The CFPB has requested that a federal district court vacate the Biden-era Open Banking Rule (Rule) in a motion for summary judgment filed on May 30, 2025. The CFPB had previously submitted a status report to the U.S. District...more
President Donald Trump on May 9, 2025, signed into law measures to eliminate two CFPB rules established under the Biden Administration. The first rule repealed was the CFPB's Overdraft Rule, one aspect of the Biden...more
5/14/2025
/ Banks ,
Biden Administration ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Financial Institutions ,
FinTech ,
Mobile Apps ,
Overdraft Fees ,
Payment Systems ,
Popular ,
Rescission ,
Trump Administration
On April 15, 2025, Judge Mark T. Pittman of the U.S. District Court for the Northern District of Texas entered an order and final judgment vacating the CFPB's credit card penalty fees rule (the Late Fee Rule). Judge Pittman's...more
4/23/2025
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Disclosure Requirements ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Judicial Authority ,
Late Fees ,
Regulatory Reform ,
Settlement ,
Vacated
The Consumer Financial Protection Bureau (CFPB) has revealed its intention to make changes to the small business loan data collection and reporting rule (1071 Rule) in light of continued opposition from financial institutions...more
4/10/2025
/ Biden Administration ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Entities ,
Dodd-Frank ,
Financial Institutions ,
Lenders ,
Loans ,
New Legislation ,
Proposed Rules ,
Regulatory Reform ,
Rulemaking Process ,
Section 1071 ,
Small Business Loans
Business email compromise (BEC) fraud, driven by technology and increasing sophistication by criminal organizations, has become a major issue for both consumers and financial institutions. According to a September 2024...more
4/3/2025
/ Appeals ,
Corporate Liability ,
Credit Unions ,
Electronic Communications ,
Email ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
Fraud ,
Liability ,
Phishing Scams ,
Privity of Contract ,
Scams ,
Uniform Commercial Code (UCC)
In the waning days of the Biden Administration, the Consumer Financial Protection Bureau (CFPB) on Jan. 10, 2025, issued a proposed interpretive rule that would provide a framework for determining when the Electronic Fund...more
1/23/2025
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Electronic Fund Transfer Act ,
Electronic Payment Transactions ,
Financial Institutions ,
FinTech ,
Regulation E ,
Regulatory Requirements ,
Stablecoins ,
Trump Administration