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Financial Services partner and former Consumer Financial Protection Bureau (CFPB) founder and enforcement attorney Meredith Osborn was quoted in the American Banker's article "'Not a political issue': Compensation stalls amid CFPB turmoil."

Meredith Osborn, firm’s Financial Services partner and former Chief Trial Deputy at the City Attorney’s Office for San Francisco, was recently quoted in CNN's article, "From credit cards to medical debt: What may happen to some key consumer protection rules under Trump." 

On January 22, 2025, the New York State Department of Financial Services (DFS) informally proposed regulations that would restrict the overdraft and insufficient fund (NSF) fees that New York-chartered banks can charge their customers (the Overdraft Proposal). Initial comments on the Overdraft Proposal were due by February 3, 2025, but if DFS elects to formally propose the regulations, there will be a subsequent opportunity to comment on the proposal.

On May 16, 2024, the U.S. Supreme Court affirmed the constitutionality of the Consumer Financial Protection Bureau (CFPB), holding in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd that the funding mechanism of the CFPB satisfied the Appropriations Clause of the U.S. Constitution. According to CFPB Director Rohit Chopra, the CFPB will be “firing on all cylinders” as a result of the Supreme Court’s decision. Please join us for a webinar on the CFPB’s priorities following the CFSA ruling.

On January 11, 2024, the Bureau of Consumer Financial Protection (CFPB) published two pieces of guidance related to disclosure and reporting requirements by consumer reporting agencies under the Fair Credit Reporting Act (FCRA). 

On December 12, the Federal Trade Commission (FTC) issued a final rule imposing a broad set of new regulatory requirements and restrictions on the sale and financing of automobiles to consumers. 

The Bureau of Consumer Financial Protection (CFPB) in the last month made three significant announcements aimed at shifting the financial services industry towards a more “open” system for consumers and strengthening the CFPB’s oversight of certain consumer finance markets.

With the greater adoption of artificial intelligence (AI) and other automated systems in the financial services industry, the federal financial regulators have shown increased interest in how financial institutions use these technologies. These systems can improve operational efficiency and customer service. However, the regulators have expressed concern that, without appropriate care, the deployment of these technologies can lead financial institutions to take on unnecessary risks that could result in the organization operating out of compliance with applicable laws and regulations, including but not limited to those related to safety and soundness and discrimination.

This Advisory expands on how business can review and update their overdraft protection programs in light of new FDIC and OCC guidance to ensure compliance and minimize consumer harm from overdraft fees.