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Consumer Financial Services 2023 Year in Review and A Look Ahead

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

Data Furnishers Should Watch CFPB Plans for Class Actions

Information furnishers, beware. A potential rule under consideration by the Consumer Financial Protection Bureau is explicitly aimed at opening a new era of Fair Credit Reporting Act class actions against companies that...more

FTC and Connecticut AG File Suit Against Auto Dealer over Alleged “Junk Fees”

The Federal Trade Commission (FTC) and Connecticut Attorney General William Tong filed suit against auto dealer Manchester City Nissan (Manchester City), its owner, and several employees for allegedly deceiving consumers...more

OCC Issues “Buy Now, Pay Later” Guidance to Banks

This week, the Office of the Comptroller of the Currency (OCC) issued guidance to banks on managing the risks associated with “buy now, pay later” (BNPL) lending. Specifically, the bulletin addresses BNPL loans that are...more

Massachusetts Proposes Fee Disclosure Regulations Targeting “Junk Fees” and Automatic Renewal Contracts

On November 30, Massachusetts Attorney General Andrea Joy Campbell announced proposed regulations that would require businesses to clearly disclose the total price of a product at the time it is presented to consumers,...more

Federal Agencies Announce Increased Regulations Z and M Dollar Thresholds for Exempt Consumer Credit and Lease Transactions, and...

On November 13, the Consumer Financial Protection Bureau (CFPB) and the Federal Reserve Board (Fed) announced increased dollar thresholds used to determine whether certain consumer credit and lease transactions in 2024 are...more

The Impact of State Licensing Laws — The Consumer Finance Podcast [Audio]

Join Troutman Pepper Partner Chris Willis and his colleagues Joe Reilly and Chris Capurso as they discuss the impact of state licensing laws on the consumer financial services industry. They tackle topics such as: - When did...more

FTC and Wisconsin DOJ Settle with Auto Group over Alleged Illegal Add-Ons and Discrimination Against American Indian Consumers

On October 24, the Federal Trade Commission (FTC) and the Wisconsin Department of Justice announced a settlement with Wisconsin auto dealer group Rhinelander Auto Center, Inc. (Rhinelander), its current and former owners, and...more

October 11 Was a Red-Letter Day in the Growing Federal-State War on Fees

On October 11, the Consumer Financial Protection Bureau (CFPB or Bureau) published a special edition of its Supervisory Highlights report. This report serves as a “victory lap” for the Bureau, which highlights the relief it...more

CFPB and FTC File Amicus Brief Urging Second Circuit to Find FCRA Requires Unverified Information to be Deleted from Consumer...

Recently, the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) (collectively, the agencies) filed an amici curiae brief urging the U.S. Court of Appeals for the Second Circuit to reverse a...more

CFPB Outlines Rulemaking Plan to Dramatically Alter Decades of FCRA Requirements for Everyone in the Consumer Data Ecosystem

The Consumer Financial Protection Bureau (CFPB) has started the process of issuing rules on several topics affecting the entire ecosystem that collects, sells, and uses data about consumers, according to an Outline of the...more

CFPB Calls for Increased Specificity and Accuracy on Reasons for Credit Denials When Lenders Employ Artificial Intelligence

When using artificial intelligence (AI) or complex credit models, can lenders rely on the checklist of reasons provided in Regulation B sample forms for adverse action notices? According to today’s guidance issued by the...more

CFPB Announces Annual Threshold Adjustments for Credit Cards and Mortgages

The Consumer Financial Protection Bureau (CFPB) has issued a final rule adjusting the Truth in Lending Act (TILA) dollar amounts for certain provisions, including under the Home Ownership and Equity Protection Act of 1994...more

Impending FCRA Data Broker Rulemaking Announced by CFPB Director Chopra at White House Data Broker Roundtable

At a White House Roundtable on protecting Americans from allegedly harmful “data broker” practices, Consumer Financial Protection Bureau (CFPB or Bureau) Director Rohit Chopra announced the Bureau’s intention to expand the...more

Rhode Island AG Settles with Dealerships over Allegedly Charging Fees Not Included in Advertised Prices

Rhode Island Attorney General Peter F. Neronha announced a total settlement of $557,815 with three car dealerships to resolve allegations that the dealerships...more

Federal Reserve’s July Senior Loan Officer Opinion Survey Shows Tightened Auto Loan Standards and Weakened Demand Amid Uncertain...

On July 31, the Board of Governors of the Federal Reserve System (Federal Reserve) issued its July Senior Loan Officer Opinion Survey on Bank Lending Practices, which addressed changes in the standards and terms on, and...more

CFPB Releases Blog Post Favoring Use of Self-Reported Cash Flow Data in Credit Underwriting

On July 27, the Consumer Financial Protection Bureau (CFPB) released a new blog post, positing that cashflow data, broadly defined as the various inflows, outflows, and accumulated amounts in a consumer’s checking and savings...more

CFPB’s Summer Edition of Supervisory Highlights Focuses on Auto Lending/Servicing and Debt Collection Practices

On July 26, the Consumer Financial Protection Bureau (CFPB or Bureau) released the summer edition of its Supervisory Highlights report, providing a high-level overview of alleged unfair, deceptive, or abusive acts or...more

Michigan House Bill Proposes Excluding Tenant Credit Scores from Rental Decisions

The drumbeat to increase regulation of tenant screening continues, this time in Michigan. On June 15, Michigan state Representative Brenda Carter (D-29) introduced House Bill 4818, which proposes to amend landlord-tenant...more

Colorado Passes Legislation Seeking to Stop State-Chartered Banks from Preempting Colorado’s Usury Limit

As discussed here, in April 2023, Colorado introduced HB 1229 that proposed to limit certain charges on consumer loans and simultaneously opt Colorado out of sections 521-523 of the Depository Institutions Deregulation and...more

Report Shows Steep Rise in Consumer Complaints to CFPB: Consumer Reporting Leads the List While Debt Collection Declines

The U.S. PIRG Education Fund (PIRG) released a report analyzing consumer complaints submitted to the Consumer Financial Protection Bureau (CFPB) in 2021 and 2022. The report noted that consumer complaint totals set a new...more

CFPB Issues Policy Statement on Abusive Conduct under the CFPA

Today, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a policy statement purporting to summarize, in clear and simple terms, the meaning of the statutory prohibition on abusive conduct. Policy statements are...more

Creditors and Employers Beware: CFPB Amends Model Background Check Form and Adverse Action Language

The Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule updating, among other things, the model form for the Fair Credit Reporting Act (FCRA) Summary of Consumer Rights and information that must be...more

CFPB Issues Analysis on Consumers of Buy Now, Pay Later Products

As we reported here, late last year, the Consumer Financial Protection Bureau (CFPB) signaled that it planned to increase scrutiny of the Buy Now, Pay Later (BNPL) industry and issued its first report about BNPL. Yesterday,...more

Virginia Considering Legislation to Permit Remote Work for Employees of Licensed Mortgage Lenders and Brokers

Following a trend started during the COVID pandemic, Virginia State Delegate Bill Wiley (R) introduced a bill, HB 2389 in the current legislative session of the Virginia General Assembly that would allow employees of a...more

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