On January 20, President Trump issued a memorandum instituting a regulatory freeze pending review. This action, a common practice for new administrations, directs federal agencies to halt any new rulemaking until agency heads...more
1/27/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Legislative Agendas ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Freeze ,
Rulemaking Process ,
Trump Administration
On January 3, 2025, the CFPB announced a reboot of its no-action letter and compliance assistance sandbox policy, aimed at promoting consumer-beneficial innovation in financial services. The new policies are designed to...more
As 2024 concludes, financial markets are witnessing significant shifts, particularly within the world of cryptocurrency. As crypto investors profit, many cash out from more volatile assets, such as Bitcoin, to safer options...more
1/6/2025
/ Cryptocurrency ,
Decentralized Finance (DeFi) ,
Digital Assets ,
Digital Currency ,
Financial Markets ,
Financial Services Industry ,
Investors ,
Stablecoins ,
Technology ,
Token Sales ,
Virtual Currency
On December 19, the U.S. Department of Treasury released a report summarizing key findings from its 2024 Request for Information (RFI) on the uses, opportunities, and risks of Artificial Intelligence (AI) in financial...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 31, the CFPB entered into a consent order with a Florida-chartered credit union for harming consumers in connection with the botched launch of a new online banking system, in violation of the Consumer Financial...more
On June 18, the CFPB settled enforcement actions against two mortgage servicers who serviced reverse mortgages on behalf of HUD, for their systemic failure to respond to consumer requests for assistance, resulting in...more
Illinois has become the first state to enact restrictions on credit and debit card interchange fees – commonly known as swipe fees – linked to taxes and gratuities. The Interchange Fee Prohibition Act (the “Act”), embedded as...more
On June 14, the CFPB published a press release announcing that its 2017 Payday, Vehicle Title and Certain High-Cost Installment Loans Rule (“Payday Lending Rule”) will go into effect on or about March 30, 2025. According to...more
Florida is one of several states that has enacted “de-banking” legislation that requires financial institutions to provide consumers with fair access to financial products and services. On May 3, Governor DeSantis signed into...more
On May 31, the CFPB filed suit in federal court in the Middle District of Pennsylvania against a Pennsylvania-based student loan servicer accusing it of illegally pursuing student loan debts discharged in bankruptcy and...more
On June 4, the CFPB issued a circular targeting the deceptive use of fine print in consumer financial contracts to include unlawful or unenforceable terms. In a press release issued the same day, the CFPB stressed that these...more
On May 22, the CFPB announced an interpretive rule confirming that Buy Now, Pay Later (BNPL) lenders qualify as credit card providers under the Truth in Lending Act, Regulation Z and are required to provide consumers legal...more
On May 20, the CFPB settled an enforcement action against a California-based telemarketing firm for practices related to student loan debt relief services. The Bureau has ordered the firm to permanently halt operations and...more
The CFPB is continuing its crusade against so called “junk fees,” and now is looking at credit reporting fees. In a May 20 speech to the Mortgage Bankers Association, Director Rohit Chopra highlighted the rising costs of...more
On May 6, 2024, the CFPB resolved an enforcement action against a group of Delaware student loan trusts and a loan servicer (found here and here) for their failures to adequately respond to borrowers’ requests for relief,...more
On April 24, the CFPB released its latest edition of Supervisory Highlights detailing the agency’s actions taken to combat “junk fees” it alleges are charged by mortgage servicers. This spotlight on fees in mortgage servicing...more
On April 17, the Kansas Legislature signed SB 345, to become the most recent state to enact disclosure requirements for small business lenders.
The law’s requirements apply to “providers” which are defined as persons who...more
4/22/2024
/ Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Kansas ,
Lenders ,
New Legislation ,
Small Business ,
State and Local Government ,
State Legislatures
On April 2, at an event at the White House on Data Protection and National Security, CFPB Director Rohit Chopra’s articulated potential changes to the data security regulation landscape and noted that the Bureau is...more
In a significant ruling on March 19, the Third Circuit Court of Appeals held that the CFPB can proceed with its lawsuit against a group of Delaware student loan trusts rejecting their claims that they are just passive...more
In the latest development to challenges to the CFPB’s 1071 rulemaking, plaintiff trade associations, including the American Bankers Association and the Texas Bankers Association, have filed a motion for summary judgment...more