The Consumer Financial Protection Bureau (CFPB) has offered its new mortgage servicing rule for public inspection today, meaning it is scheduled to be published in the Federal Register on October 19, 2016. The CFPB informally released the rule on its website in August.
The effective date of the rule is tied to its publication date,
On September 29, 2016, the U.S. Supreme Court agreed to review a decision that addressed whether state credit card surcharge restrictions are constitutional. The decision the Court will review is Expressions Hair Design v. Schneiderman, a challenge to New York’s law.
Continue Reading Supreme Court Agrees to Hear Credit Card Surcharge Case
On Tuesday, August 2, 2016, at 2:00pm EDT, Mayer Brown and Paybefore.com will present a webinar on the CFPB’s actions against payment processors for allegedly facilitating illegal transactions by their clients. The presenters will be Mayer Brown attorneys David Beam, Ori Lev, and Jeremy McLaughlin, and the moderator will be Paybefore’s Evan Schuman. The webinar
Montana is now officially the only state in the United States that does not have a law regulating money transmitters. On June 9, 2016, South Carolina Governor Nikki Haley signed into law the South Carolina Anti-Money Laundering Act (the “Act”). Among other things, the Act imposes licensing and other obligations on businesses engaged in money transmission. The Act takes effect the later of one year after approval by the Governor or upon publication in the State Register of final regulations implementing the Act.
Continue Reading South Carolina Enacts Money Transmitter Law