Newsletters

02.16.18

Passive Investors in Payday Lending Operations Get Partial Reprieve

While tossing certain claims brought by Pennsylvania’s attorney general, a federal judge denied part of a motion to dismiss brought by online short-term lenders in an action accusing them of “renting” Native American tribes and out-of-state banks.


02.01.18

CFPB Upheaval Continues: From RFIs to Leadership Philosophy

With the near-daily stories coming out of the Consumer Financial Protection Bureau (CFPB or Bureau), the question has become what isn’t happening at the Bureau.


02.01.18

Scrutiny for Online Lending in New York

The New York Department of Financial Services (DFS) may be taking a closer look at online lending, thanks to bills pending in the state legislature.


02.01.18

Cryptocurrency: Vermont Considers Tax, SEC Talks Enforcement

In cryptocurrency news, the Vermont legislature is considering a bill that would create a tax on digital currency transactions, while the Securities and Exchange Commission (SEC) released a statement on enforcement actions.


02.01.18

BSA/AML News: $29M Fine and BSA Changes Under Consideration

Anti-money laundering (AML) violations resulted in a Taiwanese bank and its U.S. branches being hit with a $29 million civil monetary penalty from the Board of Governors of the Federal Reserve System.


02.01.18

CFPB’s Relaxed ‘Prepaid Accounts Rule’ Fixes Key Problems

Mick Mulvaney’s CFPB has now issued final changes to its Prepaid Rule, and the payments industry receives a huge reprieve from some of the more draconian elements of the original rule as issued in 2016.


01.31.18

Reversing Course, D.C. Circuit Declares CFPB Structure Constitutional

In a divided ruling of the entire U.S. Court of Appeals for the D.C. Circuit, the court held today that the Consumer Financial Protection Bureau (CFPB) structure is constitutional, reflecting a legislative desire to establish a truly independent agency.


01.25.18

2017 in Review: Significant TCPA Litigation and Regulatory Developments

With the transition of power at the Federal Communications Commission (FCC) and myriad developments in Telephone Consumer Protection Act (TCPA) compliance and litigation, 2017 brought ongoing challenges to financial institutions looking to comply with continually changing guidelines for ...


01.24.18

Mulvaney to CFPB: No More ‘Regulation by Enforcement’

In an email to staff leaked to ProPublica, Acting CFPB Director Mick Mulvaney questioned the “previous governing philosophy” of the bureau, and he signaled a major shift in enforcement methodologies and priorities by suggesting the days of “regulation by enforcement” were ...


01.18.18

CFPB News: Existential Questions, Payday Lending Reexamined

It’s a huge week for the Consumer Financial Protection Bureau (CFPB), as it announces a “call for evidence” on how well it is performing its “proper and appropriate” functions, and the bureau announces that it will reconsider a tough payday lending rule that was ...