Newsletters

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

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

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.


06.06.19

Operation Choke Point Lawsuit Comes to an End

Putting an end to a 2014 lawsuit filed by payday lenders challenging the actions of federal regulators in Operation Choke Point, the Federal Deposit Insurance Corporation (FDIC) announced a resolution to the action.


06.06.19

Slow Burn: California Makes Another Attempt to Pass a Marijuana Bank Bill

The movement to provide a limited bank charter to serve marijuana businesses in California inched forward when the California Senate approved SB 51 by an almost unanimous vote, sending the measure to the Assembly for review.


06.06.19

Supreme Court Sets Limits on CAFA Removal

A third party brought into a lawsuit by a counterclaim filed by the original defendant is not entitled to remove the case to federal court under the Class Action Fairness Act (CAFA), the U.S. Supreme Court has ruled.