Newsletters

07.03.19

Fair Lending: Lawmakers Concerned About Algorithms; CFPB Issues Report

As a more centrist Consumer Financial Protection Bureau (CFPB) issued a modest annual fair lending report, Democratic lawmakers continue to press a far more aggressive fair lending agenda, as reflected by a letter sent by Sens. Elizabeth Warren (D-Mass.) and Doug Jones (D-Ala.) to the Federal ...


07.03.19

CFPB News: Kraninger Steers an Independent Path

CFPB Director Kathy Kraninger continues to chart her own course. CFPB developments include its settlement with a student loan management company, a public hearing on “abusive acts or practices, ” and updated guidance on payday lending. Meanwhile, court developments (on ...


07.03.19

FDIC Issues 2018 “Consumer Compliance Supervisory Highlights”

Improper overdraft fees and prohibited kickbacks were just two of many concerns identified by the Federal Deposit Insurance Corporation (FDIC) in its first-ever publication of “Consumer Compliance Supervisory Highlights” (“Highlights”).


07.03.19

Putative Class Action Attacks Securitization Based On Madden Case

On June 12, 2019, three holders of credit cards issued by a national bank brought a putative class action in the Eastern District of New York directly attacking the bank’s securitization of its credit card receivables based on the Second Circuit’s decision in Madden v. Midland Funding, ...


06.19.19

CFPB News: Kraninger Affirms CIDs, Payday Rule Delayed

Director Kathy Kraninger is in the news, taking a hard line on civil investigative demands (CIDs), backing two new settlements and issuing a further delay of the payday loan rule.


06.19.19

Retailer Wins Lawsuit Against Its Merchant Processor

Are assessments from the credit card networks damages that a merchant should be liable for under its merchant agreement?


06.19.19

California Arbitration Decision Highlights McGill Risk

A recent arbitration decision by a federal district court in San Diego highlights the risk posed by the California Supreme Court’s 2017 decision in McGill v. Citibank.


06.19.19

Innovation Oversight: From the DFS to FinCEN to Lawmakers

In regulatory oversight news, the New York Department of Financial Services (DFS) announced the creation of a new Cybersecurity Division and the Financial Crimes Enforcement Network (FinCEN) launched an Innovation Hours program.


06.06.19

New Trend in Legislation: Interest Rate Caps

From California to Congress, new legislative proposals are attempting to crack down on interest rates.


06.06.19

OCC Highlights Areas of Risk, Including Fintech

A recently released report from the Office of the Comptroller of the Currency (OCC) identified key areas of risk that pose a threat to the safety and soundness of the federal banking system.