News & Analysis as of

Consumer Financial Products State Attorneys General Financial Institutions

Cozen O'Connor

The State AG Report – 04.17.2025

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •Illegal E-Cigarette Sales Targeted by AG Enforcement...more

Troutman Pepper Locke

New Jersey Division on Civil Rights Issues Finding of Probable Cause Against Consumer Financial Services Company for...

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On March 11, New Jersey Attorney General (AG) Matthew Platkin and the New Jersey Division on Civil Rights (DCR) announced that DCR issued a finding of probable cause against Advance Funding Partners/Same Day Funding (Advance...more

Venable LLP

McKernan's CFPB Nomination Hearing: What It Means for Consumer Financial Services Regulation

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The Senate Banking Committee's hearing on Jonathan McKernan's nomination to lead the Consumer Financial Protection Bureau (CFPB) signals a potential shift in the agency's direction: McKernan, a Trump nominee, pledged to...more

Ballard Spahr LLP

Wisconsin Appeals Court Rejects National Bank Act Preemption

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In a significant ruling on February 18, 2025, the Wisconsin Court of Appeals determined that National Bank Act (NBA) does not preempt the procedural “right to cure” notice requirements mandated by the Wisconsin Consumer Act...more

Ballard Spahr LLP

Illinois swipe fee injunction extended to cover out-of-state banks, but not federal credit unions

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Chief Judge Virginia Kendall of the Northern District of Illinois has extended her preliminary injunction prohibiting Illinois from enforcing the Illinois Interchange Fee Prohibition Act (the “IFPA”) to cover out-of-state...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: The Fall of The CFPB, The Rise of The State AG

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In this episode of the Consumer Finance Monitor Podcast, Ballard Spahr partners Mike Kilgarriff and Joseph Schuster break down the seismic shifts in consumer financial regulation following the dramatic changes at the CFPB....more

Cooley LLP

CFPB Targets Contractual Provisions That Limit Consumer Rights

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On January 13, 2025, the Consumer Financial Protection Bureau (CFPB) proposed a rule to prohibit provisions in agreements for consumer financial products or services that “limit fundamental freedoms,” such as those that...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

Cozen O'Connor

CFPB Urges States to Act on Consumer Financial Data Protection

Cozen O'Connor on

The CFPB issued a report on State Consumer Privacy Laws and the Monetization of Consumer Financial Data, which examines existing privacy protections for consumers’ financial data under federal and state laws....more

Troutman Pepper Locke

The OCC and Illinois Attorney General File Opposing Briefs on Interchange Fee Prohibition Act

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On October 2, the Office of the Comptroller of the Currency (OCC) filed an amicus brief in the U.S. District Court for the Northern District of Illinois in support of several banking associations’ motion for a preliminary...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2024 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2024 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Holland & Knight LLP

The CFPB and State AGs Act Jointly Against Online Educational Company

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In this episode of his "Clearly Conspicuous" podcast series, "The CFPB and State AGs Act Jointly Against Online Educational Company," consumer protection attorney Anthony DiResta discusses a joint enforcement action taken by...more

Troutman Pepper Locke

California AG Leads Multistate Effort to Support CFPB’s Registry for Corporate Offenders

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California Attorney General (AG) Rob Bonta, along with a coalition of AGs, has submitted a letter to the Consumer Financial Protection Bureau (CFPB) regarding a proposed final rule. This rule aims to establish a registry of...more

Brownstein Hyatt Farber Schreck

CFPB Flexes Nonbank Supervisory Authority—State AG Targets Should Take Note

For the first time in its history, the Consumer Financial Protection Bureau recently invoked supervisory authority over a nonbank lender, World Acceptance Corp., one of the largest small-dollar installment lenders in the...more

Ballard Spahr LLP

California AG issues warning to state-chartered banks and credit unions on “surprise overdraft” and returned deposit item fees

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On February 22, 2024, California Attorney General Rob Bonta issued letters (the “AG Letter”) to California’s 197 state-chartered banks and credit unions warning that overdraft and returned deposited item fees may violate...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - February 2024 # 4

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Holland & Knight LLP

Will Mariner Finance Decision Lead State Regulators to Bring CFPA Claims?

Holland & Knight LLP on

A lengthy decision recently issued by the U.S. District Court for the Eastern District of Pennsylvania, Pennsylvania by Shapiro v. Mariner Fin., LLC, No. CV 22-3253, 2024 WL 169654 (E.D. Pa. Jan. 12, 2024) (Hodge, J.), may...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

Hudson Cook, LLP

GAP Refunds: What's Old is New Again

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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

Ballard Spahr LLP

CFPB files amicus brief in Third Circuit supporting PA AG

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The CFPB has filed an amicus brief in the U.S. Court of Appeals for the Third Circuit in the Pennsylvania Attorney General’s lawsuit against Navient Corp.  The PA AG’s lawsuit includes claims that Navient violated the...more

Ballard Spahr LLP

State AGs submit comments to FDIC on small-dollar lending

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A group of 13 state attorneys general and the District of Columbia AG have sent a letter to the FDIC commenting on the agency’s request for information on small-dollar lending. ...more

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