By approving a framework regulating earned wage access (EWA), California contributes to a state-by-state patchwork of EWA regulation. With the future of federal action uncertain, EWA providers will have to navigate this...more
The Consumer Financial Protection Bureau (CFPB) recently promulgated a final rule requiring certain nonbank financial companies to register public orders issued by federal, state, or local agencies that contain prospective...more
The Consumer Financial Protection Bureau (CFPB) recently finalized its proposed rule to create a so-called “Repeat Offender” registry for certain covered financial services providers and individuals violating federal, state,...more
Following a recent call for consumer input, the Consumer Financial Protection Bureau (CFPB) announced it will launch a formal public inquiry into so-called “junk fees” that the Bureau claims may be increasing mortgage closing...more
The US Supreme Court ruled on May 16, 2024 that the funding structure of the Consumer Financial Protection Bureau (CFPB)—which is funded with money from the Federal Reserve rather than the US Congress—does not run afoul of...more
The Consumer Financial Protection Bureau (CFPB) recently released a comprehensive report detailing growing financial transactions within video gaming and virtual worlds, which increasingly mimic traditional monetary systems....more
The Federal Trade Commission recently issued a final rule that is squarely aimed at changing the way dealers interact with customers in the financing process. The final rule takes effect on July 30, 2024....more
12/22/2023
/ Advertising ,
Automotive Industry ,
Automotive Loans ,
Banks ,
Car Dealerships ,
Cars ,
Consumer Financial Protection Bureau (CFPB) ,
Contract Terms ,
Federal Trade Commission (FTC) ,
Final Rules ,
Financial Services Industry ,
Financing ,
Payment Terms ,
Unfair or Deceptive Trade Practices
The attorneys general of 20 states and territories, led by New York Attorney General Letitia James, recently sent letters to the heads of the US Consumer Financial Protection Bureau (CFPB) and US Office of the Comptroller of...more
Businesses should be aware that the Biden administration continues its attempt to curb junk fees, with additional actions proposed by the Federal Trade Commission and Consumer Financial Protection Bureau....more
The Consumer Financial Protection Bureau (CFPB) released a second iteration of its Policy Statement on Abusive Acts and Practices (Policy Statement) on April 3, 2023, giving insight into its current thinking on the...more
The Consumer Financial Protection Bureau (CFPB, the Bureau) promulgated on March 30 its final rule implementing Section 1071 of the Dodd-Frank Act. The rule requires that covered financial institutions collect and report to...more
Three months into 2023 and the fintech landscape looks wildly different than this time one year ago. Global economic uncertainty clouds the fintech industry, with it facing challenges from rising interest rates, significant...more
The Consumer Financial Protection Bureau (CFPB) recently issued a notice of proposed rulemaking to amend Regulation Z (the Proposal), which implements the Truth in Lending Act (TILA), to better ensure that late fees charged...more
For the second time in a month, the Consumer Financial Protection Bureau (CFPB) has proposed a new rule that would require businesses to report already public information and thereby increase the burdens on, and risks to, the...more
The Consumer Financial Protection Bureau (CFPB or Bureau) has proposed a registry in which certain nonbank financial institutions must deposit copies of certain federal, state, and local orders. The proposed rule would also...more
A group of state treasurers and state attorneys general (AG) have raised concerns that certain environmental, social, and governance (ESG) features of certain fund disclosures and other marketing collateral could create...more
By a 4-1 vote on June 23, 2022, the US Federal Trade Commission (FTC) issued a notice of proposed rulemaking that is squarely aimed at changing the way dealers interact with customers in the automotive financing process, with...more
The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its Spring Supervisory Highlights summarizing findings from supervisory exams it conducted between July and December 2021. The CFPB has made various...more
More than six years after it was decided, the practical consequences of the US Court of Appeals for the Second Circuit’s Madden v. Midland Funding, LLC decision continue to diminish. The decision—which held that, under some...more
On January 5, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a report detailing consumer complaint deficiencies by the national credit reporting agencies (NCRAs). Specifically, the CFPB found that, in 2021,...more
Congress has enacted and President Joseph Biden has signed a joint resolution of disapproval under the Congressional Review Act (CRA) of the Office of the Comptroller of the Currency’s (OCC’s) “true lender” rule, which, as we...more
On June 24, the US House of Representatives voted to join the US Senate in a joint resolution of disapproval under the Congressional Review Act (CRA) of the Office of the Comptroller of the Currency’s (OCC’s) “true lender”...more
The Consumer Financial Protection Bureau (CFPB or Bureau) issued a Statement of Policy (Statement) on March 8 making it clear that going forward it will exercise its full authority to penalize covered persons found to have...more
Consumer Financial Protection Bureau (CFPB) Acting Director David Uejio has put a special focus on the manner in which responses are made to the CFPB’s consumer complaint system. Signaling the importance of this issue by...more
Shortly after the inauguration of President Joe Biden on January 20, former Consumer Financial Protection Bureau (CFPB or Bureau) Director Kathleen Kraninger submitted her resignation. Soon after that, the president announced...more
2/9/2021
/ Biden Administration ,
CARES Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Guidance ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgages ,
Racial Bias ,
Regulatory Oversight