On January 8, the CFPB announced its intent to pursue rulemaking that would allow the agency to oversee nonbank personal loan lender. The announcement came in response to a petition filed in September 2022 by the Consumer...more
On November 1, the CFPB filed a proposed stipulated final order that would resolve the Bureau’s pending lawsuit in the Northern District of Illinois against a nonbank mortgage lender and broker for allegedly engaging in...more
On August 21, a group of trade organizations filed an amicus brief in support of a motion to dismiss filed by a subprime auto lender that is the target of a joint enforcement action brought by the CFPB and the New York State...more
On June 3, the CFPB issued its final rule codifying its “repeat offender registry.” The registry will require certain nonbank entities subject to agency or court orders issued in connection with the provision of a consumer...more
On April 8, the CFPB published its Spring 2024 Supervisory Highlights detailing key findings from the CFPB’s recent examinations into perceived accuracy problems in the credit reporting system. Notably the report focused...more
On March 27, the CFPB issued Circular 2024-02, which warns that remittance providers may be liable under the CFPA for certain deceptive marketing practices related to the speed or cost of sending a remittance transfer. Under...more
In December, the CFPB brought a series of three separate enforcement actions against several financial services companies alleging a range of violations of federal consumer protections laws....more
1/29/2024
/ Banking Sector ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Damages ,
Debt Collection ,
Department of Justice (DOJ) ,
EFTA ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Fair Housing Act (FHA) ,
FDCPA ,
Financial Services Industry ,
ILSFDA ,
Popular
On January 11, the CFPB issued two advisory opinions providing guidance to consumer reporting agencies (CRAs) on the Bureau’s views on FCRA compliance obligations with respect to background check reports and credit file...more
On October 26, the United States District Court for the Southern District of Texas issued a nationwide preliminary injunction barring the CFPB from moving forward with implementing or enforcing the recently finalized Small...more
In August, a New York federal district court denied a motion to dismiss a CFPB lawsuit against three affiliated companies engaged in the business of purchasing distressed consumer debt and several of the companies’ owners and...more
10/20/2023
/ Compliance ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
Distressed Debt ,
FDCPA ,
Financial Services Industry ,
Motion to Dismiss ,
New York ,
Third-Party
On September 21, the CFPB announced that it has initiated a rulemaking process under the Fair Credit Reporting Act (“FCRA”) that would remove medical bills from consumer credit reports. The CFPB also published an Outline...more
On August 22, the CFPB filed a lawsuit against an installment lending company and several of its subsidiaries in South Carolina federal court, alleging that the company engaged in illegal “loan-churning” practices that...more
On August 15, CFPB Director Rohit Chopra announced plans for new CFPB rules that would strictly limit the types of consumer data that can be sold by businesses and ensure that data brokers comply with the Fair Credit...more
8/21/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Credit Reporting Agencies ,
Cybersecurity ,
Data Protection ,
Department of Transportation (DOT) ,
Families First Coronavirus Response Act (FFCRA) ,
Federal Trade Commission (FTC) ,
New Rules ,
Social Security ,
USDA
On August 2, the CFPB filed a lawsuit in Georgia federal court against an auto-loan servicer alleging that the company engaged in various illegal practices that harmed consumers with auto loans. The auto-loan servicer offered...more
On July 26, the CFPB released its Summer 2023 Supervisory Highlights reporting unfair, deceptive, and abusive acts or practices (UDAAPs) across a number of consumer financial products, including auto origination, auto...more
In June, the Nevada governor signed SB 290 into law, making Nevada the first state to enact legislation creating a comprehensive statutory framework that specifically defines and regulates the provision of earned wage access...more
On July 19, the CPFB filed a complaint against a lease-to-own finance company, alleging that the company has offered and provided millions of “lease-purchase” and “rental-purchase” financing agreements in ways that have...more
7/20/2023
/ Advertising ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
False Advertising ,
Financial Services Industry ,
Misleading Statements ,
Misrepresentation ,
UDAAP ,
Unfair or Deceptive Trade Practices
On June 1, the CFPB published an issue spotlight and a consumer advisory detailing the risks associated with storing funds on digital payment apps, particularly in the event of a platform’s financial distress. Specifically,...more
On May 5, the CFPB announced that it has sent payments totaling more than $22 million to approximately 6,500 individuals who were harmed by a Maryland-based debt-relief and credit-repair company that marketed and sold...more
On April 26, an association of Texas state banking organizations and a Texas minority depository institution filed a joint complaint against the CFPB in Texas federal court seeking to invalidate a recently finalized agency...more
5/5/2023
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Depository Institutions ,
Enforcement ,
Fair Lending ,
Lenders ,
LGBTQ ,
Minorities ,
Reporting Requirements ,
Small Business Loans ,
Women-Owned Businesses
On April 25, the CFPB, FTC, EEOC, and Civil Rights Division of the DOJ issued a joint statement outlining the agencies’ collective commitment to monitor the development and use of automated systems and artificial intelligence...more
On April 14, the CFPB filed a statement of interest in a case currently pending before the United States District Court for the Southern District of Florida in an attempt “to help protect consumers from discriminatory...more
On April 4, CFPB Director Rohit Chopra delivered remarks at the International Association of Privacy Professionals’ Global Policy Summit on the importance of reigning in repeat violators of consumer finance and privacy laws....more
On April 3, the CFPB issued a policy statement explaining the legal prohibition on “abusive” conduct in consumer financial markets provided in the Consumer Financial Protection Act (CFPA) and provided a summary past...more
On February 28, 2023, the FTC and the CFPB issued a joint request for information (“RFI”) seeking public comment on background checks used to screen potential tenants for rental housing...more
3/27/2023
/ Background Checks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Federal Trade Commission (FTC) ,
FHFA ,
Landlords ,
Property Management Companies ,
Public Comment ,
Reporting Requirements ,
Request For Information ,
Tenants ,
Urban Planning & Development