News & Analysis as of

Consumer Financial Products Fees Financial Institutions

Cozen O'Connor

Hundreds of Millions Lost by Seniors Due to Bankruptcies Filed by CCRC Communities

Cozen O'Connor on

The Wall Street Journal has reported that recent bankruptcies nationwide in the Continuing Care Retirement Community (CCRC) segment of the long-term care marketplace have resulted in residents losing their buy-in deposit....more

Ballard Spahr LLP

Maryland enacts Earned Wage Access legislation

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A new Maryland law deems certain earned wage access (EWA) services to be loans. It then subjects those EWA services to the Maryland Consumer Loan Law and other consumer credit provisions, restricts the acceptance of tips by...more

Troutman Pepper Locke

Texas Senate Bill 1736 Proposes Allowing Convenience Fees for Electronic Motor Vehicle Payments

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On February 27, Texas State Senator José Menéndez (D) introduced Senate Bill 1736, a piece of legislation aimed at regulating convenience fees associated with electronic payments for motor vehicles. SB 1736 would allow such...more

Orrick, Herrington & Sutcliffe LLP

FDIC fines bank $650K for alleged unfair and deceptive acts

On January 31, the FDIC publicly announced its order for a bank in Sandy, Utah, to pay a civil money penalty of $650,000 due to allegations of deceptive acts and unfair practices. ...more

Holland & Knight LLP

Overdraft Free? New York's Pre-Proposed Outreach on Bank Fees

Holland & Knight LLP on

Insufficient funds transactions occur when consumers issue a payment order (a check, some other written order or an electronic debit) against funds in their bank account, and the account lacks sufficient funds to cover the...more

Sheppard Mullin Richter & Hampton LLP

New York Proposes Limits on Overdraft and NSF Fees

On January 23, 2025 the New York Department of Financial Services (NYDFS) announced proposed regulations to curb overdraft fees and insufficient funds fees charged by banks in New York. The proposed rules aim to protect...more

Hudson Cook, LLP

CFPB Bites of the Month - 2024 Annual Review - Credit Cards

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In this article, we share a timeline of our monthly "bites" for 2024 applicable to the credit card industry. The year saw the CFPB give a fair amount of attention to credit card products, with a focus on pricing....more

Ballard Spahr LLP

NY State Department of Financial Services issues proposed overdraft rule

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The New York State Department of Financial Services has released a proposed rule that would regulate overdraft, non-sufficient funds (NSF), and return deposit item fees charged by banks, trust companies, savings banks,...more

Orrick, Herrington & Sutcliffe LLP

New York Governor Hochul proposes new financial protections

On January 14, Governor Kathy Hochul announced new proposals to protect New York consumers as part of her 2025 State of the State. Her proposals included legislation to: (i) combat algorithmic price discrimination by...more

Orrick, Herrington & Sutcliffe LLP

CFPB withdraws its proposed rule to ban nonsufficient fees

On January 14, the CFPB withdrew its proposed rule prohibiting financial institutions from charging nonsufficient funds (NSF) fees on transactions that are “instantaneously or near-instantaneously” declined. NSF fees are...more

Cozen O'Connor

Edward Jones Settles Multistate Investigation into Commissions and Supervisory Procedures

Cozen O'Connor on

New Jersey AG Matthew Platkin has settled with Edward D. Jones & Co., L.P., as part of a multistate investigation that included 14 states and the North American Securities Administrators Association, over allegations that the...more

Husch Blackwell LLP

Mark Your Calendars: 2025 Compliance Dates for Key Consumer and Small Business Financial Services Regulations

Husch Blackwell LLP on

One of the primary challenges with working in the U.S. financial services space is keeping up with the ever-changing federal and state regulatory landscape. Juggling the day-to-day fire drills while staying atop of regulatory...more

Morrison & Foerster LLP

Leaning In: The CFPB Publishes Rule on Fees for Overdraft Services

On December 30, 2024, the Consumer Financial Protection Bureau (CFPB) published a final rule that may dramatically change the way that certain large financial institutions offer overdraft services to consumers. Under the...more

Alston & Bird

CFPB’s “Overdraft Lending” Rule Faces Immediate Legal Challenge

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What Happened? On December 12, 2024, the Consumer Financial Protection Bureau (CFPB) issued its final “overdraft lending” rule aimed at curbing overdraft fees charged by banks and credit unions with more than $10 billion in...more

Goodwin

CFPB Finalizes Rule Preventing Overdraft Fee Loophole for Large Banks

Goodwin on

​​​​​​​In December 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule that closes a loophole exempting overdraft loans from lending laws, a major step in the CFPB’s efforts to curb junk fees....more

Alston & Bird

Payments Docket – December 2024

Alston & Bird on

The latest edition of the Payments Docket, our roundup of key litigation and enforcement involving the payments industry, features why the CFPB’s open banking rule is under fire, a convenience fee that steals your lunch...more

Ballard Spahr LLP

CFPB Takes Aim at Cash Back Fees

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Some dollar store chains and other retailers now are charging consumers for obtaining cash back on debt or prepaid card purchases—transactions that generally have been free in the past–the CFPB reported....more

Ballard Spahr LLP

CFPB sues Horizon Card Services and CEO, saying they cheated low-income people through membership scheme

Ballard Spahr LLP on

The CFPB earlier this month filed suit against Horizon Card Services and its CEO and sole shareholder Robert Kane for allegedly tricking subprime consumers into signing up for a high-fee credit card that only allowed them to...more

Alston & Bird

Structured Finance Spectrum - Summer 2024

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Welcome to the latest edition of the Spectrum, covering hot-topic issues in the structured finance markets in the U.S. and UK. This edition features the new UK securitization regime, eHELOCs, and climate risk disclosures....more

Ballard Spahr LLP

CFPB: Families Forced to Pay ‘Junk’ Fees for School Lunches

Ballard Spahr LLP on

The CFPB’s latest focus on consumer fees is targeting payment processors for school lunches. The CFPB says that families who choose to purchase school lunches are being forced to pay fees to companies that process their...more

Ballard Spahr LLP

Chopra Delivers Testimony to Congress on Semi-Annual Report

Ballard Spahr LLP on

On June 4, 2024, the CFPB issued its Semi-Annual Report to Congress covering the period beginning April 1, 2023 and ending September 30, 2023. On June 12, 2024, CFPB Director Chopra appeared before the Senate Banking...more

Troutman Pepper Locke

CFPB Fixes Spotlight on Credit Card Rewards Programs

Troutman Pepper Locke on

This week, the Consumer Financial Protection Bureau (CFPB or Bureau) published an Issue Spotlight focusing on consumer complaints relating to credit card rewards programs. The report notes that credit card companies often...more

Cadwalader, Wickersham & Taft LLP

CFPB Uses Laboratory Experiments to Attack Junk Fees

On April 30, 2024, the Consumer Financial Protection Bureau (“CFPB”) published a report called “Price Complexity in Laboratory Markets” that concluded that the financial services industry should keep pricing for financial...more

Alston & Bird

Merchant Plaintiffs Reach Settlement in Payment Card Interchange Fee and Merchant Discount Antitrust Litigation

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Our Financial Services Group summarizes the closely observed preliminary settlement agreement over the fees credit card companies and banks charge merchants....more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: A Close Look at the Consumer Financial Protection Bureau’s Proposed Rules on Overdraft...

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Our special guest is David Pommerehn, SVP, General Counsel, Head of Regulatory Affairs at the Consumer Bankers Association. In January 2024, the CFPB proposed two new rules: one restricting overdraft fees and the other...more

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