On April 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule revising its procedures for establishing supervisory authority over nonbank financial institutions on the basis that the institution poses...more
On April 8, 2024, the Consumer Financial Protection Bureau (CFPB) published the 32nd edition of its Supervisory Highlights report. As discussed in more detail below, the report highlights consumer reporting issues identified...more
On April 4, 2024, the Consumer Financial Protection Bureau (CFPB) issued a report examining the growth and privacy risks of financial transactions in online video games and virtual worlds, noting that Americans spent...more
On February 29, 2024, the Consumer Financial Protection Bureau (CFPB) issued Circular 2024-01, warning operators of “digital comparison-shopping tools” and “lead generators” that they may be “covered persons” subject to CFPB...more
On February 23, 2024, the Consumer Financial Protection Bureau (CFPB) made public an order establishing supervisory authority over a nonbank installment lender on the basis the institution poses risks to consumers. The order...more
On January 11, 2024, the Consumer Financial Protection Bureau (CFPB) issued two advisory opinions addressing consumer reporting agencies' (CRAs) obligations, under the Fair Credit Reporting Act (FCRA), related to information...more
On November 7, 2023, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking (proposed rule) that would allow it to supervise digital wallet and payment app providers deemed “larger...more
On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking to implement Section 1033 of the Dodd-Frank Act. Section 1033 of Dodd-Frank requires covered persons to make...more
On September 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued Circular 2023-03 to provide creditors additional guidance for communicating denials of credit to consumers based upon artificial intelligence (AI)...more
On September 8, 2023, the US District Court for the Eastern District of Texas ruled that the Consumer Financial Protection Bureau (CFPB) exceeded its authority when it announced via an update to its exam manual a new policy...more
At an August 15, 2023, White House roundtable, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra announced plans to issue rules that would extend the Fair Credit Reporting Act (FCRA) to certain “data broker...more
On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) issued its Summer 2023 Supervisory Highlights describing key findings and violations identified during examinations conducted between July 2022 and March 2023....more
On July 17, 2023, US Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra and Commissioner for Justice and Consumer Protection of the European Commission (EC) Didier Reynders published a joint statement...more
On July 7, 2023, the Consumer Financial Protection Bureau (CFPB), US Department of Health and Human Services (HHS) and US Department of the Treasury (collectively, “the agencies”) published a request for information (RFI) on...more
On June 29, 2023, the Consumer Financial Protection Bureau issued its annual fair lending report to Congress, confirming that although there was relatively little public fair lending enforcement in 2022, the CFPB and other...more
On April 24, 2023, the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), Department of Justice (DOJ) and Equal Employment Opportunity Commission (EEOC) released a joint statement affirming that...more
On April 3, 2023, the Consumer Financial Protection Bureau released a policy statement articulating a new framework for analyzing conduct that it considers “abusive” in violation of federal law. The CFPB until now has...more
On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited small business lending rule, which requires companies issuing a wide array of commercial credit products to small businesses to begin...more
On March 15, 2023, the Consumer Financial Protection Bureau (CFPB) launched an inquiry into the business practices of companies that “collect, aggregate, sell, resell, license, or otherwise share consumers’ personal...more
On February 7, 2023, the Consumer Financial Protection Bureau issued an advisory opinion warning operators of digital mortgage comparison platforms of specific practices the bureau may view as violating Section 8 of the Real...more
On February 1, 2023, the Consumer Financial Protection Bureau announced a notice of proposed rulemaking to amend the provisions in Regulation Z governing credit card late fee charges permitted under Regulation Z, which...more
On December 12, 2022, the Consumer Financial Protection Bureau published a proposed rule that would require nonbank covered persons to report certain public agency enforcement actions and court orders for publication in a...more
On November 10, 2022, the Consumer Financial Protection Bureau issued a bulletin analyzing consumer complaints submitted to the CFPB over the past four years related to crypto-assets and platforms. According to the CFPB,...more
On November 15, 2022, the Consumer Financial Protection Bureau issued two reports – titled “Tenant Background Checks Market Report” and the “Consumer Snapshot: Tenant Background Checks” – reflecting concerns over incomplete...more
On November 10, 2022, the Consumer Financial Protection Bureau (CFPB) issued Circular 2022-07, affirming the duty of consumer reporting agencies (CRAs) and furnishers to conduct reasonable investigations of consumer disputes...more