On January 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued two new advisory opinions: Fair Credit Reporting; Background Screening and Fair Credit Reporting; File Disclosure. The advisory opinions are part of...more
1/17/2024
/ Background Screening Services ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Reporting Agencies ,
Credit Reports ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Housing Market ,
Landlords ,
Rental Property ,
Tenants
House Bill 1874 (H.B. 1874), denominated the “predatory loan prevention act”, was pre-filed for introduction in the Washington state legislature December 5, 2023, and referred to the House Committee on Consumer Protection and...more
1/10/2024
/ Consumer Financial Products ,
Consumer Loan Companies ,
Financial Regulatory Reform ,
Financial Services Industry ,
Legislative Agendas ,
Loans ,
Predatory Lending ,
Proposed Legislation ,
Regulatory Agenda ,
State and Local Government ,
Washington
Revenue Based Finance Coalition (RBFC), a trade group whose members include non-banks that provide sales-based financing to businesses, filed a lawsuit last week against the CFPB in a Florida federal district court...more
1/5/2024
/ CFPB v Community Financial Services Association of America ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulation B ,
Section 1071 ,
Small Business ,
Small Business Loans
The CFPB recently filed two amicus briefs, one in a First Circuit case involving the Fair Debt Collection Practices Act (FDCPA) and the other, which was filed jointly with the Federal Trade Commission, in a Fourth Circuit...more
1/5/2024
/ Amicus Briefs ,
Bankruptcy Code ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Debt ,
Debt Collectors ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry
Last week, the CFPB released its twelfth annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act....more
12/27/2023
/ Annual Reports ,
CARD Act ,
Card Issuers ,
Colleges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Department of Education ,
Financial Regulatory Reform ,
Financial Services Industry ,
Students
District of Columbia Council Bill B 25-0609, which would opt out of Section 27 of the Federal Deposit Insurance Act (“FDIA”) with respect to loans made in the District of Columbia, was introduced in the District of Columbia...more
12/27/2023
/ Consumer Financial Products ,
DIDMCA ,
FDIA ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Legislative Agendas ,
Loans ,
National Bank Act ,
Opt-Outs ,
Proposed Legislation ,
Regulatory Agenda ,
True Lender
As we await the CFPB’s proposed overdraft and nonsufficient funds (NSF) fee rule, the CFPB issued another report, Overdraft and Nonsufficient Fund Fees: Insights from the Making Ends Meet Survey and Consumer Credit Panel. It...more
The FTC has extended by 30 days the deadline for submitting comments on its proposed “Rule on Unfair or Deceptive Fees” targeting what the FTC refers to as “junk fees.” The new comment deadline is February 7, 2024....more
Democratic Senator Sherrod Brown, who chairs the Senate Banking Committee, and Democratic committee members Raphael Warnock and John Fetterman, have sent a letter to Director Chopra urging the CFPB to “continue focusing on”...more
The CFPB announced last week that it has entered into a consent order with Commonwealth Financial Systems, Inc. (Commonwealth), a third-party debt collection company that collects past-due medical debts and furnishes...more
12/20/2023
/ Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Credit Reports ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Regulatory Reform ,
Financial Services Industry ,
Medical Debt ,
Regulation V
On December 7, 2023, Atlantic Union Bank (the “Bank”) entered into a consent order with the Consumer Financial Protections Bureau (CFPB) related to its in-person and telephone overdraft opt-in sales practices during...more
12/11/2023
/ Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Disclosure Requirements ,
EFTA ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Late Fees ,
Opt-In ,
Overdraft Fees ,
Overdraft Rule ,
Popular ,
Proposed Rules ,
Regulation E ,
Rulemaking Process ,
SBREFA ,
Terms and Conditions ,
Unfair or Deceptive Trade Practices
The CFPB has released its Fall 2023 rulemaking agenda as part of the Fall 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions. The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates having...more
12/8/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Late Fees ,
Mortgage Servicing Rules ,
Overdraft Fees ,
Popular ,
Regulation DD ,
Regulation Z ,
Regulatory Agenda ,
Truth in Lending Act (TILA)
In September 2023, the CFPB announced that it was launching a Fair Credit Reporting Act rulemaking and issued an outline of the proposals it is considering in preparation for convening a Small Business Advisory Review Panel. ...more
12/5/2023
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Notice of Proposed Rulemaking (NOPR) ,
Proposed Rules ,
Rulemaking Process ,
SBREFA
Last week, the CFPB issued its Semi-Annual Report to Congress covering the period beginning October 1, 2022 and ending March 31, 2023. ...more
11/30/2023
/ Banks ,
Borrowers ,
CFPB Director ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Consumer Lenders ,
Credit Cards ,
Credit Unions ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Late Fees ,
Lenders ,
Proposed Rules ,
Section 1071 ,
Senate Committees
Earlier this month, the CFPB filed a notice with the Texas federal district court that it is appealing to the Fifth Circuit the district court’s order granting summary judgment to a group of trade associations in their...more
11/21/2023
/ Appeals ,
Banking Examinations ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Federal Funding ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
SCOTUS ,
Summary Judgment ,
Trade Associations ,
UDAAP
Florida SB 146, a bill that would add a “Predatory loan prevention” section to the Florida Consumer Finance Act has been introduced in the Florida Senate, seeking to curb bank-model lending programs and codify a “true lender”...more
11/16/2023
/ Consumer Financial Products ,
Consumer Protection Laws ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lenders ,
Lending Programs ,
Loans ,
Predatory Lending ,
Proposed Legislation ,
Regulatory Agenda ,
True Lender
The CFPB, Fed, and OCC have announced that they are increasing three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2024 through December 31, 2024, these exemption thresholds are...more
11/15/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Credit ,
Exemptions ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
Inflation Adjustments ,
Loans ,
Mortgages ,
OCC ,
Proposed Rules ,
Regulation M ,
Regulation Z ,
Threshold Requirements ,
Truth in Lending Act (TILA)
The CFPB has issued a proposed rule to supervise nonbank companies that qualify as larger participants in a market for “general-use digital consumer payment applications.” Comments on the proposal are due by January 8, 2024...more
11/9/2023
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Digital Assets ,
Digital Wallets ,
EFTs ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mobile Payments ,
Money Transfer ,
Nonbank Firms ,
Payment Systems ,
Proposed Rules ,
Regulation E ,
Small Business
As we previously blogged, the Board of Governors of the Federal Reserve (the “Board”) held an open meeting on October 25, 2023 to discuss the debit card interchange fee cap. The debit card interchange fee cap was part of the...more
10/31/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Information ,
Credit Cards ,
Debit and Credit Card Transactions ,
Debit Cards ,
Dodd-Frank ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interchange Fees
The Board of Governors of the Federal Reserve (FRB) is holding an open meeting on October 25, 2023 to discuss proposed revisions to the Board’s debit interchange fee cap contained in Regulation II, which implemented the...more
10/20/2023
/ Administrative Procedure Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit and Credit Card Transactions ,
Debit Cards ,
Durbin Amendment Rules ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FRB ,
Interchange Fees
The CFPB and FTC announced last week that they had entered into a settlement with Trans Union LLC (TU LLC) to resolve a lawsuit filed jointly in a Colorado federal district court by the agencies alleging that TU LLC and its...more
10/18/2023
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FTC Act ,
Screening Procedures ,
Settlement ,
Statutory Violations ,
TransUnion
The CFPB has released its Spring 2023 rulemaking agenda as part of the Spring 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions. The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates...more
6/15/2023
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Insufficient Funds ,
Overdraft Fees ,
Regulation Z ,
Rulemaking Process
Nearly two months after it was issued on February 1, the CFPB’s proposal to make significant changes to the Regulation Z rules for credit card late fees was published in today’s Federal Register. The changes include a...more
The FTC has issued five notices of proposed rulemaking seeking comments on changes to five rules that implement the Fair Credit Reporting Act. Comments will be due no later than 75 days after the date the NPRMs are published...more
9/1/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Regulatory Reform ,
Motor Vehicles ,
NPRM ,
Policies and Procedures ,
Proposed Amendments ,
Rulemaking Process
The CFPB has issued a new request for information about the credit card market that seeks comment on two related, but separate, reviews. One review is a review of CARD Act rules pursuant to Section 610 of the Regulatory...more
8/28/2020
/ CARD Act ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Federal Reserve ,
Financial Regulatory Reform ,
Financial Services Industry ,
FTC Act ,
Regulation AA ,
Regulation Z ,
Regulatory Flexibility Act ,
Request For Information ,
Unfair or Deceptive Trade Practices