On February 27, 2024, the California Department of Financial Protection and Innovation (the Department) entered into a public consent order with a company that provides consumer financial services to California residents. The consent order alleges that between January 2020 and September 2022, the Department received complaints from consumers raising concerns about their accounts and customer service interactions with the company, which the Department forwarded to the company for investigation and response. The Department also investigated the company’s handling of those consumer complaints.
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MENLO PARK, CA -- It's easy to overlook the significance of grassroots engagement and local participation in the democratic process—however, leaders like the Sr. Director of Business Operations at Latitude by Genesys, Cris Bjelajac, are setting an example by actively participating in their local elections. Bjelajac volunteered as a Precinct Officer for his local elections on Super Tuesday, March 5th.
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On March 5, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final credit card late fee rule (the “Final Rule”), which, amongst other things, significantly reduces the late fee safe harbor cap for issuers other than “smaller card issuers” from the currently permitted $30 (and $41 for repeat violations) to a flat fee of $8 for all violations. In prior blogs, we have discussed the Final Rule and how it compares to Regulation Z and the previously Proposed Rule, and a legal challenge to the Final Rule brought by financial industry trade associations in a lawsuit and motion for preliminary injunction. Below, we discuss some of the operational impacts we expect to see when the Final Rule becomes effective.
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