The CFPB is shifting its focus to FinTech and nonbank payment systems, circling back to past frontiers. This recent warning echoes the sentiment of former CFPB’s Director, Richard Cordray, focusing heavily on FinTechs and...more
On May 31, 2023, the Consumer Financial Protection Bureau (CFPB) took decisive action against installment lender OneMain Financial, demanding the payment of $20 million in penalties and redress. In the consent order, the...more
On April 26, 2023, the Consumer Financial Protection Bureau (CFPB) released an advisory opinion to clarify that it is against the law for a debt collector to sue or threaten to sue in order to collect a time-barred debt, as...more
4/26/2023
/ Advisory Opinions ,
Affirmative Defenses ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Foreclosure ,
Jurisdiction ,
Mortgages ,
Regulation F ,
Statute of Limitations ,
Time-Barred Debt
On April 3, 2023, the Consumer Financial Protection Bureau (CFPB) issued a policy statement summarizing over a decade of precedent and explaining the legal prohibition on abusive conduct in consumer financial markets. The...more
On March 23, 2023, the Consumer Financial Protection Bureau (CFPB) has taken action against one of the largest debt collectors in the United States, Portfolio Recovery Associates (PRA), for various violations of law,...more
3/29/2023
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Disclosure Requirements ,
Documentation ,
Fair Credit Reporting Act (FCRA) ,
Federal Food Drug and Cosmetic Act (FFDCA) ,
Penalties ,
Refunds ,
Statute of Limitations ,
Unfair or Deceptive Trade Practices
The California Consumer Financial Protection Law (“CCFPL”), established in September of 2020 under Governor Newsom, augmented the Department of Financial Protection & Innovation’s (“DFPI”) authoritative ability by increasing...more
3/28/2023
/ California ,
California Consumer Financial Protection Law (CCFPL) ,
Check Cashing ,
Consumer Credit Reporting Agencies Act (CCRAA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Debt Collection ,
Debt Settlement Services ,
Department of Financial Protection and Innovation (DFPI) ,
Fees ,
Financing ,
Lead Generators ,
Licensing Rules ,
Proposed Regulation ,
Registration Requirement ,
Rent-to-Own Companies ,
Reporting Requirements ,
Retail Sales ,
Student Loans
On March 16, 2023, the Consumer Financial Protection Bureau (CFPB) issued a bulletin cautioning loan servicers about their responsibility to stop any illegal activity related to private student loans that have been discharged...more
3/23/2023
/ Bankruptcy Court ,
Bankruptcy Discharge Order ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt ,
Debt Collection ,
Financial Services Industry ,
Illegal Activity ,
Lenders ,
Loan Servicer ,
Loans ,
Student Loans
On March 15, 2023, the Consumer Financial Protection Bureau (CFPB) announced an inquiry into companies that gather and track information about people's personal lives. The apparent purpose of this inquiry is to gain a better...more
March 8, 2023, the Consumer Financial Protection Bureau (CFPB) released its special edition Supervisory Highlights report, which focuses on Junk Fees found in deposit accounts and multiple loan servicing markets, such as...more
3/14/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Deposit Accounts ,
Excessive Fees ,
Forbearance Agreements ,
Loan Servicer ,
Mortgages ,
Overdraft Fees ,
Payday Loans ,
Student Loans ,
Transparency ,
Truth in Lending Act (TILA)
Recent Consent Order Issued by the DFPI Against Student Loan Relief Company -
On February 28, 2023, the California Department of Financial Protection and Innovation (DFPI) announced that it has entered into a Consent Order...more
3/2/2023
/ California ,
California Consumer Financial Protection Law (CCFPL) ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Department of Education ,
Department of Financial Protection and Innovation (DFPI) ,
Federal Trade Commission (FTC) ,
Fees ,
FTC Act ,
Loan Forgiveness ,
Student Loans ,
Telemarketing
On Wednesday, February 1, 2023, the Consumer Financial Protection Bureau (CFPB) has proposed a new rule to curb excessive credit card late fees, which cost American families approximately $12 billion every year. The proposed...more
On January 11, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a new rule to apparently shed light on the dark corners of the financial industry. The proposed rule would create a public registry of the fine...more
On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule pursuant to its authority under the Consumer Financial Protection Act of 2010 (CFPA). This rule would require certain non-bank...more
12/14/2022
/ Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Credit Repair Services ,
Debt Management Companies ,
Debt-Relief Industry ,
Financial Adviser ,
Money Transfer ,
Non-Bank Lenders ,
Payment Systems ,
Proposed Rules ,
Reporting Requirements
On November 22, 2022, the Consumer Financial Protection Bureau (CFPB) denied a petition by Nexo Financial LLC (“Nexo Financial”) to modify a Civil Investigative Demand (CID) issued on December 1 2021. In rendering its...more
On November 10, 2022, the Consumer Financial Protection Bureau (CFPB) released Consumer Financial Protection Circular 2022-07 (hereinafter, “the Circular”). The Circular resolves two issues for credit reporting agencies...more
On November 10, 2022 the Consumer Financial Protection Bureau (CFPB) released a complaint bulletin (“bulletin”) that provides an analysis of consumer complaints the CFPB has received from October 2018 to September 2022...more
11/11/2022
/ Consumer Complaint Management ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptoassets ,
Cryptocurrency ,
Cybertheft ,
Financial Fraud ,
Financial Institutions ,
Financial Services Industry ,
Vulnerability Assessments
On October 26, 2022 the Consumer Financial Protection Bureau (“CFPB”) published Consumer Financial Protection Circular 2022-06. Circular 2022-06 asserts that the imposition of overdraft fees upon consumers by financial...more
On October 19, 2022, three judges in the Fifth Circuit Court of Appeals ruled that the funding mechanism of the Consumer Financial Protection Bureau (CFPB) is unconstitutional. Specifically, the court found CFPB’s receiving...more
10/25/2022
/ CFPB Director ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Funding ,
Federal Reserve ,
Financial Services Industry ,
Non-Delegation Doctrine ,
Payday Lending Rule ,
Regulatory Agencies ,
Removal For-Cause ,
Rulemaking Process