The Committee on Codes of Conduct of the Judicial Conference of the United States (Committee) has unanimously concluded that Fifth Circuit Judge Willett is not required to recuse in the trade group plaintiffs’ appeal in their lawsuit challenging the CFPB’s
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Washington state “true lender” law signed, effective June 6, 2024
After its passage by the Washington state legislature, Substitute Senate Bill (SSB) 6025, the Washington “predatory loan prevention act”, was approved by Governor Jay Inslee on March 25, 2024, with an effective date of June 6, 2024.
Unlike the…
D.D.C. marks credit card late fee case “terminated” on its docket; trade groups and CFPB file letter briefs with Fifth Circuit on recusal
Last Wednesday, the U.S. District Court for the District of Columbia terminated on its docket the case challenging the CFPB’s final credit card late fee rule (Rule) which had been transferred to D.D.C. by the Texas federal district court. The…
FTC issues report on collaboration with state attorneys general
The FTC recently issued a report to Congress on its collaboration with state attorneys general. Titled “Working Together to Protect Consumers: A Study and Recommendations on FTC Collaboration with the State Attorneys General,” the report was issued pursuant to the…
CFPB Spring 2024 Supervisory Highlights looks at consumer reporting companies and furnishers
The CFPB has released the Spring 2024 edition of Supervisory Highlights. The report discusses CFPB examinations in connection with credit reporting and furnishing that were completed from April 1, 2023 through December 31, 2023.
Key findings by CFPB examiners…
Acting Comptroller Hsu Highlights Latest Efforts of OCC in Elevating Financial Fairness
On April 4, acting Comptroller of the Currency Michael J. Hsu provided his remarks for the second year in a row at the Just Economy Conference hosted by the National Community Reinvestment Coalition. He focused his remarks on the latest…
Lawmakers and AFSA oppose future arbitration rulemaking
In connection with the petition to ban pre-dispute consumer arbitration agreements pending before the Consumer Financial Protection Bureau (CFPB) and a recent Senate Judiciary Committee hearing on “forced arbitration,” Congressman Andy Barr (R-Ky.) and Senator Thom Tillis (R-N.C.) and the…
This week’s podcast episode: A close look at the Consumer Financial Protection Bureau’s proposed rules on overdraft and nonsufficient funds fees
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…
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…