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CFPB Warns Financial Institutions That Unilaterally Reopening Customer Accounts May Risk Violating UDAAP

If a financial institution unilaterally reopens a closed deposit account to process a transaction, does that constitute an unfair act or practice under the Consumer Financial Protection Act (CFPA)? According to the Consumer...more

New CFPB Rule Proposed for Property Assessed Clean Energy (PACE) Loans

On May 1, 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans....more

Financial Services Industry Groups Oppose CFPB’s Proposed “Fine Print” Registry

Financial services industry groups are staunchly opposing a proposal by the Consumer Financial Protection Bureau (CFPB or Bureau) to require supervised nonbank entities to provide information about their use of certain terms...more

Second Circuit Upholds CFPB’s Funding Structure

Yesterday, a three-judge panel of the Second Circuit Court of Appeals issued a unanimous opinion declining to follow the Fifth Circuit’s decision in Community Financial Services Association of America, Ltd. v. Consumer...more

Federal Magistrate Judge Orders CFPB to Produce Employees for Depositions in Citizens Bank Lawsuit

A federal magistrate judge in Rhode Island has ruled that the Consumer Financial Protection Bureau (CFPB or Bureau) must produce three employees for depositions, denying the agency’s motion for a protective order....more

Banking Groups Warn CFPB of Adverse Impact on Small Banks of Proposed Elimination of Late Fee Safe Harbor, Request SBREFA Panel

Bankers are opposing any effort by the Consumer Financial Protection Bureau (CFPB or Bureau) to reduce or eliminate the late fee safe harbor, citing a potentially significant adverse impact on community banks and credit...more

CFPB Seeks Further Input on Shifting P2P Fraud Liability to Banks

In an October 27 letter, the American Bankers Association (ABA) expressed concern regarding a proposal currently being considered by the Consumer Financial Protection Bureau (CFPB) that would shift liability from consumers to...more

Wire Fraud Scams: What You Need to Know - The Consumer Finance Podcast [Audio]

Please join Consumer Financial Services Partner Chris Willis and his colleagues and fellow Partners Mary Zinsner and Susan Flint as they discuss the current landscape of wire fraud scams in the financial services industry....more

Bank CEOs Testify Before Congressional Committees on Financial Services

On September 21 and 22, chief executives from the nation’s seven largest banks faced questioning before Congress, marking the third time senior bank officers have testified before Congress in the last three years. Senators...more

Banking Groups Challenge CFPB’s RFI on Customer Service

Banking trade groups are challenging a request for information (RFI) issued by the Consumer Financial Protection Bureau (CFPB) regarding customer service at large financial institutions. In a joint letter dated August 22, the...more

Citing Uptick in Complaints, CFPB Will Push Banks to Refund More Victims of Money Transfer Scams

As peer-to-peer money transfer services (or cash apps) become more popular, there has been an increase in the number of scams enticing consumers to transfer funds to fraudsters. The law currently provides that the banks that...more

2020 Consumer Financial Services Year in Review & A Look Ahead

2020 was a transformative year for the consumer financial services world. As we navigate an unprecedented volume of industry regulation, Troutman Pepper is uniquely positioned to help its clients find successful resolutions...more

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