Financial Services
Posted by:
Laurie A. Martin Montplaisir and Brett J. Ashton
on October 9, 2023
The California Department of Financial Protection and Innovation (“DFPI”) recently adopted a new unfair, deceptive, and abusive acts and practices regulation (the “UDAAP Regulation”) appliable to commercial lenders extending credit to small businesses (defined as a business with annual gross…
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Posted by:
Brett J. Ashton
on June 26, 2023
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…
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March 23, 2023
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…
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Posted by:
Laurie A. Martin Montplaisir and Brett J. Ashton
on February 13, 2023
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…
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Posted by:
Brett J. Ashton
on February 1, 2023
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…
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Posted by:
Maria Vladimirova Geltz
on January 25, 2023
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…
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Posted by:
Brett J. Ashton
on October 27, 2022
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…
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Posted by:
Brett J. Ashton
on September 29, 2022
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…
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Posted by:
Kay Dee Baird
on June 23, 2022
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.…
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