Massachusetts Attorney General Andrea Joy Campbell has reached a $2.5 million settlement with Earnest Operations LLC, a Delaware-based student loan company....more
7/21/2025
/ Algorithms ,
Artificial Intelligence ,
Bias ,
Discriminatory Lending Practices ,
Disparate Impact ,
Enforcement Actions ,
Fair Lending ,
Financial Services Industry ,
Lenders ,
Machine Learning ,
Settlement ,
State Attorneys General ,
Student Loans ,
Unfair or Deceptive Trade Practices
Accusing the Trump Administration of “dismantling” the CFPB, New York City Comptroller Brad Lander is calling on city and state officials to fill the void by strengthening consumer protection laws and rules in the city and...more
6/26/2025
/ Comptroller ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Federal Funding ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lenders ,
New York ,
Pending Legislation ,
Proposed Legislation ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Oversight ,
State and Local Government ,
Trump Administration ,
Unfair or Deceptive Trade Practices
New York Attorney General Letitia James has sued payday lenders MoneyLion Inc. and DailyPay Inc. in New York state court, alleging that the two companies took advantage of tens of thousands of New Yorkers....more
4/29/2025
/ Consumer Lenders ,
Enforcement Actions ,
False Advertising ,
Financial Services Industry ,
FinTech ,
Interest Rates ,
Lenders ,
New York ,
Payday Loans ,
Regulatory Violations ,
State Attorneys General ,
Unfair or Deceptive Trade Practices ,
Usury ,
Wages
The podcast we are releasing today is part 1 of a re-purposed webinar we produced on March 25 titled “The Impact of the Election on the CFPB - Part 4.” As a result of the diminishing impact of the CFPB on enforcing the...more
4/24/2025
/ Artificial Intelligence ,
Banks ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Retail Banks ,
State Attorneys General ,
Unfair or Deceptive Trade Practices
Our podcast show being released today is part 2 of a repurposed interactive webinar that we presented on March 24 featuring two of the leading journalists who cover the CFPB - Jon Hill from Law360 and Evan Weinberger from...more
4/17/2025
/ Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
New Legislation ,
Proposed Legislation ,
Regulatory Reform ,
Trump Administration
At the request of both sides of the lawsuit, a federal judge has voided the CFPB’s credit card late fee rule....more
4/16/2025
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit and Credit Card Transactions ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Judicial Authority ,
Late Fees ,
Regulatory Reform ,
Settlement ,
Trump Administration
The Circuit Court of Appeals for the District of Columbia has issued an administrative stay for to a judge’s order blocking wholesale changes at the CFPB....more
4/9/2025
/ Administrative Agencies ,
Appeals ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Financial Services Industry ,
Government Agencies ,
Hiring & Firing ,
Judicial Authority ,
Preliminary Injunctions ,
Regulatory Oversight ,
Regulatory Reform ,
Stays ,
Trump Administration ,
Unions
The CFPB intends to revoke its Buy Now, Pay Later interpretive rule, according to a status report and joint motion to stay filed by the Bureau and the Financial Technology Association (FTA) in a case brought by the FTA...more
3/31/2025
/ Administrative Procedure Act ,
Biden Administration ,
Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Deregulation ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulation Z ,
Regulatory Requirements ,
Trump Administration ,
Truth in Lending Act (TILA)
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 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
Oregon may become the latest state attempting to stop out-of-state banks from “exporting” home-state interest rates on loans made to Oregon consumers. Like similar legislation adopted by Colorado in 2023, House Bill 2561...more
2/25/2025
/ Consumer Financial Products ,
Depository Institutions ,
DIDMCA ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Loans ,
Oregon ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
Usury
In this episode of the Consumer Finance Monitor Podcast, Ballard Spahr partners Mike Kilgarriff and Joseph Schuster break down the seismic shifts in consumer financial regulation following the dramatic changes at the CFPB....more
The CFPB rescinded an advisory opinion that had described how one particular type of “earned wage” product did not involve the offering or extension of “credit” as that term is defined in the Truth in Lending Act and...more
A federal judge has issued a temporary injunction against Superior Servicing and its operator Dennise Merdjanian, following FTC allegations that the company claimed to be affiliated with the Department of Education, collected...more
1/7/2025
/ Borrowers ,
Consumer Financial Products ,
Department of Education ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FTC Act ,
Lenders ,
Loan Forgiveness ,
Statutory Violations ,
Student Loans ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
The Justice Department is asking a federal court to issue a permanent injunction against cash advance firm Dave Inc. and its CEO Jason Wilk, alleging that the company uses misleading marketing tactics to deceive consumers...more
1/7/2025
/ Department of Justice (DOJ) ,
Deposit Advances ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Hidden Fees ,
Marketing ,
Misleading Impressions ,
Mobile Apps ,
Permanent Injunctions ,
Unfair or Deceptive Trade Practices
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
In today’s podcast episode, we are joined by Raj Date, who has served in a variety of roles at the Consumer Financial Protection Bureau, including as the acting head of the agency and as it’s first-ever Deputy Director. He...more
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 has taken action to permanently ban Student Loan Pro and its owner, Judith Noh, from offering consumer financial products or services....more
12/12/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Relief ,
Debt-Relief Industry ,
Enforcement Actions ,
Federal Bans ,
Fees ,
Financial Services Industry ,
Statutory Violations ,
Student Loans ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
The Attorney General for the District of Columbia has filed suit against ActiveHours Inc., doing business as EarnIn, alleging that the app-based lender deceptively marketed and provided illegal high-interest loans to more...more
A panel of the Fifth Circuit Court of Appeals has set March 30, 2025 as the effective date of the CFPB’s payday lending rule....more
A federal court has ordered Harris Jewelry to reopen its claims process and to again notify consumers that they may submit their claims for refunds from the jewelry company....more
11/22/2024
/ Consumer Complaint System ,
Consumer Financial Products ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Financing ,
Jewelry ,
Military Lending Act ,
Military Service Members ,
Popular ,
Refunds ,
Settlement Agreements
The Fifth Circuit Court of Appeals has denied a request by the Community Financial Services Association of America (CFSA) to hold a rehearing en banc on the group’s challenge of the CFPB’s payday loan rule....more
11/19/2024
/ Administrative Procedure Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
En Banc Review ,
Federal Funding ,
Financial Services Industry ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Regulatory Authority ,
Separation of Powers ,
UDAAP
Today’s podcast, which repurposes a recent webinar, is the first in a two-part examination of the CFPB’s use of an interpretive rule, rather than a legislative rule, to expand regulatory requirements for buy-now, pay-later...more
The CFPB is in the process of completing its final rule intended to ban the inclusion of medical debts in credit reports, bureau Director Rohit Chopra said at a White House session intended to focus on practices in the...more
10/9/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Reporting Agencies ,
Credit Reports ,
Creditors ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Healthcare ,
Medical Debt