On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule intended to limit late payment fees on credit cards issued by the largest credit card issuers. The final rule amends Regulation Z, reducing safe harbor late fee amounts for large card issuers from $30 to $8 and eliminating automatic annual inflation adjustments. Larger credit card issuers will be required to justify late fees exceeding $8. The final rule is expected to go into effect in May 2024, 60 days from its publication in the Federal Register.

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Photo of Timothy A. Butler Timothy A. Butler

Tim Butler helps companies thrive by developing tailored strategies to address their regulatory compliance challenges and vigorously defending them in government enforcement actions and bet-the-company lawsuits.

A former prosecuting attorney for the Federal Trade Commission (FTC) and former senior official in the Georgia

Tim Butler helps companies thrive by developing tailored strategies to address their regulatory compliance challenges and vigorously defending them in government enforcement actions and bet-the-company lawsuits.

A former prosecuting attorney for the Federal Trade Commission (FTC) and former senior official in the Georgia Attorney General’s Office, Tim has led the defense of dozens of government investigations and enforcement actions brought by the FTC, the Consumer Financial Protection Bureau (CFPB), and the various state attorneys general. Tim also regularly defends clients in bet-the-company lawsuits, including complex business disputes and consumer class actions alleging privacy, false advertising, and unfair or deceptive business practice claims.

Tim is an experienced guide for companies struggling with regulatory complexity. He offers clear advice that helps his clients meet the demands of the ever-growing set of laws and regulations governing data privacy and cybersecurity, advertising and marketing practices, and consumer financial products and services. Clients rely on Tim’s business-minded and practical strategies to address their most difficult regulatory compliance challenges.

A graduate of the University of Chicago and Stanford Law School, Tim is a prolific author and regularly speaks to industry and trade groups about the evolving privacy landscape, about cutting-edge issues affecting payments and fintech companies, and about developments at the FTC, the CFPB, and within the state attorneys general community.

Photo of Shane Foster Shane Foster

Shane Foster is a shareholder with deep financial regulatory experience in areas such as banking, money transmission, lending, and fintech, among others. Serving in a high-level capacity as Chief Deputy Director at the Arizona Department of Insurance and Financial Institutions (DIFI), he oversaw

Shane Foster is a shareholder with deep financial regulatory experience in areas such as banking, money transmission, lending, and fintech, among others. Serving in a high-level capacity as Chief Deputy Director at the Arizona Department of Insurance and Financial Institutions (DIFI), he oversaw the agency’s enforcement, depository, non-depository, consumer affairs, and insurance market conduct divisions.

As a former regulator, Shane has a thorough understanding of regulatory issues affecting the financial services sector and has deep experience in licensing, compliance, investigatory, and enforcement matters. From advising on chartering de novo depository institutions, merger activity, solvency and deposit insurance issues, to ensuring compliance with consumer protection and safety and soundness regulations, he provides financial institutions with insights to navigate complex issues. Additionally, his experience encompasses various consumer finance segments such as mortgage, vehicle title, and unsecured lending. Shane also led the efforts in drafting and implementing Arizona’s money transmission law (i.e., CSBS Model Money Transmission Modernization Act), which substantive provisions can be found in many states throughout the country.

Shane’s practice extends to the use of new technologies and innovation in the financial services sector. He served a prominent role in the administration of the nation’s first state regulatory sandbox, bolstering his deep understanding of the use of novel products and services in the ever evolving fintech sector (e.g., blockchain technology, digital payments, APIs, artificial intelligence, and mobile applications, among others). Shane also stays at the forefront of law and policy developments regarding digital assets. Whether dealing with transmission and custody issues or monitoring recent guidelines by federal agencies concerning crypto-related activities and stablecoins, Shane stays abreast of developments to advise clients on innovative legal strategies.

Shane has worked closely with state regulators through active involvement in the Conference of State Bank Supervisors (CSBS), National Association of Insurance Commissioners (NAIC), and the National Association of Attorneys General (NAAG), serving as a key participant in numerous multistate initiatives, including serving on the coordinating committee with the Consumer Financial Protection Bureau (CFPB) and on data privacy working groups, among others. Simultaneously, his background in government relations has given him many opportunities to interface with various federal agencies and draft comments on proposed federal policies.

Shane Foster is a sought-after speaker on a variety of topics concerning financial regulation, having spoken on numerous panels at industry and government-related events.

Photo of Lisa M. Lanham ‡ Lisa M. Lanham ‡

Lisa M. Lanham focuses her practice on fintech and payments solutions within the financial services sector. Her role encompasses work with a diverse range of clients, including residential and commercial mortgage brokers, lenders, servicers, loan fulfilment providers, student, consumer, and solar loan lenders

Lisa M. Lanham focuses her practice on fintech and payments solutions within the financial services sector. Her role encompasses work with a diverse range of clients, including residential and commercial mortgage brokers, lenders, servicers, loan fulfilment providers, student, consumer, and solar loan lenders and servicers, marketplace lenders, and entities offering retail installment contracts for consumer goods. Moreover, she advises investors engaged in secondary market activities. Lisa also extends her support to emerging fintech firms, helping them to comply with necessary state licensing requirements and develop products in these realms while keeping regulatory demands in check.

A large part of Lisa’s role involves working closely with regulators such as the New York State Department of Financial Services to facilitate her clients’ pursuit of necessary business licenses and approvals. This not only includes completing audits and examinations but also covering intricate disclosure issues and reporting changes of ownership, executive management, and qualifying individuals. In addition to these tasks, Lisa was involved in the development of the Nationwide Multistate Licensing System & Registry (NMLS) 2.0 system. She handles virtually all aspects of the NMLS, including submissions and amendments of company application forms and electronic surety bonds.

Her contributions extend to representation and regulatory counsel in areas such as structured finance, securitization, secondary market transactions, licensing matters in mergers and acquisitions transactions, regulatory agency coordination for large-scale multistate transactions, and various financial service operations. In addressing state licensing matters, Lisa has contributed to notable projects such as assisting international crypto exchanges enter into the U.S. market by setting up compliant subsidiaries.

Lisa’s work also includes the reporting of material licensing changes, providing technical reviews, analyzing proposed business models in the context of regulatory compliance issues, assisting with the development of policies and procedures for regulatory compliance concerns, negotiating findings before examination report finalization, and managing international licensing issues amidst dynamic regulatory environment.

 Admitted in New York and Pennsylvania. Not admitted in Florida.

Photo of Rinaldo Martinez Rinaldo Martinez

With a client base that spans institutional investors, private equity funds, banking institutions, mortgage lenders and servicers, consumer finance companies, fintech firms, and financial services companies, Rinaldo Martinez focuses his practice on addressing the regulatory landscape of consumer credit products, both at the

With a client base that spans institutional investors, private equity funds, banking institutions, mortgage lenders and servicers, consumer finance companies, fintech firms, and financial services companies, Rinaldo Martinez focuses his practice on addressing the regulatory landscape of consumer credit products, both at the federal state levels. His work necessitates delving into federal and state laws that substantively govern all aspects of consumer credit. Rinaldo also counsels on regulatory compliance issues related to commercial real estate.

As part of his practice, Rinaldo regularly navigates the complexities of Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, including advising on statutes such as the Truth in Lending Act (TILA), the Real Estate Settlement Procedures Act (RESPA), the Home Mortgage Disclosure Act (HMDA), the Fair Debt Collection Practices Act (FDCPA), and the Fair Credit Reporting Act.

At the state level, his practice covers licensing statutes, anti-predatory lending laws, qualification statutes, usury limitations, and prepayment penalty restrictions. He has deep experience advising on regulatory compliance issues involving hybrid residential-commercial real property, such as “fix-flip” properties, particularly regarding licensing obligations for this product.

Rinaldo also assists clients with developing business models in the context of regulatory compliance issues arising under state law, with a focus on bank partnerships. He also assists clients with state examinations, including negotiating findings with regulators before examination report finalization. Additionally, Rinaldo assists with secondary market transactions, including securitizations, that necessitate diligence of state licensing obligations.

Photo of Matthew White Matthew White

Matt White guides clients through regulatory compliance challenges and represents clients in regulatory and civil investigations and litigation.

Matt has counseled fintech and payment companies on regulatory compliance matters, including those involving the Electronic Fund Transfer Act, the Fair Credit Reporting Act, the…

Matt White guides clients through regulatory compliance challenges and represents clients in regulatory and civil investigations and litigation.

Matt has counseled fintech and payment companies on regulatory compliance matters, including those involving the Electronic Fund Transfer Act, the Fair Credit Reporting Act, the Gramm-Leach-Bliley Act, the Truth in Lending Act, and their respective implementing regulations (Regulations E, V, P, and Z). Adept with the Consumer Financial Protection Bureau’s (CFPB) Prepaid Rule, Matt has provided guidance regarding prepaid cards and related compliance.

Matt has also aided clients in developing regulatory compliant products and functionalities, including an earned wage access program, reimbursement prepaid card programs, new merchant cash advance products, and tokenized payment capabilities. In connection with products on which Matt advises, he has also negotiated high-stakes technology sales agreements involving complex regulatory issues, including compliance with data privacy laws, financial regulations, and card network rules.

Beyond helping clients strategize for regulatory complexity, Matt also helps clients navigate government investigations and enforcement actions brought by the Federal Trade Commission (FTC), CFPB, and state attorneys general.

Photo of Tessa Cierny Tessa Cierny

Tessa Cierny advises companies on financial technology and data privacy issues. She has experience counseling companies on state and federal regulatory compliance, including existing and emerging privacy laws, such as the E.U.’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act

Tessa Cierny advises companies on financial technology and data privacy issues. She has experience counseling companies on state and federal regulatory compliance, including existing and emerging privacy laws, such as the E.U.’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), as well as financial and banking regulations, such as the CFPB’s Section 1071 Small Business Lending Rule (Regulation B). In addition, she assists clients in defending business disputes and data breach litigation.

Prior to joining Greenberg Traurig, she served as global records manager for WestRock, where she developed and implemented email and data retention policies for global data privacy regulation compliance. In this role, she also advised on data privacy concerns related to data retention, data loss prevention, and data governance.

Photo of Zeba Pirani Zeba Pirani

Zeba Pirani is a Resident Attorney based in Greenberg Traurig’s Atlanta office.