Banking and Finance Law Daily Wrap Up, STRATEGIC PERSPECTIVES—Top 10 banking law developments in August, (Sep 5, 2024)

By Katalina M. Bianco, J.D.

August featured banking law court opinions as well as regulatory highlights.

Last month, the Consumer Financial Protection Bureau survived a challenge to its small business data collection rule, an appellate court ruled on the statutory application of home equity lines of credit (HELOC), and another court ruled in favor of a consumer against credit reporting agency Experian Information Solutions, Inc. Other court developments included the failure of the CFPB to state eight of 10 claims it brought against Snap Finance LLC., the U.S. Court of Appeals for the Seventh Circuit affirmed dismissal of a consumer’s Fair Credit Reporting Act lawsuit against Equifax, and a defendant’s ‘willfulness’ claims in a foreign banking account reporting (FBAR) case were rejected. Finally, the CFPB argued in a brief that its late-fee rule should be allowed to take effect.

In regulatory news, the CFPB provided an advisory opinion and research report examining contract-for-deed home purchases. The Federal Deposit Insurance Corporation notified FDIC-supervised institutions of a final amendment by the U.S. Department of Labor to its “Prohibited Transaction Class Exemption rule” for “Qualified Professional Asset Manager (QPAM) exemptions.” Finally, the Financial Crimes Enforcement Network (FinCEN) adopted a final rule targeted toward addressing illicit finance activity.

To read more about the top 10 banking law developments in August, click here.

Companies: Equifax; Experian Information Solutions, Inc.; PNC Bank, N.A.; Snap Finance LLC; Texas Bankers Association; U.S. Chamber of Commerce

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