On February 9, 2024, the Commissioner of the California Department of Financial Protection and Innovation (“DFPI” or “Department”) announced a proposed rulemaking limited to certain requirements related to reporting and assessments under the Debt Collection Licensing Act (“DCLA”). It has
Consumer Finance Monitor
CFPB, Federal Agencies, State Agencies, and Attorneys General
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Operational impacts of the new CFPB Credit Card Late Fee Rule
On March 5, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final credit card late fee rule (the “Final Rule”), which, amongst other things, significantly reduces the late fee safe harbor cap for issuers other than “smaller card issuers”…
Judicial Conference issues policy regarding random assignment of judges
On March 12, 2024, the Judicial Conference of the United States (“Judicial Conference”) announced that, in an effort to limit the ability of litigants to select judges in certain cases based on where they file lawsuits, it has strengthened its…
CFPB notifies Texas federal court of intention to move to transfer case challenging final credit card late fee rule; plaintiffs seek expedited consideration of preliminary injunction motion before court decides venue issues
Yesterday, the CFPB filed a notice with the Texas federal district court stating that it intends to move to transfer the lawsuit challenging the CFPB’s final credit card late fee rule (Rule). The notice was filed pursuant to an order…
Texas federal judge hearing trade group lawsuit challenging CFPB final credit card late fee rule questions whether venue is proper and orders expedited briefing
The federal district court judge to whom the lawsuit challenging the CFPB’s final credit card late fee rule (Rule) was reassigned entered an order yesterday questioning whether the Fort Worth Division of the Northern District of Texas is the correct…
Ballard Spahr to hold March 21 webinar on CFPB final credit card late fees rule
On March 5, 2024, the CFPB issued its final credit card late fees rule which lowers the safe harbor late fee amount that can be charged by issuers other than “smaller card issuers” to $8. While the drastically reduced safe…
DOJ launches whistleblower pilot program and cracks down on artificial intelligence misuse
Following a year of new DOJ policies and guidance designed to incentivize companies to self-report misconduct and to cooperate with government investigations, the DOJ has added a new pilot whistleblower rewards program. In their remarks at the American Bar Association’s…
CFPB and plaintiffs fully brief motion for preliminary injunction in trade group lawsuit regarding final credit card late fee rule
The Consumer Financial Protection Bureau (“CFPB”) filed an opposition brief (the “Opposition”) on Tuesday in response to a request by plaintiff trade groups to enjoin the CFPB’s final credit card late fee rule (the “Final Rule”) during the pendency of…
This week’s podcast episode: U.S. Supreme Court hears two cases in which plaintiffs seek to overturn Chevron judicial deference framework: Who will win and what does it mean? Part II
On January 17, 2024, the U.S. Supreme Court heard oral argument in two cases in which the question presented is whether the Court should overrule its 1984 decision in Chevron, U.S.A., Inc. v. Nat. Res. Def. Council, Inc. That decision produced…
Diverse Group Expresses Support for Bills to Limit Trigger Leads
As previously reported, bills were introduced in the U.S. House of Representatives (H.R. 7297) and U.S. Senate (S. 3502) to amend the Fair Credit Reporting Act (FCRA) to curtail the practice of trigger leads with mortgage loans. Recently, a…