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DFPI releases final California Consumer Financial Protection Law regulations imposing UDAAP prohibitions and reporting...

On October 1, 2023 the California Department of Financial Protection and Innovation’s (“DFPI”) final regulations impacting those who provide commercial financial products and services will become effective. The regulations...more

Missouri joins state efforts to regulate earned wage access providers

On August 28, 2023 (the “Effective Date”), SB 103, signed into law by Missouri’s governor, will become the nation’s second statutory framework for earned wage access (EWA) providers.  The Missouri law closely resembles...more

CFPB announces plans to propose rule regulating data brokers under the FCRA

In remarks delivered yesterday at a roundtable convened by the White House on protecting Americans from harmful data broker practices, CFPB Director Chopra announced that the CFPB plans to propose a rule under the Fair Credit...more

Nevada passes law to regulate earned wage access providers

On June 13, Nevada’s governor signed into law Senate Bill 290 creating the nation’s first statutory framework for earned wage access (EWA) providers operating in the state.  The law appoints the state’s Commissioner of...more

Fintech settles allegations that payment of tips and donations was a hidden interest charge

A fintech peer-to-peer lender has entered into separate consent orders with California, Washington D.C., and Connecticut relating to its practice of requesting tips and donations in connection with the loans offered through...more

SBA: CFPB credit card late fee proposed rule may hurt small entities

The Consumer Financial Protection Bureau (“CFPB”) received more than 225 public comments to its credit card late fee proposal (the “Proposed Rule”). As we have discussed, the Proposed Rule would make significant changes to...more

Auriemma Roundtables comments on CFPB credit card penalty fee proposal

Auriemma Roundtables, a leading provider of business intelligence solutions to the consumer finance industry, together with First National Bank of Omaha and a group of several other premier consumer financial services firms,...more

CFPB determines Truth In Lending Act does not preempt New York, California, Utah, and Virginia commercial financing disclosure...

The CFPB has issued a determination that the Truth in Lending Act (TILA) does not preempt the commercial financing laws of New York, California, Utah, and Virginia.  The determination will be effective on the date it is...more

CFPB Issues Request For Information About Data Brokers And Other Businesses That Collect And Sell Consumer Data

The CFPB has issued a request for information about business models that collect and sell consumer data, such as data brokers, data aggregators, and platforms. The RFI is intended to provide the CFPB with insight into the...more

CFPB issues new report on buy-now-pay-later

The CFPB has issued a new report ,“Consumer Use of Buy Now, Pay Later: Insights from the CFPB Making Ends Meet Survey,” that looks at the financial profiles of consumers who use buy-now-pay-later (BNPL) products....more

SCOTUS agrees to decide whether CFPB’s funding is unconstitutional but will not hear case until next Term

The U.S. Supreme Court has granted the certiorari petition filed by the CFPB seeking review of the Fifth Circuit panel decision in Community Financial Services Association of America Ltd. v. CFPB. In that decision, the Fifth...more

New York Department of Financial Services issues final regulations for consumer-like disclosures for commercial financing

The New York Department of Financial Services (DFS) has issued final regulations implementing the state’s Commercial Finance Disclosure Law (CFDL) which requires consumer-like disclosures for “commercial financing”...more

CFPB issues circular on negative option marketing

The CFPB has issued a new circular (2023-01) that addresses the circumstances under which “negative option marketing practices” can violate the CFPA prohibition of unfair, deceptive, or abusive acts or practices....more

Advocacy group files lawsuit challenging California regulations requiring consumer-like disclosures for commercial transactions

On December 2, a non-profit advocacy organization filed a lawsuit in a California federal district court seeking to enjoin the California Department of Financial Protection and Innovation (DFPI) from enforcing the final...more

CFPB makes preliminary determinations that Truth in Lending Act does not preempt New York, California, Utah, and Virginia...

In a notice of “Intent to Make Preemption Determination under the Truth in Lending Act (Regulation Z),” the CFPB announced that it is seeking comments on its preliminary determinations that the Truth in Lending Act (TILA)...more

More on CFPB next steps in wake of buy-now-pay-later report

Last week, the CFPB issued its long-awaited report on buy-now-pay-later (BNPL) products. While the report identifies consumer risk and harms arising from BNPL products, it does not discuss any actions that the CFPB plans to...more

Poll on buy-now-pay-later shows positive view among BNPL users

The results of a recent poll on buy-now-pay-later (BNPL) conducted on behalf of the Financial Technology Association (FTA) indicate that BNPL products are viewed favorably by a strong majority of adults who have used BNPL. ...more

CFPB enters into consent order with fintech company to resolve alleged UDAAP practices arising from use of algorithm

The CFPB announced that it has entered into a consent order with Hello Digit, LLC (“Digit”) to settle the CFPB’s claims that Digit engaged in deceptive acts and practices in connection with an automated savings tool it...more

CFPB addresses application of CFPA to digital marketing providers in new interpretive rule

The CFPB has issued an interpretive rule that addresses when digital marketing providers are “service providers” subject to the Consumer Financial Protection Act, including the CFPA’s prohibition on unfair, deceptive, or...more

CFPB issues report on emerging risks in BNPL, super app and embedded commerce payments

In Director Chopra’s recent interviews with several news reporting organizations, a persistent theme was the CFPB’s concerns about the entry of big tech companies into financial services, particularly in connection with...more

California Dept. of Financial Protection and Innovation Responds to OppFi’s Attempt to Block ‘True Lender’ Challenge to Loans Made...

The California Department of Financial Protection and Innovation (DFPI) has filed its opposition to Opportunity Financial, LLC’s (OppFi) Demurrer to the DFPI’s cross-complaint. In the Demurrer, OppFi asks the California trial...more

Delaware federal district court holds use of overdraft notice template did not shield credit union from Regulation E or state law...

A Delaware federal court has refused to dismiss a class action complaint filed against a credit union that alleges the credit union violated Regulation E and the Delaware Consumer Fraud Act (CFA) even though the credit...more

California Dept. of Financial Protection and Innovation responds to OppFi’s attempt to block “true lender” challenge to loans made...

The California Department of Financial Protection and Innovation (DFPI) has filed its opposition to Opportunity Financial, LLC’s (OppFi) Demurrer to the DFPI’s cross-complaint. In the Demurrer, OppFi asks the California...more

NY Dept. of Financial Services issues overdraft/NSF fee guidance

The New York State Department of Financial Services (DFS) has issued an Industry Letter providing guidance on overdraft and non-sufficient funds (NSF) fees to depository institutions that it supervises....more

California DFPI issues proposed regulations for providers of commercial financing

The California Department of Financial Protection and Innovation (DFPI) has issued proposed regulations implementing certain provisions of the state’s Consumer Financial Protection Law (CFPL).  Comments must be submitted by...more

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