Eamonn K. Moran

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Articles

Fourth Circuit Limits Beneficiary Bank Liability in BEC Schemes, Requires Actual Knowledge | JD Supra

3 weeks ago | jdsupra.com | Peter Hardy |Eamonn K. Moran |Christopher Phillips

A recent opinion in Studco Building Systems US, LLC v. 1st Advantage Credit Union by the U.S. Court of Appeals for the Fourth Circuit addresses and limits the potential liability of beneficiary banks in business email compromise (BEC) schemes.
New Proposed CFPB Consumer Data Regulation Would Significantly Expand FCRA Obligations | JD Supra

Dec 10, 2024 | jdsupra.com | Brian Goodrich |Eamonn K. Moran

The Consumer Financial Protection Bureau (CFPB) recently issued its long-awaited proposed rule to amend Regulation V, which implements the Fair Credit Reporting Act (FCRA). If enacted, the proposed rule would significantly expand the types of businesses, including data brokers, that utilize sensitive consumer information subject to the FCRA.
In The CFPB Playbook: No Lazy, Hazy Days Of Summer

Sep 30, 2024 | law360.com | Eamonn K. Moran

By Eamonn Moran (September 30, 2024, 5:48 PM EDT) -- As the Consumer Financial Protection Bureau continues to expand its oversight of the financial services industry and beyond, staying abreast of its activity is more important than ever. In this Expert Analysis series, former CFPB personnel provide recaps discussing the most noteworthy developments from each quarter.... Law360 is on it, so you are, too.
CFPB Keeps to Its Word by Issuing Additional Buy Now, Pay Later Guidance | JD Supra

Sep 25, 2024 | jdsupra.com | Leonard Bernstein |Eamonn K. Moran

Spurred by increased online and mobile app shopping during the COVID-19 pandemic, the Buy Now, Pay Later (BNPL) market has experienced higher growth and popularity as an innovative consumer finance offering, particularly for the unsecured credit market. As BNPL proliferated, the Consumer Financial Protection Bureau (CFPB) and other regulators did not initially deem the program to be within the scope of the Truth in Lending Act and Regulation Z. However, things have begun to change.
CFPB keeps to its word by issuing additional buy now, pay later guidance

Sep 24, 2024 | today.westlaw.com | Eamonn K. Moran |Leonard Bernstein

(September 26, 2024) - Holland & Knight attorneys Eamonn Moran and Leonard A. Bernstein discuss a recent publication from the Consumer Financial Protection Bureau that attempts to explain how existing credit-card regulations apply to "buy now, pay later" loans.
CFPB Highlights Agency Efforts on Fair Lending in 2023

Jun 27, 2024 | findknowdo.com | Eamonn K. Moran

In its 2023 Fair Lending Report, the CFPB reviewed agency efforts to enforce and supervise fair lending laws. The Report covers supervisory examinations, enforcement actions, rulemakings, guidance, stakeholder engagement and interagency collaboration undertaken in 2023.
CFPB Focuses on High-Cost Medical Payment Products

Jun 18, 2024 | findknowdo.com | Eamonn K. Moran

The CFPB warned that "high-cost specialty financial products" are being pushed onto consumers who cannot afford the payments or who should qualify for financial assistance. The CFPB reported it will examine how financial institutions market these products to healthcare providers. In a blog post, the CFPB said financial institutions market these payment products as a means to receive payments "faster and more easily" than they would from insurance.
CFPB Reports on Negative Equity in Auto Lending

Jun 18, 2024 | findknowdo.com | Eamonn K. Moran

This report is the result of the CFPB's February 2023 Auto Finance Data Pilot, in which the agency issued nine market monitoring Orders to three banks, three finance companies and three captive lenders seeking information about their auto lending portfolios.
CFPB Sets Rules for Industry Standard-Setting Body Recognition

Jun 5, 2024 | findknowdo.com | Eamonn K. Moran

This final rule marks the latest step forward in the shift toward open banking in the United States. In 2010, Congress passed into law new personal financial data rights for consumers as part of the Dodd-Frank Act. However, these rights have not taken full effect because the CFPB never issued an implementing rule.
CFPB Warns Against Including Unlawful Terms in Consumer Contracts

Jun 4, 2024 | findknowdo.com | Eamonn K. Moran

The CFPB warned "covered persons" against including unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. The CFPB stated that doing so could violate the Consumer Financial Protection Act's ("CFPA") prohibition on deceptive acts or practices.