On March 28, the Consumer Financial Protection Bureau (CFPB or Bureau) was ordered by the U.S. District Court for the District of Columbia to reinstate its employees and resume its operations. This decision comes after the...more
4/1/2025
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Employees ,
Employment Policies ,
Government Agencies ,
Hiring & Firing ,
Preliminary Injunctions ,
Regulatory Agencies ,
Regulatory Requirements ,
Stop Work Orders ,
Trump Administration ,
Unions
In a surprising turn of events, the Consumer Financial Protection Bureau (CFPB or Bureau) and Townstone Financial, Inc. (Townstone) have jointly moved to vacate the Stipulated Final Judgment and Order previously entered in...more
3/28/2025
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
First Amendment ,
Redlining ,
Regulatory Reform ,
Settlement Agreements ,
Stipulated Judgment ,
Trump Administration ,
Vacated
As discussed here, on February 9, the National Treasury Employees Union (NTEU), which includes members employed by the Consumer Financial Protection Bureau (CFPB or Bureau), filed a lawsuit in the District Court for the...more
We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more
2/17/2025
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Regulatory Agenda ,
Regulatory Requirements ,
TCPA ,
UDAAP ,
Uniform Commercial Code (UCC)
On February 11, President Donald Trump nominated Jonathan McKernan to be the new Director of the Consumer Financial Protection Bureau (CFPB or Bureau). If confirmed by the Senate, McKernan will replace Acting CFPB Director...more
2/13/2025
/ Administrative Appointments ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Nominations ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Reform ,
Trump Administration
On Friday, the U.S. Court of Appeals for the Fifth Circuit ordered the tolling of compliance deadlines for the Consumer Financial Protection Bureau’s (CFPB or Bureau) Small Business Lending Data Collection final rule under...more
In a dramatic series of events, the Consumer Financial Protection Bureau (CFPB or Bureau) has undergone leadership changes, signaling a significant shift in its regulatory approach. These changes began with the firing of...more
2/11/2025
/ Administrative Appointments ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Reform ,
Trump Administration
In this third episode of the Year in Review series of The Consumer Finance Podcast, host Chris Willis is joined by Lori Sommerfield, a partner in Troutman Pepper Locke’s Consumer Financial Services Practice Group, to discuss...more
2/6/2025
/ Artificial Intelligence ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
Fair Lending ,
Financial Regulatory Reform ,
Redlining ,
Section 1071 ,
Trump Administration ,
UDAAP
Hours before a scheduled hearing yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed an “Emergency Notice” in the U.S. Court of Appeals for the Fifth Circuit with respect to the ongoing litigation...more
2/4/2025
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
Enforcement Actions ,
Final Rules ,
Financial Services Industry ,
Lending ,
Regulatory Requirements ,
Rulemaking Process ,
Section 1071 ,
Small Business ,
Small Business Loans ,
UDAAP
In a significant and highly anticipated move, President Donald Trump has fired Rohit Chopra, the Director of the Consumer Financial Protection Bureau (CFPB or Bureau). Rohit Chopra, who had been serving as the Director of the...more
Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its latest Supervisory Highlights report, focusing on the use of advanced technologies in credit scoring models. ...more
1/22/2025
/ Artificial Intelligence ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Scores ,
Data Privacy ,
Data Protection ,
Discriminatory Lending Practices ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Machine Learning ,
Regulatory Requirements ,
Risk Management
On January 15, the Consumer Financial Protection Bureau (CFPB or Bureau) released a blog post highlighting the growing efforts by financial institutions to serve consumers with limited English proficiency (LEP). However,...more
This week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its semiannual regulatory agenda, outlining its planned rulemaking initiatives. This agenda includes a mix of rules in the pre-rulemaking, proposed...more
12/19/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
EFTA ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Overdraft Fees ,
PACE ,
Payment Processors ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process
Join host Chris Willis and guests Lori Sommerfield and Joseph Reilly in this episode of The Consumer Finance Podcast as they delve into the CFPB's recent study on differential treatment in small business lending. Discover the...more
On December 12, the Consumer Financial Protection Bureau (CFPB or Bureau) announced the finalization of its rule addressing overdraft fees. The rule targets financial institutions with more than $10 billion in assets,...more
Earlier this week, the Board of Governors of the Federal Reserve System (FRB), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Financial Crimes Enforcement Network (FinCEN), National...more
12/6/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Corporate Governance ,
ECOA ,
Elder Abuse ,
Elder Issues ,
Exploitation ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Fraud and Abuse ,
FRB ,
Joint Statements ,
NCUA ,
OCC ,
Suspicious Activity Reports (SARs) ,
Unfair or Deceptive Trade Practices ,
Vulnerable Victims
On November 13, the Consumer Financial Protection Bureau (CFPB or Bureau) released a pilot study titled “Matched-Pair Testing in Small Business Lending Markets” highlighting what the CFPB believes were two statistically...more
11/15/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Disparate Impact ,
Disparate Treatment ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Race Discrimination ,
Section 1071 ,
Small Business ,
Small Business Loans
In a significant development, the Consumer Financial Protection Bureau (CFPB or Bureau) has finally reached a settlement with Townstone Financial, Inc. (Townstone) in the first redlining case brought against a nonbank...more
11/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Loan Applications ,
Mortgage Lenders ,
Race Discrimination ,
Redlining ,
Settlement
On October 31, the U.S. Court of Appeals for the Fifth Circuit Court of Appeals granted the appellants’ motion to expedite the appeal in Texas Bankers Association v. Consumer Financial Protection Bureau (CFPB). The suit...more
On October 15, the Consumer Financial Protection Bureau (CFPB or Bureau) and the Department of Justice (DOJ) announced that they reached a settlement with Fairway Independent Mortgage Corporation (Fairway). This settlement...more
10/18/2024
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Loan Applications ,
Mortgage Lenders ,
Race Discrimination ,
Redlining ,
Settlement
On September 17, the Consumer Financial Protection Bureau (CFPB or Bureau) published Circular 2024-05 (Circular) addressing whether a financial institution violates the Electronic Fund Transfer Act (EFTA) and Regulation E by...more
9/19/2024
/ ATMs ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Electronic Fund Transfer Act ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Opt-In ,
Overdraft Fees ,
Overdraft Rule ,
Popular ,
Regulation E
Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) announced it had entered into a consent order with NewDay USA, a Florida-based non-bank direct mortgage lender, over allegations that the lender misled...more
9/3/2024
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Delinquent Borrowers ,
Department of Veterans Affairs ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Refinancing ,
Veterans
Monday, the U.S. District Court for the Southern District of Texas granted the Consumer Financial Protection Bureau’s (CFPB or Bureau) motion for summary judgment on all Administrative Procedure Act (APA) challenges brought...more
8/28/2024
/ Administrative Procedure Act ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Data Collection ,
Dodd-Frank ,
Federal Funding ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interim Final Rules (IFR) ,
Lenders ,
Preliminary Injunctions ,
SBA Lending Programs ,
Section 1071 ,
Small Business
Last week, the Biden-Harris Administration launched a comprehensive initiative aimed at addressing what it describes as everyday hassles that waste Americans’ time and money. This new government-wide effort, called “Time Is...more
8/19/2024
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
FCC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Jurisdiction ,
Membership Agreements ,
Proposed Rules ,
Regulatory Agenda ,
Subscription Services ,
Telecommunications
This week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued Circular 2024-04 warning financial institutions about the potential illegality of nondisclosure agreements (NDAs) that could deter whistleblowing....more
7/26/2024
/ CFTC ,
Confidentiality Agreements ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Non-Disclosure Agreement ,
Securities and Exchange Commission (SEC)