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Search OptionsFinancial ServicesFinancial Institutions Use of “Meta Pixels” Targeted in Latest Class Action Trend
Many financial institutions use the services of technology companies like Facebook or Google to track and record customer interactions with their website through the use of Meta Pixels, Internet Cookies, or other tracking technology to continually improve the ways in which they service their… CFPB Issues Final Rule on Open Banking
On October 22, 2024, the Consumer Financial Protection Bureau (the “CFPB”) released its final rule (the “Rule”) on Personal Financial Data Rights under Section 1033 of the Consumer Financial Protection Act. The Rule requires data providers to make consumer’s covered data electronically available to… Redefining Regulatory Oversight: U.S. Supreme Court Ends Chevron Deference and its Impact on Banking Regulations
With the pace of regulatory rulemaking and overall regulatory burden facing the financial services industry, it would be understandable if the significance of a U.S. Supreme Court decision about the number of observers on a fishing vessel required under a regulation from the National Marine… U.S. Treasury Issues Report on Artificial Intelligence on Specific Cybersecurity Risks in the Financial Services Sector
The U.S. Department of the Treasury recently released a comprehensive report on managing artificial intelligence (AI) specific cybersecurity risks within the financial services sector. The Report was issued as just one of the steps mandated by Executive Order 14110 on Safe, Secure, and Trustworthy… New Indiana Law Will Clarify How Financial Institutions May Make Changes to Deposit Account Agreements
Indiana House Bill 1284 was signed into law by Governor Eric Holcomb this week and becomes effective on July 1, 2024. This new law provides much needed clarity to Indiana financial institutions seeking to ensure the enforceability of amendments to their deposit account agreements. This Client Alert… President Biden Issues Executive Order on Artificial Intelligence
On October 30, President Biden issued his Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, along with a companion Fact Sheet issued by the White House. The Executive Order establishes the federal government’s priorities with respect to Artificial… California Commercial Lenders Beware: UDAAP Doesn’t Only Apply to Consumer Lending Anymore
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… Disclosing Fees Paid to BMV Vendors For E-Filing Lien Interests
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… Are We in a Banking Crisis? What the Silicon Valley and Signature Banks’ Failure Tell Us About the Future of Financial Institutions (Podcast)
Krieg DeVault Financial Institutions Partners, Michael J. Messaglia and Brett J. Ashton, provide an in-depth look at Silicon Valley and Signature Banks' failure and what their collapse could mean for the future of financial institutions. Indiana Supreme Court Limits the Ability of Indiana Financial Institutions to Amend Account Agreements
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… New York DFS Issues Final Commercial Lending Disclosure Regulation
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… CFPB Issues Proposed Credit Card Late Fee Rule
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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