On July 28, The New York City Department of Consumer and Worker Protection (DCWP) announced that its amended debt-collection rule, scheduled to take effect on October 1, 2025, has been postponed, leaving the industry in limbo...more
8/8/2025
/ City of New York ,
Compliance Dates ,
Consumer Financial Products ,
Consumer Protection Laws ,
Debt Collection ,
Debt Collectors ,
Government Agencies ,
New Regulations ,
Recordkeeping Requirements ,
Regulatory Requirements ,
State and Local Government
Four advance notices of proposed rulemaking scheduled for publication on August 8 will solicit public comment on whether the CFPB should raise the size thresholds that determine which nonbank entities qualify as “larger...more
On May 9, the NYDFS announced that Governor Kathy Hochul signed New York’s FY2026 Budget into law, enacting two major consumer financial protection measures. The budget establishes a licensing and supervision framework for...more
5/23/2025
/ Banking Sector ,
Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Fees ,
Financial Regulatory Reform ,
Lenders ,
New Legislation ,
New York ,
Overdraft Fees ,
Popular ,
Regulatory Oversight
On May 6, Indiana Governor Mike Braun signed House Enrolled Act No. 1125 into law, making Indiana the latest state to enact a statutory framework for regulating earned wage access (EWA) products. The Indiana Earned Wage...more
On April 23, the CFPB voluntarily dismissed with prejudice its lawsuit, filed in September 2024, against a Pennsylvania-based credit card company that had been accused of unlawfully marketing a high-cost, limited-use...more
The CFPB has recently dismissed two more enforcement actions—one against a major credit reporting agency and another against a lease-to-own financing provider. Both lawsuits involved allegations of abusive, unfair, and...more
3/17/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Fair Lending ,
False Advertising ,
Federal Trade Commission (FTC) ,
Fraud ,
Preliminary Injunctions ,
Small Business Loans ,
Telemarketing Sales Rule ,
UDAAP ,
Unfair or Deceptive Trade Practices
The CFPB has recently dismissed two more enforcement actions—one against a major credit reporting agency and another against a lease-to-own financing provider. Both lawsuits involved allegations of abusive, unfair, and...more
3/17/2025
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Protection Laws ,
Debt Collection ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
UDAAP ,
Unfair or Deceptive Trade Practices
The Consumer Financial Protection Bureau (CFPB) released a comprehensive report today, outlining detailed recommendations to strengthen state-level consumer protection laws and address modern risks in consumer financial...more
On December 17, 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule applying standard mortgage protections to Residential Property Assessed Clean Energy (PACE) loans. The rule amends Regulation Z to clarify...more
12/24/2024
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Lenders ,
Loans ,
Mortgages ,
New Rules ,
PACE ,
Regulation Z ,
Residential Property Owners ,
Truth in Lending Act (TILA)
Starting in February 2025, providers of (1) debt settlement services, (2) student debt relief services, (3) private postsecondary education financing, and (4) income-based advances (a/k/a earned wage access (EWA) products)...more
On October 18, a fintech trade group filed a complaint in a D.C. federal court challenging the CFPB’s interpretive rule on Buy Now, Pay Later (BNPL) products. The rule, released last May, treats BNPL providers as credit card...more
On October 10, the CFPB settled an action against a California-based private arbitration company permanently banning it from arbitrating disputes related to consumer financial products or services. The company operates an...more
In a move to bridge significant data gaps identified through its February 2023 Auto Finance Data Pilot where it sent information requests to nine large auto lenders about their lending portfolios, the Consumer Financial...more