On January 19, 2021, the Consumer Financial Protection Bureau (CFPB) issued a new final rule implementing the Fair Debt Collection Practices Act (FDCPA). According the CFPB’s press release, the purpose of the new final rule is to “clarif[y] the differences between regulations and supervisory guidance.” Specifically, “supervisory guidance does not…
On November 5, 2020, the Federal Register published five federal financial regulatory agencies’ invitation for comment on a notice of proposed rulemaking (NPR) that would codify the agencies’ Interagency Statement Clarifying the Role of Supervisory Guidance, as amended, which was issued on September 11, 2018 (2018 Statement). The 2018 Statement…
On August 20, 2020, seven states – California, Illinois, Massachusetts, Minnesota, New Jersey, New York, and North Carolina – and the District of Columbia (together, the States) filed suit against the Federal Deposit Insurance Corporation (FDIC) in the U.S. District Court for the Northern District of California. The lawsuit, captioned…
On May 15, 2020, the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, Regulators), proposed a new final interim rule “that temporarily revises the supplementary leverage ratio calculation for depository institutions,” in order to “strengthen…
Last week, the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) each issued a proposed rule designed to clarify that interest rates that are valid when a loan is made remain valid when the loan is transferred or sold. Together, the proposed rulemaking would…
On November 23, 2016, Advance America, Inc., a payday lender, and Community Financial Services Association of America, Ltd., a trade organization which represents the interests of payday lenders (Plaintiffs), filed a Motion for Preliminary Injunction (Motion) against the Federal Deposit Insurance Corporation, the Office of Comptroller of the Currency, and the…
The Consumer Financial Protection Bureau’s recent action against two credit card vendors regarding credit monitoring and identity theft protection services is a reminder of the legal risks associated with certain add-on products. The July 1 settlement, in which the CFPB found that the vendors misled customers about the benefits of…
On May 4, 2015, Comptroller of the Currency Thomas Curry, Federal Reserve Board (FRB) Governor Daniel Tarullo, and Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg held the third in a series of outreach meetings to discuss with the public their efforts to reduce the regulatory burden on community banks…
One of the most persistent and insidious threats to companies is cyber attacks. Whether these attacks involve theft of intellectual property, installation of malware, or denial of service, they pose a significant risk to businesses and their customers. For many companies, especially financial services companies, the risk is heightened by…
The Federal Reserve Board recently made headlines when it repealed its Regulation AA to comply with the Dodd-Frank Act, leading some to wonder how, and to what extent, regulation of financial institutions might change going forward. But the federal agencies charged with regulating banking and credit activities have made it clear that they will continue to enforce prohibitions…
On June 24, 2014, in response to the “increasing volume and sophistication of cyber threats,” the Federal Financial Institutions Examination Council (“FFIEC”) began a month-long cyber-security assessment of 500 community financial institutions and credit unions. Announcing what it dubbed a “pilot program,” the FFIEC—a formal, interagency body made up of…