Facebook (FB) is fighting a case in the Supreme Court. It’s not about fake news, foreign influence, censorship, or antitrust issues – it’s about robocalls.

This is the second time in 2020 that the Supreme Court has heard a case involving robocalls.

Efforts to fight robocalls through new legislation foundered this year as the divided Congress left out key provisions that defined exactly what a robocall really is.

In 2014, Noah Duguid started receiving a ton of texts from Facebook regarding his "account" – even though he didn’t have a Facebook account. Irritated, he asked Facebook to stop sending him messages. The company did not stop and he sued. Now, it’s gone all the way to the Supreme Court.

Bureau also announces the start of an effort to understand how payday lending disclosures can help consumers

WASHINGTON, D.C. – The Consumer Financial Protection Bureau (Bureau) granted a no-action letter (NAL) to Bank of America, N.A. regarding certain small-dollar credit products. Issued under the updated NAL Policy from last year, NALs provide increased regulatory certainty that the Bureau will not bring a supervisory or enforcement action against a company for providing a product or service under certain facts and circumstances. Bank of America’s NAL application is based on the NAL Template issued by the Bureau on May 22, 2020 in response to an application from the Bank Policy Institute. The Bureau approved the NAL Template to further competition in the small-dollar lending space, which fosters access to credit while including important protections for consumers who seek small-dollar loan products.

The Bureau today also submitted a Paperwork Reduction Act (PRA) notice to the Office of the Federal Register for publication. The PRA notice relates to its research efforts to identify information that could be disclosed to consumers during the payday loan process to help them make better-informed decisions. The testing of different consumer disclosures supports the Bureau’s commitment to ensuring that consumers have the information they need to understand the small dollar products available to them so they can make the choices that are best for them and their personal circumstances.

If data is the oil that brings change to financial services, the pipelines are increasingly under scrutiny.

Late last week, the Consumer Financial Protection Bureau (CFPB) said it will look to issue advance notice of proposed rulemaking on “open banking” by the end of this year.

In other words, there may be a range of potential new rules coming into play in the U.S. And that means the path toward open banking, where, in Europe for example, banks share account data with authorized parties in standardized formats, may be anything but smooth.

In terms of the mechanics of process, the advance notice requests information from stakeholders about how to access financial data — and what data should be accessed.

Millennials are the generation with the fastest growing debt. Here’s a look at what the average millennial is borrowing.

Millennials are the generation with the fastest growing debt load, which isn’t surprising when you consider this cohort is increasingly having children, buying homes and continuing to pay off their student loans. According to the Experian 2020 State of Credit report, the average millennial consumer has about $27,251 in non-mortgage debt, and millennial homeowners have an average mortgage balance of $232,372.

Experian reports that the $27,251 in non-mortgage consumer debt includes any revolving credit or installment loans, including credit cards, student loans, car loans and/or personal loans.

Opponents say the new setup would fragment the supervisory system for banks; proponents say it’ll do just the opposite

Recent moves by the Office of the Comptroller of the Currency are forcing Congress to ask a deceptively complex question: What is a bank?

Acting Comptroller of the Currency Brian Brooks previewed plans over the summer to grant bank charters for national money transmitters. The federal charter would allow some payment servicers to get a single, federal operating license, supplanting the need for state licenses wherever they operate and allowing them access to the Federal Reserve’s payments clearing system.

Opponents say the new charter would fragment the supervisory system for banks because payment companies chartered as banks by the OCC wouldn’t necessarily be considered banks by the Fed or the Federal Deposit Insurance Corporation. Such a status would let them evade rules designed to avoid bank bankruptcies.

Nebraska has become the latest state to cap interest rates on payday loans that consumer activists say are exorbitant and predatory.

In Tuesday’s election, roughly 83% of Nebraska voters approved Initiative 428, which puts a 36% annual limit on the interest payday lenders can charge.

Previously, the average interest rate for a payday loan in Nebraska was 404%, according to the Nebraskans for Responsible Lending coalition, which helped get the initiative on the ballot.

With the passage of the measure, Nebraska joins 16 other states and Washington, D.C., in imposing restrictions on payday loan interest rates and fees, according to the ACLU.

Dimon is among the most vocal CEOs when it comes to policies

JPMorgan CEO Jamie Dimon, who heads the largest U.S. bank and is among the most vocal corporate chieftains on policy, is urging employees and individuals to unite following the confirmation of President-elect Joe Biden.

“Now is a time for unity. We must respect the results of the U.S. presidential election and, as we have with every election, honor the decision of the voters and support a peaceful transition of power. We are a stronger country when we treat each other with dignity, share a commitment to a common purpose and are united to address our greater challenges. No matter our political views, let’s come together to strengthen our exceptional country,” said Dimon in a statement obtained by FOX Business on Saturday.

Change is a-coming: Some recent decisions could serve as a precedent for future bankruptcy cases involving student loans

Student loan borrowers who seek to have their debt canceled in bankruptcy — what’s known as discharge — typically find it an expensive process with standards that can be difficult to meet. But recent bankruptcy court rulings and lawmakers’ support of relief for overburdened borrowers may signal a change is coming.

In January, a New York court discharged over $200,000 of student loan debt for one borrower. Then, in August, a federal appeals court ruling eliminated $200,000 for a Colorado couple who held 11 private student loan accounts. And in September, a New York judge ruled to enforce a prior bankruptcy discharge of a borrower’s $400,000 of federal student loans that a servicer had failed to carry out.

The questions posed by the SBA have rattled banks, which issued the loans and would be responsible for delivering the questionnaires to the agency.

The Small Business Administration is quietly rolling out an effort to scrutinize the largest businesses that took payroll support loans during the pandemic, demanding new details about their operations to justify the aid.

The SBA this week began to circulate "loan necessity" questionnaires aimed at companies and nonprofits that took forgivable Paycheck Protection Program loans worth $2 million or more. The agency declined to comment on the forms and issued no public announcement beyond a brief Federal Register notice marking their release, but copies were obtained by POLITICO.