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

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

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

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

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

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

As expected, the U.S. Supreme Court’s ruling in the Students for Fair Admissions Inc.’s lawsuit against Harvard University and the University of North Carolina, which challenged the constitutionality of the universities’ race conscious admission policies, has quickly created a division along ideological lines as to what the ruling means for workplace diversity, equity, and inclusion (DEI) initiatives, including in the financial services industry.… Continue Reading

After discussing what fluctuating- value cryptocurrencies and stablecoins are, their differences, and their primary uses and risks, we discuss the factors that led to the crypto boom and crash of 2020-22.  We then look at the role of banks in crypto-related activities, the response of federal and state bank regulators, and the role of crypto in recent bank failures. … Continue Reading

In January 2023, the CFPB filed a lawsuit in a New York federal district court jointly with the New York Attorney General (NYAG) against an auto finance company alleging violations of the Consumer Financial Protection Act (CFPA) and New York law.  The CFPB and NYAG both allege that the defendant violated the CFPA by engaging in deceptive and abusive acts or practices and substantial assisting CFPA violations by the defendant’s affiliated auto dealers. … Continue Reading

Last week, we published a blog post urging the CFPB to agree to extend the relief granted by the Texas federal district court in the lawsuit challenging the CFPB’s final small business lending rule (Rule) to all entities covered by the Rule.  The plaintiffs in the case are the Texas Bankers Association (TBA), the American Bankers Association (ABA), and Rio Bank, McAllen, Texas.  … Continue Reading