Today the United States Supreme Court struck down a forty-year-old precedent that required courts to give deference to statutory interpretations of administrative agencies. This is welcome news to RMAI members who have been subject to onerous regulations from the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), and other federal agencies in recent years. […]
The Corporate Transparency Act (CTA) was passed by Congress to enhance transparency in corporate ownership. Enacted as part of the Anti-Money Laundering Act of 2020, the CTA aims to combat illicit activities such as money laundering, terrorist financing, and other financial crimes by requiring businesses to disclose their beneficial ownership information to the Financial Crimes […]
On May 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued an “interpretive rule” that regulates certain “Buy Now Pay Later” (BNPL) consumer transactions like credit cards. As an “interpretive rule,” the Bureau is providing guidance as to how existing law applies to covered BNPL transactions. It does not create any new law or regulation.
The […]
Yesterday, RMAI leadership met with Director Rohit Chopra of the Consumer Financial Protection Bureau (CFPB) in Washington, DC. RMAI was represented by RMAI Immediate Past President Anne Thomas, RMAI Board Member Kelly Knepper-Stephens, RMAI Past President Jim Mastriani, and RMAI Executive Director Mike Becker. Director Chopra […]
On June 3, 2024, the Consumer Financial Protection Bureau (CFPB) announced the adoption of its final rule establishing a registry to “detect and deter” corporate offenders that have broken consumer laws and are subject to regulatory or court orders. In December 2022, the CFPB had issued proposed rulemaking and […]
On May 24, Governor Walz signed into law HF 4757, the Minnesota Consumer Data Privacy Act, making Minnesota the eighteenth state to enact a comprehensive consumer data privacy law following California, Virginia, Colorado, Utah, Connecticut, Iowa, Indiana, Tennessee, Montana, Texas, Oregon, Delaware, New Jersey, New Hampshire, Kentucky, Nebraska, and Maryland. The Act will go […]
Last week, Minnesota Governor Tim Walz signed into law Senate Bill 4097, containing reforms relating to collection agency licensing, coerced debt, medical debt limitations, property exemptions, and wage garnishment. The initial bill, which was introduced in February 2024, had the support of the Minnesota Attorney General’s Office and contained more far-reaching provisions. After three […]
On May 9, Connecticut Governor Lamont signed into law Senate Bill 395 restricting the furnishing of “medical debt” by certain covered entities. The law defines medical debt as “an obligation or alleged obligation of a consumer to pay any amount related to the receipt by the consumer of health care goods or health care […]
Today the U.S. Supreme Court ruled in a 7-2 decision that the Consumer Financial Protection Bureau’s funding structure was constitutional. This is the second time in four years the Supreme Court has rejected a constitutional attack on the CFPB’s authority.
This most recent challenge attacked the Bureau’s funding mechanism which the Court of Appeals for […]
On May 13, 2024, the amendment to the Gramm-Leach-Bliley Act Safeguards Rule went into effect requiring nonbank financial institutions to report to the FTC any unauthorized acquisition of unencrypted customer information involving at least 500 consumers.
The amendment requires that notification be made as soon as possible, and no later than 30 days after discovery of the […]