The Consumer Financial Protection Bureau (CFPB) has proposed a rule to define a market for general-use digital consumer payment applications. Larger participants in this market would be subject to CFPB supervision and...more
11/15/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Assets ,
Digital Wallets ,
Financial Services Industry ,
Merchants ,
Mobile Apps ,
Multi-Factor Test ,
Nonbank Firms ,
p2p ,
Proposed Rules
Large banks and credit unions must provide certain information to customers free of charge, such as account balances, transaction history, and fees, according to an advisory opinion issued by the Consumer Financial Protection...more
10/17/2023
/ Advisory Opinions ,
Banks ,
Biden Administration ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Excessive Fees ,
Federal Trade Commission (FTC) ,
Fees ,
Financial Services Industry ,
Hidden Fees ,
Supervisory Highlights
The Consumer Financial Protection Bureau (CFPB) is currently considering a rulemaking to address various consumer reporting topics under the Fair Credit Reporting Act (FCRA) and has released an Outline of Proposals and...more
9/28/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Credit Reports ,
Data Breach ,
Data Brokers ,
Data Collection ,
Data Security ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Marketing ,
Medical Debt ,
SBREFA ,
Small Business
The CFPB has issued a Circular addressing adverse action notification requirements and the proper use of the CFPB's sample forms provided in Regulation B when using artificial intelligence (AI) and complex credit models, and...more
9/25/2023
/ Adverse Action ,
Artificial Intelligence ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Financial Services Industry ,
Model Forms ,
Notice Requirements ,
Regulation B
Multiple government agencies are scrutinizing medical payment products. On July 7, 2023, the Consumer Financial Protection Bureau (CFPB), U.S. Department of Health and Human Services (HHS), and U.S. Department of Treasury...more
Colorado has passed a law that amends the Colorado Uniform Consumer Credit Code (UCCC) to extend state interest rate limits on certain consumer loans made by out-of-state state-chartered banks, which caps rates at a maximum...more
6/30/2023
/ Banks ,
Consumer Financial Products ,
Consumer Lenders ,
Financial Services Industry ,
Interest Rates ,
Loans ,
National Bank Act ,
New Legislation ,
Opt-Outs ,
Preemption ,
Standard Chartered Bank ,
State Charters
The CFPB's latest regulatory agenda signals that it is considering rules to define larger participants in markets for consumer payments, to be published in July 2023. This action, if implemented, would represent a sea change...more
6/20/2023
/ Automotive Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Reporting Agencies ,
Debt Collectors ,
Dodd-Frank ,
Financial Services Industry ,
Market Participants ,
Money Services Business ,
Nonbank Firms ,
Payment Systems ,
Regulatory Agenda ,
Supervision ,
Technology Sector
For financial technology and nonbank financial services providers, obtaining state licenses can be a critical step toward establishing credibility, expanding business opportunities, and ensuring compliance with regulatory...more
The Consumer Financial Protection Bureau (CFPB) issued a statement in collaboration with federal partners, including the Federal Trade Commission (FTC) and the Department of Justice (DOJ), emphasizing that advanced technology...more
The Consumer Financial Protection Bureau (CFPB) finalized a new Rule aimed at improving the transparency of and access to credit for small businesses on March 30, 2023. The Rule requires financial institutions to report data...more
On February 27, 2023, the Supreme Court granted the certiorari petition of the Consumer Financial Protection Bureau (CFPB) to hear a case that could cast doubt on all of the regulations that have been promulgated by the...more
The Consumer Financial Protection Bureau (CFPB) has moved to curb digital mortgage comparison-shopping platforms from receiving referral fees, issuing an advisory opinion that outlines how companies violate the Real Estate...more
2/10/2023
/ Advertising ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Digital Platforms ,
Financial Services Industry ,
Mobile Apps ,
Mortgages ,
NTIA ,
Online Platforms ,
Pay-To-Play ,
Referral Fees ,
RESPA
The Consumer Financial Protection Bureau (CFPB) has once again been found to be unconstitutionally structured. The ruling is a win for CFPB critics and calls into question most actions taken by the agency....more
Through a new interpretive rule announced this week, the Consumer Financial Protection Bureau (CFPB) has declared that digital marketing providers can be held liable under the Consumer Financial Protection Act (CFPA)...more
8/15/2022
/ Advertising ,
Banks ,
Behavioral Advertising ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Entities ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Internet Marketing ,
Marketing ,
Nonbank Firms ,
UDAAP ,
Unfair or Deceptive Trade Practices
Under many federal and state laws, the owner or operator of a consumer financial services provider is responsible for complying with numerous statutes and regulations. The failure to comply with legal requirements can lead to...more
The California Department of Financial Protection and Innovation (DFPI) recently issued an invitation for comments on a proposed second rulemaking to implement aspects of California's Debt Collection Licensing Act (DCLA)...more
Todays Discussion -
..CFPB and Regulator Leadership Set the Agenda.
..What is AI, Machine Learning, and Alternative Data?
..Key Areas of Regulatory Risk.
..Fair Lending.
..Marketing / Lead...more
Anti-discrimination law applies to companies with black-box credit models using complex algorithms, according to a circular issued by the Consumer Financial Protection Bureau (CFPB) on May 26, 2022. According to the CFPB, the...more
6/16/2022
/ Adverse Action ,
Algorithms ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
ECOA ,
Emerging Technologies ,
Fair Lending ,
Financial Services Industry ,
Machine Learning ,
UDAAP ,
Whistleblowers
The CFPB has begun issuing Consumer Financial Protection Circulars to the government agencies responsible for co-enforcing federal consumer financial law. The Circulars are policy statements that outline how the CFPB intends...more
The Consumer Finance Protection Bureau ("CFPB") announced that it will examine nonbank financial companies that pose risks to consumers, using statutory authority that until now had gone unused. Additional examinations would...more
CFPB Director Rohit Chopra has signaled that he is ready to take on corporate recidivism in the financial services industry. He gave the University of Pennsylvania Program on Regulation's 11th Annual Distinguished Lecture,...more
The CFPB intends to use its authority under the Consumer Financial Protection Act to identify, prohibit, and prosecute discrimination as a UDAAP - an "unfair" act or practice in any financial services category, whether it be...more
A federal district judge rejected states' challenge to the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) rules that the permissible interest rate for a loan is determined...more
The explosion in Buy-Now-Pay-Later (BNPL) has caught the eyes of lawmakers and regulators, who are taking a closer look at this booming industry.
BNPL payment offers allow consumers to purchase goods or services now and...more