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
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