Search

The European Commission has announced its proposals to reform the Directive on Distance Marketing of Consumer Financial Services (DMD), which was transposed into Irish law in 2004. The Commission's recent [...]

We previously issued an alert regarding the New York Fair Consumer Judgment Interest Act (FCJIA), which went into effect on April 30, 2022. As discussed, the FCJIA amends Section 5004 [...]

On 10th March 2022, the Cyprus parliament voted for the purpose of extending the tax incentives of Cyprus with regards to investing in rising and creative small and medium enterprises [...]

INTRODUCTION The Consumer Protection (Regulation of Retail Credit and Credit Servicing Firms) Act 2022 (the 'Act') was signed into law on 11 April 2022. The Act extends the scope of [...]

The preliminary ruling of the Court of Justice of the European Union in C-247/20 VI v Commissioners for Her Majesty's Revenue & Customs concerns the interpretation of EU law in [...]

The Notice establishes the obligation for the Commercial Banks to submit to BNA, by 28 February of each year Angolan Central Bank (Banco Nacional de Angola, 'BNA') recently published Notice [...]

On May 1, 2022, British Columbia will become the fourth Canadian province (along with Alberta, Manitoba and Quebec) to regulate high-cost credit products. After that date, there will be additional [...]

The new Notice establishes (i) the terms and conditions applicable to the this type of credit, (ii) the minimum requirements in terms of number and total value and (iii) the [...]

Author: Vaibhav Kashyap - a student of National Law University, Odisha. BNPL (Buy Now Pay Later) is a point-of-sale credit that allows consumers to pay for goods over a small [...]

The 2022 Canadian Federal Budget, released on April 7, 2022, sets the fundamental groundwork of the Government of Canada's goals for national economic development. Following Canada's announcement of its 2030 [...]

On April 30, 2022, bill S5724.A/A.6474A, referred to as the Fair Consumer Judgment Interest Act (FCJIA) goes into effect in New York. The law, which was signed by Governor Hochul [...]

The 2022 Federal Budget (Budget 2022) tabled on April 7, 2022 (Budget Day) sets its sights on moving on from COVID measures to building the Canada that follows. Budget 2022, [...]

On May 1, 2022, British Columbia's new high-cost credit regime will come into force and British Columbia will join Alberta, Manitoba and Quebec as the fourth Canadian jurisdiction to specifically [...]

On April 4, 2022, the U.S. Court of Appeals for the Eighth Circuit joined the Ninth Circuit in holding that a plaintiff lacked Article III standing to prosecute her statutory [...]

In a March 25 letter to Rohit Chopra, Director of the Consumer Financial Protection Bureau, AGs from 21 states, plus the Hawaii Office of Consumer Protection, responded to the CFPB's [...]

On March 16, the Consumer Financial Protection Bureau ('CFPB' or 'Bureau') announced a significant expansion of its 'anti-discrimination efforts to combat discriminatory practices across the board in consumer finance.'1 Under [...]

While credit-related products have long been subject to the anti-discrimination requirements of the Equal Credit Opportunity Act (ECOA), providers of non-credit financial products, such as payments, credit reporting services, deposit [...]

The Consumer Financial Protection Bureau ('CFPB') issued a release on March 16, 2022 in order to announce changes to its supervisory operations with respect to discriminatory lending and servicing practices. [...]

What is Buy Now Pay Later? Buy Now Pay Later ('BNPL') is a system of advancing funds to consumers for the purchase of goods and services, with repayments made in [...]

On January 18, 2022, the Federal Trade Commission (FTC) issued an advisory opinion (the FTC Opinion) to clarify that the FTC's Trade Regulation Rule Concerning Preservation of Consumers' Claims and [...]

If we reflect on the evolution of the Mauritian employment tax landscape over the last couple of years, there are 2 things which stand out - First, increased compliance requirements [...]

Section 1473(q) of the Dodd-Frank Act (now codified at 12 U.S.C. § 3354(q)) amended the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ('FIRREA') to instruct the CFPB, Fed, [...]

A recent case out of the Eastern District of California addressed the split in authority on whether an inaccurate credit report alone is enough to establish a concrete injury in [...]

The explosion in Buy-Now-Pay-Later (BNPL) has caught the eyes of lawmakers and regulators, who are taking a closer look at this booming industry. BNPL payment offers allow consumers to purchase [...]

Breyer Retire: Looking Back on Supreme Court Tax Cases.After serving for 28 years, Supreme Court Justice Stephen Breyer announced his retirement last Wednesday. During his time on the Supreme Court, [...]

Divorce and separation can be a very difficult time for all parties involved, especially in the beginning. However, as difficult as it can be, there are critical tax implications that [...]

It is not uncommon for businesses to sell goods or services to consumers on credit. However, once a consumer has accepted a credit agreement, they become liable for the payment [...]

Executive Summary Our International Tax Group delves into the attribution requirement (née jurisdictional nexus requirement) of the final foreign tax credit regulations and finds that taxpayers will still face uncertainties [...]

Highlights The Consumer Financial Protection Bureau (the Bureau) has issued final regulations to address concerns and reduce uncertainty regarding the impact on consumer credit products of the anticipated discontinuation of [...]

On October 28, 2021, the House Ways and Means Committee released a revamped draft tax proposal ('Revised Tax Proposal'), which now includes new levies affecting large corporations and millionaires. The [...]

On December 16, the CFPB issued a series of orders to five companies offering 'buy now, pay later' (BNPL) credit. The orders seek to collect information on the risks and [...]

Federal legislation enacted at the end of 2020 created a 4% floor for federal low-income housing tax credits associated with tax-exempt multifamily bonds, but was ambiguous with respect to projects [...]

The Employee Retention Credit (the 'ERC') was created by the CARES Act to encourage businesses to retain employees on their payroll by providing a refundable tax credit equal to 50% [...]

Beginning January 1, 2022, pursuant to California's new Debt Collection Licensing Act (DCLA), all consumer debt collectors who are collecting on their own account or the account of others, including [...]

British Columbia recently released the long-awaited regulations to the high-cost credit legislation it introduced in 2019 as part of the Business Practices and Consumer Protection Amendment Act, 2019 (the Amendment [...]

The Portuguese Parliament has recently amended Law 46/2006, of 28 August, as well as the Legal Regime of the Insurance Contract, with the aim of establishing the right to be [...]

Many finance companies, debt buyers, debt collectors, and collection law firms wrestle with the question of which statute of limitations to apply when collecting a deficiency balance on a retail [...]

In Canadian insolvency proceedings, standby letters of credit are occasionally a form of security that certain parties may hold, which can potentially give enhanced rights. Whether a beneficiary of an [...]

The Fair Debt Collection Practices Act (FDCPA) is a dense federal statute that governs debt collection. If you have read some of my previous articles on the topic, you will [...]

Her Majesty's Treasury ('HMT') has this week published a consultation paper ('CP') on the regulation of currently unregulated Buy Now Pay Later products ('BNPL'). In this Insight, Sushil Kuner, Principal [...]

As we near the end of 2021, a number of long anticipated amendments to the Credit Contracts and Consumer Finance Act 2003 (CCCFA) are coming into force. The purpose of [...]

Wyoming and Maine recently amended their laws related to licensure requirements for consumer lending: In July, Wyoming adopted House Bill 0008 (HB 0008), which amends provisions of the Wyoming Uniform [...]

Weekly Fintech Focus Federal banking agencies issue a guide for community banks on conducting due diligence on fintech companies. The CFPB issues its long-awaited proposed rule on small business credit [...]

Last month, Senate Finance Committee Chair Ron Wyden of Oregon and fellow Finance Committee Democrats Sherrod Brown of Ohio and Mark Warner of Virginia released a draft proposed overhaul of [...]

Regulation Amending the Regulation on Credit Transactions of Banks ('Amendment Regulation') issued by the Banking Regulation and Supervision Agency ('BRSA') has been published on 8 July 2021, in the Official [...]

Cash is often an integral part of a lender's collateral in secured lending transactions. However, the liquid nature of cash poses certain challenges on lenders seeking to rely on cash [...]

Maine's Governor, Janet Mills, recently signed S.P. 205/L.D. 522, which amended the Consumer Credit Code to protect consumers from predatory and fraudulent lending practices. In particular, the amendments include an [...]

On January 4, 2021, Representative Al Green of Texas, the Chairman of the Subcommittee on Oversight and Investigations for the House Financial Services Committee, re-introduced H.R. 166, titled the Fair [...]

On 1 July 2021, the National Consumer Credit Protection Amendment (Debt Management Services) Regulations 2021 (Amendments) came into effect. As a consequence of these Amendments, debt management services now fall [...]

It is well established, under common law principles applicable in the Cayman Islands and the British Virgin Islands that claims for payment of foreign tax liabilities, or claims for the [...]