On July 18, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS ACT) was signed into law, creating the first federal regulatory framework for payment stablecoins. The law prohibits the issuance...more
On July 21, the CFPB withdrew its plan to repeal rules that provide procedures for state officials to notify the Bureau before initiating enforcement actions under the Consumer Financial Protection Act (CFPA). The CFPB cited...more
On May 30, the CFPB and a national pawn store operator filed a joint status report in the U.S. District Court for the Northern District of Texas announcing that they have reached an agreement to resolve a 2021 Bureau lawsuit...more
On May 15, the CFPB rescinded its May 2022 interpretive rule that had expanded state enforcement authority under Section 1042 of the Consumer Financial Protection Act (CFPA). The Bureau now maintains that the previous...more
On May 14, the CFPB issued a proposed rule to rescind recent amendments to its nonbank supervisory program. The amendments were designed to expand and formalize the Bureau’s process for subjecting nonbank covered persons to...more
5/23/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Non-Bank Lenders ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Reform ,
Rescission ,
Rulemaking Process
On May 15, the CFPB issued an amended consent order against an international remittance provider, reducing its civil penalty from $2.025 million to $44,955. The order alleges violations of the Electronic Fund Transfer Act...more
On May 15, the CFPB withdrew three Biden-era rulemaking proposals, including a December 2024 proposal to regulate data brokers as consumer reporting agencies under the Fair Credit Reporting Act (FCRA), a January proposal to...more
5/16/2025
/ Consumer Contracts ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Data Brokers ,
Digital Assets ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Proposed Rules ,
Regulation E ,
Regulatory Reform ,
Technology
On May 1, the U.S. District Court for the Northern District of Illinois ordered the former owner of a now-defunct debt-relief company to pay over $43 million in restitution and penalties. The order resolves a lawsuit filed...more
On April 16, the CFPB released an internal memo outlining major shifts in its supervision and enforcement priorities, signaling a retreat from several areas of regulatory activity. The next day, the Bureau issued formal...more
On April 11, the CFPB filed a joint motion in the U.S. District Court for the District of Columbia indicating its intent to revoke an advisory opinion on medical debt collection. The Bureau requested a stay of litigation...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
On April 23, the White House issued an Executive Order entitled Restoring Equality of Opportunity and Meritocracy, directing federal agencies to “eliminate the use of disparate-impact liability in all contexts to the maximum...more
On April 8, a federal court granted the CFPB’s motion to withdraw from its joint enforcement action against a global money transmitter. The lawsuit, originally filed in April 2022 in partnership with the New York Attorney...more
In a March 10 blog post, the new Director of the FTC’s Bureau of Consumer Protection (BCP) reaffirmed the agency’s commitment to enforcing consumer protection laws through Civil Investigation Demands (CIDs).
A CID is a...more
On March 13, New York Attorney General Letitia James announced the introduction of the Fostering Affordability and Integrity through Reasonable Business Practices Act (FAIR Business Practices Act). The proposed legislation...more
3/24/2025
/ Artificial Intelligence ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Debt Collection ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Proposed Legislation ,
State Attorneys General ,
Student Loans ,
Technology Sector ,
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
/ 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
On March 4, the California DFPI finalized regulations under the Debt Collection Licensing Act (DCLA). The final regulations, which take effect July 1, 2025, clarify key licensing and reporting requirements....more
3/17/2025
/ California ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Debt Collection ,
Department of Financial Protection and Innovation (DFPI) ,
Final Rules ,
New Regulations ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Requirements ,
Reporting Requirements
The CFPB is extending the comment periods for two proposed rulemakings under Regulation V, which implements the Fair Credit Reporting Act (FCRA). On March 5, the Bureau extended the comment period for its proposed rule on...more
The CFPB is facing pushback from the U.S. Senate over two final rules issued under the Biden administration: one expanding oversight of nonbank digital payment providers and another limiting the reporting of medical debt....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
/ 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
On March 10, 2025, the CFPB informed the U.S. District Court for the Northern District of Texas that it will proceed with litigation against a short-term installment lender and its subsidiary for alleged violations of the...more
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)
On December 3, the CFPB filed a proposed settlement to resolve a long running lawsuit against a student loan relief company and its owner (collectively, the “Defendants”). The settlement bars the company from offering or...more
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