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Apr 4, 2024 | 
lexblog.com | Josh McBeain |Chris Willis
In this episode of The Consumer Finance Podcast, Chris Willis and Josh McBeain discuss the Consumer Financial Protection Bureau’s (CFPB) proposed rule on overdraft fees. The rule, which only applies to large financial institutions with assets over $10 billion, aims to regulate overdraft services by altering the definition of ‘finance charge,’ effectively subjecting these institutions to Regulation Z’s disclosure and substantive provisions.
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Mar 26, 2024 | 
lexblog.com | Jason Cover |Mark J. Furletti |Taylor Gess |James Kim |Caleb Rosenberg |Jeremy M. Rosenblum | +1 more
Yesterday, three trade organizations filed a complaint in Colorado federal court challenging H.B. 1229, Colorado’s effort to limit interest charges by out-of-state financial institutions, which is set to take effect on July 1, 2024. As discussed here, in June 2023, Colorado passed H.B. 1229, limiting certain charges on consumer loans and simultaneously opting Colorado out of §§ 521-523 of the Depository Institutions Deregulation and Monetary Control Act (DIDMCA).
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Mar 21, 2024 | 
lexblog.com | Josh McBeain |Glen P. Trudel |Chris Willis
In this special crossover edition of Payments Pros and The Consumer Finance Podcast, Chris Willis is joined by Josh McBeain and Glen Trudel. They discuss the recent final credit card late fee rule issued by the Consumer Financial Protection Bureau (CFPB) and the industry’s reaction to it. The rule lowers the safe harbor provision dollar amount for late fees to $8 for large credit card issuers and increases it for small issuers.
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Mar 19, 2024 | 
lexblog.com | Stefanie Jackman |Glen P. Trudel |Chris Willis |Josh McBeain
As discussed here, earlier this month the Consumer Financial Protection Bureau (CFPB or Bureau) finalized its credit card late fee rule (Final Rule). The Final Rule sets a safe harbor amount for late fees at $8 and eliminates the annual inflation adjustments to that safe harbor amount, for larger card issuers, among other changes. The announcement of the Final Rule on credit card late fees sparked immediate reaction.
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Mar 18, 2024 | 
lexblog.com | Keith Barnett |Kim Phan |Carlin McCrory |Josh McBeain
In a recent speech at the Financial Data Exchange Global Summit, Rohit Chopra, Director of the Consumer Financial Protection Bureau (CFPB), discussed the current state of open banking in the United States and emphasized the importance of standard-setting organizations in the transition.
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Mar 14, 2024 | 
law360.com | Keith Barnett |Carlin McCrory |Josh McBeain
ADVERTISEMENT Don't want ads? Subscribe or login now. By Keith Barnett, Carlin McCrory and Josh McBeain (March 14, 2024, 12:28 PM EDT) -- Companies that fall within the definition of "data provider" are expected by this fall to be required to comply with the Consumer Financial Protection Bureau's proposed rule implementing Section 1033 of the Dodd-Frank Act....
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Mar 11, 2024 | 
insidearm.com | Glen P. Trudel |Chris Willis |Alan D. Wingfield |Josh McBeain
As discussed here, on March 5, 2024 the Consumer Financial Protection Bureau (CFPB or Bureau) finalized its credit card late fee rule (Final Rule). The Final Rule sets a safe harbor amount for late fees at $8 and eliminates the annual inflation adjustments to that safe harbor amount, for larger card issuers. The timing of the Final Rule’s announcement, just days before the State of Union address, did not go unnoticed.
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Mar 8, 2024 | 
lexblog.com | Glen P. Trudel |Chris Willis |Alan D. Wingfield |Josh McBeain
As discussed here, earlier this week the Consumer Financial Protection Bureau (CFPB or Bureau) finalized its credit card late fee rule (Final Rule). The Final Rule sets a safe harbor amount for late fees at $8 and eliminates the annual inflation adjustments to that safe harbor amount, for larger card issuers. The timing of the Final Rule’s announcement, just days before the State of Union address, did not go unnoticed.
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Mar 8, 2024 | 
lexblog.com | Joseph F. Reilly |Caleb Rosenberg |Josh McBeain
On March 1, Senate Bill (SB) 335 was introduced, which, if passed, would impose certain requirements on “commercial financing transactions.” Recently, multiple states have enacted disclosure regulations for commercial financing transactions (see discussions on California, Connecticut, Florida, Georgia, New York, Virginia, and Utah).
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Feb 22, 2024 | 
lexblog.com | Keith Barnett |Carlin McCrory |Josh McBeain
In the second and final installment of our two-part Payments Year in Review series, Keith Barnett, Carlin McCrory, and Josh McBeain continue their discussion around the payments landscape of 2023 and their predictions for 2024.
