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
Firm News
ARBITRATION CLAUSE FOUND NOT ENFORCEABLE BECAUSE OF CHANGE CLAUSE
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
Medical Debt Bill Introduced In Ohio, Latest In State Attention On Medical Debt
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
The CFPB Withdraws Guidance And Drops Cases: YAY?!
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 So the Consumer Financial Services Bureau (CFPB) has just withdrawn a slew of guidance, interpretive rules, policy statements and advisory opinions, and backed away from a variety of litigation matters… Read More
Are You Ready For the “Crypto” Revolution?
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
TEXAS COURT VACATES CFPB CREDIT CARD LATE FEE RULE
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
CFPB MOVES TO SETTLE CREDIT CARD LATE FEE RULE WITH PREJUDICE
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
California Commercial Financing Annual Report Due March 15
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
Ohio Regulator Publishes Bank Partnership Guidance Faqs
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
Ohio Regulator Publishes Revised Bank Partnership Alert
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