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Consumer Protection Laws Reporting Requirements Financial Services Industry

Eversheds Sutherland (US) LLP

NAIC proposes evaluation tool for AI systems used by insurers

On July 7th, the NAIC’s Big Data and AI Working Group (Working Group) exposed a draft of an AI Systems Evaluation Tool (Evaluation Tool). The stated purpose is to provide regulators with a tool that enables them to identify...more

Goodwin

Louisiana Enacts Law Regulating Earned Wage Access Services

Goodwin on

Louisiana has enacted a law that establishes a financial services oversight regime for earned wage access services, also known as on-demand pay services, which allow workers to access earned but unpaid income before payday....more

Orrick, Herrington & Sutcliffe LLP

CFPB issues correction of “credit invisibles” estimate

On June 23, the CFPB issued a technical correction and update to its estimate of “credit invisibles” — adults in the U.S. without a credit record or with insufficient credit history to generate a credit score. As previously...more

Orrick, Herrington & Sutcliffe LLP

California DFPI updates regulations under its Debt Collection Licensing Act

Recently, the California DFPI adopted updated regulations concerning the state’s Debt Collection Licensing Act. The DFPI established definitions and specific requirements for the term “net proceeds generated by California...more

A&O Shearman

PSR publishes policy statement on 2024 APP scams data

A&O Shearman on

The UK Payment Systems Regulator (PSR) has published a policy statement outlining its approach to publishing authorised push payment (APP) scams data for 2024. In 2025, the PSR will take a different approach to publishing...more

Latham & Watkins LLP

FCA Sets Out Findings From Review of Firms’ Treatment of Vulnerable Customers

Latham & Watkins LLP on

The regulator found many examples of good practice, but also published further guidance and case studies to help firms address areas for improvement....more

Husch Blackwell LLP

Alternative Commercial Finance Monthly | February 2025

Husch Blackwell LLP on

Last month, we reported several laws scheduled to take effect this year. The first was the Commercial Financing Disclosure Law in Missouri. We have previously summarized this statute for commercial finance brokers who engage...more

Orrick, Herrington & Sutcliffe LLP

New York State enacts law creating its private education debt registry

Recently, New York State signed into law A8913 to create a “private education debt registry” aimed at increasing transparency and allowing policymakers and consumers a complete and accurate view of student debt in New York...more

Shipkevich PLLC

CA DFPI Registration Requirements Under CCFPL for Debt Settlement Companies and Service Providers

Shipkevich PLLC on

On October 11, 2024, the California Office of Administrative Law approved and filed with the California Secretary of State proposed regulations by the California Department of Protection and Innovation (“DFPI”) to establish...more

Latham & Watkins LLP

FCA Publishes Further Consumer Duty Feedback for Firms

Latham & Watkins LLP on

On 11 December 2024, the FCA published two pieces of feedback on the Consumer Duty, setting out good practices and areas for improvement in relation to Consumer Duty board reports and complaints and root cause analysis....more

A&O Shearman

UK Financial Conduct Authority Consults on New Regulatory Reporting Return for Consumer Credit Firms

A&O Shearman on

The U.K. Financial Conduct Authority has published a consultation paper on a new regulatory reporting return for consumer credit firms engaging in any one, or more, of the regulated activities of credit broking, providing...more

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