Consumer FinSights, published by McGuireWoods LLP, focuses on legal developments and regulatory guidance affecting consumer financial services. The blog covers topics such as federal and state banking regulations, cryptocurrency and digital asset custody and transactions, federal preemption of state laws in banking, enforcement of consumer financial protection laws, and risk management for financial institutions offering innovative financial products. It addresses regulatory agency actions, legislative proposals, and compliance challenges faced by banks, credit unions, and other financial service providers in areas including crypto-assets, stablecoins, and consumer protection enforcement.
Case Developments January 23, 2018 – February 20, 2018
In this edition of our Vehicle Finance Litigation report, we summarize (i) a decision from the Northern District of California striking a class definition as a “fail-safe” in a lending discrimination…
Case Developments April 12, 2018 – May 1, 2018
In this edition of our Credit Card Litigation update, we summarize a decision out of the Seventh Circuit where the court granted a credit card issuer’s motion to compel arbitration and…
In a long-awaited constitutional decision regarding the Consumer Financial Protection Bureau (“CFPB”), the full D.C. Circuit Court of Appeals today in PHH v. CFPB reversed a prior ruling by a three-judge panel that the CFPB is unconstitutionally structured. As we…
This post originally appeared in our sister publication, Password Protected.
On October 18, 2017, the Consumer Financial Protection Bureau (CFPB) issued a set of Consumer Protection Principles regarding the sharing and aggregation of consumers’ financial data. The timing of…
On Monday, July 10, 2017, the Consumer Financial Protection Bureau (CFPB) issued a game-changing final rule regarding the use of arbitration clauses in consumer contracts. The Rule is effective 60 days following its publication in the Federal Register and applies…
On Monday, July 10, 2017, the Consumer Financial Protection Bureau (CFPB) issued a game-changing final rule regarding the use of arbitration clauses in consumer contracts. The Rule is effective 60 days following its publication in the Federal Register and applies…
The Department of the Treasury recently cited the CFPB’s “unaccountable structure and unduly broad regulatory powers,” in suggesting reforms to address the CFPB’s “regulatory abuses and excesses.” The Department’s recommendations were made as a part of its report, A Financial…
On Thursday, June 22, 2017, the Consumer Financial Protection Bureau (CFPB) provided updated guidance for supervisory examinations of student loan servicers. Richard Cordray, the Director of the CFPB, gave prepared remarks in Washington D.C. He explained his concerns related to…
