|
Financial Institutions Legal News
In-house attorneys looking for a better way to organize, vet and easily retrieve legal news created the National Law Review online edition.
Around the clock, the National Law Review's editors screen and classify breaking news and analysis authored by recognized legal professionals and our own journalists.
There is no log-in to access the database and new articles are added hourly.
|
The CFPB Turns its Focus to Credit Card Reward Programs
The Consumer Financial Protection Bureau (CFPB or Bureau) released a new report spotlighting common consumer complaints for credit card rewards programs. The Bureau and its Director, Rohit Chopra, have been focused on payments oversight, including by proposing a rule last Fall that would apply to nonbank entities that provide digital wallets. The new report discusses the relationship between consumers and the providers of reward programs, and it stresses the need for fairness and transparency.
More on CFPB Credit Card Report Here >
|
CFPB Director Targets Credit Reporting Fees
The CFPB is continuing its crusade against so called “junk fees,” and now is looking at crediting reporting fees. In a May 20 speech to the Mortgage Bankers Association, Director Rohit Chopra highlighted the rising costs of obtaining credit reports which he stated affects both lenders and consumer. Chopra criticized FICO’s recent move to a flat fee pricing model for credit scores, stating that it led to a 400% increase in costs for many lenders. He also complained about FICO’s policy of charging the same fee for both soft and hard credit inquiries, despite the fact that there are significant differences in the amount of information provided.
More on Credit Reporting Fees Here >
|
Taxation of Foreign Currency Transactions Part II: Gains, Losses, Personal Transactions, and Electing Out of Section 988
The $200 de minimis exception applies on a transaction-by-transaction basis. Assume, for example, that an individual buys a piece of jewelry for 300 pounds sterling in a personal transaction. Assume, further, that the taxpayer pays for it with pounds sterling that have appreciated in value. If the appreciation upon the payment for the jewelry is U.S. $200 or less, the taxpayer does not need to report the gain on their tax return. If gain on the British Pounds used to purchase the jewelry exceeds $200, however, all of the gain on that transaction is taxable: the de minimis exception does not apply, so the taxpayer cannot avoid tax on any of the gain.
More on Taxes of Foreign Currency Transactions Here >
|
Major European Bank Withdraws From Fossil Fuel Financing
This week, “BNP Paribas SA, the European Union's biggest bank” stated that it “is no longer participating in conventional bond issuance for” “oil and gas producers.” In essence, BNP Paribas has announced that it will cease financing the fossil fuel industry. This development has been attributed to “stricter ESG regulations in Europe as well as a lawsuit brought by climate activists.” Notably, even though BNP Paribas is withdrawing from the fossil fuel industry, it has become “the biggest underwriter of green bonds globally” and a major player in sustainable finance, indicating a shift in accordance with the energy transition from fossil fuels to sustainable energy.
More on Fossil Fuel Financing Here >
|
|
|
The National Law Review 708-357-3317 | info@natlawreview.com | www.natlawreview.com 2070 Green Bay Rd., Suite 178 Highland Park, IL 60035 |
|
|
|