The Consumer Financial Protection Bureau (CFPB) and a coalition of trade-group plaintiffs filed dueling briefs last week over recusal standards in the Fifth Circuit lawsuit challenging the CFPB’s $8 credit card late fee final rule. On April 8, 2024, the
Financial Services Observer
News & Commentary on Financial Regulatory and Compliance Matters
California Proposes Revisions to Autorenewal Law
On April 1, 2024, California’s legislature introduced Assembly Bill 2863, which proposes amendments to California’s Automatic Renewal Law. If enacted, the proposed amendments would introduce stricter mandates for disclosures, consent, and cancellation processes and further align California’s ARL with the…
FinCEN Proposes Rule to Subject Certain Investment Advisers to Anti-Money Laundering Program, Recordkeeping, and Reporting Requirements under the Bank Secrecy Act
After years of rulemaking efforts, FinCEN issued a Notice of Proposed Rulemaking (Proposed Rule) Feb. 15, 2024, that would subject certain investment advisers to AML/CFT compliance requirements under the BSA. The Proposed Rule’s comment period runs through April 15, 2024. Covered…
Tim Butler Quoted in LA Times Article on California ‘Junk Fees’
Timothy A. Butler, a shareholder in GT’s Financial Regulatory & Compliance Practice, is quoted in a Los Angeles Times article titled “Perch charges diners ‘security’ fee at downtown L.A. rooftop spot, sparking outrage.” The article discusses California’s upcoming…
5th Circuit Says District Court Lacked Jurisdiction to Transfer CFPB Late-Fee Rule Suit Out of Texas
In the ongoing lawsuit between the U.S. Chamber of Commerce and bank trade groups including the Fort Worth Chamber of Commerce, Longview Chamber of Commerce, American Bankers Association, Consumer Bankers Association, and Texas Association of Business (Plaintiffs) and the Consumer…
CFPB Signals New FCRA Rules Targeting Data Brokers Are Ahead
On April 2, 2024, CFPB Director Rohit Chopra delivered prepared remarks at a gathering hosted by the White House Office of Science and Technology Policy. Director Chopra’s remarks centered on the evolving landscape of data brokerage and its implications for…
CFPB Warns Remittance Transfer Providers About Deceptive Advertising and Marketing Practices
On March 27, 2024, the CFPB issued a circular warning remittance transfer providers that false advertising about the cost or speed of sending remittance transfers may violate federal law, including the CFPA, which prohibits UDAAPs.
Banking Trade Groups Suing CFPB Over Late Credit Card Fees Must Transfer Case from Texas to DC
In response to the lawsuit filed by the U.S. Chamber of Commerce and bank trade groups including the Fort Worth Chamber of Commerce, Longview Chamber of Commerce, American Bankers Association, Consumer Bankers Association, and Texas Association of Business in the…
NY Gov Signs Amended LLC Transparency Act
On March 1, 2024, New York Gov. Hochul signed into law chapter 102 of the laws of 2024, which is a chapter amendment1 to the New York LLC Transparency Act (NYLTA). The amended NYLTA will go into effect Jan.…
Setting the Standard: CFPB to Codify Attributes for Standard-Setters Before Finalizing Personal Financial Data Rights Rule
On March 13, at the Financial Data Exchange Global Summit, CFPB Director Rohit Chopra delivered a keynote address that focused on “the role of standard setters and standard-setting” as the CFPB pushes towards finalizing is its proposed Personal Financial Data…