The Section 1071 Rule, which mandates the Consumer Financial Protection Bureau (CFPB) to collect and report small business lending data, was released on March 30, 2023 in accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The United States Federal Reserve has announced that its instant payments system will launch in July. The system will allow for quick settlements between consumers, merchants, and banks without using blockchain technology. Some see this system as an alternative to central bank digital currencies and stablecoins.
Created 89 years ago through its enabling legislation, the Securities Exchange Act of 1934, the United States Securities and Exchange Commission (the “SEC”) is sworn to protect American investors, maintain efficient markets, and facilitate capital formation.
Global Legal Law firm received a question about whether a car dealership in California would be held liable if they added a surcharge to the sale of a vehicle, which resulted in the sale amount being higher than the manufacturer’s suggested retail price (MSRP).
On March 2, 2023, the Consumer Financial Protection Bureau (CFPB) issued a study which revealed that customers of Buy Now, Pay Later (BNPL) programs were considerably more likely to turn to high-interest credit cards, payday loans and other costly financing options than those who don’t use these services.
The Consumer Financial Protection Bureau’s (CFPB) funding mechanism was ruled constitutional by a three-judge panel of the U.S. Court of Appeals for the Second Circuit. The panel did not agree with the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. (CFSA) v. CFPB. The U.S. Supreme Court has granted the CFPB’s petition and will review the Fifth Circuit decision in the next term.
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