Welcome to the “Student Lending” chapter of our annual report, Consumer Financial Services: 2024 Year in Review.
Regulators will likely continue to focus on junk fees and purported deceptive or nontransparent practices...more
3/17/2025
/ Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Fraud ,
Consumer Protection Laws ,
Debt Collection ,
Debt Relief ,
Enforcement Actions ,
Federal Student Loans ,
Federal Trade Commission (FTC) ,
Loan Forgiveness ,
Loan Servicing ,
Student Loans ,
Unfair or Deceptive Trade Practices
Welcome to the “Telephone Consumer Protection Act” chapter of our annual report, Consumer Financial Services: 2024 Year in Review.
Companies were mere hours away from implementing radical changes to lead forms and consent...more
3/17/2025
/ Artificial Intelligence ,
Class Action ,
Consent ,
Consumer Protection Laws ,
Enforcement Actions ,
Facebook ,
Facebook Inc v Duguid ,
FCC ,
Hobbs Act ,
McLaughlin Chiropractic Associates Inc v McKesson Corporation ,
Proposed Rules ,
Robocalling ,
State Attorneys General ,
State Legislatures ,
TCPA ,
Telemarketing ,
Wiretapping
Welcome to the “Data Privacy and Cybersecurity” chapter of our annual report, Consumer Financial Services: 2024 Year in Review.
Consumer financial services regulators are taking a keen interest in artificial intelligence...more
3/17/2025
/ Artificial Intelligence ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
NYDFS ,
Regulatory Requirements ,
State Privacy Laws
Welcome to the “Major US Supreme Court and Appellate Cases” chapter of our annual report, Consumer Financial Services: 2024 Year in Review.
The Supreme Court continues to take a close look at major administrative law...more
3/17/2025
/ Administrative Procedure Act ,
Arbitration ,
Chevron Deference ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Enforcement Actions ,
Financial Services Industry ,
Payday Lending Rule ,
SCOTUS ,
Securities and Exchange Commission (SEC)
Welcome to the “Payday and Small-Dollar Lending” chapter of our annual report, Consumer Financial Services: 2024 Year in Review.
We expect the level of enforcement and regulatory activity in the payday and short-term...more
Financial technology — or fintech — companies will continue to receive increased regulatory scrutiny in 2025. The latter half of 2024 saw a rise in regulatory guidance and enforcement activity relating to fintechs and the...more
3/14/2025
/ Anti-Money Laundering ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Privacy ,
Department of Financial Protection and Innovation (DFPI) ,
Depository Institutions ,
EFTA ,
Enforcement Actions ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Nonbank Firms ,
Regulatory Oversight ,
Regulatory Requirements
We expect continued scrutiny by regulators on fees, including enforcement actions and rulemakings, with the caveat that the new administration could shift federal priorities away from this fee crackdown....more
3/14/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Credit Cards ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Final Rules ,
Financial Institutions ,
Healthcare ,
New Guidance ,
Overdraft Fees ,
Popular ,
Regulation Z
We anticipate that the Consumer Financial Protection Bureau (CFPB) will continue to closely monitor the advertising practices of auto lenders and servicers as well as the practices around add-on products....more
With the change in administration, enforcement actions at the federal level are expected to decrease, reflecting President Trump’s focus on deregulation. Indeed, during President Trump’s first term, the number of enforcement...more
3/14/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Enforcement Actions ,
Enforcement Statistics ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Federal Trade Commission (FTC) ,
Mortgage Servicers ,
Mortgages ,
Predatory Lending ,
Redlining ,
Reverse Mortgages ,
Trump Administration
In 2024, Goodwin tracked four public enforcement actions related to credit reporting or credit repair services, consistent with the four actions tracked in 2023. Between 2017 and 2024, there were an average of four actions...more
Although Consumer Financial Protection Bureau (CFPB) priorities and mandates are undergoing shifts with the new Trump administration, the CFPB pledged in 2024 to continue its efforts to eliminate allegedly illegal debt...more
Welcome to the Data Privacy and Cybersecurity chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
Amendments to key rules and regulations will take effect in 2024,...more
2/16/2024
/ Amended Regulation ,
Biden Administration ,
California Consumer Privacy Act (CCPA) ,
Class Action ,
Cybersecurity ,
Data Privacy ,
Enforcement Actions ,
Executive Orders ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
NYDFS ,
Popular ,
Proposed Regulation ,
Safeguards Rule ,
Securities and Exchange Commission (SEC) ,
State Privacy Laws
Welcome to the Fintech chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
The CFPB is expected to finalize rulemaking authorizing supervision of payment application...more
2/16/2024
/ Apple Pay ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
GAO ,
Google ,
New Legislation ,
Nonbank Firms ,
OCC ,
Payday Loans ,
Payment Systems ,
PayPal ,
Regulation Z ,
Third-Party Relationships ,
Truth in Lending Act (TILA) ,
Venmo ,
Wages
Welcome to the Debt Collection and Debt Settlement chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
Enforcement actions related to debt collection and debt...more
2/16/2024
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Repair Services ,
Debt Collection ,
Debt Collectors ,
Debt-Relief Industry ,
Enforcement Actions ,
FDCPA ,
FTC Act ,
Gramm-Leach-Blilely Act ,
Student Loans ,
Telemarketing Sales Rule
Welcome to the Auto Loan Origination and Servicing chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
We anticipate that the CFPB will continue its attempts to combat...more
2/16/2024
/ Automotive Loans ,
CARS Rule ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
False Advertising ,
Fees ,
Race Discrimination ,
Unfair or Deceptive Trade Practices
Welcome to the Credit Reporting chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
The CFPB’s announcement of a proposed rulemaking to remove medical bills from...more
2/15/2024
/ Annual Reports ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Credit Reporting Agencies ,
Credit Reports ,
ECOA ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
Medical Bills ,
Medical Debt
Welcome to the Credit, Debit, or Prepaid Cards and Consumer Banking chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
We expect continued focus by the CFPB on “junk”...more
2/15/2024
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit Cards ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Excessive Fees ,
Fees ,
Financial Services Industry ,
Popular ,
Prepaid Payment Products ,
Regulation Z ,
Rulemaking Process
Welcome to the Student Lending chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
The CFPB will likely continue to focus on junk fees, nontransparent and other...more
[co-authors: Amelie Hopkins, and Collin Grier]
The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more
2/23/2022
/ AMG Capital Management LLC v FTC ,
Automotive Loans ,
Banking Sector ,
Borrowers ,
Collins v Yellin ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
Credit Reporting Agencies ,
Credit Reports ,
Creditors ,
Debit and Credit Card Transactions ,
Debt Collection ,
Debtors ,
Dodd-Frank ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
Lenders ,
Loan Servicing ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Payday Loans ,
Prepaid Payment Products ,
SCOTUS ,
Settlement ,
Small Dollar Lenders ,
Student Loans ,
TCPA ,
TransUnion LLC v Ramirez
SEC Charges Trust Company with Operating Unregistered Investment Companies and Failing to Register Securities Offerings. On September 30, the Securities and Exchange Commission (SEC) announced it had settled charges with...more
10/8/2020
/ Banking Regulators ,
Banking Sector ,
Borrowers ,
Capital Requirements ,
Change of Ownership ,
Class Action ,
Community Reinvestment Act ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Current Expected Credit Losses (CECL) ,
Dividends ,
Enforcement Actions ,
Federal Reserve ,
Final Rules ,
Financial Instruments ,
Financial Services Industry ,
Incentive Awards ,
Investment Adviser ,
Investment Companies ,
Investors ,
Mergers ,
New Guidance ,
New Rules ,
NYSE ,
OCC ,
Paycheck Protection Program (PPP) ,
Public Comment ,
Relief Measures ,
Risk Management ,
SBA ,
Securities and Exchange Commission (SEC) ,
Shareholder Approval ,
Shareholders ,
Small Banks ,
Small Business ,
Stock Repurchases ,
Stress Tests ,
Supervision ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Trust Funds ,
Truth in Lending Act (TILA) ,
Unregistered Securities
In the News. On the heels of a lawsuit challenging the Office of the Comptroller of the Currency’s (OCC) recently issued Madden fix/valid when made rule, eight state attorneys general filed suit challenging a similar rule...more
8/28/2020
/ Abuse of Discretion ,
Alternative Reference Rates Committee (ARRC) ,
Appeals ,
Arbitrary and Capricious ,
Bank Secrecy Act ,
Banking Sector ,
Banks ,
Best Practices ,
CARD Act ,
Carried Interest ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Discrimination ,
Delays ,
Depository Institutions ,
Due Diligence ,
Enforcement Actions ,
Fannie Mae ,
FDIC ,
Federal Deposit Insurance Act ,
Fees ,
FHFA ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Freddie Mac ,
GSE ,
Interim Final Rules (IFR) ,
Joint Statements ,
Libor ,
Loan Forgiveness ,
Loans ,
OCC ,
Paycheck Protection Program (PPP) ,
Policy Statement ,
Predatory Lending ,
Proposed Regulation ,
Public Comment ,
Refinancing ,
Regulatory Requirements ,
Request For Information ,
Rulemaking Process ,
SBA ,
Small Business ,
Small Business Loans
In This Issue. The Office of the Comptroller of the Currency (OCC) finalized a rule to strengthen and modernize regulations under the Community Reinvestment Act; the Securities and Exchange Commission (SEC) voted to adopt...more
5/21/2020
/ Amended Rules ,
Banking Sector ,
Broker-Dealer ,
CARES Act ,
Comment Period ,
Community Reinvestment Act ,
Consolidated Audit Trail ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
CSBS ,
Enforcement Actions ,
False Claims Act (FCA) ,
FCC ,
Federal Reserve ,
FHFA ,
Filing Deadlines ,
Financial Services Industry ,
Forbearance Agreements ,
Form CRS ,
Homeowners ,
Interim Final Rules (IFR) ,
Investment Adviser ,
Loan Forgiveness ,
Mortgages ,
National Market System (NMS) ,
New Rules ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
Paycheck Protection Program (PPP) ,
Public Comment ,
Qui Tam ,
Regulation Best Interest ,
Regulation D ,
Relief Measures ,
Robocalling ,
SBA ,
Securities and Exchange Commission (SEC) ,
Time-Barred Debt ,
Transparency
To enhance consumer protections against illegal robocalls, on May 1, 2020, the Federal Communications Commission (FCC) issued an Order (Order) amending 47 CFR § 1.80 (Section 1.80) of its Telephone Consumer Protection Act...more