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
The California Department of Financial Protection and Innovation (“DFPI”) recently issued a reminder that certain “covered providers” engaged in the business of offering or providing commercial financing to “covered entities”...Read More
Marking the latest move in the ongoing saga surrounding the Small Loan Act in Ohio, the Ohio Division of Financial Institutions posted a new Bank Partnership Guidance FAQ on Friday, January 31. The FAQ follows the publication and rescission of an Alert on the same topic in December, the publication of a “Bank Partnership Guidance”...Read More
The Ohio Division of Financial Institutions posted the second Alert regarding bank partnership on its website. Last week the Division posted new “Bank Partnership Guidance.” In December the Division posted a bank partnership Alert that it subsequently removed... Read More
Today, the Ohio Division of Financial Institutions posted on its website a new “Bank Partnership Guidance” interpreting the Ohio Small Loan Act (“SLA”) to apply to nonbank entities that arrange for or broker any bank loan of $5,000 or less. This new Guidance comes in the wake of the Division’s publication...Read More
On December 18, 2024, the CFPB issued Circular 2024-07 addressing potential violations of law by reducing the value of rewards or otherwise inhibiting consumers from obtaining promised reward. In the circular the CFPB takes the position that credit card issuers are...Read More
The Ohio Division of Financial Institutions posted on its website and circulated a “Bank Partnership Alert” in which the Division takes on new position on interpreting the Ohio Small Loan Act (“SLA”). The SLA applies to loans of $5,000 or less. The SLA provides...Read More
As the latest action in the ongoing litigation regarding the Consumer Financial Protection Bureau’s (“CFPB”) rule limiting the credit card late fee safe harbor to $8, the District Court for the Northern District of Texas, Fort Worth Division kept in place the preliminary injunction staying the rule’s effective date, denying two CFPB motions in the process. As a reminder, the procedural history of this case dates back to March, when the U.S. Chamber of Commerce, American Bankers Association and three Texas trade groups, including the Fort Worth Chamber of Commerce, filed suit against the CFPB...
The U.S. Court of Appeals for the Fifth Circuit issued a per curium order stating that the compliance date for the Consumer Financial Protection Bureau’s (CFPB) Payday Loan Rule is March 30, 2025. The Order stated...Read More