As of Monday May 13, 2024, the Federal Trade Commission’s recent amendments to the Safeguards Rule are effective. The new amendments to the Safeguards Rule require a financial institution to submit a notice to the FTC of any unauthorized acquisition of unencrypted customer data, referred to as a “notification event,” that involves 500 or more customers... Read More
In a decision coming just under the wire set by the Fifth Circuit, Judge Pittman of the District Court of Texas, Fort Worth Division granted the U.S. Chamber of Commerce’s motion for preliminary injunction in its case against the Consumer Financial Protection Bureau (“CFPB”), staying the CFPB’s late fee rule effective date of May 14, 2024... Read More
The case challenging the Consumer Financial Protection Bureau’s credit card late fee rule is returning to Texas. Previously, the District Court for the District of Texas, Fort Worth Division ordered the case transferred to the District Court for the District of Columbia... Read More
On March 28, the Fifth Circuit Court of Appeals ordered a stay of the District Court for the Northern District of Texas, Fort Worth Division’s transfer order in the Chamber of Commerce’s case against the Consumer Financial Protection Bureau (“CFPB”) challenging the CFPB’s late fee rule... Read More
The Chamber of Commerce’s case against the Consumer Financial Protection Bureau challenging the CFPB’s late fee rule is moving to DC. See our ALERTS of Mar. 6 and Mar. 8, 2023. On March 28, after considering briefs by both the Chamber of Commerce and the CFPB Read More
The Court of Appeals for the Third Circuit held that trusts areb“covered persons” subject to the enforcement authority in the Consumer Financial Protection Act (CFPA). CFPB v. National Collegiate Master Student Loan Trust, No. 22-1864 (3rd Cir. March19, 2024). Read More
As expected, the U.S. Chamber of Commerce, the American Bankers Association, the Consumer Bankers Association and three Texas trade groups filed suit against the Consumer Financial Protection Bureau (“CFPB”) on March 7 to halt implementation of the CFPB’s newly finalized rule on credit card late fees. Read More
Over a year after the issuance of a notice of proposed rulemaking to amend the Regulation Z safe harbor for credit card late fees, the Consumer Financial Protection Bureau (“CFPB”) announced the final rule to slash the credit card late fee safe harbor from its current rate of $30 for the first violation and $41 thereafter to a flat $8 late fee for card issuers with more than 1 million open accounts. Read More
The Consumer Financial Protection Bureau (“CFPB”) has issued guidance on kickbacks and steering in the context of (i) digital comparison-shopping tools, whether on websites, in applications or through chatbots, and (ii) lead generation. Read More
State and federal regulators continue to press on compliance and oversight issues affecting both fintechs and their bank partners. See, e.g., our ALERTS of Sept. 22, Nov. 10 and Dec. 27, 2022, and Apr. 28, June 12 and Aug. 8, 2023. Read More