Newsletters

03.13.23

Federal Reserve Establishes New Program to Enhance Bank Liquidity

On March 12, 2023, in response to concerns about the ongoing ripple effects of recent bank failures, the Federal Reserve Board established the new Bank Term Funding Program (the Program) to provide additional funding to eligible depository institutions in order to enhance banks’ ability to ...


03.10.23

When a Bank Fails: What Does it Mean for Depositors and Borrowers?

The increase in interest rates, and the contraction of the money supply, which is intended to tame inflation, has also had significant negative consequences.


03.03.23

Client Alert: Illinois’s Biometric Law (BIPA) Reminds Us Again of Privacy and Security Vendor Risks

It is not news that industries of all types rely on vendors to provide technology services, applications, and hardware.


02.13.23

Kraken Crypto Staking Program for U.S. Investors Shut Down in Aggressive Expansion of the Howey Test

Payward Ventures, Inc., d/b/a Kraken, the cryptocurrency exchange, has entered into a $30 million settlement agreement with the U.S. Securities and Exchange Commission (SEC) over allegations the company failed to register its cryptocurrency staking program, in violation of U.S. securities laws.


01.23.23

CFPB Lawsuit Against Subprime Auto Lender Seeks To Regulate Through Enforcement

On January 4, 2023, the Consumer Financial Protection Bureau and New York Attorney General filed a complaint in the Southern District of New York against a Michigan-based subprime indirect auto lender accusing it of misrepresenting the true cost of credit and improperly incentivizing dealers to ...


11.21.22

The CFPB’s Fall 2022 Supervisory Highlights—Key Findings and Takeaways

On November 16, 2022, the Consumer Financial Protection Bureau released its Fall 2022 Supervisory Highlights.


11.15.22

What Creditors and Medical Services Providers Need to Know About D.C.’s Amended Debt Collection Law

Creditors and medical services providers should reevaluate their consumer credit agreements and collection practices in light of a recent amendment to Washington, D.C.’s debt collection law, which goes into effect on January 1, 2023.


10.24.22

Lights Out? Fifth Circuit Finds CFPB’s Funding Mechanism Unconstitutional

On October 19, 2022, the Fifth Circuit sent shock waves through the financial world, ruling that the Consumer Financial Protection Bureau’s independent funding structure violates the U.S. Constitution’s Appropriations Clause.


10.19.22

Top Five Takeaways From the Regulatory Orders Approving the U.S. Bank/Union Bank Combination

On October 14, 2022, the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board both approved the acquisition of MUFG Union Bank, National Association, by U.S. Bancorp and its subsidiary U.S. Bank National Association.


10.12.22

Three Takeaways From the CFPB’s Fall 2022 Supervisory Highlights Special Edition

Last week, the CFPB released a special edition of its Supervisory Highlights focusing on recent examination findings related to practices by student loan servicers and schools and colleges that directly lend to students. Here are three things you should know.