Jason Cover on Debt Collection

2024 Consumer Financial Services 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

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)

CFPB Rescinds 2020 Advisory Opinion on Earned Wage Access Products

As part of a flurry of last minute regulatory activity by the Biden administration’s Consumer Financial Protection Bureau (CFPB or Bureau), on January 15, the CFPB published an advisory opinion in the Federal Register...more

1/23/2025 / Advisory Opinions , Biden Administration , Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Debt Collection , Earned Wage Access , Final Rules , Financial Regulatory Reform , Financial Services Industry , Payroll Deductions , Regulation Z , Regulatory Agenda , Truth in Lending Act (TILA)

CFPB Moves to Dissolve Preliminary Injunction and Supplements Motion to Transfer in Credit Card Late Fee Rule Case; Court...

Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a brief in the U.S. District Court for the Northern District of Texas in support of its motion to dissolve the preliminary injunction that has stayed...more

7/22/2024 / Article III , Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Lenders , Credit Cards , Debt Collection , Final Rules , Financial Institutions , Financial Regulatory Reform , Financial Services Industry , Late Fees , Motion to Dismiss , Motion to Dissolve , Motion to Transfer , Preliminary Injunctions , Proposed Rules , Regulatory Agenda , Standing

The CFPB’s Increased Focus on Medical Financing Products

Over the course of the last year, the Consumer Financial Protection Bureau (CFPB or Bureau) has increased its scrutiny of medical financing products, such as medical credit cards and installment loans. In July 2023, the CFPB...more

6/20/2024 / Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Credit Reports , Debt Collection , Financial Institutions , Financial Regulatory Reform , Financial Services Industry , Health Care Providers , Medical Debt

Fifth Circuit Rules CFPB Credit Card Late Fee Rule Case Stays in Texas

On June 18, the Fifth Circuit Court of Appeals granted the plaintiffs’ petition for a writ of mandamus, effectively halting the transfer of the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau)...more

6/20/2024 / Constitutional Challenges , Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Lenders , Credit Cards , Debt Collection , Federal Funding , Final Rules , Financial Institutions , Financial Regulatory Reform , Financial Services Industry , Jurisdiction , Late Fees , Motion to Transfer , Preliminary Injunctions , Regulatory Agenda , Stays , Writ of Mandamus

Texas District Court Orders Transfer of the Credit Card Late Fee Rule Lawsuit to D.C. … Again: Fifth Circuit Promptly Issues Stay

On Tuesday, the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau) credit card late fee rule (Final Rule) was ordered to be transferred from the U.S. District Court for the Northern District of...more

5/30/2024 / Constitutional Challenges , Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd , Consumer Lenders , Credit Cards , Debt Collection , Final Rules , Financial Institutions , Financial Regulatory Reform , Financial Services Industry , Late Fees , Motion to Transfer , Preliminary Injunctions , Stays

CFPB Rules Buy Now, Pay Later Lenders Must Offer Key Credit Card Protections

Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an “interpretive rule,” subjecting “Buy Now, Pay Later” (BNPL) transactions to provisions of Regulation Z applicable to “credit cards.” Among other...more

5/23/2024 / Buy Now Pay Later (BNPL) , Consumer Financial Products , Consumer Financial Protection Act (CFPA) , Consumer Financial Protection Bureau (CFPB) , Consumer Lenders , Credit Cards , Debt Collection , Financial Regulatory Reform , Financial Services Industry , Interpretive Rule , Regulation Z , Truth in Lending Act (TILA)

Trade Groups Score Big Win: Texas Federal Court Grants Preliminary Injunction in Credit Card Late Fee Rule Lawsuit

On May 10, a Texas federal court granted a preliminary injunction enjoining the Consumer Financial Protection Bureau (CFPB or Bureau) from implementing the credit card late fee rule, most recently discussed here. The court...more

5/14/2024 / Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Credit Cards , Debt Collection , Final Rules , Financial Institutions , Financial Services Industry , Late Fees , Preliminary Injunctions

Fifth Circuit Denies CFPB’s Petition for Panel Rehearing in Credit Card Late Fee Rule Lawsuit

On May 3, the U.S. Court of Appeals for the Fifth Circuit entered an order denying the CFPB’s (CFPB) petition for a panel rehearing and effectively setting the stage for a long-awaited ruling on a preliminary injunction in...more

5/9/2024 / Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Lenders , Credit Cards , Debt Collection , Final Rules , Financial Institutions , Financial Regulatory Reform , Financial Services Industry , Injunctive Relief , Late Fees , Petition For Rehearing , Preliminary Injunctions

Fifth Circuit Reverses Transfer of Credit Card Late Fee Rule Lawsuit to D.C.

On April 5, the U.S. Court of Appeals for the Fifth Circuit issued an order effectively reversing the district court’s decision to transfer the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau)...more

4/9/2024 / Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Lenders , Credit Cards , Debt Collection , Final Rules , Financial Institutions , Financial Regulatory Reform , Financial Services Industry , Late Fees , Preliminary Injunctions , Regulatory Agenda , Unconstitutional Condition , Writ of Mandamus

Fifth Circuit Temporarily Halts Transfer of Credit Card Late Fee Rule Lawsuit

On April 2, the U.S. Court of Appeals for the Fifth Circuit issued an order staying the district court’s decision to transfer the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB) credit card late fee rule...more

4/4/2024 / Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Lenders , Credit Cards , Debt Collection , Final Rules , Financial Institutions , Financial Regulatory Reform , Financial Services Industry , Late Fees , Motion to Transfer , Preliminary Injunctions , Regulatory Agenda , Stays

Texas District Court Transfers Credit Card Late Fee Rule Lawsuit to D.C.

Last week, the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau) credit card late fee rule (Final Rule) was transferred from the U.S. District Court for the Northern District of Texas to the...more

4/1/2024 / Consumer Financial Products , Consumer Financial Protection Bureau (CFPB) , Consumer Lenders , Credit Cards , Debt Collection , Final Rules , Financial Institutions , Financial Regulatory Reform , Financial Services Industry , Late Fees , Preliminary Injunctions , Safe Harbors

Consumer Financial Services 2023 Year in Review and A Look Ahead