Earlier this week, the Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National...more
12/6/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Corporate Governance ,
ECOA ,
Elder Abuse ,
Elder Issues ,
Exploitation ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Fraud and Abuse ,
FRB ,
Joint Statements ,
NCUA ,
OCC ,
Suspicious Activity Reports (SARs) ,
Unfair or Deceptive Trade Practices ,
Vulnerable Victims
On December 3, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule for public comment aimed at amending Regulation V, which implements the Fair Credit Reporting Act (FCRA). The proposed rule seeks...more
12/5/2024
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reports ,
Credit Reporting Agencies ,
Data Brokers ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Proposed Rules ,
Regulation V ,
Regulatory Agenda
In this episode of The Consumer Finance Podcast, host Chris Willis is joined by Jesse Silverman and Matt Morris to explore the complexities of the CFPB's nonbank registry rule. This regulation, introduced in 2024, has...more
Join Chris Willis and his colleague Stefanie Jackman as they delve into the recent amendments to New York City's debt collection rules. In this episode of The Consumer Finance Podcast, they discuss the significant changes,...more
On November 13, the Consumer Financial Protection Bureau (CFPB or Bureau) released a pilot study titled “Matched-Pair Testing in Small Business Lending Markets” highlighting what the CFPB believes were two statistically...more
11/15/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Disparate Impact ,
Disparate Treatment ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Race Discrimination ,
Section 1071 ,
Small Business ,
Small Business Loans
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Partner Kim Phan to discuss the latest cybersecurity guidance from the New York Department of Financial Services (NYDFS) concerning artificial...more
In this special joint episode of The Consumer Finance Podcast and Moving the Metal, Chris Willis teams up with Brooke Conkle and Chris Capurso, hosts of the Moving the Metal podcast, to discuss the CFPB’s recent supervisory...more
In this special joint episode of The Consumer Finance Podcast and Moving the Metal, Chris Willis teams up with Brooke Conkle and Chris Capurso, hosts of the Moving the Metal podcast, to discuss the CFPB’s recent supervisory...more
Join Troutman Pepper Partner Brett Mason for a podcast series analyzing the intersection of artificial intelligence (AI), health care, and the law.
In this installment, Brett Mason is joined by colleagues Jim Koenig, Alison...more
In a significant development, the Consumer Financial Protection Bureau (CFPB or Bureau) has finally reached a settlement with Townstone Financial, Inc. (Townstone) in the first redlining case brought against a nonbank...more
11/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Loan Applications ,
Mortgage Lenders ,
Race Discrimination ,
Redlining ,
Settlement
On October 31, the U.S. Court of Appeals for the Fifth Circuit Court of Appeals granted the appellants’ motion to expedite the appeal in Texas Bankers Association v. Consumer Financial Protection Bureau (CFPB). The suit...more
On October 29, New Jersey Attorney General Matthew Platkin and the state’s Division on Civil Rights (DCR) released a report detailing the findings of a multi-year investigation into Republic First Bank (Republic) and its...more
11/1/2024
/ Banks ,
Consumer Financial Products ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Real Estate Transactions ,
Redlining
In this episode of The Consumer Finance Podcast, host Chris Willis introduces the firm's newest partner, Heryka Knoespel. Heryka shares insights into her national litigation practice, focusing on fraud cases involving email...more
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Partner David Anthony and Rami Haddad, deputy general counsel for Compliance, Litigation, and Privacy at PRA Group. The discussion...more
On October 15, the Consumer Financial Protection Bureau (CFPB or Bureau) and the Department of Justice (DOJ) announced that they reached a settlement with Fairway Independent Mortgage Corporation (Fairway). This settlement...more
10/18/2024
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Loan Applications ,
Mortgage Lenders ,
Race Discrimination ,
Redlining ,
Settlement
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Partner Mark Furletti, and special guest John Sun, CEO and co-founder of SpringLabs. The discussion delves into the transformative...more
On October 10, the U.S. Department of Justice (DOJ) announced a landmark redlining settlement with Citadel Federal Credit Union (Citadel), marking the first such agreement with a credit union in the DOJ’s history. This...more
10/14/2024
/ Consumer Financial Products ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Equal Access to Credit ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Loans ,
Mortgages ,
Race Discrimination ,
Redlining ,
Statutory Violations
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Partners Mark Furletti and Jason Cover to delve into the CFPB's recent interpretive rule that classifies buy now, pay later (BNPL) products as credit...more
On October 7, the Consumer Financial Protection Bureau (CFPB or Bureau) published the Fall edition of its Supervisory Highlights, focusing on examinations of the auto-finance market completed between November 1, 2023, and...more
10/9/2024
/ Add-ons ,
Automotive Loans ,
Banks ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Financial Services Industry ,
Loans ,
Supervisory Highlights ,
Truth in Lending Act (TILA)
In this episode of The Consumer Finance Podcast, Chris Willis delves into the latest annual report from the CFPB's Office of Servicemember Affairs. While the report is ostensibly about issues affecting military personnel, it...more
In this episode of Payments Pros, host Josh McBeain is joined by Caleb Rosenberg, a member of the firm’s Consumer Financial Services practice group, to discuss the complexities of business-to-business payments and the...more
10/2/2024
/ California ,
Consumer Financial Products ,
Consumer Lenders ,
Disclosure Requirements ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Merchant Cash Advance (MCA) ,
New Regulations ,
New York ,
Payment Systems ,
Regulatory Requirements
In this episode of The Consumer Finance Podcast, Chris Willis delves into the Consumer Financial Protection Bureau's (CFPB) recent response to the Treasury Department's request for information on the use of artificial...more
Yesterday, the Consumer Financial Protection Bureau (CFPB or Burau) released its annual report detailing the financial challenges faced by servicemembers, veterans, and military families. In 2023, this group submitted nearly...more
9/25/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt ,
Financial Institutions ,
Financial Services Industry ,
Loans ,
Military Service Members ,
Money Transfer ,
Public Communications ,
Public Service Loan Forgiveness program (PSLF program) ,
Regulatory Agenda ,
Student Loans ,
Veterans ,
Virtual Currency
On September 17, the Consumer Financial Protection Bureau (CFPB or Bureau) published Circular 2024-05 (Circular) addressing whether a financial institution violates the Electronic Fund Transfer Act (EFTA) and Regulation E by...more
9/19/2024
/ ATMs ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Electronic Fund Transfer Act ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Opt-In ,
Overdraft Fees ,
Overdraft Rule ,
Popular ,
Regulation E
In this special joint episode of Payments Pros and The Consumer Finance Podcast, Chris Willis and Carlin McCrory introduce Trevor Salter, a seasoned financial services transactional attorney who recently joined Troutman...more