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