Newsletters

02.05.20

Regulators to Major Online Payments Platform: Fix Your Charity Disclosures

Twenty-three state regulators have now reached a deal with a prominent online payments processor to address that company’s insufficient disclosures on its platform.

01.29.20

Savior or Saboteur? The CFPB’s Kraninger Maintains Her Independent Streak

As the Consumer Financial Protection Bureau prepares for the most significant challenge to its existence, Director Kathy Kraninger maintained her crafty independent streak this past week, refusing to set aside a civil investigative demand, pursuing tough enforcement action, issuing a key no-action ...

01.29.20

FDIC, OCC, DFS Warn Financial Industry About Cyberattacks

In new alerts, both state and federal regulators are cautioning the financial services industry about heightened cybersecurity risk amid a climate of increased geopolitical tensions.

01.24.20

Alert: CFPB Issues Policy Statement on Abusive Acts or Practices

The Consumer Financial Protection Bureau (CFPB or Bureau) today issued an important policy statement on how it intends to apply the “abusiveness” standard in supervision and enforcement matters.

01.23.20

California DBO Challenging Transactions as Disguised Loans

Potentially redefining the nature of a “loan,” the California Department of Business Oversight (DBO) is pursuing multiple enforcement efforts against certain financing vehicles that have long been recognized as exempt from lending laws.

01.23.20

OCC Asks Second Circuit to Hear Fintech Charter Dispute

As expected, the Office of the Comptroller of the Currency (OCC) has requested a federal appeals court to reverse a decision by a lower court denying the OCC’s motion to dismiss a lawsuit challenging its plans to issue special purpose charters to fintech companies.

01.16.20

Two Powerful New State CFPBs? California, New York Proposals May Rock the Financial World

Joining Pennsylvania, California looks to be the next state to create a state version of the federal Consumer Financial Protection Bureau.

01.16.20

Burnt Out? SAFE Banking Act Faces Senate Opposition

After making it farther than any prior legislation enabling financial services to be provided to legitimate marijuana businesses, the bill appears to be stalled in the Senate.

01.16.20

Ninth Circuit Sides With Debt Collector in FDCPA Case

Affirming a California district court, the U.S. Court of Appeals for the Ninth Circuit held that a debt collector is entitled to collect a lawful, outstanding debt even if the statute of limitations has run, so long as the debt collector does not use means that are deceptive or misleading and ...

01.14.20

CFPB 2019 Year in Review and What to Expect in 2020

The Consumer Financial Protection Bureau (CFPB or Bureau) had an active 2019, and we review the most significant stories here. Likewise, we discuss the likely major developments expected in 2020, leading with the upcoming Supreme Court battle over CFPB constitutionality.