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Banks Consumer Financial Protection Bureau (CFPB) Unfair or Deceptive Trade Practices

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Private Civil Consumer Financial Services Litigation to Partially Fill CFPB Void - Part...

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The podcast we are releasing today is part 1 of a re-purposed webinar we produced on March 25 titled “The Impact of the Election on the CFPB - Part 4.” As a result of the diminishing impact of the CFPB on enforcing the...more

Orrick, Herrington & Sutcliffe LLP

CFPB dismisses lawsuit against banks and payment service

On March 5, the U.S. District Court for the District of Arizona received the CFPB’s notice of dismissal with prejudice in a lawsuit against several banks involving alleged widespread digital payment fraud on a popular...more

Troutman Pepper Locke

New York Issues Proposed Regulations About Overdraft Fees

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Given the future uncertainty of the Consumer Financial Protection Bureau’s (CFPB) efforts to regulate bank overdraft fees, New York’s Department of Financial Services (DFS) has stepped in to fill a perceived gap. The DFS...more

Robins Kaplan LLP

Capital One Faces Lawsuit Over Savings Account Practices

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On January 14, 2025, the federal government sued Capital One, accusing it of deceptive practices related to its “360 Savings” accounts. Consumer Financial Protection Bureau v. Capital One Financial Corp., No. 25-cv-00061...more

Hudson Cook, LLP

CFPB Fines National Bank and Bank Holding Company for Alleged Violations of the CFPA, TISA, and Regulation DD in Connection with...

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On January 14, 2025, the CFPB filed a lawsuit against the Bank, alleging violations of the CFPA, TISA, and its implementing Regulation DD. The lawsuit alleges that the Bank deceived customers who were enrolled in the Bank's...more

Goodwin

CFPB Files Suit Against Bank For Alleged Savings Account Interest Rate Freezing

Goodwin on

On January 14, 2025, the CFPB announced ​that it had filed a complaint against a large national bank​​ for alleged ​violations of the Consumer Financial Protection Act (CFPA), the Truth in Savings Act (TISA) and TISA’s...more

Goodwin

CFPB Sues Bank Regarding Allegations of Fraud Against Benefit Recipients

Goodwin on

​On December 6, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had filed suit against a bank subsidiary of a financial services company for allegedly disconnecting customer service calls, charging...more

Ballard Spahr LLP

CFPB bans private dispute resolution platform Ejudicate from arbitrating consumer financial product disputes

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The CFPB has banned private dispute resolution platform Ejudicate from arbitrating disputes about consumer financial products, saying that the company had misled student borrowers about the company’s neutrality and initiated...more

Goodwin

California Attorney General Warns California-Chartered Banks and Credit Unions On Surprise Overdraft Fees and Returned Deposited...

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On February 20, 2024, California Attorney General Rob Bonta issued a letter warning California-chartered banks and credit unions with assets under $10 billion that charging surprise overdraft fees and returned deposited item...more

Wiley Rein LLP

Wiley Consumer Protection Download (January 8, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Morgan Lewis

FTC’s Final ‘Cars Rule’ on Dealer Sales Practices: Implications for Banks, Auto Finance, and ‘captives’

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The Federal Trade Commission recently issued a final rule that is squarely aimed at changing the way dealers interact with customers in the financing process. The final rule takes effect on July 30, 2024....more

McGlinchey Stafford

Video: Introduction: A Deep Dive into Payments

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The world of payments has grown exponentially in recent years. The Consumer Financial Protection Bureau (CFPB) has continued its activity around Unfair or Deceptive Acts or Practices (UDAP), fees, and what the CFPB calls dark...more

Moore & Van Allen PLLC

New Legal Challenge Emerges to FDIC’s Supervisory Guidance on Re-presentment and Non-Sufficient Funds Fees

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When following supervisory scrutiny of fees charged to bank customers, the Consumer Financial Protection Bureau’s (CFPB) activities are often the focus. The Minnesota Bankers Association and Lake Central Bank of Minnesota,...more

Moore & Van Allen PLLC

Recent CFPB Releases Continue Focus on Bank Fees and Identify CFPB Concerns with Use of AI in Customer Service

The Consumer Financial Protection Bureau (CFPB) issued releases in May and June that reflected their continued focus on consumer protection issues associated with both bank fees and the use of artificial intelligence (AI) by...more

Goodwin

CFPB Warns Banks that Unilaterally Opening Closed Bank Accounts Could Be a Federal Law Violation

Goodwin on

On Monday May 10, 2023, the Consumer Financial Protection Bureau (CFPB or the Bureau) released a circular regarding the Bureau’s newest guidance that if a “financial institution unilaterally reopens [deposit] accounts to...more

Goodwin

Overdraft Protection Programs: Risk Management Practices

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Regulatory Developments - Overdraft Protection Programs: Risk Management Practices - On April 26, the OCC issued guidance in OCC Bulletin 2013-12, “Overdraft Protection Programs: Risk Management Practices,” to...more

McGlinchey Stafford

CFPB: ‘Junk fees’ in auto servicing are unfair, deceptive

McGlinchey Stafford on

Continuing its aggressive push of investigating and regulating so-called junk fees charged by banks and financial companies, the Consumer Financial Protection Bureau (CFPB) recently issued a special edition of its Supervisory...more

Sheppard Mullin Richter & Hampton LLP

CFPB: Safeguard Consumer Data or Face Liability

The CFPB recently published a circular clarifying liability under consumer financial protection law for financial companies that fail to safeguard consumer data. The circular describes how firms may be violating the CFPA’s...more

Sheppard Mullin Richter & Hampton LLP

CFPB Circular: Safeguard Consumer Data or Face Liability

On August 11, the CFPB published a circular clarifying liability under consumer financial protection law for bank and nonbank financial companies that fail to safeguard consumer data. The circular describes how firms may be...more

Venable LLP

CFPB Warning to Consumer Financial Services Digital Marketing Providers

Venable LLP on

​​​​​​​Through a new interpretive rule announced this week, the Consumer Financial Protection Bureau (CFPB) has declared that digital marketing providers can be held liable under the Consumer Financial Protection Act (CFPA)...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights: Issue 3, July 2020

Welcome! Welcome to the new format of All Consuming . We listened to the feedback. A newsletter filled with long articles gives the detailed information some are looking for but becomes another thing that others have to...more

Hudson Cook, LLP

Current Developments in Bank Deposits and Payment Systems (Spring 2020)

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This survey summarizes several recent developments affecting bank deposits and payment systems. These include payments-related consent orders and enforcement actions by the Consumer Financial Protection Bureau (“CFPB”) and...more

Goodwin

CFPB Files Suit Against National Bank Concerning Alleged Unauthorized Accounts

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On March 9, 2020, the Consumer Financial Protection Bureau (CFPB) filed a lawsuit against a national bank in the U.S. District Court for the Northern District of Illinois alleging that the bank opened unauthorized accounts...more

Hudson Cook, LLP

Current Developments in Bank Deposits and Payment Systems (Spring 2019)

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This survey summarizes several recent developments affecting bank deposits and payment systems. The U.S. department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued new guidance concerning the customer...more

Goodwin

OCC and CFPB Reach $30 Million Settlement With South Dakota Bank Over Overdraft Fees

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On July 20, 2018, the Office of the Comptroller of the Currency (OCC) and Consumer Financial Protection Bureau (CFPB) reached a $30 million settlement with a South Dakota bank over allegations that the bank had engaged in...more

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