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CFPB Tells Large Credit Card Issuers to Get in Line With TILA

The CFPB issued a final rule to address late fees charged by “larger card issuers”—credit card issuers that together with their affiliates have one million or more open credit card accounts—to ensure compliance with the Truth in Lending Act’s (TILA) reasonable fee requirements. The final rule adopts a late fee safe harbor threshold of $8,…

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GOP AGs Tell BlackRock to be Bo(u)lder With Its Conflicts Oversight

A group of 15 Republican AGs sent a letter to BlackRock, Inc.’s fund directors (collectively, “BlackRock”) reiterating concerns as to whether the investment adviser has sufficiently investigated its ESG policies and potential conflicts of interest. In the letter, the AGs voice concerns over BlackRock’s conflicting statements raised in Tennessee’s December 2023 lawsuit against BlackRock regarding…

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Minnesota to Island Mountain: Scale Down Interest-Rates and Collections

Minnesota AG Keith Ellison reached a settlement with three online lenders operating jointly under Island Mountain Development Group to resolve allegations that the companies violated Minnesota and federal consumer-lending laws by issuing illegal loans to consumers with excessive interest rates. According to AG Ellison’s complaint, these lenders issued thousands of loans to Minnesota consumers that…

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Show Me the Money: AG Bonta Warns California Small Banks and Credit Unions Against Surprise Fees

California AG Rob Bonta issued letters to small banks and credit unions warning that overdraft and returned deposited item fees likely violate the state’s Unfair Competition Law and the federal Consumer Financial Protection Act. In the letters, which were sent to institutions holding assets under $10 billion, AG Bonta urges the institutions to review their…

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Republican AGs Wade Into CAT Fight

A coalition of 23 Republican AGs, led by Arkansas AG Tim Griffin, filed an amicus brief in the U.S. Court of Appeals for the Eleventh Circuit in American Securities Association v. U.S. Securities and Exchange Commission asking the court to find that the SEC lacks the authority to create the Consolidated Audit Trail (CAT) database…

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