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Oct 4, 2024 | 
jdsupra.com | Eric Knight |Scott Pearson |Charles Washburn Jr.
Continuing a nationwide trend towards increased regulation of commercial financing, Governor Newsom has signed into law a bill extending the reach of California’s Rosenthal Fair Debt Collection Practices Act (the “Act”) to covered commercial debt (“SB 1286”). The requirements would apply to any debt entered into, renewed, sold, or assigned on or after July 1, 2025. The Act prohibits debt collectors from engaging in certain unfair or deceptive acts or practices in the collection of consumer debts.
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Sep 10, 2024 | 
bpnews.com | Scott Pearson
When the next demand surge spikes, will your contract supply carry you through? In the calm before the storm, it’s easy to reach a false sense of steadiness and security. Your operation is running smoothly and with what looks like smooth sailing ahead. As we head into this fall’s harvest season, propane supply is plentiful. But with that plentiful supply comes a familiar pitfall.
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Aug 7, 2024 | 
jdsupra.com | Scott Pearson |Bryan Schneider
Earned wage access (“EWA”) programs are financial products that allow workers to receive payment for wages they have already earned before their next scheduled payday. Many of these programs are integrated into their employers’ payroll systems, while others are offered through direct-to-consumer marketing. They do not impose mandatory fees on consumers and have not been the subject of significant consumer complaints.
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Jun 6, 2024 | 
jdsupra.com | Eric Knight |Scott Pearson |Charles Washburn Jr.
Increased regulation of commercial financing shows no signs of stopping. California SB 1482, which would require commercial financing providers and brokers to register with the California Department of Financial Protection and Innovation (DFPI), recently passed the Senate 39–0 (with one abstention) and will move on to the Assembly.
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May 31, 2024 | 
jdsupra.com | Eric Knight |Scott Pearson |Bryan Schneider
To the likely surprise of providers of buy now, pay later (“BNPL”) financing, last week the Consumer Financial Protection Bureau (“CFPB”) issued an interpretive rule stating that BNPL products are actually “credit cards” under the Truth in Lending Act (TILA) and BNPL providers are “card issuers” and therefore “creditors” under, and subject to, Regulation Z.
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May 6, 2024 | 
jdsupra.com | Scott Pearson |Bryan Schneider
On April 24, 2024, the Consumer Financial Protection Bureau (CFPB) continued its assault on fees in the consumer finance industry.
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Feb 21, 2024 | 
jdsupra.com | Scott Pearson |Bryan Schneider
What HappenedOn February 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued a procedural rule revising its supervisory appeals process for the first time since 2015. This Rule makes several important changes: Under the Rule, any CFPB manager who did not participate in the underlying supervisory matter and who is familiar with the topic may be assigned to a supervisory appeals committee, rather than only managers in the Supervision division, as had been the case previously.
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Nov 8, 2023 | 
jdsupra.com | Mehul Madia |Scott Pearson |Bryan Schneider
On October 19, the Consumer Financial Protection Bureau (CFPB) issued its highly anticipated notice of proposed rulemaking to implement Section 1033 of the Dodd-Frank Act. The Personal Financial Data Rights Rule would require depository and non-depository entities, including providers of payment facilitation services, to make available to consumers and authorized third parties certain data relating to the consumers’ accounts.
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Sep 15, 2023 | 
jdsupra.com | Eric Knight |Mehul Madia |Scott Pearson
On September 8, 2023, the U.S. District Court for the Eastern District of Texas issued an opinion and order vacating a March 2022 anti-discrimination update to the UDAAP section of the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) Supervision and Examination Manual (“Exam Manual”), holding that the Bureau exceeded its statutory UDAAP authority and that the Bureau’s funding structure is unconstitutional.
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Sep 14, 2023 | 
jdsupra.com | Mehul Madia |Scott Pearson |Bryan Schneider
September 14, 2023 Mehul Madia, Scott Pearson, Bryan Schneider, Charles Washburn, Jr. Manatt, Phelps & Phillips, LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: The Consumer Financial Protection Bureau’s (CFPB or Bureau) Summer 2023 Supervisory Highlights, which discusses key examination findings between July 2022 and March 2023, underscores the Bureau’s continuing aggressive interpretations of its authority. In addition to...
