On Jan. 24, 2024, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would, if finalized in its present form, prohibit financial institutions from charging non-sufficient funds (NSF)Continue Reading CFPB Issues Proposed Rule to Stop ‘Junk Fees’ on Bank Accounts
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.
On Dec. 22, 2023, Montana Attorney General Austin Knudsen issued an opinion clarifying that certain Earned Wage Access products are not loans under either the Montana Consumer Loan Act or the Montana Deferred Deposit Loan Act.
Continue Reading Montana Attorney General Confirms Certain Earned Wage Access Products Are Not Loans
On Nov. 7, 2023, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would, if finalized in its present form, establish the CFPB’s supervisory authority over certain “larger…Continue Reading CFPB Unveils Plan to Supervise Big Tech Digital Wallet and Payment App Providers
On Nov. 1, 2023, the Consumer Financial Protection Bureau (CFPB) issued a high-level overview of the topics covered in its proposed Personal Financial Data Rights rule: Fast Facts: Personal Financial…Continue Reading CFPB Issues ‘Fast Facts’ for Proposed Personal Financial Data Rights Rule
On Oct. 26, 2023, the U.S. District Court for the Southern District of Texas issued a nationwide injunction prohibiting the Consumer Financial Protection Bureau (CFPB) from implementing or enforcing its…Continue Reading Court Issues Nationwide Stay of CFPB’s Section 1071 Small Business Lending Rule
On Oct. 25, 2023, the Fed proposed a rule to lower the interchange fee cap in Regulation II, which is largely applicable to debit card issuers with at least $10…Continue Reading Fed Issues Proposed Rule Lowering Regulation II’s Debit Interchange Cap
On Oct. 19, 2023, the CFPB released a proposed rule that, if finalized in its present form, would require covered financial institutions to provide consumers and authorized third parties with…Continue Reading CFPB Issues Proposed ‘Personal Financial Data Rights’ Rule
On Oct. 3, 2023, the U.S. Supreme Court heard oral arguments in Consumer Financial Protection Bureau (CFPB) v. Community Financial Services Association of America (CFSA) (Docket No. 22-448), a case that raises the question of whether the CFPB’s funding structure, by which it receives funding directly from the Federal Reserve rather than via a congressional appropriation, violates the U.S. Constitution’s Appropriations Clause and, if so, what the appropriate remedy should be.
Continue Reading Supreme Court Hears Oral Argument on Constitutionality of CFPB’s Funding
On Oct. 7, 2023, California Governor Gavin Newsom signed SB 478 into law. When it becomes effective July 1, 2024, the law will amend the CLRA to generally ban so-called…Continue Reading California Bans Hidden Fees, Effective July 1, 2024
On Oct. 11, 2023, the FTC released a proposed rule that would, if finalized in its present form, prohibit “misleading” fees and require more prominent disclosures for so-called “junk fees.”…Continue Reading FTC Proposes Rule Targeting ‘Junk Fees’