As has been well-documented, the Consumer Financial Protection Bureau (CFPB or Bureau) is navigating a period of significant uncertainty. Just last week, the U.S. Court of Appeals for the District of Columbia vacated a...more
8/22/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
ECOA ,
Financial Services Industry ,
Hiring & Firing ,
Layoffs ,
Mortgage Loan Originators ,
Mortgages ,
Open Banking ,
Payday Lending Rule ,
Regulatory Agenda ,
Rulemaking Process ,
Small Business ,
UDAAP
On July 16, the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) (collectively, the federal banking agencies) jointly published a proposed rule...more
7/18/2025
/ Banks ,
Comment Period ,
Community Reinvestment Act ,
Consumer Financial Products ,
CRA ,
Equal Access to Credit ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lenders ,
Loans ,
Low-Income Issues ,
OCC ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Requirements
Today, the Consumer Financial Protection Bureau (CFPB or Bureau) published a policy statement in the Federal Register outlining its approach to addressing criminally liable regulatory offenses. This publication comes in...more
6/27/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Criminal Prosecution ,
Department of Justice (DOJ) ,
Deregulation ,
Enforcement Actions ,
Enforcement Priorities ,
Executive Orders ,
Financial Crimes ,
Financial Regulatory Reform ,
Penalties ,
Regulatory Agenda ,
Regulatory Reform ,
Reporting Requirements ,
Trump Administration ,
White Collar Crimes
On March 13, New York State introduced proposed legislation titled the Fostering Affordability and Integrity Through Reasonable Business Practices Act (FAIR Act). The proposed legislation seeks to broaden the scope of...more
6/17/2025
/ Abusive Acts ,
Affirmative Defenses ,
Article III ,
Debt Collection ,
Financial Services Industry ,
General-Business ,
Lenders ,
Mortgages ,
New York ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
Standing ,
Student Loans ,
Unfair or Deceptive Trade Practices
Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) submitted several regulatory proposals to the Office of Management and Budget (OMB) for review. Among the rules under consideration are those related to...more
6/10/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
OMB ,
Proposed Rules ,
Regulation X ,
Regulation Z ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Reform
On May 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a proposed rule to rescind amendments to its Procedures for Supervisory Designation Proceedings, originally adopted in 2022 and 2024. This...more
5/19/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Financial Regulatory Reform ,
Non-Bank Lenders ,
Proposed Amendments ,
Proposed Rules ,
Public Comment ,
Regulatory Agenda ,
Regulatory Oversight ,
Rescission ,
Risk Management ,
Supervision
On May 1, the U.S. Court of Appeals for the Fifth Circuit dismissed the Consumer Financial Protection Bureau’s (CFPB or Bureau) appeal concerning the vacated amendments to its Unfair, Deceptive, or Abusive Acts and Practices...more
5/7/2025
/ Appeals ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discrimination ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Agenda ,
Regulatory Reform ,
UDAAP ,
Unfair or Deceptive Trade Practices
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
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 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
This week, President Trump designated National Credit Union Administration (NCUA) Vice Chairman Kyle Hauptman as the thirteenth Chairman of the NCUA Board. Hauptman succeeds Todd Harper as NCUA Chairman. In the press release...more
1/27/2025
/ Administrative Appointments ,
Artificial Intelligence ,
Bank Secrecy Act ,
Climate Change ,
Credit Unions ,
Financial Regulatory Reform ,
Financial Services Industry ,
NCUA ,
Regulatory Agencies ,
Regulatory Agenda ,
Risk Management ,
Trump Administration
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
On August 27, U.S. Senator Mike Rounds (R-SD) introduced the “Unleashing AI Innovation in Financial Services Act” (S. 4951), a bill aimed at fostering artificial intelligence (AI) innovation within the financial services...more
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
The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its semi-annual regulatory agenda, outlining its planned rulemaking initiatives. The CFPB releases regulatory agendas twice a year in voluntary...more
7/22/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Delinquent Borrowers ,
Fair Credit Reporting Act (FCRA) ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loss Mitigation ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Mortgages ,
Nonbank Firms ,
Proposed Rules ,
Regulation AA ,
Regulation X ,
Regulatory Agenda ,
Regulatory Requirements ,
Reporting Requirements ,
Rulemaking Process
Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a brief in the U.S. District Court for the Northern District of Texas in support of its motion to dissolve the preliminary injunction that has stayed...more
7/22/2024
/ Article III ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Dismiss ,
Motion to Dissolve ,
Motion to Transfer ,
Preliminary Injunctions ,
Proposed Rules ,
Regulatory Agenda ,
Standing
On June 18, the Fifth Circuit Court of Appeals granted the plaintiffs’ petition for a writ of mandamus, effectively halting the transfer of the lawsuit challenging the Consumer Financial Protection Bureau’s (CFPB or Bureau)...more
6/20/2024
/ Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Federal Funding ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Jurisdiction ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda ,
Stays ,
Writ of Mandamus
On March 29, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Consumer Response Annual Report, providing a high-level overview of the 1,657,600 consumer complaints received by the Bureau from January 1...more
4/5/2024
/ Annual Reports ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Reporting Agencies ,
Credit Cards ,
Debt Collection ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Fraud ,
Mortgages ,
Regulatory Agenda ,
Student Loans
Late last month, the Revenue Based Finance Coalition (RBFC), a trade group of sales-based financing providers, filed a complaint in the U.S. District Court for the Southern District of Florida challenging the Consumer...more
1/18/2024
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agenda ,
Reporting Requirements ,
Section 1071
As discussed here, this summer, Representative Roger Williams (R-Texas) and Senator John Kennedy (R-La.) introduced identical Congressional Review Act (CRA) resolutions in the U.S. House and Senate (H.J. Res. 66 and S. J....more
12/5/2023
/ Biden Administration ,
Congressional Review Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Consumer Protection Act ,
Data Collection ,
Dodd-Frank ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Presidential Veto ,
Regulatory Agenda ,
Reporting Requirements ,
SCOTUS ,
Section 1071 ,
Small Business
This summer, Representative Roger Williams (R-Texas) and Senator John Kennedy (R-La.) introduced identical Congressional Review Act (CRA) resolutions in the U.S. House and Senate (H.J. Res. 66 and S. J. Res. 32, respectively)...more
9/22/2023
/ Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
Data Collection ,
Dodd-Frank ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agenda ,
Reporting Requirements ,
Section 1071 ,
Small Business
With a roll-out led by Vice President Harris, the federal financial services regulators have released the long-awaited proposed automated valuation model (AVM) rule, referencing both home appraisal bias in mortgage lending...more
6/5/2023
/ Appraisal ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Fair Housing Act (FHA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Property Valuation ,
Proposed Rules ,
Regulatory Agenda ,
Secondary Markets