The CFPB has opened a new Office of Competition and Innovation. The move comes "as part of a new approach to help spur innovation in financial services by promoting competition and identifying stumbling blocks for new market...more
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 Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin regarding potentially illegal practices related to consumer reviews. The bulletin seeks to promote reviews about financial products and services...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
The CFPB is now accepting petitions for agency action submitted directly by members of the American public, according to a press release and a new portal that was opened on February 16, 2022. In support of this change, the...more
Does Ownership and Management Structure Matter?
Fiduciary Relationships - Special confidence placed in one who in equity and good conscience is bound to act in good faith and in due regard to the one reposing confidence....more
2/20/2022
/ Consumer Credit Protection ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Officers ,
Corporate Veil ,
Directors ,
Federal Trade Commission (FTC) ,
Fiduciary Duty ,
FTC Act ,
Personal Liability ,
Piercing the Corporate Veil ,
Risk Management ,
Section 5
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
On January 10, 2022, the Consumer Financial Protection Bureau (CFPB) filed a complaint in federal district court against three affiliated debt-buying businesses and the individuals who founded and operated them for "knowingly...more
Buy-Now-Pay-Later (BNPL) products are taking center stage as a popular way for consumers to purchase goods or services now and pay for them over time through a short series of installments, often interest-free. Industry...more
1/28/2022
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
FinTech ,
Military Lending Act ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Requirements ,
Retailers ,
Truth in Lending Act (TILA) ,
UDAAP