Is this you? As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.
Claim your profile
Articles by Ross Speier
Regulators Embrace Streamlined Supervision
*This article appears in the fourth quarter 2026 issue of Bank Director magazine. Federal banking regulators have recently engaged in rulemaking activities that favor objective measurable metrics and streamlined processes. An example is the Federal Deposit Insurance Corp.’s proposed amendments to its confidential information disclosure requirements.
5 Key Takeaways | Consumer Finance Law Regulatory Developments
Kilpatrick Partner Ross Speier recently presented a CLE on key regulatory developments impacting consumer financial services and lending. His 5 Key Takeaways include: 1. CFPB Released its Strategic Plan for Fiscal Years 2026-2030: The Plan outlines the Consumer Financial Protection Bureau’s core roadmap for the next four years, and signals a continued shift toward deregulation, strict statutory interpretation, and a narrower definition of consumer harm.
Credit Card Competition Act of 2026: Implications for Card Issuers, Payment Networks, and Consumers | JD Supra
The reintroduction of the Credit Card Competition Act in January 2026 has major implications for the U.S. payments infrastructure, with the potential to fundamentally alter the competitive dynamics of the credit card industry. Originally proposed in prior sessions of Congress, the 2026 iteration of the bill has arrived with significant political momentum, backed by bipartisan sponsors and an endorsement from the executive branch.
Credit Card Competition Act of 2026: Implications for Card Issuers, Payment Networks, and Consumers
The reintroduction of the Credit Card Competition Act in January 2026 has major implications for the U.S. payments infrastructure, with the potential to fundamentally alter the competitive dynamics of the credit card industry. Originally proposed in prior sessions of Congress, the 2026 iteration of the bill has arrived with significant political momentum, backed by bipartisan sponsors and an endorsement from the executive branch.
NAD's Newfound Interest in Financial Services Extends to B2B Marketing | JD Supra
Two recent National Advertising Division decisions involving competing 401(k) providers underscore that NAD’s expanding focus on financial services advertising is not limited to consumer-facing debt-relief claims. NAD will also scrutinize business-to-business advertising for financial services, including claims about the advertiser’s size, popularity, growth, or financial strength, where ambiguity or imprecision can materially influence purchasing decisions by employers and plan sponsors.
CFPB Credit Card Late Fee Rule Vacated by Banking Trade Group Lawsuit | JD Supra
The CFPB's 2024 final rule on credit card late fees has been vacated as a result of the lawsuit filed by several banking industry trade groups challenging the rule’s validity. As previously covered in our blog post “Consumer Financial Protection Bureau Releases Final Rule Limiting Credit Card Late Fees,” the CFPB's late fee rule, finalized in March 2024, aimed to significantly reduce the amount that large credit card issuers could charge for late payments.
CFPB Signals Significant Changes to Small Business Lending Rule: New Section 1071 Rulemaking Forthcoming | JD Supra
The Consumer Financial Protection Bureau (CFPB or Bureau) recently announced that it plans to revisit – and potentially revise – its controversial small business data collection rule implementing Section 1071 of the Dodd-Frank Act, a development with significant implications for financial institutions nationwide.
California Seeks to Expand DFPI’s Consumer Finance Enforcement Authority with Senate Bill 825 | JD Supra
California Senate Bill 825 is aimed at expanding the state’s authority to enforce its consumer finance laws by eliminating an existing exemption for persons licensed by the Department of Financial Protection and Innovation (DFPI) if they engage in certain prohibited practices in connection with consumer financial products or services.
CFPB Shifts Course on Buy Now, Pay Later: Interpretive Rule Revoked, Legal Challenge Implications | JD Supra
The Consumer Financial Protection Bureau (CFPB) recently announced a significant change in its approach to the burgeoning "buy now, pay later" (BNPL) market. The Bureau has announced plans to revoke its May 2024 interpretive rule that asserted BNPL lenders were to be regulated as credit card issuers under existing law.
New York’s FAIR Business Practices Act: State Regulators Begin Expansion of Consumer Protection Authority | JD Supra
On March 13, 2025, New York State took a significant step towards bolstering its consumer and small business protections with the introduction of the Fostering Affordability and Integrity Through Reasonable (FAIR) Business Practices Act. This proposed legislation, championed by New York Attorney General Letitia James, aims to modernize and significantly strengthen the state's existing consumer protection framework, primarily by amending the General Business Law (GBL) §349.
A Cautionary Tale for Bank-Fintech Partnerships
*This article was published in Bank Director magazine’s fourth quarter 2024 issue. The recent bankruptcy of Synapse Financial Technologies and the resulting negative impact on Synapse’s bank partners, fintech clients and their end users should serve as a stark reminder of the importance of proper due diligence and compliance monitoring for all participants involved in banking as a service models and bank-fintech partnerships.
Mind the Fine Print: CFPB Warns Against Use of Unenforceable Terms and Conditions | JD Supra
In a move that underscores the importance of clarity and accuracy in consumer-facing terms and conditions, the Consumer Financial Protection Bureau recently issued , addressing the use of unlawful or unenforceable provisions in consumer terms and conditions for financial products. The CFPB concluded that the inclusion of such provisions in consumer-facing terms and agreements can constitute an unlawful act of deception.
Mind the Fine Print: CFPB Warns Against Use of Unenforceable Terms and Conditions
In a move that underscores the importance of clarity and accuracy in consumer-facing terms and conditions, the Consumer Financial Protection Bureau recently issued , addressing the use of unlawful or unenforceable provisions in consumer terms and conditions for financial products. The CFPB concluded that the inclusion of such provisions in consumer-facing terms and agreements can constitute an unlawful act of deception.
New CFPB Rule Classifies “Buy Now, Pay Later” Lenders as Credit Card Issuers | JD Supra
On May 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that redefines the regulatory framework for Buy Now, Pay Later (BNPL) lenders, aligning them with traditional credit card providers subject to the Truth in Lending Act (TILA). This development represents a pivotal shift as most BNPL products had not previously been subject to the comprehensive requirements of TILA.
New CFPB Rule Classifies “Buy Now, Pay Later” Lenders as Credit Card Issuers
On May 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that redefines the regulatory framework for Buy Now, Pay Later (BNPL) lenders, aligning them with traditional credit card providers subject to the Truth in Lending Act (TILA). This development represents a pivotal shift as most BNPL products had not previously been subject to the comprehensive requirements of TILA.
CFPB Considering Increased Regulation of Credit Card Rewards Programs
On May 9, 2024, the CFPB released a comprehensive report detailing its findings on challenges reported by consumers regarding their credit card rewards programs. This report, as well as remarks made by CFPB Director Rohit Chopra at a recent hearing on credit card and airline rewards programs, suggest that the Bureau is considering increased regulation and/or enforcement activity with respect to such rewards programs.
Consumer Financial Protection Bureau Releases Final Rule Limiting Credit Card Late Fees | JD Supra
In March the Consumer Financial Protection Bureau (CFPB) announced a final rule intended to limit late payment fees on consumer credit cards distributed by the larger credit card issuers (the “Final Rule”). The Final Rule, which takes effect on May 14, 2024, marks a pivotal shift in the CFPB’s regulation of credit card fees. However, the Final Rule has been met by resistance from banking industry trade groups seeking to enjoin application of the rule prior to its effective date.
CFPB Aiming to Regulate Non-bank Payments Providers | JD Supra
With a proposed rule released last month (the “Proposed Rule”), the Consumer Financial Protection Bureau (“CFPB”) aims to regulate larger nonbank providers of digital wallets, payment apps, and similar services. The Proposed Rule would regulate companies that process more than 5 million transactions per year, which would cover roughly 17 big tech companies and payments firms processing 13 billion transactions annually according to the CFPB’s estimates.
New California Regulation Extends UDAAP Prohibitions to Commercial Financing | JD Supra
While federal and state laws have long prohibited providers of financial services from engaging in unfair, deceptive, and abusive acts and practices (“UDAAP”), such prohibitions typically apply only to consumer-purpose transactions rather than business-purpose transactions.
Creditors Using AI Underwriting Must Provide Specific Reasons for Adverse Action | JD Supra
Artificial intelligence (“AI”) and complex credit models may help lending institutions make decisions on credit applications more efficiently, but they’re also inviting increased scrutiny from regulators. On September 20, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued Circular 2023-03 providing guidance to creditors who use AI in their underwriting models regarding their notice obligations when taking adverse actions on consumer credit applications.
Creditors Using AI Underwriting Must Provide Specific Reasons for Adverse Action
Artificial intelligence (“AI”) and complex credit models may help lending institutions make decisions on credit applications more efficiently, but they’re also inviting increased scrutiny from regulators. On September 20, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued Circular 2023-03 providing guidance to creditors who use AI in their underwriting models regarding their notice obligations when taking adverse actions on consumer credit applications.
CFPB Publishes Outline Detailing Planned Data Broker Rule
On September 15, 2023, the CFPB issued an outline of its proposal to promulgate a rule under the Fair Credit Reporting Act (“FCRA”) which would regulate the consumer data collection and selling activities of data brokers.
Banks that Reopen Closed Deposit Accounts May Be Engaged in Unfair Practices | JD Supra
The Consumer Financial Protection Bureau (“CFPB”) has issued a warning to financial institutionsregarding the reopening of deposit accounts that had been closed by consumers. In Circular 2023-02 (the “Circular”), the CFPB concluded that if a financial institution unilaterally reopens a deposit account previously closed by a bank customer to process debits or deposits, this action could constitute an unfair practice under the Consumer Financial Protection Act (“CFPA”).
Collision Course: FTC’s Safeguards Rule Will Hit Auto Dealerships in Less than a Month | JD Supra
On June 9, 2023, a complicated set of data privacy regulations called the “Safeguards Rule” will take effect. Designed for financial institutions, the Safeguards Rule also applies to many auto dealers. It requires protection of consumer information with both electronic cybersecurity safeguards and offline measures. When does it start? The Safeguards Rule takes effect on June 9, 2023—meaning auto dealers must have the required protections in place and operating by then.
Collision Course: FTC’s Safeguards Rule Will Hit Auto Dealerships in Less than a Month
On June 9, 2023, a complicated set of data privacy regulations called the “Safeguards Rule” will take effect. Designed for financial institutions, the Safeguards Rule also applies to many auto dealers. It requires protection of consumer information with both electronic cybersecurity safeguards and offline measures. When does it start? The Safeguards Rule takes effect on June 9, 2023—meaning auto dealers must have the required protections in place and operating by then.
FDIC's Cross River Consent Order Lends Lessons For Banks
By Christina Gattuso, Gary Bronstein and Ross Speier (May 26, 2023, 3:58 PM EDT) -- The Federal Deposit Insurance Corp. recently entered into a consent order with Cross River Bank addressing what the FDIC considered to be unsafe and unsound banking practices associated with CRB's fair lending compliance.... Stay ahead of the curve In the legal profession, information is the key to success. You have to know what's happening with clients, competitors, practice areas, and industries.
In Cross River Consent Order, FDIC Focuses on Marketplace Lending and Third Party Lending Issues | JD Supra
May 17, 2023 Gary Bronstein, Christina Gattuso, Ross Speier, Agnes Trenche Mora Kilpatrick Townsend & Stockton LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: The Federal Deposit Insurance Corporation (“FDIC”) recently entered into a consent order with Cross River Bank (“CRB”) addressing what the FDIC considered to be unsafe and unsound banking practices associated with CRB’s fair lending compliance.
In Cross River Consent Order, FDIC Focuses on Marketplace Lending and Third Party Lending Issues
The Federal Deposit Insurance Corporation (“FDIC”) recently entered into a consent order with Cross River Bank (“CRB”) addressing what the FDIC considered to be unsafe and unsound banking practices associated with CRB’s fair lending compliance. The consent order, which was published in April on the FDIC’s website, required CRB to take extensive corrective actions.
Federal Reserve Board Announces Bank Term Funding Program to Help Safeguard Deposits | JD Supra
On Sunday, March 12, 2023, the Federal Reserve Board (“FRB”) announced the creation of the Bank Term Funding Program (“BTFP”). The program will offer loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral, with the assets valued at par.
Federal Reserve Board Announces Bank Term Funding Program to Help Safeguard Deposits
On Sunday, March 12, 2023, the Federal Reserve Board (“FRB”) announced the creation of the Bank Term Funding Program (“BTFP”). The program will offer loans of up to one year in length to banks, savings associations, credit unions, and other eligible depository institutions pledging U.S. Treasuries, agency debt and mortgage-backed securities, and other qualifying assets as collateral, with the assets valued at par.
Silicon Valley Bank and the Impact of FDIC Bank Receiverships
On March 10, 2023, the California Department of Financial Protection and Innovation announced that it had closed down Silicon Valley Bank (“SVB”), a financial institution known for its services to start-ups and the venture capital industry, and that it had appointed the Federal Deposit Insurance Corporation (“FDIC”) as SVB’s receiver.
CSBS Releases Cybersecurity Programs to Help Nonbank Financial Services Institutions Improve Cybersecurity Posture | JD Supra
On August 9, 2022, the Conference of State Bank Supervisors (CSBS) released two cybersecurity tools for nonbank financial services institutions to help prepare for state cybersecurity exams and, ultimately, improve cybersecurity maturity.
Maryland Issues Executive Order Restricting Foreclosure Actions and Prohibiting Evictions During COVID-19 Emergency | JD Supra
A&B ABstract: Maryland’s Governor has issued an Executive Order providing that until the COVID-19 state of emergency is terminated: (1) foreclosure sales will only be valid if the servicer had notified the borrower of their rights to request a forbearance, and (2) residential and commercial evictions are prohibited if the tenant can show they suffered a “Substantial Loss of Income.” Similar to Section 4022 of the CARES Act, this Executive Order grants borrowers a right to request a...
FTC Seeks Comment on Proposed Changes to FCRA Rules for Motor Vehicle Dealers | JD Supra
A&B ABstract: The FTC is seeking public comment on proposed changes to five FCRA rules aimed at clarifying that these rules, as promulgated by the FTC, apply only to motor vehicle dealers, as equivalent rules promulgated by the CFPB will apply to other entities. The Federal Trade Commission (“FTC”) has announced it is seeking public comment on proposed changes to existing rules implementing parts of the Fair Credit Reporting Act (“FCRA”).
New York Laws Require Forbearance for Private Mortgage Loans During COVID Emergency | JD Supra
A&B ABstract On June 17, 2020, New York Governor Andrew Cuomo signed into law two measures, effective immediately, providing for mortgage forbearances for privately backed residential mortgage loans during the COVID-19 emergency. Senate Bill 8243 (2020 N. Y. Laws 112) amends the N. Y. Banking Law by adding new Section 9-x, “Mortgage Forbearance.” Senate Bill 8428 (2020 N. Y. Laws 126) relates to state disaster emergency and, among other provisions, amends Section 9-x as added by Senate Bill 8243.
Key Provisions of the CARES Act Affecting Mortgage Servicers | JD Supra
A&B ABstract: In response to COVID-19, on Friday March 28, 2020, President Trump signed into law the “Coronavirus Aid, Relief, and Economic Security Act” (the “CARES Act”). This is a monumental $2 trillion stimulus package intended to provide financial relief to businesses, individuals and public institutions affected by the coronavirus.
CFPB Issues Policy Statement on Dodd-Frank “Abusiveness” Standard, But Important Uncertainties Remain | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Puerto Rico Office of the Commissioner of Financial Institutions Announces Mandatory Mortgage Servicer Reporting in Response to Recent Earthquakes | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
CFPB Updates Financial Institution Guidance on Elder Financial Exploitation | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
A Closer Look at the CFPB’s Proposed Debt Collection Rules – Part Two: Communications | JD Supra
A&B Abstract: This blog post is part two of a five-part series examining the Consumer Financial Protection Bureau’s (the “CFPB” or “Bureau”) proposed rule amending Regulation F (the “Proposed Rule”), which implements the Fair Debt Collection Practices Act (“FDCPA”) to prescribe rules governing the activities of debt collectors. This post summarizes the key provisions of the Proposed Rule relating to debt collector communications with consumers.
Show More
loading
Actions
Is this you?
As a journalist, you can create a free Muck Rack account to customize your profile, list your contact preferences, and upload a portfolio of your best work.Get in touch with Ross
Contact Ross, search articles and posts on X, monitor coverage, and track replies from one place.
Learn more about Muck Rack