Regulatory and Enforcement

On April 4, acting Comptroller of the Currency Michael J. Hsu provided his remarks for the second year in a row at the Just Economy Conference hosted by the National Community Reinvestment Coalition. He focused his remarks on the latest developments of the Office of the Comptroller of the Currency (OCC) in its continuing efforts to elevate fairness in the financial industry.… Continue Reading

In connection with the petition to ban pre-dispute consumer arbitration agreements pending before the Consumer Financial Protection Bureau (CFPB) and a recent Senate Judiciary Committee hearing on “forced arbitration,” Congressman Andy Barr (R-Ky.) and Senator Thom Tillis (R-N.C.) and the American Financial Services Association (AFSA) have voiced their strong opposition to further regulation of consumer arbitration. … Continue Reading

FDIC’s Chairman Martin J. Gruenberg recently gave remarks at the National Community Reinvestment Coalition on the FDIC’s economic inclusion strategy. 

FDIC Commitment to Economic Inclusion

Chairman Gruenberg began by outlining the importance of federally insured bank accounts to the ability of individuals and families to participate in and fully benefit from economic opportunities. … Continue Reading

The CFPB issued a new circular advising remittance transfer providers that false advertising about the cost or speed of sending remittance transfers can be considered a violation of the Consumer Financial Protection Act even if a provider’s disclosures are in compliance with the CFPB’s Remittance Rule.  The circular is intended to address CFPB concerns regarding fees charged on international money transfers and false claims regarding the speed of such transfers. … Continue Reading

The D.C. federal district court has granted PayPal’s motion for summary judgment in its lawsuit challenging the CFPB’s prepaid card rule (Prepaid Rule) and vacated the Prepaid Rule’s short-form disclosure requirement as applied to digital wallets.

In 2016, the CFPB promulgated the Prepaid Rule, which requires a short- form and long- form account disclosure and requires an issuer to disclose its “most important fees” in the short-form disclosure.… Continue Reading

Our special guest is Malini Mithal, Associate Director of the FTC’s Division of Financial Practices.  In this episode, which repurposes a recent webinar, we review highlights of FTC regulatory and enforcement activity in 2023 directed at protecting consumers and small businesses and discuss what to expect from the FTC in 2024 and beyond. … Continue Reading

On March 19th, the United States Court of Appeals for the Third Circuit issued an opinion in CFPB v. National Collegiate Master Student Loan Trust et al. (the “Trusts”). The issue before the Third Circuit was whether certain Trusts are “covered persons” subject to the Consumer Financial Protection Act (“CFPA”) and whether the CFPB was required to ratify the underlying action.… Continue Reading

On February 5, 2024, several national and Texas banking and business trade groups (Plaintiffs) filed a lawsuit challenging the final regulations (Final Rules) implementing the Community Reinvestment Act of 1977 (CRA) that were jointly adopted in October 2023 by the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Federal Reserve Board (Agencies).… Continue Reading

The final rule issued in December 2023 by the Federal Deposit Insurance Corporation (FDIC) amending its regulations at 12 CFR Part 328 (“Final Rule“), which address use of the official FDIC sign and banks’ advertising statements as well as misrepresentations of insured status and misuse of the FDIC’s name or logo, will take effect April 1, 2024, with full compliance required by January 1, 2025.… Continue Reading

New Federal Communications Commission TCPA rules will mean big changes for businesses, particularly comparison shopping websites, lead generators, and other companies that regularly contact consumers via phone or text message.  This episode repurposes a recent webinar.  After reviewing TCPA consent requirements for calls and texts and exceptions, we look at the impact of the U.S.… Continue Reading