• 07.17.19

    CFPB News: New Rules, AG Overdraft Comments, OIG Report

    The Consumer Financial Protection Bureau (CFPB or Bureau) turned its focus to rulemaking, with the Bureau issuing a final rule amending Regulation CC and extending the comment period on the advanced notice of proposed rulemaking (ANPR) on the Home Mortgage Disclosure Act (HMDA).

  • 07.17.19

    Task Force Considers Fintech Regulation

    The newly formed House Financial Services Committee’s Task Force on Financial Technology (Committee) recently held its first hearing, and it included some interesting perspectives from both U.S. and U.K. regulators.

  • 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

    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.