A state senator in New York introduced a bill that, if adopted, would exercise New York’s right under Section 525 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (“DIDMCA”) to opt-out of DIDMCA preemption. However, there is virtually no chance that this bill will be enacted this year.… Continue Reading

Online bill payment company Doxo will pay $2.1 million to settle an FTC complaint that alleged that the firm and two of its co-founders used misleading search advertising to impersonate consumers’ billers and misled consumers about junk fees they added to their bills.

According to a 2024 complaint, filed in the U.S.… Continue Reading

New Podcast Explores the Distributional Costs of Effective Consumer Regulation

Disclosure has long been one of the principal tools of consumer protection. The basic premise seems straightforward: if consumers are given better information about the terms of a transaction, they should be able to make better-informed decisions.

But what if better disclosure works differently for different consumers?… Continue Reading

John Crews has been sworn in as a member of the NCUA board and has been designated by President Trump as its Chairman.

Crews, who has worked for Trump and Republicans on Capitol Hill, currently is the sole member of the three-member NCUA board. Crews replaces Kyle Hauptman

“I appreciate the trust and support that the President has placed in me, and the U.S.… Continue Reading

As previously reported, in February 2022, eight federal agencies issued an Interagency Statement encouraging the offering of special purpose credit programs (SPCPs) under the Equal Credit Opportunity Act (ECOA). The agencies were the CFPB, FDIC, OCC, Fed, NCUA, HUD, DOJ, and FHFA. Seven of the agencies have now rescinded the Interagency Statement.… Continue Reading

A federal judge has issued a Temporary Restraining Order blocking the operation of a network of 16 related companies and their principals that operated a credit repair business.

At the request of the FTC, Judge Steven Logan of the U.S. District Court for the District of Arizona has blocked Credit Glory from conducting business.… Continue Reading

The FDIC has announced the panel for its new Office of Supervisory Appeals. The panel is comprised of independent officials who will consider and resolve appeals of material supervisory determinations brought before the agency.

The office is a standalone office inside the FDIC and replaces the Supervision Appeals Review Committee (SARC) as the last level of review of material supervisory determinations.… Continue Reading

In the latest episode of the Consumer Finance Monitor podcast that we are releasing today, we explore a topic that is becoming increasingly important for financial services companies and virtually every other business operating in today’s digital economy: how privacy, cybersecurity, and AI governance can be transformed from compliance obligations into sources of customer confidence, resilience, and competitive advantage.… Continue Reading

The purpose of this blog is to respond to questions we have received as to why a state like Colorado would ever use Section 525 of DIDMCA to opt out of Section 521 of DIDMCA if it would not preclude rate exportation by out-of-state, state-chartered banks. The question suggests that Congress would not have enacted Section 525 for any purpose other than to prevent rate exportation.… Continue Reading

The Federal Trade Commission (FTC) has taken another important step in the rapidly developing debate over “surveillance pricing.” On August 19, the FTC issued for public comment a Proposed Enforcement Policy Statement Regarding Personalized Pricing, warning businesses that using consumers’ personal data to set individualized prices without adequate disclosure may violate Section 5 of the FTC Act. … Continue Reading