Overdraft practices have been the subject of both regulatory scrutiny and civil litigation for over a decade. Prior to 2010, the allegations in overdraft cases typically focused on allegations of failure to notify consumers of their participation in overdraft programs and deceptive practices tied…
On July 9, 2019, the FRB, FDIC, OCC, CFTC and SEC announced the adoption of a final rule to exclude certain community banks from the Volcker Rule's restrictions on proprietary trading, consistent with the Economic Growth, Regulatory Relief, and Consumer Protection Act. The final rule was…
On March 27, 2019 the IRS announced that taxpayers can no longer request an employer identification number (“EIN”) unless the “responsible party” named on the application has a Social Security number (“SSN”) or Individual Taxpayer Identification Number (“ITIN”). This change goes into effect on May…
On October 10, 2018 the Marion County Superior Court ruled in Webb Ford, Inc. v. Indiana Dep’t of Fin. Insts., Cause No. 49D03-1801-PL-002762 (Marion Cnty. Sup. Ct. Jan. 22, 2018), denying the auto dealer’s petition for judicial review and affirming the Indiana Department of Financial Institutions…
On March 21, 2018, Governor Holcomb signed a bill legalizing the sale and use of CBD oil in Indiana.[1] CBD oil is derived from industrial hemp, which like marijuana, is banned by federal law. This leaves Indiana’s financial institutions asking: can we bank these businesses?
The Legal Landscape …
The Indiana Department of Financial Institutions (the “IDFI” or the “Department”) recently issued Consumer Credit Advisory Letter 2018-02 (the “Advisory”) providing further guidance to financial institutions and auto dealers who assess an electronic auto title recording fee (“Convenience Fee” or…
President Trump signed Senate Bill 2155, the “Economic Growth, Regulatory Relief, and Consumer Protection Act,” (the “Reform Act” or the “Act”) into law on May 24, 2018. The Act represents the first meaningful rollback of certain provisions of the Dodd-Frank Wall Street Reform and Consumer…
A recent enforcement action by the Indiana Department of Financial Institutions (the “IDFI” or the “Department”) against an auto dealership is a reminder to all dealers engaged in “consumer credit sale” activities in Indiana of the importance of understanding the nuances of the Indiana Uniform…
While financial institutions are typically aware of their responsibilities under the Americans with Disability Act (the “ADA” or the “Act”) as they relate to the maintenance of their physical office spaces and overall general corporate policies, application of these same principles to an…
Financial institutions offering purchase money auto and personal property loans received an unwanted holiday surprise from the Department of Defense (the "DoD" or the "Department"), with the December 14, 2017 "Interpretative Rule" (the "2017 Interpretative Rule") to the Military Lending Act (the…
The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) released their Payday, Vehicle Title and Certain High Cost Installment Loans Rule (the “Final Rule”) on October 5, 2017. While the Final Rule is primarily aimed at the payday and vehicle title loan industry, it will also impact…
Richard Cordray officially resigned as the first Director of the Consumer Financial Protection Bureau (the "CFPB" or the "Bureau"), on Friday, November 24, 2017. While Mr. Cordray's resignation was previously announced, the industry did not anticipate the parting shot he would make against the…
