Susan Seaman

Dec 5, 2024 | jdsupra.com | Susan Seaman

In the closing months of the Consumer Financial Protection Bureau (CFPB) under Director Rohit Chopra, the CFPB has continued its efforts to influence how states regulate financial services providers. On November 12, the CFPB published a report that applauded consumer protection rights in new state privacy laws, but also critiqued exemptions in those state laws for financial institutions or data subject to the federal Gramm-Leach-Bliley Act (GLBA) or the federal Fair Credit Reporting Act (FCRA).

Aug 23, 2024 | jdsupra.com | Shelby D. Lomax |Susan Seaman

Last week, the Federal Deposit Insurance Corporation (FDIC) published Frequently Asked Questions on the final rule governing FDIC Official Signs and Advertising Requirements, False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC Name or Logo, 12 C.F.R. Part 328. As we have previously discussed, the rule affects both federally insured banks and nonbanks including Fintechs.

Jun 25, 2024 | jdsupra.com | Susan Seaman

The financial services industry has (finally) received some good news. Last week, a federal court granted a preliminary injunction to stop Colorado from enforcing interest and certain fee limitations under the Colorado Consumer Credit Code on consumer loans made by state banks from an out-of-state location.

Jun 3, 2024 | jdsupra.com | Susan Seaman

In a unanimous decision, the U.S. Supreme Court rejected a more bright-line standard for determining whether the National Bank Act (NBA) preempts a state law. Rather, the Supreme Court explained that the NBA preemption standard under the Dodd-Frank Act and in Barnett Bank of Marion Cty., N. A. v. Nelson requires “a practical assessment of the nature and degree of the interference caused by a state law” on a national bank’s exercise of its powers.

May 24, 2024 | jdsupra.com | Susan Seaman |Mike Silver

Yesterday, the Consumer Financial Protection Bureau (CFPB) released an interpretive rule stating that “Buy Now, Pay Later” (BNPL) providers are “card issuers” and “creditors” under the federal Truth in Lending Act (TILA) and Regulation Z and must follow Subpart B (open-end credit provisions) and other provisions of Regulation Z.