We recently reported that the Kentucky Bankers Association and several Kentucky banks filed a lawsuit against the CFPB in the U.S. District Court for the Eastern District of Kentucky alleging that the CFPB’s final small business lending rule (Rule) is invalid because, among other reasons, the CFPB is unconstitutionally funded. We expressed surprise that the plaintiffs chose that path instead of seeking leave to intervene in the lawsuit challenging the Rule that was filed by the American Bankers Association (ABA), Texas Bankers Association (TBA) and Rio Grande Bank and is pending in the U.S.… Continue Reading
Credit union intervenors join motion for preliminary injunction filed by community bank intervenors in Texas lawsuit challenging CFPB final small business lending rule
Rally Credit Union, the Credit Union National Association, and Cornerstone Credit Union League (Credit Union Intervenors) have filed a joinder to the motion for preliminary injunction filed by Texas First Bank, Independent Bankers Association of Texas, and Independent Community Bankers of America (Community Bank Intervenors) in the Texas lawsuit challenging the CFPB’s final small business lending rule (Rule).… Continue Reading
This week’s podcast episode: An even deeper dive into the CFPB’s final Dodd-Frank Section 1071 rule on small business data collection
By Barbara S. Mishkin on
The CFPB’s final rule implementing Section 1071 requires financial institutions to collect and report certain data in connection with credit applications made by small businesses, including women-, minority- or LGBTQI+-owned small businesses. In this episode, we respond to questions received from attendees of our April 2023 attendance-breaking webinar about the final rule. … Continue Reading
Texas federal court grants motion of community bank and community bank trade groups for leave to intervene in lawsuit challenging CFPB final small business lending rule; motion for preliminary injunction filed by community bank and community bank trade groups
Two new developments occurred yesterday in the Texas lawsuit challenging the CFPB’s final small business lending rule (Rule).
First, the Texas federal district court granted the unopposed emergency motion of Texas First Bank (Texas First), Independent Bankers Association of Texas (IBAT), and Independent Community Bankers of America (ICBA) seeking leave to intervene in the lawsuit. … Continue Reading
CFPB announces plans to propose rule regulating data brokers under the FCRA
In remarks delivered yesterday at a roundtable convened by the White House on protecting Americans from harmful data broker practices, CFPB Director Chopra announced that the CFPB plans to propose a rule under the Fair Credit Reporting Act (FCRA) to address the practices of data brokers. In connection with Director Chopra’s announcement, the CFPB issued FAQs about its rulemaking plans. … Continue Reading
Texas federal court grants credit union motion for leave to intervene in lawsuit challenging CFPB final small business lending rule; new lawsuit challenging rule filed in Kentucky federal court
A Texas credit union and two credit union trade associations have been granted leave to intervene in the lawsuit challenging the CFPB’s final small business lending rule (Rule) that is pending in a Texas federal district court. The Unopposed Emergency Motion for Leave to Intervene was filed by Rally Credit Union (Rally), a Texas-chartered credit union, the Credit Union National Association (CUNA), a national credit union trade association, and Cornerstone Credit Union League (CCUL), a regional credit union trade association. … Continue Reading
California federal court denies arbitration motion in Ticketmaster case
By Mark J. Levin on
Posted in Arbitration, Litigation and Court Decisions
We previously wrote about a Ninth Circuit appeal dealing with the use of bellwether procedures to resolve mass arbitration claims brought by thousands of customers against Verizon Wireless. That appeal remains pending and is scheduled for oral argument in September. In the meantime, however, a California federal district court has denied Ticketmaster’s motion to compel arbitration of Sherman Act antitrust claims based in large part on the bellwether procedures for mass arbitration claims set forth in the company’s arbitration clause.… Continue Reading
DOJ proposal to increase accessibility of government websites and mobile apps could guide accessibility for places of public accommodation
By Maraya Pratt & Michelle M. McGeogh on
On August 4, 2023, the U.S. Department of Justice (“DOJ”) released its highly anticipated proposed changes to the regulations implementing Title II of the Americans with Disabilities Act (“ADA”). Title II prohibits state and local governments from discriminating against individuals with disabilities. The regulations aim to increase accessibility of websites and mobile applications by clarifying how these public entities can meet their ADA obligations on a technical level. … Continue Reading
Bipartisan group of Senators re-introduce Digital Asset Money Laundering Act
Posted in BSA/AML, Regulatory and Enforcement
On July 28th, Senators Elizabeth Warren (D-Mass), Roger Marshall (R-Kan.), Joe Manchin (D-W.Va.) and Lindsey Graham (R-S.C.), reintroduced the Digital Asset Anti-Money Laundering Act (the “Act”), legislation aimed at closing gaps in the existing anti-money laundering and countering of the financing of terrorism (AML/CFT) framework as it applies to digital assets. … Continue Reading
Ninth Circuit rules text messages not “prerecorded voice messages” under TCPA
By Joel E. Tasca & Daniel JT McKenna on
Posted in Litigation and Court Decisions, TCPA
A unanimous panel of the U.S. Court of Appeals for the Ninth Circuit has ruled that text messages are not “prerecorded voice messages” for purposes of the Telephone Consumer Protection Act’s (TCPA) prohibition on using “an artificial or prerecorded voice” to make non-emergency calls to cell phone numbers without the called party’s consent.… Continue Reading