On June 18, 2025, the New York Legislature passed the Fostering Affordability and Integrity through Reasonable (FAIR) Business Practices Act (the “FAIR Act”). This significant legislation marks the most substantial update to...more
The Consumer Financial Protection Bureau (CFPB) has been a focal point for both regulatory oversight and political debate arguably since its inception. Created in 2010 as a response to the financial crisis, the CFPB is still...more
2/11/2025
/ Administrative Appointments ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agencies ,
Regulatory Agenda ,
State and Local Government ,
State Attorneys General ,
Trump Administration ,
Unfair or Deceptive Trade Practices
On October 11, 2024, the California Office of Administrative Law approved and filed with the California Secretary of State proposed regulations by the California Department of Protection and Innovation (“DFPI”) to establish...more
1/13/2025
/ California ,
California Consumer Financial Protection Law (CCFPL) ,
Consumer Financial Products ,
Consumer Protection Laws ,
Debt Settlement Services ,
Department of Financial Protection and Innovation (DFPI) ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Registration Requirement ,
Regulatory Requirements ,
Reporting Requirements
The ink is barely dry on the California Department of Financial Protection and Innovation’s (“DFPI” or the “Department”) newly approved regulation package PRO 01-21, and DFPI has already begun to take steps to implement...more
10/30/2024
/ California ,
California Consumer Financial Protection Law (CCFPL) ,
Comment Period ,
Consumer Financial Products ,
Department of Financial Protection and Innovation (DFPI) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Regulations ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Requirements
On February 6, 2024, the Federal Trade Commission (“FTC”) filed two proposed stipulated orders with a California federal court to permanently ban student debt relief companies as well as their individual operators. The...more
2/7/2024
/ California ,
Consumer Financial Products ,
Debt Relief ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Fees ,
Fraud ,
Fraudulent Marketing ,
FTC Act ,
Loan Forgiveness ,
Student Loans ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
On July 26, 2023, the Consumer Financial Protection Bureau (“CFPB”) published its periodic Supervisory Highlights, summer edition. These most recent Supervisory Highlights shed light on a range of unfair, deceptive, and...more
7/27/2023
/ Bank Deposits ,
Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Debt Collection ,
EFTA ,
Fair Lending ,
Financial Services Industry ,
Information Technology ,
Mortgage Servicers ,
Popular ,
Small Dollar Lenders ,
Supervisory Highlights
On June 21, 2023, the Federal Trade Commission (FTC) filed a civil lawsuit against Amazon, alleging the use of "dark patterns" to deceive consumers into enrolling in automatically renewing Prime subscriptions. What is...more
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 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 February 21, 2023, the Illinois Department of Financial and Professional Regulation (IDFPR) unveiled a Consumer Financial Protection and Innovation Package, consisting of two legislative initiatives that aim to protect...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 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