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
Continue Reading CFPB Unveils Final Rule Banning ‘Excessive’ Credit Card Late FeesRegulatory Compliance
CFPB Sued By Industry Over Credit Card Late Fee Rule
On March 7, the U.S. Chamber of Commerce and bank trade groups including the Fort Worth Chamber of Commerce, Longview Chamber of Commerce, American Bankers Association, Consumer Bankers Association, and…
Continue Reading CFPB Sued By Industry Over Credit Card Late Fee RuleDistrict Court Declares Corporate Transparency Act Unconstitutional
On March 1, 2024, Judge Liles C. Burke of the U.S. District Court for the Northern District of Alabama found the Corporate Transparency Act (CTA or Act) unconstitutional on the…
Continue Reading District Court Declares Corporate Transparency Act UnconstitutionalCorporate Transparency Act Takes Effect with Beneficial Ownership Reporting Requirements
Starting Jan. 1, 2024, the Corporate Transparency Act and its implementing regulations mandate that certain U.S. legal entities and foreign entities registered to do business in the United States (collectively…
Continue Reading Corporate Transparency Act Takes Effect with Beneficial Ownership Reporting RequirementsNew Florida Legislation Proposes Notification Requirements for Certain Financial Institutions When They Terminate, Suspend, or Take Similar Action to ‘Restrict’ Customer Account Access
On Nov. 20, 2023, Florida Rep. Bob Rommel (R-Naples) introduced Florida House Bill 585, which proposes to require certain financial institutions operating in Florida to file a “termination-of-access report” with…
Continue Reading New Florida Legislation Proposes Notification Requirements for Certain Financial Institutions When They Terminate, Suspend, or Take Similar Action to ‘Restrict’ Customer Account AccessSEC Division of Examinations 2024 Priorities
The Securities and Exchange Commission (SEC)’s Division of Examinations (Division) announced its 2024 examination priorities (Exam Priorities) in October. In 10 years of priority announcements, this is by far the…
Continue Reading SEC Division of Examinations 2024 PrioritiesFinCEN Extends Beneficial Ownership Reporting Deadline for Newly Formed Companies
Effective Jan. 1, 2024, the Corporate Transparency Act (CTA) will require certain U.S. legal entities and foreign entities registered to do business in the United States (collectively, Reporting Companies) to…
Continue Reading FinCEN Extends Beneficial Ownership Reporting Deadline for Newly Formed CompaniesCalifornia Enacts Digital Assets Licensing Law
On Oct. 13, 2023, California Governor Gavin Newsom signed CA AB39, the Digital Financial Assets Law (DFAL), which is the first comprehensive framework to regulate the digital asset market…
Continue Reading California Enacts Digital Assets Licensing LawFinCEN Proposes Rule to Address Money Laundering and Terrorist Financing Risks Associated with CVC Mixing
On Oct. 23, 2023, FinCEN published an NPRM that identifies international CVC mixing as “a class of transactions of primary money laundering concern,” and finds that imposing additional recordkeeping and…
Continue Reading FinCEN Proposes Rule to Address Money Laundering and Terrorist Financing Risks Associated with CVC MixingCourt Issues Nationwide Stay of CFPB’s Section 1071 Small Business Lending 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