The Consumer Financial Protection Bureau (CFPB)’s long-delayed prepaid card rule has been delayed once again—and further delays may lie ahead, as the CFPB considers whether to make additional changes. The additional time gives prepaid providers and other stakeholders another bite
As President Donald J. Trump continues to make nominations for Cabinet, judicial, and agency posts, curiously little focus has fallen on who will be chosen to head one key financial regulator.
While last week, the confirmation hearings of Supreme Court
For nonbank providers of consumer financial services, one of the most challenging parts of doing business is the need to comply with the laws of multiple states. Entities like money transmitters and consumer lenders typically must obtain licenses in the
As long as nonbank small-dollar lending faces additional regulation and regulatory scrutiny, as we have previously discussed, the role of small-dollar loans made by traditional depository institutions should not be ignored.
To date, bank and credit union loans make
As discussed in our previous post, the Consumer Financial Protection Bureau (CFPB) has proposed a regulation that would impose numerous requirements regarding small-dollar lending. Unquestionably, that rule would be significant because it would establish a nationwide, federal standard for
As political developments affecting the federal regulatory landscape continue, one key area that consumer financial services practitioners will want to monitor is the future of nonbank small-dollar lending regulation and enforcement. The Consumer Financial Protection Bureau (CFPB) has altered the
In the three weeks since the Inauguration of President Donald J. Trump, there have been many questions, but few answers for financial services practitioners. Uncertainty remains on matters such as the fate of the Dodd-Frank Act of 2010 and the
With the new Trump Administration and Republican majorities in both the House and Senate, Republicans have complete control of the executive and legislative branches of government for the first time in 10 years. As a result, many in the banking
In Johnston v. Midland Credit Mgmt., No. 16-437, 2017 U.S. Dist. LEXIS 10610 (W.D. Mich. Jan. 26, 2017), the court recently dismissed a class action complaint alleging a violation of the Fair Debt Collection Practices Act (“FDCPA”) for lack
America’s infrastructure received an overall grade of “D+” in The American Society of Civil Engineers Report Card for America’s Infrastructure, most recently published in 2013 (an updated Report Card is expected to be released on March 9, 2017). Grades for
