Newsletters

11.13.19

California Expands Restrictions on Consumer Loans

In addition to providing for the establishment of public banks, the recent California legislative session resulted in the passage of a significant bill capping interest rates on certain types of loans.  


10.30.19

Will the Supreme Court Decimate the CFPB? Latest Developments

Even though the Supreme Court generally moves relatively slowly, the Court’s recent decision to grant certiorari in the Seila Law v. CFPB case is forcing courts and litigants to adjust quickly.


10.30.19

California DBO Offers Guidance on Cannabis Banking

The Cannabis Banking Guidance from California’s Department of Business Oversight (DBO) offers California-chartered financial institutions serving cannabis-related businesses assurances that the DBO will not bring enforcement actions based solely on such relationships.


10.30.19

CFPB News: Final HMDA Rule, New Lawsuit and Taskforce, Director Grilled

While the battle over the constitutionality of the Consumer Financial Protection Bureau moves to the U.S. Supreme Court, the Bureau continues with its daily work, releasing a final Home Mortgage Disclosure Act (HMDA) rule, filing a new lawsuit in conjunction with the South Carolina Department of ...


10.30.19

CSBS Seeks Comment on Model Law for Money Services Businesses

The Conference of State Bank Supervisors (CSBS) has proposed legislation for adoption by the states in an effort to streamline and make uniform requirements for money service businesses (MSBs).


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

Lawmakers Urge Rulemaking to Overturn Madden

In Madden v. Midland Funding, LLC, the Second Circuit refused to rule that the National Bank Act (NBA) pre-empted state law usury claims against an assignee of a national bank.


10.16.19

CFPB News: Self-Inflicted Wounds on Constitutionality and Other Developments

Is the CFPB putting its own prior conduct at risk? Over the last few weeks at the Consumer Financial Protection Bureau (CFPB or Bureau), Director Kathleen Kraninger herself declared the structure of the CFPB unconstitutional, placing the director in a position arguably adverse to her own ...


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

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 ...