Our special guest is David Pommerehn, SVP, General Counsel, Head of Regulatory Affairs at the Consumer Bankers Association. In January 2024, the CFPB proposed two new rules: one restricting overdraft fees and the other prohibiting NSF fees on certain declined
Ballard Spahr LLP
Ballard Spahr LLP is a Philadelphia-based law firm of more than 500 lawyers practicing throughout the United States in the areas of litigation, business and finance, intellectual property, public finance, and real estate. The firm is one of the largest in the United States according to The American Lawyer.
Latest from Ballard Spahr LLP - Page 2
Oh, won’t you stay (enforcement): Plaintiffs seek preliminary injunction in Colorado interest rate preemption opt-out challenge
Colorado’s attempt to opt out of interest rate exportation by out-of-state, state-chartered banks ultimately will fail, and will cause irreparable harm in the interim: therefore, enforcement of the opt out should be preliminarily enjoined, according to the plaintiffs’ Motion for…
FDIC Chairman Gruenberg issues remarks at National Community Reinvestment Coalition on FDIC’s economic inclusion strategy
FDIC’s Chairman Martin J. Gruenberg recently gave remarks at the National Community Reinvestment Coalition on the FDIC’s economic inclusion strategy.
FDIC Commitment to Economic Inclusion
Chairman Gruenberg began by outlining the importance of federally insured bank accounts to the ability…
CFPB issues new circular on deceptive practices in connection with marketing remittance transfers
The CFPB issued a new circular advising remittance transfer providers that false advertising about the cost or speed of sending remittance transfers can be considered a violation of the Consumer Financial Protection Act even if a provider’s disclosures are in…
Minnesota federal court dismisses lawsuit against FDIC over NSF fee guidance
On April 8, 2024, a Minnesota federal district court dismissed without prejudice the complaint filed by the Minnesota Bankers Association and Lake Central Bank (Plaintiffs) against the Federal Deposit Insurance Corporation (FDIC) challenging the FDIC’s guidance on non-sufficient funds (NSF)…
Texas federal district court reopens lawsuit challenging CFPB final credit card late fee rule and notifies D.D.C. to disregard transfer; Fifth Circuit to consider whether judge’s interest in large credit card issuer triggers recusal requirement
Yesterday, the Texas federal district court entered an order reopening the case challenging the CFPB’s final credit card late fee rule (Rule) which it had transferred to the U.S. District Court for the District of Columbia and providing notice to…
Recent FDIC consent orders show increased scrutiny of bank relationships with fintech partners
In February 2024, the Federal Deposit Insurance Corporation (FDIC) entered into consent orders with two banks who partner with fintechs to offer “banking as a service” (BaaS) related to safety and soundness, compliance with applicable laws, and third party oversight.…
Fifth Circuit vacates district court order transferring to D.D.C. lawsuit challenging CFPB final credit card late fee rule
Last Friday, a divided panel of the U.S. Court of Appeals for the Fifth Circuit vacated the district court’s order transferring the case challenging the CFPB’s final credit card late fee rule (Rule) to the U.S. District Court for the…
FATF Re-Rates United States as “Largely Compliant” with Beneficial Ownership Recommendation
The Financial Action Task Force (“FATF”) has re-rated the U.S. as “largely compliant” with FATF’s Recommendation 24, which pertains to transparency related to beneficial ownership of legal persons. Specifically, FATF released its seventh Enhanced Follow-Up Report (the “Report”) indicating that…