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 25, a federal judge in the United District Court for the Eastern District of Kentucky approved a joint motion between the CFPB and banking trade groups to pause litigation over the agency’s 1033 open banking rule....more
On February 27, new CFPB Director Jonathan McKernan testified before the Senate Banking Committee, emphasizing his commitment to enforcing the law while operating within the confines of the law. His testimony focused on his...more
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
Just over one month into the second Trump Administration, the crypto industry appears poised to notch yet another victory in its longstanding tug-of-war with regulators — perhaps its most significant to date. On February 21,...more
2/28/2025
/ Blockchain ,
Compliance ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
FinTech ,
Popular ,
Regulatory Reform ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
Individually, AI and blockchain are among the hottest, most transformative technologies. Collectively, they are incredibly synergistic – hence the 1+1=3 concept in the title. We are seeing more examples of how the two will...more
2/19/2025
/ Algorithms ,
Artificial Intelligence ,
Blockchain ,
Data Privacy ,
Digital Assets ,
Federal Trade Commission (FTC) ,
Intellectual Property Protection ,
Legislative Agendas ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Technology Sector
On February 12, the Trump administration announced Jonathan McKernan as the Director of the CFPB and Jonathan Gould as the Comptroller of the Currency. McKernan and Gould will replace Acting Directors Russell Vought and...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 February 12, the city of Baltimore filed a lawsuit against the Trump administration and CFPB Acting Director Ross Vought, alleging that efforts to defund the agency violate the Administrative Procedure Act. The lawsuit...more
On February 8, the CFPB requested a 90 day stay in a lawsuit filed by a major tech company challenging the agency’s risk-based supervision order. The lawsuit, filed in the U.S. District Court for the District of Columbia,...more
On February 6, a judge for the United District Court for the Eastern District of Texas issued a 90-day stay on the CFPB’s final rule prohibiting the inclusion of medical debt in consumer credit reports, delaying the rule’s...more
On January 22, New York Attorney General Letitia James announced a $1 billion settlement with a now defunct cash advance firm and its officers. The settlement resolves allegations that the firm and its officers repeatedly...more
This week, the CFPB filed an emergency notice in the Fifth Circuit Court of Appeals, indicating that it no longer opposes a pause in compliance with its Section 1071 small business data-collection rule. This marks a...more
On February 6, 2025, the U.S. District Court of the Northern District of Illinois declined to issue a preliminary injunction to stop an Illinois “swipe fee” law that would ban certain credit and debit card fees from applying...more
On February 6, 2025, the Eleventh Circuit Court of Appeals struck down the FCC’s one-to-one consent rule. Applying the Supreme Court’s decision in Loper Bright Enters. v. Raimondo, 9 the Eleventh Circuit ruled that the FCC...more
2/10/2025
/ Appeals ,
Consent ,
Consumer Protection Laws ,
Enforcement Actions ,
FCC ,
Loper Bright Enterprises v Raimondo ,
Robocalling ,
SCOTUS ,
TCPA ,
Telecommunications ,
Telemarketing
On January 31, 2025, the CFPB announced President Donal Trump had appointed Scott Bessent as Acting Director of the CFPB. In a brief statement, Bessent expressed his commitment to advancing the administration’s agenda to...more
The U.S. Securities and Exchange Commission (SEC) has launched a ‘Crypto Task Force’ page on its website, outlining the agency’s crypto regulatory agenda under the agency’s new leadership. This initiative follows the exit of...more
2/7/2025
/ Blockchain ,
Cryptoassets ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
FDIC ,
FinTech ,
Regulatory Agenda ,
Regulatory Requirements ,
Securities and Exchange Commission (SEC) ,
Securities Regulation ,
Trump Administration
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 24, the FCC issued an order postponing the effective date of its one-to-one consent rule. The rule, which would have required companies to obtain individual consent for each marketing partner before sharing...more
On January 24, 2025, the Fifth Circuit Court of Appeals struck down an FTC rule aimed at curbing deceptive advertising and sales practices in the auto industry. The rule, which sought to prohibit certain “junk fees” and...more
2/3/2025
/ Administrative Procedure Act ,
Advertising ,
Automotive Industry ,
Compliance ,
Consumer Protection Laws ,
Enforcement Actions ,
False Advertising ,
Federal Trade Commission (FTC) ,
Fees ,
Final Rules ,
Rulemaking Process ,
Scams ,
Unfair or Deceptive Trade Practices
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 17, 2025, the CFPB filed a complaint against an Illinois-based non-depository mortgage lender for allegedly engaging in discriminatory practices. The CFPB alleges the lender engaged in improper redlining by...more
1/27/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Discrimination ,
ECOA ,
Enforcement Actions ,
Legislative Agendas ,
Lenders ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining ,
Regulatory Agenda ,
Trump Administration
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