U.S. Securities and Exchange Commission (SEC) was very active this week, having (i) issued no-action relief allowing registered funds to engage in self-custody of interests in loans that are originated,...more

Ballard Spahr LLP

Eight state attorneys general file lawsuit seeking to overturn OCC’s true lender rule

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On January 5, 2021, the Attorneys General of New York, California, Colorado, the District of Columbia, Massachusetts, Minnesota, New Jersey, and North Carolina filed a voluminous Complaint in federal district court for the...more

Troutman Pepper Locke

States Sue OCC, Challenging its “True Lender” Rule

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On January 5, 2021, the Attorneys General of New York, California, Colorado, the District of Columbia, Massachusetts, Minnesota, New Jersey and North Carolina (collectively, the “States”) sued the Office of the Comptroller of...more

Goodwin

Financial Services Weekly News: FDIC Issues Deposit Insurance Application Guidance For Non-Banks

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In This Issue. The Federal Deposit Insurance Corporation (FDIC) published new procedures for federal deposit insurance applications from applicants that are not traditional community banks; federal banking regulators released...more

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