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
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 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
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
In the waning hours of the first Trump Administration the U.S. Department of Housing and Urban Development (HUD) announced that effective January 19, 2021 individuals who are classified under the “Deferred Action for...more
4/1/2025
/ Affordable Housing ,
DACA ,
Federal Housing Administration (FHA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Foreign Nationals ,
HUD ,
Immigration ,
Mortgages ,
Non-Resident Aliens ,
Real Estate Market ,
Real Estate Transactions ,
Trump Administration
Saying that its proposed brokered deposits rule would have “significantly disrupted many aspects of the deposit landscape,” the FDIC has withdrawn the proposal. ...more
3/13/2025
/ Banking Regulators ,
Banks ,
Broker-Dealer ,
Brokered Deposits ,
Depository Institutions ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Proposed Rules ,
Regulatory Reform ,
Regulatory Requirements
In the latest edition of its Consumer Compliance Outlook, the Federal Reserve (Fed) identified the four most significant fair lending violations that it found in examining state member banks in 2022. These are violations that...more
3/6/2025
/ Banks ,
Civil Rights Act ,
Consumer Financial Products ,
Consumer Lenders ,
Fair Lending ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Requirements ,
Regulatory Violations ,
Risk Management
In a significant ruling on February 18, 2025, the Wisconsin Court of Appeals determined that National Bank Act (NBA) does not preempt the procedural “right to cure” notice requirements mandated by the Wisconsin Consumer Act...more
Chief Judge Virginia Kendall of the Northern District of Illinois has extended her preliminary injunction prohibiting Illinois from enforcing the Illinois Interchange Fee Prohibition Act (the “IFPA”) to cover out-of-state...more
2/20/2025
/ Banks ,
Consumer Financial Products ,
Federal Credit Unions ,
Financial Institutions ,
Financial Services Industry ,
Illinois ,
Interchange Fees ,
Out-of-State Companies ,
Preemption ,
Preliminary Injunctions ,
Regulatory Requirements ,
State Attorneys General
Sens. Bernie Sanders, I-Vt. and Josh Hawley, R-Mo. have introduced bipartisan legislation that could cap credit card interest rates at 10%....more
2/12/2025
/ Annual Percentage Rate (APR) ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit and Credit Card Transactions ,
Debt ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Proposed Legislation ,
Regulatory Agenda ,
Truth in Lending Act (TILA)
Republicans on Capitol Hill are seeking to repeal a section of the Dodd-Frank Act that requires financial institutions to report information contained in loan applications submitted by women-owned, minority-owned and...more
2/6/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Equal Access to Credit ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
LGBTQ ,
Loans ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
Reporting Requirements ,
Section 1071 ,
Small Business ,
Small Business Loans
In a 37 page order, Chief Judge Virginia M. Kendall in the Northern District of Illinois determined that the Illinois Bankers Association, American Bankers Association, America’s Credit Unions, and Illinois Credit Union...more
1/14/2025
/ Article III ,
Banks ,
Constitutional Challenges ,
Federal Credit Unions ,
Financial Institutions ,
Interchange Fees ,
National Bank Act ,
Payment Systems ,
Preemption ,
Preliminary Injunctions ,
Sovereign Immunity ,
Standing
A Texas federal judge has refused to lift the preliminary injunction blocking the CFPB’s enforcement of its final rule that would require larger credit card issuers to lower their late fees to $8 and that would also permit...more
12/19/2024
/ CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Preliminary Injunctions
The Servicemember Civil Relief Act limits the amount of interest that may be charged on certain financial obligations that were incurred before military service began to no more than 6% percent per year, including most fees...more
The CFPB recently issued a report entitled Matched-Pair Testing in Small Business Lending Markets that summarizes results of small business lending matched pair testing that it conducted in conjunction with the U.S....more
12/9/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Monitoring ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Oversight ,
Section 1071 ,
Small Business ,
Small Business Loans
The CFPB will hold two virtual sessions later this month to answer questions about its Nonbank Enforcement Action Registry rule. The rule, issued in June 2024, will require certain nonbank entities to register certain covered...more
The CFPB has issued a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z under the Truth in Lending Act (TILA) that implement the CARD Act, Home Ownership and Equity...more
In the wake of the Office of Administrative Law’s approval of its registration and reporting requirements for providers of income-based advances, private postsecondary education financing, debt settlement services, and...more
12/3/2024
/ 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 ,
Office of Administrative Law Judges (OALJ) ,
Proposed Regulation ,
Regulatory Agenda ,
Regulatory Requirements
Today’s podcast episode is a re-purposing of a webinar we recorded on November 12, 2024. Our special guests for that webinar were Colin Carr, Vice-President of Congressional affairs at the Consumer Bankers Association and Ian...more
ACA International, the association representing the accounts receivable industry, has filed suit against the CFPB, alleging that the bureau’s advisory opinion on medical debt was overtly political, issued in violation of the...more
11/25/2024
/ Administrative Procedure Act ,
Advisory Opinions ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Healthcare ,
Medical Debt
The percentage of unbanked households in the U.S. fell to its lowest level in 2023—4.2%–, the FDIC recently reported....more
Following lengthy litigation, the CFPB is attempting to close the books on its case against Townstone Financial alleging discriminatory lending practices and redlining African American neighborhoods in Chicago....more
11/7/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Redlining ,
Settlement
The CFPB recently took action against VyStar Credit Union in connection with allegations that the credit union “botched” its rollout of a new online banking system....more