On February 27, Texas State Senator José Menéndez (D) introduced Senate Bill 1736, a piece of legislation aimed at regulating convenience fees associated with electronic payments for motor vehicles. SB 1736 would allow such...more
3/6/2025
/ Consumer Financial Products ,
Convenience Fees ,
Disclosure Requirements ,
Electronic Payment Transactions ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
Motor Vehicles ,
Payment Systems ,
Processing Fees ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements
In a move that could significantly impact the auto retail industry, California has introduced Senate Bill 766, known as the California Combating Auto Retail Scams (CARS) Act. Introduced by Senator Benjamin Allen (D) on...more
2/28/2025
/ Automotive Industry ,
California ,
Car Dealerships ,
CARS Rule ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Federal Trade Commission (FTC) ,
Motor Vehicles ,
Proposed Legislation ,
Recordkeeping Requirements ,
Regulation ,
Regulatory Requirements ,
Unfair or Deceptive Trade Practices
We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more
2/17/2025
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Regulatory Agenda ,
Regulatory Requirements ,
TCPA ,
UDAAP ,
Uniform Commercial Code (UCC)
Today, the U.S. District Court for the Northern District of Texas issued an order in Chamber of Commerce of the United States of America v. Consumer Financial Protection Bureau (CFPB or Bureau) in light of recent changes...more
2/11/2025
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Enforcement Actions ,
Final Rules ,
Financial Regulatory Reform ,
Late Fees ,
Preliminary Injunctions ,
Regulatory Requirements ,
Rulemaking Process
On Friday, the U.S. Court of Appeals for the Fifth Circuit ordered the tolling of compliance deadlines for the Consumer Financial Protection Bureau’s (CFPB or Bureau) Small Business Lending Data Collection final rule under...more
Hours before a scheduled hearing yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed an “Emergency Notice” in the U.S. Court of Appeals for the Fifth Circuit with respect to the ongoing litigation...more
2/4/2025
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
Enforcement Actions ,
Final Rules ,
Financial Services Industry ,
Lending ,
Regulatory Requirements ,
Rulemaking Process ,
Section 1071 ,
Small Business ,
Small Business Loans ,
UDAAP
Yesterday, the U.S. Court of Appeals for the Fifth Circuit issued a significant opinion vacating the Federal Trade Commission’s (FTC) Combating Auto Retail Scams Trade Regulation Rule (CARS Rule). The decision came in...more
1/28/2025
/ Administrative Procedure Act ,
Advanced Notice of Proposed Rulemaking (ANPRM) ,
Appeals ,
Arbitrary and Capricious ,
Automotive Industry ,
Car Dealerships ,
CARS Rule ,
Federal Trade Commission (FTC) ,
Final Rules ,
FTC Act ,
Motor Vehicles ,
Regulatory Requirements ,
Rulemaking Process ,
Statutory Interpretation ,
Unfair or Deceptive Trade Practices ,
Vacated
In this episode of The Consumer Finance Podcast, host Chris Willis and Michael Lacy, Consumer Financial Services Practice Group leader, introduce Troutman Pepper Locke's annual Year in Review and Look Ahead publication. The...more
Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its latest Supervisory Highlights report, focusing on the use of advanced technologies in credit scoring models. ...more
1/22/2025
/ Artificial Intelligence ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Scores ,
Data Privacy ,
Data Protection ,
Discriminatory Lending Practices ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Machine Learning ,
Regulatory Requirements ,
Risk Management
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
The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its semi-annual regulatory agenda, outlining its planned rulemaking initiatives. The CFPB releases regulatory agendas twice a year in voluntary...more
7/22/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Delinquent Borrowers ,
Fair Credit Reporting Act (FCRA) ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Nonbank Firms ,
Proposed Rules ,
Regulation AA ,
Regulation X ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process