Newsletters

05.30.24

Surprise! CFPB Claims That Buy Now, Pay Later Providers Are “Card Issuers” Under Reg Z

To the likely surprise of providers of buy now, pay later (“BNPL”) financing, last week the Consumer Financial Protection Bureau (“CFPB”) issued an interpretive rule


05.20.24

Challenging the CFPB After CFPB v. CFSA

On May 16, 2024, the United States Supreme Court issued its long-awaited opinion in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., holding that the CFPB’s unique funding mechanism does not violate the Appropriations Clause of the ...


05.03.24

CFPB Acts Against Mortgage Servicing Fees

On April 24, 2024, the Consumer Financial Protection Bureau (CFPB) continued its assault on fees in the consumer finance industry.


11.16.23

FDIC Proposes Corporate Governance and Risk Management Standards for Select Institutions

In a significant development for state nonmember banks with assets of at least $10 billion (Covered Institutions), the Federal Deposit Insurance Corporation (FDIC) has recently proposed comprehensive corporate governance and risk management guidelines (NPR) that would impose significant ...


11.08.23

CFPB Proposes Data Rights Rule to Accelerate the Shift to “Open Banking”

On October 19, the Consumer Financial Protection Bureau (CFPB) issued its highly anticipated notice of proposed rulemaking to implement Section 1033 of the Dodd-Frank Act.


09.14.23

CFPB Loses Major UDAAP Case

On September 8, 2023, the U.S. District Court for the Eastern District of Texas issued an opinion and order vacating a March 2022 anti-discrimination update to the UDAAP section of the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) Supervision and ...


09.11.23

The CFPB’s Summer 2023 Supervisory Highlights

The Consumer Financial Protection Bureau’s (CFPB or Bureau) Summer 2023 Supervisory Highlights, which discusses key examination findings between July 2022 and March 2023, underscores the Bureau’s continuing aggressive interpretations of its authority.


08.29.23

SEC Adopts New Private Fund Adviser Rules

On August 23, 2023, a divided U.S. Securities and Exchange Commission issued new rules relating to the regulation of private fund advisers.


08.21.23

California Imposes More Regulation on Commercial Financing

After being the first state to impose disclosure requirements on small business finance transactions, California has now added an annual reporting requirement and subjected commercial finance companies to UDAAP claims. 


07.17.23

Both SEC and Ripple Claim Victory in Important Securities Decision

The crypto industry secured a key victory in its court battles with the Securities and Exchange Commission (SEC or Commission) on Thursday, July 13, when Judge Analisa Torres of the U.S. District Court for the Southern District of New York said that Ripple did not break the law when the ...