2024 has been an eventful year for the CFPB. As we detailed in June, the CFPB survived its second constitutional challenge at the Supreme Court in CFSA v. CFPB, and “[n]ewly emboldened, the CFPB’s already robust policy agenda...more
11/8/2024
/ Congressional Review Act ,
Consumer Credit Protection ,
Consumer Financial Protection Bureau (CFPB) ,
Data Brokers ,
Dodd-Frank ,
Enforcement ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Federal Trade Commission (FTC) ,
Government Agencies ,
Late Fees ,
Medical Debt ,
Open Banking ,
Overdraft Fees ,
Popular ,
Small Business ,
Trump Administration ,
UDAAP
Here’s what you need to know:
1. The House Financial Services Committee formed a 12-member working group on Artificial Intelligence (AI). The group is tasked with exploring AI’s comprehensive impact on financial services so...more
On December 12, 2023, the Federal Trade Commission (FTC) announced it has finalized the Combating Auto Retail Scams Rule (CARS Rule), which imposes various obligations affecting dealers’ sales practices and will also impact...more
1/23/2024
/ Add-ons ,
Car Dealerships ,
CARS Rule ,
Dealers ,
Disclosure Requirements ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Lenders ,
Military Service Members ,
Misrepresentation ,
Recordkeeping Requirements ,
Scams
One of the primary challenges with working in U.S. financial services is keeping up with the ever-changing federal and state regulatory landscape. Juggling the day-to-day fire drills while staying atop of regulatory changes...more
1/4/2024
/ Annual Percentage Rate (APR) ,
Anti-Discrimination Policies ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Data Security ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
Late Fees ,
Loans ,
Regulatory Agenda ,
Small Business
Key Point: The Federal Trade Commission (FTC) has amended the Safeguards Rule to require non-banking financial institutions to inform the FTC within 30 days of discovering any unauthorized acquisition of unencrypted customer...more
10/31/2023
/ Amended Rules ,
Board of Governors ,
Breach Notification Rule ,
Cyber Incident Reporting ,
Data Breach ,
Data Security ,
Dodd-Frank ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
GLBA Privacy ,
Gramm-Leach-Blilely Act ,
Non-Public Information ,
NYDFS ,
OCC ,
Safeguards Rule ,
Securities and Exchange Commission (SEC)
Keypoint: As leadership at the CFPB shifts, responses to the CFPB’s Notice of Proposed Rulemaking to implement Section 1033 of the Dodd Frank Act looms.
More than a decade ago, the Dodd Frank Act created the Consumer...more