Financial institutions offering auto loans to Indiana borrowers will soon be able to record their lien interests electronically. This electronic lien system is only provided by third-party vendors approved by the Indiana Bureau of Motor Vehicles (the “BMV”). These third-party vendors assess a fee…
Krieg DeVault Financial Institutions Partners, Michael J. Messaglia and Brett J. Ashton, provide an in-depth look at Silicon Valley and Signature Banks' failure and what their collapse could mean for the future of financial institutions.
Earlier this week, the Indiana Supreme Court issued its long-awaited decision in the matter of Decker v. Star Financial Group, Inc., Supreme Court Case No. 22S-PL-305, 2023 WL 2583381 (Ind. Mar. 21, 2023), in which the Court addressed the enforceability of arbitration clauses in certain deposit…
The New York Department of Financial Services (“NYDFS”) finalized the New York Commercial Finance Disclosure Law (“NYCFDL”) regulation on February 1, 2023. The NYCFDL disclosure rule (“NY Disclosure Rule”) is effective on August 1, 2023, and with few exceptions, closely tracks disclosure…
The Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) continued its campaign against financial services fees this week with the release of their Proposed Rule on Credit Card Penalty Fees (the “Proposed CARD Act Rule”). The Bureau has rulemaking authority over the federal Truth in…
Corporate awareness of environmental, social and governance (“ESG”) risks has grown significantly in the last decade, making ESG issues a strategic priority for many boards and executives. As a result, companies, both large and small, continue to grapple with how ESG issues affect their risk…
On the heels of the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) consent order with Regions Bank last week in connection with alleged unfair and deceptive overdraft practices (the “Regions Consent Order” discussed in our earlier Client Alert), CFPB Director Rohit Chopra was…
The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) announced yesterday that they had entered into a consent order (the “Consent Order”) against a financial institution for “unfair” and “abusive” acts and practices in connection with their assessment of overdraft fees tied to so…
As inflation and interest rates rise, a recession is likely coming. A recession means more bankruptcy filings. Providers of goods and services often unknowingly find themselves embroiled in bankruptcy litigation if the provider received payment within 90 days of the customer’s bankruptcy filing.…
While commercial businesses are typically aware of their responsibilities under the Americans with Disability Act (the “ADA” or the “Act”) relative to the maintenance of their physical office spaces and general corporate policies, some businesses have been the recipients of demand letters alleging…
Since his appointment on October 12, 2021, Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) Director Rohit Chopra has embarked on an aggressive campaign to identify and punish discriminatory practices in the financial services industry. While heightened regulatory scrutiny of fair…
The world’s most popular contractual benchmark rate, the London Interbank Offered Rate or “LIBOR,” is being discontinued. Many LIBOR-based contracts contain inadequate provisions, or none at all, to deal with the discontinuation of LIBOR (“Vulnerable Contracts”). Lenders and industry leaders have…
