On March 8, the CFPB released a special edition of its Supervisory Highlights reporting on unlawful junk fees that were uncovered in a variety of servicing markets, including bank account deposits, auto loan servicing,...more
5/2/2023
/ Automotive Loans ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Deposit Accounts ,
Fees ,
Financial Services Industry ,
Loan Servicing ,
Mortgages ,
Payday Loans ,
Student Loans ,
Title Loans
On February 23, the CFPB issued market-monitoring orders to nine large auto lenders to provide information about their auto lending portfolios. According to the CFPB, auto finance market has seen significant change in recent...more
On January 26, the California DFPI announced its participation in a $22.5MM multi-state into a settlement with a with a Cayman Islands digital asset firm to resolve a securities enforcement action in connection with the...more
On January 23, the NY DFS released updated guidance with regard to better protecting consumers in the event of virtual currency insolvency. This updated guidance applies to entities that DFS has licensed or chartered to hold...more
On January 12, the CFPB released a report that identified an uptick in identity theft reported by servicemembers. The report found that military consumers (defined as active duty servicemembers, veterans, and military family...more
1/27/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Cybersecurity ,
Debt ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Identity Theft ,
Military Service Members ,
Policies and Procedures ,
Privacy Laws ,
Red Flags Rule
On December 18, the Arizona Attorney General issued an opinion on earned wage access (EWA), which determined that fully non-recourse EWA products do not constitute consumer loans subject to consumer loan regulations, and...more
The U.S. Department of the Treasury recently released a report titled “Assessing Impacts of New Entrant Non-bank Firms on Competition in Consumer Finance Markets,” a product of the Biden administration’s effort to assess...more
On October 19, in Community Financial Services Association of America, Limited v. Consumer Financial Protection Bureau, a three-judge panel in the Fifth Circuit unanimously found the CFPB’s funding structure to be...more