Massachusetts Attorney General Andrea Joy Campbell has reached a $2.5 million settlement with Earnest Operations LLC, a Delaware-based student loan company....more
7/21/2025
/ Algorithms ,
Artificial Intelligence ,
Bias ,
Discriminatory Lending Practices ,
Disparate Impact ,
Enforcement Actions ,
Fair Lending ,
Financial Services Industry ,
Lenders ,
Machine Learning ,
Settlement ,
State Attorneys General ,
Student Loans ,
Unfair or Deceptive Trade Practices
In another case that may not augur well for the CFPB staff, the Supreme Court is allowing the Trump Administration to continue dismantling the Education Department, lifting a court order that had required the rehiring of as...more
7/18/2025
/ Appeals ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Education ,
Employee Rights ,
Employees ,
Employment Litigation ,
Government Agencies ,
Hiring & Firing ,
Judicial Authority ,
McMahon v New York ,
Regulatory Oversight ,
SCOTUS ,
Stays ,
Trump Administration ,
Voluntary Reduction in Force
The huge budget bill signed by President Trump on July 4 does not include a proposal from Senate Banking, Housing and Urban Affairs Committee Republicans to delay implementation of the Section 1071 rule for ten years, but the...more
7/10/2025
/ Deregulation ,
Dodd-Frank ,
Federal Budget ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Lenders ,
LGBTQ ,
Proposed Rules ,
Regulatory Reform ,
Reporting Requirements ,
Section 1071 ,
Small Business ,
Trump Administration
The Department of Housing and Development is seeking information about the impact that the frequent use of Buy Now, Pay Later (BNPL) products may have on borrowers’ ability to meet housing-related expenses, including rent or...more
Having previously announced that it was withdrawing its Buy Now, Pay Later rule, the CFPB recently said that it does not intend to issue a revised rule....more
6/23/2025
/ Administrative Procedure Act ,
Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Disclosure Requirements ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
New Regulations ,
Regulation Z ,
Rulemaking Process ,
Truth in Lending Act (TILA)
As previously reported, in addressing the fact that current stays of the section 1071 small business data collection and reporting rule only apply to the applicable plaintiffs, intervenors and their members, the CFPB advised...more
6/20/2025
/ Compliance Dates ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Filing Deadlines ,
Final Rules ,
Financial Services Industry ,
Interim Final Rules (IFR) ,
Lenders ,
Mortgage Lenders ,
Reporting Requirements ,
Section 1071 ,
Small Business
As previously reported, based on an unopposed motion submitted by the Department of Justice (DOJ) and Consumer Financial Protection Bureau (CFPB) the October 2021 redlining consent order with Trustmark National Bank was...more
6/17/2025
/ Banks ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Services Industry ,
Penalties ,
Redlining ,
Settlement Agreements
The U.S. Department of Justice (DOJ) has filed a motion with a federal district court to terminate early the September 2022 consent order with Lakeland Bank (Lakeland) that settled allegations of redlining under the Fair...more
6/16/2025
/ Banks ,
Consent Order ,
Consumer Financial Products ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Financial Services Industry ,
Lenders ,
Redlining ,
Settlement
As previously reported, in March 2025 the CFPB and Townstone Financial (Townstone) filed a joint motion with a U.S. District Court seeking to reverse the November 2024 consent order between the parties that resolved CFPB...more
6/16/2025
/ Appeals ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
FRCP 60(b) ,
Government Agencies ,
Judicial Authority ,
Mortgages ,
Redlining ,
Regulation B ,
Settlement Agreements
The FTC has recently taken action against two student loan debt relief companies and their owners....more
6/11/2025
/ Consumer Financial Products ,
Consumer Privacy Rights ,
Customer Privacy ,
Debt Collection ,
Debt Relief ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Fraud ,
Settlement ,
Student Loans ,
Telemarketing ,
Unfair or Deceptive Trade Practices
The CFPB recently made filings with the Office of Management and Budget (OMB) regarding the following rules...more
6/10/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Debt Collection ,
Dodd-Frank ,
Financial Services Industry ,
Loan Origination Funds ,
Mortgages ,
OMB ,
Proposed Rules ,
Regulation X ,
Regulation Z ,
Regulatory Agenda ,
RESPA ,
Rulemaking Process ,
Truth in Lending Act (TILA)
A federal district court recently granted the unopposed motion of the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) to terminate their October 2021 consent order with Trustmark National Bank...more
5/30/2025
/ Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Financial Services Industry ,
Redlining ,
Regulatory Reform ,
Settlement
In a move that could have ramifications for lawsuits filed by former FTC and NCUA board members, by a vote of 6-3 the Supreme Court has issued a stay that prohibits the Democratic members of the National Labor Relations Board...more
5/28/2025
/ Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Executive Authority ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Government Agencies ,
Hiring & Firing ,
Layoffs ,
NCUA ,
NLRB ,
Regulatory Agencies ,
Regulatory Agenda ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Trump Administration
The CFPB is proposing to rescind its rule that requires certain nonbank entities to register covered agency enforcement and court orders....more
5/22/2025
/ Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Non-Bank Lenders ,
Proposed Rules ,
Regulatory Reform ,
Regulatory Requirements ,
Rescission ,
State and Local Government
Despite massive attempted layoffs and cancellation of third-party vendor contracts, the Trump Administration did not and does not intend to shut down the CFPB, a Justice Department attorney told a federal appeals court on...more
5/21/2025
/ Administrative Procedure Act ,
Appeals ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Deregulation ,
Employment Litigation ,
Enforcement Priorities ,
Financial Services Industry ,
Government Agencies ,
Hiring & Firing ,
Layoffs ,
Preliminary Injunctions ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Oversight ,
Trump Administration ,
Unions
Contending that policies implemented by guidance represent an unfair regulatory burden and might be contrary to federal law, the CFPB is rescinding 67 guidance documents issued since the bureau began operating in 2011....more
5/19/2025
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Executive Orders ,
Financial Regulatory Reform ,
Financial Services Industry ,
Guidance Documents ,
Mortgages ,
Regulatory Reform ,
Regulatory Requirements ,
RESPA ,
Trump Administration ,
UDAAP
The CFPB has announced it will not make enforcement of its rule requiring financial institutions to report their lending to women-owned, LGBTQI+-owned and minority-owned small businesses a priority....more
5/14/2025
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Dodd-Frank ,
Enforcement Priorities ,
Final Rules ,
LGBTQ ,
Proposed Legislation ,
Regulatory Requirements ,
Reporting Requirements ,
Small Business ,
Stays
President Trump recently signed an Executive Order entitled “Restoring Equality of Opportunity and Meritocracy“ to eliminate the use of disparate impact liability. The U.S. Department of Housing and Urban Development (HUD)...more
5/5/2025
/ Civil Rights Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Deregulation ,
Disparate Impact ,
ECOA ,
Enforcement Actions ,
Executive Orders ,
Fair Housing Act (FHA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
HUD ,
Mortgages ,
Regulatory Agencies ,
SCOTUS ,
Texas Dept of Housing v Inclusive Communities ,
Title VII ,
Trump Administration ,
Unfair or Deceptive Trade Practices
The U.S. Circuit Court of Appeals for the District of Columbia has upheld a temporary injunction issued by Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia prohibiting the CFPB from firing more...more
4/30/2025
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Employee Rights ,
Financial Regulatory Reform ,
Government Agencies ,
Judicial Authority ,
Layoffs ,
Preliminary Injunctions ,
Regulatory Agenda ,
Regulatory Oversight ,
Trump Administration ,
Unions
New York Attorney General Letitia James has sued payday lenders MoneyLion Inc. and DailyPay Inc. in New York state court, alleging that the two companies took advantage of tens of thousands of New Yorkers....more
4/29/2025
/ Consumer Lenders ,
Enforcement Actions ,
False Advertising ,
Financial Services Industry ,
FinTech ,
Interest Rates ,
Lenders ,
New York ,
Payday Loans ,
Regulatory Violations ,
State Attorneys General ,
Unfair or Deceptive Trade Practices ,
Usury ,
Wages
The Trump Administration has appealed an order by a federal District Court Judge blocking the CFPB from firing 1483 employees effective in June 2025 and cutting off their access to CFPB work systems on April 18, 2025....more
4/23/2025
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Employees ,
Employment Litigation ,
Financial Services Industry ,
Government Agencies ,
Hiring & Firing ,
Judicial Authority ,
Preliminary Injunctions ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Reform ,
Trump Administration ,
Voluntary Reduction in Force
The judge who barred the Trump Administration from dismantling the CFPB says the agency cannot implement plans to fire the majority of the bureau’s employees at this stage....more
4/21/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Employees ,
Employment Litigation ,
Government Agencies ,
Hiring & Firing ,
Judicial Authority ,
Preliminary Injunctions ,
Regulatory Agencies ,
Termination ,
Trump Administration ,
Unions
The CFPB is rescinding its existing enforcement and supervision priority documents, according to a memo sent to bureau staff by CFPB Chief Legal Officer Mark Paoletta....more
4/18/2025
/ Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
Enforcement Priorities ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgages ,
Non-Bank Lenders ,
Regulatory Reform ,
Student Loans ,
Supervisory Guidance ,
Trump Administration
Republicans on the House Financial Services Financial Institutions Subcommittee have sent Acting CFPB Director Russell Vought a letter calling for the CFPB to withdraw a wide variety of final and proposed rules....more
4/15/2025
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit and Credit Card Transactions ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Late Fees ,
Lenders ,
Medical Debt ,
Overdraft Fees ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Reform ,
Regulatory Requirements
Republicans on the House Financial Services Committee have sent letters to financial regulators asking them to rescind a variety of measures the regulators issued during the Biden Administration....more
4/14/2025
/ Banking Regulators ,
Banking Sector ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debit and Credit Card Transactions ,
Deregulation ,
Federal Reserve ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Interchange Fees ,
Overdraft Fees ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Authority ,
Regulatory Reform ,
Regulatory Requirements ,
Risk Management ,
Trump Administration