On June 3, 2024, the Consumer Financial Protection Bureau imposed a new set of regulatory obligations on nondepository consumer-financial companies that are subject to court or administrative orders enforcing federal or state...more
On April 17, 2024, the Consumer Financial Protection Bureau entered an order against BloomTech Inc., which does business as the Bloom Institute of Technology, and its CEO, Austen Allred, for mischaracterizing BloomTech’s...more
Yesterday, the Consumer Financial Protection Bureau updated its process for designating a nonbank for supervision. Initially issued in 2013, the revised rule specifically establishes the CFPB’s procedures in determining...more
The Consumer Financial Protection Bureau’s recent guidance regarding withholding transcripts from students with debts revealed that the CFPB is using a broad definition of “private education loan” that may apply to the...more
On April 25, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it will begin examining nonbank “covered persons” that it has determined pose risks to consumers. The CFPB has had this authority since its...more