The Ninth Circuit recently affirmed a district court decision denying Rugs.com’s motion to compel arbitration in a putative class action brought by two consumers. Although the plaintiffs’ lawyers have portrayed the decision as a significant victory against forced arbitration,
Consumer Finance Monitor
CFPB, Federal Agencies, State Agencies, and Attorneys General
Consumer Finance Monitor, published by Ballard Spahr LLP, focuses on developments in consumer financial services regulation and litigation. The blog covers topics such as regulatory actions and rulemaking by the Consumer Financial Protection Bureau (CFPB), including funding mechanisms, enforcement of consumer protection laws like the Fair Debt Collection Practices Act, and significant court cases affecting consumer finance. It also addresses issues related to mortgage servicing, small business lending, data privacy, and state versus federal regulatory conflicts. The blog provides updates on legislative and administrative developments impacting financial institutions, fintech companies, and consumers, with analysis of legal challenges and policy changes in the consumer finance sector.
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OCC Challenges California’s Climate Disclosure Laws, Citing Federal Preemption and Its Exclusive Visitorial Authority Over National Banks
The Office of the Comptroller of the Currency (OCC) is taking aim at another potential source of state regulatory interference with federally chartered financial institutions. In an October 29, 2026 letter to the Chair of the California Air Resources Board…
Pennsylvania Enacts Artificial Intelligence Deceptive Advertising Act: New Disclosure Requirements for AI-Generated Advertising
Pennsylvania has enacted legislation imposing new disclosure requirements on certain advertisements that use artificial intelligence (AI)-generated or AI-modified content. Senate Bill 806, now Act 99 of 2026, was signed into law by Governor Josh Shapiro on October 22, 2026.…
Podcast Release: Digital Commercial Law in the Age of Digital Assets
Why traditional principles of property, contracts, secured transactions, custody, and bankruptcy are essential to the future of digital finance
As digital assets, stablecoins, and tokenized financial products continue to reshape financial markets, much of the legal and policy debate has…
Eighth Circuit Invalidates Federal Reserve’s 21-Cent Debit Card Interchange Fee Cap, Holding That the Durbin Amendment Requires a Transaction-Specific Cost Analysis
The Eighth Circuit’s October 26, 2026 unanimous decision in Corner Post, Inc. v. Board of Governors of the Federal Reserve System delivers a significant victory for merchants challenging the Federal Reserve’s regulation of debit card interchange fees. The court affirmed…
State AGs Oppose OCC’s Bid to Pause Challenge to Rules Preempting State Mortgage Interest-on-Escrow Laws
The ten states challenging the Office of the Comptroller of the Currency’s (OCC) new interest-on-escrow rules are urging a federal district court to reject the agency’s attempt to delay judicial review of those rules while the U.S. Supreme Court considers…
Greenway Automotive Settles FTC Overcharging Allegations
Greenway Automotive has agreed to settle FTC allegations that the company charged consumers thousands of dollars more than it advertised.
The company has agreed that its advertisements will prominently include the actual price a consumer must pay for a vehicle,…
CFPB won’t force employees to move to D.C., The American Banker reports
The CFPB will not force regional workers to move to Washington, D.C., The American Banker reported.
The Bureau had threatened to fire workers who refused to move to D.C.
The CFPB has “no plans in the short term” to reissue…
New York County District Attorney Creates Corporate Crime and Antitrust Task Force
Summary
New York County District Attorney Alvin L. Bragg, Jr., recently announced the formation of the office’s first Corporate Crime and Antitrust Task Force to target corporate fraud and misconduct, with a focus on antitrust violations, consumer fraud, and health…
New York City Proposes Sweeping Rules for Automated Customer Service Systems, Including Mandatory AI Disclosure and Access to Human Representatives
Executive Summary
On October 20, 2026, the New York City Department of Consumer and Worker Protection (DCWP) proposed rules regulating automated customer service systems, including AI-powered chatbots, traditional automated telephone systems, and rules-based chatbots. The proposal would require businesses to…