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2 months ago | 
jdsupra.com | Eric T. Mitzenmacher |Kerri Webb
Join us for a new episode of Financial Services Focus with partner Eric Mitzenmacher and associate Kerri Webb, as they discuss the CFPB's recently proposed FCRA rulemaking, which, if finalized as proposed, would affect the availability and use of certain information about consumers—particularly with respect to data brokers. In this episode, we provide some background on the proposed data broker rule, the CFPB's goals for the proposal, and the potential impacts of the rule if enacted.
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Jan 17, 2025 | 
mondaq.com | Joy N Tsai |Eric T. Mitzenmacher
Coming off a period of rapid growth, the residential solarfinancing industry has begun to face increased pressures fromaggressive compliance positions taken by regulators and consumeradvocacy organizations. Such parties have levied criticismregarding issues such as dealer fee structures, marketingpractices, and alleged consumer misunderstanding about loan termsand tax credits.
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Jan 15, 2025 | 
jdsupra.com | Eric T. Mitzenmacher |Joy N Tsai
At A GlanceComing off a period of rapid growth, the residential solar financing industry has begun to face increased pressures from aggressive compliance positions taken by regulators and consumer advocacy organizations. Such parties have levied criticism regarding issues such as dealer fee structures, marketing practices, and alleged consumer misunderstanding about loan terms and tax credits.
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Dec 18, 2024 | 
jdsupra.com | Eric T. Mitzenmacher
On December 3, 2024, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) issued a proposed rule (the “Proposed Rule”) to amend Regulation V, which implements the Fair Credit Reporting Act (FCRA). The Proposed Rule continues CFPB efforts to expand and modernize federal requirements related to the flow of consumer information.
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May 13, 2024 | 
lexology.com | Eric T. Mitzenmacher
On May 10, the United States District Court for the Northern District of Texas granted the credit card industry at least a temporary reprieve from a CFPB rulemaking that would have restricted late fees on consumer credit cards significantly (as described in more detail in our prior Legal Update). The rule, otherwise slated to become effective May 14, has been stayed after the court granted the industry groups plaintiffs motion for a preliminary injunction.
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Apr 17, 2024 | 
mondaq.com | Eric T. Mitzenmacher |Jan Stewart |Joy N Tsai
On March 5, the Consumer Financial Protection Bureau issued a
Final Rule that would significantly restrict late fees that
consumer credit card issuers may charge to a mere
$8—representing approximately a 75% reduction from current
levels. Within two days, the Final Rule faced a challenge in the
Northern District of Texas by a coalition of trade groups including
the United States Chamber of Commerce, the American Bankers
Association, and the Consumer Bankers Association.
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Apr 12, 2024 | 
jdsupra.com | Eric T. Mitzenmacher |Jan Stewart |Joy N Tsai
On March 5, the Consumer Financial Protection Bureau issued a Final Rule that would significantly restrict late fees that consumer credit card issuers may charge to a mere $8—representing approximately a 75% reduction from current levels. Within two days, the Final Rule faced a challenge in the Northern District of Texas by a coalition of trade groups including the United States Chamber of Commerce, the American Bankers Association, and the Consumer Bankers Association.
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Mar 25, 2024 | 
mondaq.com | Eric T. Mitzenmacher |Steven M. Kaplan |Jan Stewart |Jeffrey Taft
On March 5, the Consumer Financial Protection Bureau
("CFPB" or "Bureau") issued a Final Rule that would significantly restrict
late fees that consumer credit card issuers may charge from $30 or
$41, in most cases, to a mere $8. As finalized, the rulemaking
largely aligns with the Bureau's Proposed Rule on the same subject matter
issued February 1, 2023, with certain differences described
below.
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Mar 22, 2024 | 
lexblog.com | Eric T. Mitzenmacher |Steven M. Kaplan |Jan Stewart |Jeffrey Taft
On March 5, the Consumer Financial Protection Bureau (the “Bureau”) issued a Final Rule that would significantly restrict late fees that consumer credit card issuers may charge to a mere $8. Within two days, the Final Rule faced a challenge in the Northern District of Texas by a coalition of trade groups including the United States Chamber of Commerce, the American Bankers Association, and the Consumer Bankers Association.
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Mar 20, 2024 | 
mondaq.com | Eric T. Mitzenmacher
On March 5, the CFPB issued a final rule that
would significantly reduce late fees that may be charged on
consumer credit card accounts from $30 or more to $8 in most cases. A proposed rule on
this subject matter was issued February 1, 2023, and the credit
card industry has paid close attention to the rulemaking process
since.
