Ballard Spahr | Consumer Finance Monitor
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Ballard Spahr LLP, an AmLaw 100 law firm serves clients across industry sectors in litigation, transactions, and regulatory compliance. The firm combines a comprehensive scope of practice with strong regional market knowledge. News, guidance and insightful perspectives on companies affected by the policies and actions of the CFPB.
Ballard Spahr | Consumer Finance Monitor
1d ago
After its passage by the Washington state legislature, Substitute Senate Bill (SSB) 6025, the Washington “predatory loan prevention act”, was approved by Governor Jay Inslee on March 25, 2024, with an effective date of June 6, 2024.
Unlike the original version of this act proposed in Senate Bill 6025 and its identical companion bill, House Bill 1874, SSB 6025 as enacted does not include language expanding the definition of “loan” under the Washington Consumer Loan Act ..read more
Ballard Spahr | Consumer Finance Monitor
1d ago
Last Wednesday, the U.S. District Court for the District of Columbia terminated on its docket the case challenging the CFPB’s final credit card late fee rule (Rule) which had been transferred to D.D.C. by the Texas federal district court. The termination occurred after the Texas court entered an order reopening the case and providing notice to D.D.C ..read more
Ballard Spahr | Consumer Finance Monitor
1d ago
The FTC recently issued a report to Congress on its collaboration with state attorneys general. Titled “Working Together to Protect Consumers: A Study and Recommendations on FTC Collaboration with the State Attorneys General,” the report was issued pursuant to the FTC Collaboration Act of 2021. The Collaboration Act required the FTC to conduct a study “on facilitating and refining existing efforts with State Attorneys General to prevent, publicize, and penalize frauds and scams being perpetrated on individuals in the United States” and directed the FTC to report the results of the ..read more
Ballard Spahr | Consumer Finance Monitor
2d ago
The CFPB has released the Spring 2024 edition of Supervisory Highlights. The report discusses CFPB examinations in connection with credit reporting and furnishing that were completed from April 1, 2023 through December 31, 2023.
Key findings by CFPB examiners are described below.
Examinations of credit reporting companies (CRCs) found the following deficiencies:
CRCs failed to timely implement blocks of information after receiving the requisite information relating to an alleged identity theft, without otherwise making a reasonable determination with respect to one of the permitted base ..read more
Ballard Spahr | Consumer Finance Monitor
2d ago
On April 4, acting Comptroller of the Currency Michael J. Hsu provided his remarks for the second year in a row at the Just Economy Conference hosted by the National Community Reinvestment Coalition. He focused his remarks on the latest developments of the Office of the Comptroller of the Currency (OCC) in its continuing efforts to elevate fairness in the financial industry ..read more
Ballard Spahr | Consumer Finance Monitor
2d ago
In connection with the petition to ban pre-dispute consumer arbitration agreements pending before the Consumer Financial Protection Bureau (CFPB) and a recent Senate Judiciary Committee hearing on “forced arbitration,” Congressman Andy Barr (R-Ky.) and Senator Thom Tillis (R-N.C.) and the American Financial Services Association (AFSA) have voiced their strong opposition to further regulation of consumer arbitration.  ..read more
Ballard Spahr | Consumer Finance Monitor
1w ago
Colorado’s attempt to opt out of interest rate exportation by out-of-state, state-chartered banks ultimately will fail, and will cause irreparable harm in the interim: therefore, enforcement of the opt out should be preliminarily enjoined, according to the plaintiffs’ Motion for Preliminary Injunction (the “Motion”) filed April 2, 2024 in federal district court in Colorado in NAIB et al ..read more
Ballard Spahr | Consumer Finance Monitor
1w ago
FDIC’s Chairman Martin J. Gruenberg recently gave remarks at the National Community Reinvestment Coalition on the FDIC’s economic inclusion strategy.
FDIC Commitment to Economic Inclusion
Chairman Gruenberg began by outlining the importance of federally insured bank accounts to the ability of individuals and families to participate in and fully benefit from economic opportunities.  ..read more
Ballard Spahr | Consumer Finance Monitor
1w ago
The CFPB issued a new circular advising remittance transfer providers that false advertising about the cost or speed of sending remittance transfers can be considered a violation of the Consumer Financial Protection Act even if a provider’s disclosures are in compliance with the CFPB’s Remittance Rule. The circular is intended to address CFPB concerns regarding fees charged on international money transfers and false claims regarding the speed of such transfers.  ..read more
Ballard Spahr | Consumer Finance Monitor
1w ago
On April 8, 2024, a Minnesota federal district court dismissed without prejudice the complaint filed by the Minnesota Bankers Association and Lake Central Bank (Plaintiffs) against the Federal Deposit Insurance Corporation (FDIC) challenging the FDIC’s guidance on non-sufficient funds (NSF) fees.
Plaintiffs filed their complaint in July 2023 seeking declaratory and injunctive relief under the Administrative Procedures Act (APA) against defendants FDIC and Chairman Martin J ..read more