CFPB, Federal Agencies, State Agencies, and Attorneys General
The Pennsylvania Supreme Court issued its highly anticipated decision in Gregg v. Ameriprise Financial, Inc. at the end of last week.
In 1996, the General Assembly amended the catchall provision of the Unfair Trade Practices and Consumer Protection Law, 73 P.S. 201-2(4)(xi), to prohibit anyone who advertises, sells, or distributes goods or services from “engaging in any deceptive conduct .… Continue Reading
The Attorneys General of California, Illinois, and New York have filed their opposition to the OCC’s cross-motion for summary judgment in their lawsuit to enjoin the OCC’s final rule (Rule) purporting to override the Second Circuit’s Madden decision as to national banks and federal savings associations. In their filing, the AGs also reply to the OCC’s opposition to their summary judgment motion. … Continue Reading
The OCC has issued a bulletin that includes a self-assessment tool for OCC-supervised banks to evaluate how prepared they are to address the risks arising from the expected cessation of the publication of the London Inter-Bank Offered Rate (LIBOR) next year.
In November 2020, the OCC, together with the FDIC and the Federal Reserve Board, issued a “Statement on LIBOR Transition” that encouraged banks to transition away from LIBOR as soon as possible, and in any event by December 31, 2021. … Continue Reading
On February 2, 2021, the Federal Reserve (“Fed”) announced that the launch date for its instant payments platform—FedNow—would be sooner than originally expected. The announcement narrows the delivery timeframe by a full year.
FedNow provides interbank clearing and settlement, which enables funds to be transferred between banks and credited to accounts in near real-time. … Continue Reading
In Part I of our two-part podcast, we are joined by special guest former CFPB Director Richard Cordray. After discussing the process of transitioning to new leadership, Mr. Cordray shares his thoughts on how Mr. Uejio and, if confirmed by the Senate, Mr. Chopra, are likely to approach their new leadership roles at the CFPB and their expected priorities.… Continue Reading
As we reported, Acting CFPB Director Dave Uejio recently shared a blog post in which he directed the Bureau’s Consumer Response Unit to prepare and publish a report highlighting companies with a poor track record of responding to consumer complaints. He stated that “senior leadership of these companies can expect to hear from me.”… Continue Reading
Effective January 1, 2021, California’s revamped consumer protection agency—the Department of Financial Protection and Innovation (DFPI)—has new, sweeping power over consumer financial services providers in the most populous U.S. state. To help clients navigate this new regulatory authority, Ballard Spahr’s nationally recognized Consumer Financial Services Group has created a California “Mini-CFPB” team. … Continue Reading
Last week, HUD’s Acting Assistant Director for Fair Housing and Equal Opportunity issued a memorandum directing HUD’s Office of Fair Housing and Equal Opportunity to take a series of actions “to administer and fully enforce the Fair Housing Act to prohibit discrimination because of sexual orientation and gender identity.”
The memorandum is intended to implement President Biden’s Executive Order 13988 on Preventing and Combating Discrimination on the Basis of Gender Identity or Sexual Orientation (Executive Order). … Continue Reading
The CFPB’s final rule on the role of supervisory guidance was published in last Friday’s Federal Register.
On January 20, 2021, President Biden’s Chief of Staff Ronald Klain issued a memorandum to the heads of executive departments and agencies setting forth the terms of a regulatory freeze. The memorandum included the requirement for a rule that had been sent to the Federal Register but not yet published to be immediately withdrawn from the Office of the Federal Register and approved by a department or agency head appointed by President Biden.… Continue Reading
The Eleventh Circuit has joined the Second, Sixth, Seventh, Eighth, and Ninth Circuits in rejecting administrative feasibility as a prerequisite for class certification. The decision reverses unpublished Eleventh Circuit authority and deepens a circuit split with the First, Third, and Fourth Circuits on the issue.
In Cherry v. Dometic Corporation, 18 owners of gas-absorption refrigerators manufactured and sold by Dometic Corporation sued the company over alleged product defects.… Continue Reading
