• 10.30.19

    California Goes Public With Banks

    One of the many bills enacted into law during the California Legislature’s end-of-session rush was Assembly Bill 857, which authorized the creation of “public banks” to support local economies and community development and address infrastructure and housing needs for ...

  • 10.16.19

    Bank (Finally) Gets Plaintiffs’ Claims Sent to Individual Arbitration

    A major national bank won a motion to dismiss in a multidistrict litigation challenging its overdraft fee practices, sending the individual plaintiffs’ disputes to arbitration pursuant to customer account or deposit agreements.

  • 09.25.19

    Déjà Vu: D.C. Court Dismisses Challenge to OCC’s Fintech Charter

    In the latest battle over the Office of the Comptroller of the Currency’s (OCC’s) plan to issue special purpose national bank (SPNB) charters, a D.C. federal judge has for a second time dismissed a lawsuit brought by the Conference of State Bank Supervisors (CSBS).

  • 09.25.19

    Eleventh Circuit Tosses Online Lender’s Forum Selection, Class Waiver Clauses

    Siding with six consumers who filed suit asserting violations of state usury laws against online lenders, the U.S. Court of Appeals for the Eleventh Circuit has affirmed a decision by the U.S. District Court for the Southern District of Georgia, holding that the enforcement of forum selection ...

  • 09.25.19

    Class Actions: Ninth Circuit Panel Allows Judge to Prohibit Precertification Settlement Negotiations

    Taking the cautious view of a district court’s judicial discretion, the U.S. Court of Appeals for the Ninth Circuit declined to grant a writ of mandamus seeking to overturn a case management order that prohibited precertification class settlement discussions.

  • 09.25.19

    State AGs to SEC: Your "Best" is Not Good Enough

    Led by New York Attorney General Letitia James, a group of eight state AGs filed suit against the Securities and Exchange Commission (SEC), challenging the agency’s recently enacted Regulation BI (Best Interest).

  • 09.12.19

    Credit Union News: Favorable NCUA Decision on Final Rule, Hemp Gets Go-Ahead

    In a major win for credit unions, the D.C. Circuit has largely reversed a ruling that would have prevented credit unions from promulgating rules greatly expanding the field of membership, that is, the persons eligible to join a specific credit union.

  • 08.28.19

    Payroll Advance Industry in Regulators’ Crosshairs

    The payroll advance industry is the subject of a newly announced multistate investigation seeking information to enable regulators to determine whether there is unlawful lending by online companies engaged in this business.

  • 08.14.19

    CFPB News: MOUs, Automated Underwriting, Settlements, Payday Rule Delay

    In another busy stretch for the Consumer Financial Protection Bureau (CFPB or Bureau), lawmakers reached out to the Bureau and the Department of Education (ED) regarding protections for student borrowers, while the CFPB and the New York attorney general reached a $60 million deal with a group of ...

  • 08.14.19

    New York DFS Joins the Innovation Movement

    Joining the innovation trend, the New York Department of Financial Services (DFS) announced the creation of a new Research and Innovation Division.

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