On August 7, the U.S. Court of Appeals for the Ninth Circuit reversed a district court’s dismissal of a putative class action alleging violations of the Washington Consumer Protection Act (WCPA) against a company offering a...more
On July 8, 2025, the U.S. Court of Appeals for the Eighth Circuit vacated the FTC’s “click-to-cancel” Negative Option Rule, holding that the FTC violated the FTC Act and the Administrative Procedure Act when it finalized the...more
On May 1, Pennsylvania Governor Josh Shapiro announced a new centralized consumer protection hotline, website, and email address, providing residents with streamlined access to state agencies for reporting scams, financial...more
On May 12, the CFPB formally withdrew nearly 70 guidance materials—including policy statements, advisory opinions, circulars, and interpretive rules—through a Federal Register notice issued by Acting Director Russell...more
5/16/2025
/ Advisory Opinions ,
Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Earned Wage Access ,
Federal Register ,
Financial Services Industry ,
Regulatory Authority ,
Regulatory Reform ,
Regulatory Requirements ,
UDAAP ,
Unfair or Deceptive Trade Practices
The CFPB recently dropped two more lawsuits it brought under the Chopra administration—one involving a student loan securitization trust and the other regarding a subprime auto finance company. Both lawsuits included...more
The Texas House and Senate introduced House Bill 700 and Senate Bill 2677 to regulate commercial sales-based financing transactions. The proposed legislation would impose standardized disclosure requirements, require broker...more
On April 9, the Federal Reserve Bank of Kansas City published a research briefing examining how video game platforms are reshaping the digital payments landscape. As in-game purchases and platform-based transactions grow in...more
4/21/2025
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Reserve ,
Financial Institutions ,
FinTech ,
Payment Systems ,
Regulatory Requirements ,
Risk Management ,
Technology Sector ,
Video Games
On March 28, the CFPB announced that it will not prioritize enforcement or supervision of the remaining provisions of its Payday, Vehicle Title, and Certain High-Cost Installment Loans Regulation, which were set to take...more
Utah and Arkansas have enacted new legislation governing earned wage access (EWA) services, establishing state-level registration obligations and consumer protection standards. Both laws clarify that EWA services are not...more
The CFPB has announced plans to withdraw its May 2024 interpretive rule that subjected buy-now, pay-later (BNPL) products to regulations applicable to credit cards under the Truth in Lending Act (TILA). The move was revealed...more
On December 23, 2024, the California Department of Financial Protection and Innovation (DFPI) announced a consent order with a lender to resolve its investigation into the company’s crypto-backed lending program, which the...more
3/3/2025
/ California ,
Consumer Financial Products ,
Consumer Lenders ,
Consumer Protection Laws ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Disclosure Requirements ,
Enforcement Actions ,
Loans ,
Settlement ,
State and Local Government
In an order issued in January and made public on February 24, a judge in the United States District Court for the Northern District of California granted class certification to consumers alleging a fintech lender’s loan...more
3/3/2025
/ California ,
Class Action ,
Consumer Financial Products ,
Consumer Protection Laws ,
Fees ,
Financial Services Industry ,
FinTech ,
Lenders ,
State and Local Government ,
State Attorneys General ,
Unfair or Deceptive Trade Practices
On February 23, the CFPB filed a joint stipulation in the United District Court for the Central District of California to dismiss its lawsuit against an online lending platform. The lawsuit, originally filed in May 2024,...more
On February 7, California Governor Gavin Newsom announced the appointment of Khalil “KC” Mohseni as the new Commissioner of the California Department of Financial Protection and Innovation (DFPI). Mohseni has been serving as...more
2/19/2025
/ California ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Financial Institutions ,
Governor Newsom ,
New Legislation ,
Regulatory Agenda ,
Regulatory Oversight ,
State and Local Government
On January 23, 2025 the New York Department of Financial Services (NYDFS) announced proposed regulations to curb overdraft fees and insufficient funds fees charged by banks in New York. The proposed rules aim to protect...more
2/3/2025
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Fees ,
Financial Institutions ,
New York ,
NYDFS ,
Overdraft Fees ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Requirements ,
Rulemaking Process ,
Unfair or Deceptive Trade Practices
On January 30, 2025, the CFPB issued an order against a remittance company for misleading consumers about fees and failing to provide accurate disclosures, harming consumers who relied on the company’s representations when...more
On January 10, 2025, the Maryland Office of Financial Regulation (OFR) issued guidance significantly expanding licensing requirements for assignees of residential mortgage loans in Maryland. The guidance stems from an April...more
On January 2, 2025, the Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule under the Electronic Fund Transfer Act (EFTA) and Regulation E to clarify how emerging payment systems, such as those used in...more
On January 17, 2024, the Consumer Financial Protection Bureau (CFPB) issued a report, consumer advisory, and filed an amicus brief addressing the risks associated with home equity contracts (HECs)—financial products often...more
1/20/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Protection Laws ,
Disclosure Requirements ,
Enforcement Actions ,
Home Equity ,
Mortgages ,
Regulation Z ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
During the week of January 6, the CFPB released a “second” Winter 2024 Supervisory Highlights, focused on the agency’s most recent findings in deposits, small dollar lending, buy now, pay later (BNPL), paycheck advance...more
On January 6, 2025, the CFPB filed a lawsuit against a non-bank manufactured home financing company for violations of the Truth in Lending Act and Regulation Z. The lawsuit alleges that the mortgage lender engaged in...more
On December 16, the CFPB released a special edition of its Supervisory Highlights, which detailed findings from the Bureau’s recent examinations of student loan markets. The report identifies a range of violations related to...more
12/24/2024
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Federal Student Loans ,
Financial Institutions ,
Financial Services Industry ,
Lenders ,
Loans ,
New Guidance ,
Regulation E ,
Rulemaking Process ,
Student Loan Servicers Regulation ,
Student Loans
On November 21, the CFPB announced the arrival of its finalized larger participant rule (the “Rule”) regulating nonbank companies offering digital funds transfer and payment wallet applications to consumers....more
On November 1, a debt collection trade group filed a complaint in federal court challenging an October 1 CFPB advisory opinion that warned debt collectors against seeking payment on unverified or potentially inflated medical...more
On October 7, the CFPB announced the release of a special edition of its Supervisory Highlights, focused on the agency’s most recent findings in auto financing. The CFPB’s Supervisory Highlights cover select examinations...more