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Busy Month for CFPB with Rules Rescinded and Guidance Withdrawn

Over the past month, the Consumer Financial Protection Bureau (CFPB) took a slew of actions with the apparent aim to decrease the CFPB’s regulatory authority. On May 14, 2025, the CFPB proposed rescinding the “NBR Rule”...more

2024 Year in Review: Cards, Payments, and Consumer Banking

We expect continued scrutiny by regulators on fees, including enforcement actions and rulemakings, with the caveat that the new administration could shift federal priorities away from this fee crackdown....more

Federal Court Grants TRO Against Debt Relief Company Targeting Spanish-Speaking Student Loan Borrowers

​​​​​​​On July 22, 2024, the Federal Trade Commission announced that the U.S. District Court for the Middle District of Florida had granted its motion for a temporary restraining order against a debt relief company that...more

FRB Fines Utah Prepaid Debit Card Company $44 Million for Unfair and Deceptive Practices

O​​​​​​​n July 19, 2024, the Federal Reserve Board announced it had fined a Utah-based company that offers prepaid debit cards $44 million for alleged unfair and deceptive practices as well as an alleged deficient consumer...more

2023 Year in Review: Credit, Debit, or Prepaid Cards and Consumer Banking

Welcome to the Credit, Debit, or Prepaid Cards and Consumer Banking chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - We expect continued focus by the CFPB on “junk”...more

CFPB and DOJ Sue Land Developer Over Allegations of Discriminatory Lending

​​​​​​​​On December 20, 2023, the CFPB announced that, along with the DOJ, it had filed suit against a Texas-based developer and lender for operating an allegedly illegal land sales scheme that targeted Hispanic borrowers....more

National Bank Enters into Consent Orders with CFPB and OCC, Fined $36 Million

​​​​​​​On December 19, 2023, the CFPB announced it had entered into a consent order with a national bank regarding its handling of consumers’ unemployment benefits accounts....more

Pursuant to Consent Order with CFPB, National Bank to Pay $25.9 Million for Alleged Discrimination Against Armenian Americans

​​​​​​​O​n November 8, 2023, the CFPB and a national bank entered into a consent order​ to resolve allegations that the bank engaged in intentional discrimination against Armenian Americans who had applied for credit cards...more

2022 Year In Review - Consumer Finance

2022 saw a flurry of regulatory activity by federal enforcement agencies — most notably, the Consumer Financial Protection Bureau (CFPB, or Bureau) — as the industry began to experience the full effects of the change in...more

U.S. Attorney's Office Settles False Claims Act Allegations with Paycheck Protection Program Lender

On September 13, 2022, the U.S. Attorney’s Office (USAO) for the Southern District of Texas announced ​that it had reached a settlement with a bank that served as a lender under the Paycheck Protection Program (PPP) to...more

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