On January 8, 2024, the New Jersey Assembly and Senate passed Senate Bill 332 (S. 332, or the “Act”), and it was signed into law by Governor Phil Murphy on January 16. This makes New Jersey the first state to enact a comprehensive privacy law in 2024 (as we have previously written, the New Hampshire House passed a comprehensive privacy bill on January 4 that is currently awaiting Senate concurrence) and the 13th state overall with a comprehensive privacy law on the books.
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) proposed today to block banks and other financial institutions from one potential source of new junk fee revenue – fees on transactions declined right at the swipe, tap, or click.
When a consumer’s attempted withdrawal, debit, payment, or transfer transaction amount exceeds the available funds in their account, currently, a financial institution might decline the transaction and charge the consumer a fee, often called a nonsufficient funds (NSF) fee.
On January 22, 2024, LoanDepot filed a notice of data breach with the Securities and Exchange Commission after discovering that a cyberattack enabled hackers to access the company’s IT network.
A case from multiple state attorneys general against a private equity-owned lender will proceed after the U.S. District Court for the Eastern District of Pennsylvania denied the defendant’s motion to dismiss on finding that states do not have authority to sue under the federal Consumer Financial Protection Act (CFPA).
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