The final rule issued in December 2023 by the Federal Deposit Insurance Corporation (FDIC) amending its regulations at 12 CFR Part 328 (“Final Rule“), which address use of the official FDIC sign and banks’ advertising statements as well as
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This week’s podcast episode: The Consumer Financial Protection Bureau’s use of unfairness to regulate discriminatory conduct: a discussion of the consumer and industry perspectives
Our special guest is Jeff Sovern, Professor at the University of Maryland Francis King Carey School of Law. In March 2022, the CFPB announced that it had revised its exam manual to instruct its examiners to apply the “unfairness” standard…
Plaintiffs in credit card late fee rule case ask Fifth Circuit to keep appeal even though the district court has scheduled a preliminary injunction hearing
On March 26, 2024, the plaintiffs in the lawsuit challenging the CFPB’s final credit card late fee rule (“Final Rule”) filed a Notice Regarding Their Emergency Motion for Injunction Pending Appeal and Administrative Stay in the Fifth Circuit. Plaintiffs, who…
CFPB Expected to Scrutinize Credit Card Rewards and Buy-Now-Pay Later Programs
Opt-out challenge case assigned to Colorado federal Judge Daniel D. Domenico
As we previously reported, on March 25, 2024, three consumer financial services industry trade groups filed a lawsuit in federal district court in Colorado challenging legislation recently adopted to opt out of rate exportation rights afforded to state banks…
CFPB Addresses ASC Appraisal Bias Hearings and Structure of The Appraisal Foundation
The CFPB published a blog discussing a few key takeaways from a series of public hearings addressing appraisal bias.
For background, the Federal Financial Institution Examination Council’s (FFIEC’s) Appraisal Subcommittee (ASC) has held four public hearings throughout 2023-2024 to facilitate…
Texas federal court sets April 2 hearing on plaintiffs’ preliminary injunction motion in lawsuit challenging CFPB final credit card late fee rule; plaintiffs file notice of appeal following denial of motion for expedited consideration of preliminary injunction motion; CFPB moves to transfer venue to D.C. federal court
The Texas federal district court hearing the lawsuit challenging the CFPB’s final credit card late fee rule (Rule) issued an order today setting April 2 as the date for a hearing on the plaintiffs’ motion for a preliminary injunction. Yesterday,…
Colorado interest rate preemption opt-out challenged in federal court
On March 25, 2024, three consumer financial services industry trade groups filed a lawsuit asking the federal district court in Colorado to strike down recent Colorado legislation purporting to opt out of a federal law that allows FDIC-insured state-chartered banks…
2023 HMDA Modified Loan Application Data Published
The CFPB recently announced the publication of the Home Mortgage Disclosure Act (HMDA) Modified Loan Application Data for 2023. The data is available on the Federal Financial Institutions Examination Council (FFIEC) website. As was the case with the 2022…
CFPB encourages New York to ban unfair or abusive conduct
On March 19, 2024, the Consumer Financial Protection Bureau (“CFPB”) published a blog touting letters it has sent to New York Governor Kathy Hochul, New York State Senate leaders, and New York State Assembly leaders to highlight the importance…