Month: November 2023

The Dodd-Frank Act amended The Truth in Lending Act (TILA) by requiring that the dollar threshold for exempt consumer credit transactions be adjusted annually by the annual percentage increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). If there is no annual percentage increase in the CPI-W, the exemption threshold from the prior year is not adjusted. The Dodd-Frank Act requires similar adjustments in the Consumer Leasing Act’s threshold for exempt consumer leases. Read More

While traditional artificial intelligence (“AI”) has been used by the financial services industry for years, the use of generative AI has become a hot topic. Generative AI is a newer form of AI that has the ability to produce original content, including text, images or other media. Many companies utilize and implement AI, both traditional and generative, in their business practices, including financial services and payment services companies like Stripe, Block (formerly known as Square), Brex, Klarna and the Commonwealth Bank of Australia. Read More

The Consumer Financial Protection Bureau (“CFPB”) released a proposed rule to define a market for general-use digital consumer payment applications under its authority to supervise “larger participants” of a market for consumer financial products or services as defined by rule. Under the Proposed Rule the proposed market would cover providers of funds transfer and wallet functionalities through digital applications for consumers’ general use in making payments to other persons for personal, family or household purposes. Read More

In response to Industry feedback, the Consumer Financial Protection Bureau debt collection rules released in 2020 and comments on the prior Notice of Proposed Rulemaking in 2022, the New York City (“NYC”) Department of Consumer and Worker Protection (“DCWP”) has proposed new amendments to the city’s Debt Collector Rules. Read More