Recently, we presented on Compliance as a Competitive Advantage at Compliance University by Online Lenders Alliance. We shared a perspective we've developed over 20 years of working with financial services companies: that...more
7/30/2025
/ Advertising ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Enforcement ,
Financial Regulatory Agencies ,
Financial Services Industry ,
FinTech ,
Lenders ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Reform ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management
Earned Wage Access (EWA) lets employees access wages they've already earned, but haven't yet been paid, typically through an app or digital service. For workers, this can mean avoiding payday loans or overdraft fees....more
6/16/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Disclosure Requirements ,
Earned Wage Access ,
Fees ,
FinTech ,
Lenders ,
New Legislation ,
Payday Loans ,
Regulatory Requirements ,
Wages
The Consumer Financial Protection Bureau (CFPB) is taking a red pen to its own playbook. In a sweeping move that signals a recalibration of its regulatory posture, the CFPB has announced the withdrawal of 67 guidance...more
5/15/2025
/ Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Guidance Documents ,
Negative Option Rule ,
Regulatory Reform ,
Truth in Lending Act (TILA) ,
UDAAP
The CFPB confirmed in a recent memo to staff that it is shifting its tone on supervision and enforcement—even as reports circulate about significant staffing cuts and potential structural changes at the agency. ...more
4/23/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Corporate Counsel ,
Debt Collection ,
EFTA ,
Enforcement Priorities ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Institutions ,
Mortgage Lenders ,
Mortgages ,
Regulatory Oversight ,
Regulatory Reform ,
State Attorneys General ,
Supervision ,
Truth in Lending Act (TILA)
On April 11, 2025, the Consumer Financial Protection Bureau (CFPB) announced that it will not prioritize enforcement or supervisory actions against nonbank entities that miss upcoming registration deadlines under its Nonbank...more
Financial services companies may feel relief from the aggressive federal oversight and regulation that defined the past decade. However, regulatory risk has not disappeared—it has shifted. ...more
3/13/2025
/ Consumer Contracts ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
EFTA ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Federal Trade Commission (FTC) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Popular ,
Risk Management ,
State Attorneys General ,
State Regulators ,
Truth in Lending Act (TILA) ,
UDAAP ,
Unfair or Deceptive Trade Practices
The Senate Banking Committee's hearing on Jonathan McKernan's nomination to lead the Consumer Financial Protection Bureau (CFPB) signals a potential shift in the agency's direction: McKernan, a Trump nominee, pledged to...more
With federal regulatory pressure easing, consumer financial services companies are well positioned to pursue growth with fewer potential roadblocks. ...more
The landscape of consumer financial services is shifting, driven by a broader deregulatory trend at the federal level. In this environment, companies must still address federal consumer financial law compliance and navigate a...more
3/4/2025
/ Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Privacy ,
Debt Collection ,
Deregulation ,
Fair Credit Reporting Act (FCRA) ,
State and Local Government ,
State Attorneys General ,
Truth in Lending Act (TILA) ,
UDAAP ,
Unfair or Deceptive Trade Practices
As we move into 2025, anticipation in the financial services industry continues to build for a revitalized mergers and acquisitions (M&A) market. ...more
As political tides shift, so too does the regulatory outlook for consumer financial services. Among the key documents that could shape the direction of U.S. financial regulation is a January 2021 report by the CFPB Taskforce...more
On the eve of a change in administration, the Biden/Chopra CFPB released a "Compendium of Recent CFPB Guidance," a sweeping collection of interpretations of federal consumer financial laws under the current leadership...more
1/23/2025
/ Advertising ,
Artificial Intelligence ,
Biden Administration ,
Chevron Deference ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Data Security ,
Debt Collection ,
Enforcement Actions ,
Loper Bright Enterprises v Raimondo ,
Regulatory Agenda ,
Regulatory Reform ,
Unfair or Deceptive Trade Practices
The Consumer Financial Protection Bureau (CFPB) has proposed an interpretive rule aimed at addressing what it views as ambiguities in the application of the Electronic Fund Transfer Act (EFTA) and its implementing Regulation...more
1/23/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Digital Assets ,
Digital Platforms ,
EFTA ,
Financial Services Industry ,
FinTech ,
Online Gaming ,
Online Marketplace ,
Payment Systems ,
Proposed Rules ,
Regulation E
The Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) to gather insights on how companies offering financial products and services collect, use, and monetize consumer payment and personal...more
1/17/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data Collection ,
Data Privacy ,
Data Protection ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Monetization ,
Privacy Laws ,
Request For Information ,
Technology Sector
The Consumer Financial Protection Bureau (CFPB) issued a proposed rule under Regulation AA to address the use of restrictive and coercive clauses in consumer financial contracts. This proposal seeks to prohibit terms in...more
1/17/2025
/ Compliance ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Terms ,
Financial Services Industry ,
Proposed Rules ,
Regulation A ,
Regulatory Requirements ,
Restrictive Covenants ,
UDAAP ,
Unfair or Deceptive Trade Practices
On November 21, the Consumer Financial Protection Bureau (CFPB) finalized a rule to supervise nonbank companies that offer digital wallets and payment apps. The rule allows the CFPB to supervise and examine nonbank companies...more
The Consumer Financial Protection Bureau (CFPB) has finalized the much-anticipated Personal Financial Data Rights Rule, 12 CFR 1033, a sweeping regulation that will have profound implications for data providers in the...more
It may be a familiar role for legal and compliance teams to advise on and implement compliance decisions related to registrations, but that doesn't mean the upcoming deadlines for complying with the first-of-its-kind CFPB...more
On September 18, the CFPB issued a set of Frequently Asked Questions (FAQs) related to Buy Now, Pay Later (BNPL) products. These FAQs follow the CFPB's release of the 2024 BNPL Interpretive Rule (Interpretive Rule), which...more
The CFPB is expected to initiate a rulemaking process that would require companies under its jurisdiction to let customers talk to a human by pressing a single button.
The CFPB also has plans to issue rules or guidance...more
8/20/2024
/ Artificial Intelligence ,
Biden Administration ,
Bots ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Customer Service Calls ,
Customer Service Standard ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Proposed Rules ,
Rulemaking Process
In a move that's sure to make nonbank financial institutions even more uncomfortable, the Consumer Financial Protection Bureau (CFPB) has decided to shine a brighter light on those that have been alleged to violate consumer...more
6/11/2024
/ Compliance ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
EFTA ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
FTC Act ,
NMLS ,
Nonbank Firms ,
Registration Requirement ,
Section 5 ,
Truth in Lending Act (TILA) ,
UDAP
Until recently, the most popular topic of discussion in the financial services world has been the outcome of the Supreme Court case CFPB v. Community Financial Services Association of America, regarding the constitutionality...more
5/24/2024
/ Banking Examinations ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Data Privacy ,
Dodd-Frank ,
Enforcement Priorities ,
Fair Lending ,
Federal Funding ,
Financial Institutions ,
Financial Services Industry ,
Funding ,
SCOTUS ,
Transparency ,
UDAAP
If you’ve been focused on only the high-level statements from the CFPB, you might already expect Rohit Chopra to fashion himself and the agency as “pro-consumer.” Consistent with that approach, the agency just signaled its...more
The Consumer Financial Protection Bureau (CFPB) released a procedural rule updating its supervisory process for institutions seeking to appeal a compliance rating or an adverse finding. Although the appeals process remains...more
In the evolving world of lead generation and performance-based customer acquisition, the quest for profits can lead to big legal risks, some of them too large for advertisers that buy leads through third parties. Advertisers...more
2/23/2024
/ Advertising ,
Business & Professions Code ,
CAN-SPAM Act ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Formation ,
Do Not Call List ,
Endorsements ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Lead Generators ,
Marketing ,
Prior Express Consent ,
Risk Mitigation ,
TCPA ,
Testimonial Statements ,
Third-Party ,
Third-Party Service Provider ,
Unfair or Deceptive Trade Practices