California enacted S.B. 1061 to amend and expand the state’s Credit Reporting Agencies Act to incorporate new restrictions and requirements on consumer medical debt reporting. The bill becomes effective on...Read More
The Federal Deposit Insurance Corporation (“FDIC”) announced this week that it is extending the comment period for the proposed rule on Custodial Deposit Accounts with Transactional Features and Prompt Payment of Deposit Insurance to Depositors from the rule’s original December 2, 2024 comment deadline to...Read More
The Consumer Financial Protection Bureau (“CFPB”) recently entered into consent orders with Goldman Sachs Bank and Apple, Inc. over alleged mismanagement of disputes and deceptive marketing related to the Apple Card. The order requires Apple and Goldman to pay over $89 million collectively in civil penalties and redress for issues with the Apple Card. Additionally, Goldman is prohibited from launching a new credit card without a credible compliance plan...Read More
California recently enacted a new law that would prohibit certain banks and credit unions from charging a consumer a nonsufficient funds fee when the consumer’s attempt to initiate a transaction is declined instantaneously or near instantaneously due to nonsufficient funds....Read More
The U.S. Court of Appeals for the Fifth Circuit granted the appellants’ motion to expedite the appeal in the suit brought by trade associations challenging the Consumer Financial Protection Bureau’s (CFPB) Final Rule under Section 1071 of the Dodd-Frank Act, the Small Business Lending Data Collection Rule...Read More
As part of its ongoing review of the 1973 Negative Option Rule, the Federal Trade Commission (“FTC”) recently announced amendments to the rule intended to combat “unfair and deceptive” practices related to subscriptions, memberships and other...Read More
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...Read More
California enacted S.B. 1286 to amend the Rosenthal Fair Debt Collection Practices Act to apply to certain commercial debts in addition to consumer debts. The amendments apply to all delinquent covered commercial debt sold or assigned on or after July 1, 2025...Read More
Illinois has enacted a law restricting dentists and their employees from arranging third-party financing of dental service and related activities. The new law takes effect January 1, 2025. Under the new law a dentist, employee of a dentist or agent of a dentist may not...Read More
Missouri joined the list of states with commercial financing disclosure laws. The new law requires a provider that consummates a commercial financing transaction to disclose the terms of the commercial financing transaction at or before consummation of the transaction. “Commercial financing transaction” means any commercial loan, accounts receivable purchase transaction, commercial open-end credit plan or each to the extent the transaction is a business purpose transaction...Read More