On December 3, the Office of the Comptroller of the Currency (OCC) issued version 1.1 of the “Unfair or Deceptive Acts or Practices and Unfair, Deceptive, or Abusive Acts or Practices” booklet of the Comptroller’s Handbook, also known as the UDAAP booklet. The UDAAP booklet was last updated in June 2020.
In a significant development in the ongoing litigation over the Consumer Financial Protection Bureau’s (CFPB or Bureau) Final Rule on credit card late fees, the U.S. District Court for the Northern District of Texas denied the CFPB’s motions to dismiss the Fort Worth Chamber of Commerce, transfer the case to the District of Columbia, and dissolve the preliminary injunction. This ruling follows the court’s earlier request for further briefing on the issue of associational standing, as discussed in our prior blog post, here.
Late last year, we discussed the Consumer Financial Protection Bureau’s (CFPB or Bureau) proposed rule aimed at supervising larger technology companies offering digital wallets and payment apps. On November 21, the CFPB finalized this rule, which will bring significant changes to the oversight of nonbank digital payment companies. This final rule is set to take effect 30 days after its publication in the Federal Register.
Yesterday, the Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and state financial regulators issued a joint statement to provide covered financial institutions with strategies and examples of effective risk management and other practices to identify, prevent, and respond to elder financial exploitation. The agencies emphasized that the joint statement does not establish new supervisory expectations or impose new regulatory requirements.
In the last two weeks, several amicus briefs were filed in the Tenth Circuit in the ongoing litigation concerning Colorado’s opt-out from the Depository Institutions Deregulation and Monetary Control Act (DIDMCA). Troutman Pepper submitted a brief on behalf of all 50 state bankers associations (state bankers), plus Washington, D.C., supporting the district court’s granting of a preliminary injunction preventing Colorado from enforcing its overly broad and unlawful interpretation of DIDMCA’s opt-out. The Republican attorneys general from a dozen states, including Texas, Utah, Georgia, and Ohio also filed an amicus brief in support of the industry plaintiffs-appellees. This litigation centers on the enforcement of Colorado’s H.B. 1229 against state-chartered banks located outside of Colorado who make loans to Colorado borrowers.
On December 3, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule for public comment aimed at amending Regulation V, which implements the Fair Credit Reporting Act (FCRA). The proposed rule seeks to redefine (and, in some cases, rewrite) key terms and provisions within the FCRA, particularly focusing on the activities of purported “data brokers.”
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
In a shocking development yesterday, the U.S. Court of Appeals for the Fifth Circuit issued a per-curiam, single-sentence order purporting to “clarify” its prior stay of the compliance date for the Consumer Financial Protection Bureau’s (CFPB) payday loan rule. The new order provides that the rule will go into effect on March 30, 2025, 286 days after the Supreme Court entered its judgment in the CFSA lawsuit and not 286 days after the Fifth Circuit’s subsequent decision not to rehear the case en banc. The new order does not even attempt an explanation on how it conforms with the earlier order that the rule would be stayed “until 286 days after resolution of the appeal.”
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week:
California is famously inhospitable to arbitration. In fact, the U.S. Supreme Court struck down California laws disfavoring arbitration on no fewer than six occasions between 1987 and 2022.