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Proposed Regulation Consumer Financial Protection Bureau (CFPB) Financial Services Industry

Troutman Pepper Locke

CFPB Withdraws Proposed FCRA Data Broker Rule

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Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed its decision to withdraw the proposed rule titled “Protecting Americans from Harmful Data Broker Practices (Regulation V)” in the Federal Register....more

Perkins Coie

CFPB Finalizes Proposed Open Banking Rule on Personal Financial Data Rights

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Background on Open Banking and the CFPB - The Consumer Financial Protection Bureau (CFPB) recently finalized a rule on personal financial data rights (Rule), implementing Section 1033 of the Consumer Financial Protection Act...more

Davis Wright Tremaine LLP

Opportunity Knocks – Litigating Financial Regulation in a Second Trump Administration

During the Biden-Harris Administration, the relationship between financial institutions and their regulators chilled considerably. The financial services industry works daily with its regulators—especially through the...more

Troutman Pepper Locke

House Resolution Introduced to Disapprove the CFPB Advisory Opinion on Medical Debt Collection Practices

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On November 13, Representative Gary J. Palmer (R-AL) introduced House Joint Resolution 220, which seeks congressional disapproval of an advisory opinion published by the Consumer Financial Protection Bureau (CFPB or Bureau)...more

Spilman Thomas & Battle, PLLC

Promissory Notes - Banking & Finance Insights: V 4, Issue 2, March 2024

Volume 4, Issue 2, 2024 Welcome! Welcome to the second issue of Promissory Notes - our banking and finance e-newsletter - for 2024. Business today is characterized by relentless change. To assist our clients in navigating...more

Troutman Pepper Locke

Massachusetts Proposes Fee Disclosure Regulations Targeting “Junk Fees” and Automatic Renewal Contracts

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On November 30, Massachusetts Attorney General Andrea Joy Campbell announced proposed regulations that would require businesses to clearly disclose the total price of a product at the time it is presented to consumers,...more

Ballard Spahr LLP

Ballard Spahr attorneys and Cornell University law professor submit comments opposing CFPB rulemaking on post-dispute consumer...

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Ballard Spahr Senior Counsel Alan S. Kaplinsky and Mark J. Levin, and David Sherwyn, Professor of Law at Cornell University’s School of Hotel Administration, today submitted lengthy comments to the Consumer Financial...more

Ballard Spahr LLP

CFPB Launches FCRA Rulemaking to Eliminate Creditor Use of Medical Debt

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On September 21, 2023, with limited time to digest the comments received by September 11, 2023 from the request for information regarding medical payment products, the Consumer Financial Protection Bureau (CFPB) started the...more

Ballard Spahr LLP

CFPB reacts quickly and favorably to Petition submitted to it by consumer groups to ban pre-dispute arbitration

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Last week, a group of consumer advocate organizations filed a Petition for Rulemaking with the CFPB that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses that...more

Ballard Spahr LLP

CRA resolutions introduced to override CFPB Section 1071 small business lending rule

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Two joint resolutions under the Congressional Review Act (CRA) to override the CFPB’s final Section 1071 small business lending rule have been introduced by Republican members in the House. The resolutions are H.J. Res. 50...more

Akerman LLP

CFPB Proposes Non-Bank Registration System for Reporting of Enforcement Orders

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On December 12th, the CFPB proposed to establish a registration system to catalog regulatory actions involving non-bank providers of consumer financial products and services brought by federal and state regulators.  The...more

Sheppard Mullin Richter & Hampton LLP

California Regulator Proposes Changes to Student Loan Servicing Laws

On August 30, the Commissioner of the California DFPI issued a notice of rulemaking proposing new regulations and amendments to current regulations implementing the state’s student loan servicing laws...more

Goodwin

Financial Services Weekly Roundup: Madden Fix/Valid When Made Rule Faces New Challengers

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In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more

Goodwin

Financial Services Weekly Roundup: The Supreme Court Strikes Back On Single Director Leadership Structures

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In This Issue. The U.S. Supreme Court struck down the single director leadership structure of the Consumer Financial Protection Bureau (CFPB) in a ruling that could have far-reaching implications for the CFPB and other...more

Holland & Knight LLP

CFPB Issues Proposed Libor Transition Rules

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The Consumer Financial Protection Bureau (the Bureau) has issued proposed regulations (Proposed Regulations) to facilitate the transition away from Libor (the London Interbank Offered Rate) in the consumer credit market, and...more

Goodwin

Financial Services Weekly News: FDIC Releases Guide To Connect Fintechs With Banks

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In This Issue. The Federal Deposit Insurance Corporation (FDIC) released a new guide to help financial technology companies and others partner with banks; the Financial Industry Regulatory Authority (FINRA) announced that it...more

ArentFox Schiff

California’s ‘Mini-CFPB’—Gov. Newsom’s Budget Proposal Forecasts Significant Expansion of Consumer Financial Services Oversight...

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California is poised to join the growing cadre of states enhancing their consumer financial protection functions in response to perceived decreasing federal oversight and enforcement under the Trump administration. Following...more

Bradley Arant Boult Cummings LLP

California’s Proposed “Mini-CFPB” May Increase Scrutiny of Auto Lenders and Other Industry Participants

Earlier this month, California Gov. Gavin Newsom revealed plans to create a state version of the federal Consumer Financial Protection Bureau (CFPB) as part of the state’s proposed 2020-2021 budget. According to the...more

Goodwin

California and New York Propose to Expand Consumer Protections

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At the start of the new year, both California’s Governor Newson and New York’s Governor Cuomo proposed expansions to their respective state’s regulatory oversight of consumer financial services. Of particular note,...more

Jones Day

California’s Proposal to Create Mini-CFPB - This proposed regulatory change will undoubtedly have a wide-ranging impact on...

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On January 10, 2019, California Governor Gavin Newsom proposed a plan to create a California version of the federal Consumer Financial Protection Bureau ("CFPB") as part of the state's proposed 2020-21 budget. According to...more

Brownstein Hyatt Farber Schreck

Brownstein Attorneys Advise on Updates to 40-Year-Old FDCPA

On Tuesday evening, Sept. 17, ACA International filed a 155-page comment to the Consumer Financial Protection Bureau’s (“Bureau”) proposed debt collection rule. The comment advocates for consumers, creditors and a stable U.S....more

Ballard Spahr LLP

NYDFS Proposes Regulation of Consumer Reporting Agencies

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Last week, New York Governor Andrew Cuomo issued a press release directing the New York Department of Financial Services (“NYDFS”) to impose new rules on consumer reporting agencies (“CRAs”). The proposed regulation would...more

Goodwin

Financial Services Weekly News - September 2016 #3

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Editor's Note - Investment Company Institute Publishes FAQ on SEC No-Action Letter Regarding Auditor Independence. On September 23, the Investment Company Institute (ICI) published a memorandum (ICI Memo) responding to...more

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