News & Analysis as of

Financial Services Industry Consent

Katten Muchin Rosenman LLP

The CFPB is Reconsidering Personal Financial Data Rights Rule Under the Dodd-Frank Act

On August 22, 2025, the Consumer Financial Protection Bureau (CFPB) issued an advance notice of proposed rulemaking seeking public comment on potential revisions to its Personal Financial Data Rights Rule (the Rule) under...more

Blake, Cassels & Graydon LLP

Pratiques exemplaires liées à la vérification numérique de l’identité dans le secteur canadien des services financiers

De nombreuses entreprises de services financiers sont tenues en vertu de lois et de règlements de vérifier l’identité de leurs clients. Il existe des outils technologiques novateurs qui simplifient le processus de...more

Blake, Cassels & Graydon LLP

Digital Identity Verification Best Practices for Canadian Financial Services

Many financial services businesses are subject to legal or regulatory obligations that require them to verify the identity of their customers. Although innovative technological tools, including those using artificial...more

Troutman Pepper Locke

CFPB Abandons Credit Card Late Fee Rule

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The Consumer Financial Protection Bureau (CFPB or Bureau) agreed to vacate its controversial credit card late fee rule in a joint motion for entry of consent judgment filed in Chamber of Commerce of the United States of...more

Venable LLP

FCC Approves Narrow Delay of New TCPA Revocation Rule

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On April 7, the Federal Communications Commission (FCC) granted a limited waiver delaying by an additional year the effective date of certain parts of the new Telephone Consumer Protection Act (TCPA) rule. ...more

McGlinchey Stafford

The Next Wave of Open Banking: New Rules on Personal Financial Data Rights

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A rapid transformation in consumer finance is being brought about by open banking—a pivotal innovation that allows consumers to give third parties real-time access to their detailed financial data. Open banking has the...more

McGlinchey Stafford

Nevada Adopts Student Loan Servicer and Private Education Lender Regulations

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At the beginning of 2024, Nevada began to require companies that service student loans to obtain a license and comply with numerous operational requirements. The law also regulates companies that make or hold private...more

Kaufman & Canoles

Be Warned: Defendant’s Motion to Dismiss Overdraft Fee Claims Denied

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Claims of unfair overdraft fees continue although it seems the media has taken a break from talking about them. A recent federal case in Virginia ruled in favor of all the Plaintiff’s counts and denied the Defendant’s Motion...more

Husch Blackwell LLP

Open Banking Is Here: An Overview of Section 1033 of the Dodd-Frank Act

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In a move that has been a long time in the making, the Consumer Financial Protection Bureau (CFPB) has finalized its comprehensive open banking rule. The rule implements Section 1033 of the Dodd-Frank Act and grants consumers...more

Goodwin

CFPB Issues Guidance Emphasizing the Importance for Banks to Maintain Sufficient Proof of Customers’ Affirmative Consent to...

Goodwin on

In recent discussions surrounding banking practices, the issue of overdraft fees, particularly for ATM and one-time debit card transactions, has gained significant attention....more

Orrick, Herrington & Sutcliffe LLP

CFPB warns against collecting on overdraft services without explicit consumer consent

On September 17, the CFPB published a circular clarifying that banks and credit unions can violate the EFTA and Regulation E if they cannot prove that consumers agreed to be enrolled in overdraft services before being charged...more

Ballard Spahr LLP

CFPB Reminds Financial Institutions to Retain Records of Affirmative Consent for Overdraft Opt-in

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On September 17, 2024, the CFPB issued Consumer Financial Protection Circular 2024-05 on improper overdraft practices. The circular reminded financial institutions of their obligation to retain records that prove the consumer...more

Ballard Spahr LLP

FTC, State of Arizona Charge Auto Dealership with Deceiving Consumers

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On August 15, 2024, the Federal Trade Commission (“FTC”) and Arizona Attorney General announced a proposed settlement with an Arizona-based vehicle dealership to resolve allegations that the dealership misrepresented prices...more

Troutman Pepper Locke

New TCPA Rules: Revoking Consent to Robocalls and Robotexts

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On February 15, the Federal Communications Commission (FCC) approved amendments to the rules and regulations implementing the Telephone Consumer Protection Act (TCPA). The adopted Report and Order and Further Notice of...more

Troutman Pepper Locke

FCC Rules AI-Generated Voices Fall Under TCPA Restrictions

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Yesterday, the Federal Communications Commission (FCC) issued a unanimous ruling that the Telephone Consumer Protection Act’s (TCPA) restrictions on the use of “artificial or prerecorded voices” apply to AI technology that...more

Husch Blackwell LLP

Changes Proposed to the Tennessee Automatic Renewal and Continuous Services Statute

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In early January, a bill was introduced into the Tennessee legislature that would enhance the existing affirmative consent requirement to charge consumers a fee for automatic renewal or continuous services offers under the...more

Ballard Spahr LLP

FTC issues final CARS Rule setting new requirements on vehicle sales

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On December 12, 2024, the Federal Trade Commission (“FTC”) announced its Combating Auto Retail Scams Rule, otherwise known as the “CARS Rule,” setting new requirements on the sale, financing, and leasing of vehicles by motor...more

Ballard Spahr LLP

FCC and FTC Announce new AI Calling and Voice Initiatives

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On November 16th, the Federal Communications Commission (“FCC”) and Federal Trade Commission (“FTC”) announced new independent initiatives regarding the use and implications of AI technologies on consumers in the context of...more

McDermott Will & Schulte

Finance Update: Zustimmungsfiktionen in AGB

Bedürfen Änderungen von Allgemeinen Geschäftsbedingungen der aktiven Zustimmung durch den Vertragspartner? Mit dieser Frage setzte sich der XI. Zivilsenat des BGH in seinem Urteil vom 27. April 2021 auseinander (Az. XI ZR...more

Ballard Spahr LLP

IRS Issues Clarification Regarding Taxpayer First Act Disclosure of Information Provision

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The Taxpayer First Act adopted in the summer of 2019 includes the following provision that has an effective date of December 28, 2019...more

Burr & Forman

Eleventh Circuit Affirms That Banks Must Use Unambiguous Language When Disclosing Methods For Assessing Overdraft Fees

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In Carol Tims v. LGE Community Credit Union, the Eleventh Circuit Court of Appeals held that a credit union’s account agreement with one of its customers was ambiguous about which account balance calculation the bank would...more

Burr & Forman

Northern District of Alabama Holds Contractual Consent Cannot Be Revoked Under TCPA

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The Northern District of Alabama recently followed the Second Circuit’s holding in Reyes v. Lincoln Automotive Financial Services, 861 F.3d 51 (2d Cir. 2017), and held that consent provided in a contract as part of a...more

Burr & Forman

Another Court Holds That Bargained-For Consent To Be Called Cannot Be Unilaterally Revoked In TCPA Case

Burr & Forman on

Harris v. Navient Solutions, LLC, No. 3:15-cv-546, 2018 WL 3748155 (D. Conn. Aug. 7, 2018) - Plaintiff signed promissory notes to secure student loans in which she provided her telephone number, agreed to update Defendant...more

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