Firm Alerts

The U.S. House Committee on Financial Services has declared the week of July 14th as “Crypto Week”, when the House will consider the “GENIUS” Act, the “CLARITY” Act and the Anti-CBDC Surveillance State Act. These measures will usher in a significant measure of much needed certainty that can provide a launching pad for the digital economy to challenge, parallel and potentially enhance the traditional financial services industry in the U.S. and the world economy at large... Read More

Fair Isaac Corp. (“FICO”) announced this week that it will begin including buy now, pay later (“BNPL”) data in consumer credit scores, as more Americans continue to turn to the non-traditional credit product to purchase goods and services. This announcement is the latest move in efforts to incorporate BNPL into the existing American credit ecosystem. According to FICO, credit scores incorporating BNPL data are expected to be available in this fall... Read More

On Monday, Illinois Governor J.B. Pritzker signed HB742, which officially delays the effective date of the Interchange Fee Prohibition Act (“IFPA”) until July 1, 2026. See our ALERT of June 5, 2025. The initial effective date for the IFPA was July 1, 2025, which was quickly approaching even as federal litigation over the legality of the statute is ongoing. The extension of the effective date will allow litigation to continue without requiring card issuers and networks to prematurely comply with the controversial statute... Read More

The Illinois state legislature has voted to postpone by one year the implementation of the Interchange Fee Prohibition Act (IFPA), a law to exempt taxes and tips from credit and debit card interchange fees. 2025 IL HB 742. The IFPA is slated to take effect on July 1, 2025. The bill awaits action by the governor... Read More

The United States Court of Appeals for the Fourth Circuit affirmed the lower court decision finding an arbitration clause in a consumer credit agreement not enforceable. Ford v. Genesis Financial Solutions, Inc., Case No. 24-1341 (4th Cir., May 30, 2025)... Read More

Recently Ohio joined the list of states attempting to curb the effect of medical debt through legislation. Ohio H.B. No. 257, introduced in the Ohio General Assembly, limits the rate of interest on medical debt in Ohio and prohibits reporting medical debt to a consumer reporting agency... Read More

Wow! So the Consumer Financial Services Bureau (CFPB) has just withdrawn a slew of guidance, interpretive rules, policy statements and advisory opinions, and backed away from a variety of litigation matters... Read More

While the U.S. Congress has yet to pass the Guiding and Establishing National Innovation for US Stablecoins Act of 2025 (“GENIUS Act”) and other key legislation, the current administration has already made clear that the future will include digital assets supported by blockchain technology. Add artificial intelligence (AI) capabilities,... Read More

The District Court for the Northern District of Texas granted yesterday’s joint motion for Entry of Consent Judgement in the ongoing late fee litigation in Texas with regard to Count II (regarding violation of the CARD Act) and dismissal...Read More

The Consumer Financial Protection Bureau and plaintiffs have filed a Joint Motion for Entry of Consent Judgement in the ongoing late fee litigation in Texas with regard to Count II (regarding violation of the CARD Act) and dismissal with... Read More