The Financial Crimes Enforcement Network (“FinCEN”) recently issued a Financial Trend Analysis (“Analysis”) focusing on patterns and trends identified in Bank Secrecy Act (“BSA”) data linked to Elder Financial Exploitation (“EFE”) involving scams or theft perpetrated against older adults.

The Analysis is a follow up to FinCEN’s June 2022 EFE Advisory (“2022 Advisory”). … Continue Reading

As part of its junk fees initiative, the CFPB released a new report, “Price Complexity in Laboratory Markets.”  In its press release about the report, the CFPB states that because it “suggests consumers tend to pay more for products that have more complex pricing structures,” the report “has implications for understanding how junk fees impede fair and competitive pricing in markets like auto loans or mortgages, where consumers have to evaluate extended warranties, add-ons, closing costs, and a wide variety of other fees instead of an all-inclusive price.” … Continue Reading

On February 27, 2024, the U.S. Supreme Court heard oral argument in Cantero v. Bank of America, N.A., a case involving the effect of the Dodd-Frank Act on the scope of preemption under the National Bank Act (NBA).  The specific question before the Court is whether, post-Dodd-Frank, the NBA preempts a New York statute requiring banks to pay interest on mortgage escrow accounts. … Continue Reading

The CFPB’s Office of Minority and Women Inclusion (OMWI) provided its annual report to Congress covering the agency’s efforts in 2023. Section 342 of the Dodd-Frank, Wall Street Reform, and Consumer Protection Act (Dodd-Frank) mandates that the OMWI agency provide an annual report to Congress regarding the successes achieved, challenges, and other findings.… Continue Reading

Last week, we blogged about arguments by Colorado and the FDIC in their briefs opposing a motion for preliminary injunction that would enjoin application of Colorado’s opt-out statute with respect to loans by FDIC-insured state banks located outside of Colorado. We promised to blog again this week with a more detailed discussion of why their arguments are off base.… Continue Reading

A surprising development took place yesterday in the lawsuit challenging the CFPB’s final credit card late fee rule (Rule).  The Fifth Circuit entered an order vacating the district court’s order denying the plaintiffs’ motion for expedited consideration of their preliminary injunction motion and remanding the case to the district court with instructions to rule on the plaintiffs’ preliminary injunction motion by May 10, 2024. … Continue Reading

The Federal Trade Commission (FTC) voted last week to issue a final rule that would prevent most employers from enforcing noncompete agreements against workers, with only limited exceptions for existing noncompetes with senior executives and noncompetes made in connection with the bona fide sale of a business.

As we previously reported, on January 5, 2023, the FTC issued a Notice of Proposed Rulemaking aimed at categorically banning noncompete agreements nationwide. … Continue Reading

On April 26, 2024, Plaintiffs filed their response to the CFPB’s Petition for a Panel Rehearing with the Fifth Circuit in the lawsuit challenging the CFPB’s credit card penalty fees rule (Rule). On the same date, the Plaintiffs also filed their brief in support of their motion for a preliminary injunction with the Fifth Circuit.… Continue Reading

The Department of Veterans Affairs (VA) made significant changes to its loss mitigation program this month, launching its awaited Veterans Affairs Servicing Purchase Program, and implementing a 40-year loan modification term. Details of those developments are provided below.

                Extension to 40-Year Loan Modification Term

On April 17, 2024, the VA issued Circular 26-24-8, which extends the available term of its loan modification option.… Continue Reading