On May 30, 2025, the Consumer Financial Protection Bureau (CFPB) took the rare step of asking the US District Court for the Eastern District of Kentucky to vacate the CFPB’s own final rule implementing Section 1033 of the...more
6/6/2025
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Data Privacy ,
Dodd-Frank ,
Final Rules ,
Financial Regulatory Reform ,
Open Banking ,
Popular ,
Regulatory Authority ,
Vacated
On May 15, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that rescinded a May 2022 interpretive rule regarding the extent of states’ enforcement authority under Section 1042 of the Consumer...more
After ordering the review of all existing guidance put forth by the Consumer Financial Protection Bureau (CFPB), acting CFPB Director Russell Vought announced the withdrawal of almost 70 guidance documents dating back to the...more
On May 9, the Federal Trade Commission (FTC) voted unanimously to delay enforcement of most portions of its amended Negative Option Rule (rule) by 60 days, shifting the compliance deadline for these portions from May 14 to...more
In an April 23 executive order titled, “Restoring Equality of Opportunity and Meritocracy,” the Trump administration declared it federal policy to eliminate the use of disparate impact liability “in all contexts to the...more
On April 16, the Consumer Financial Protection Bureau (CFPB) sent an internal memorandum to CFPB staff describing its 2025 supervisory and enforcement priorities. Not surprisingly, the memo highlights its intended departure...more
On March 3, 2025, the Federal Deposit Insurance Corporation (FDIC) announced the withdrawal of three proposed rules intended to reshape oversight and regulatory obligations related to brokered deposits, corporate governance...more
On January 22, 2025, the New York State Department of Financial Services (NYDFS) announced proposed regulations that would limit fees associated with overdrafts, nonsufficient funds (NSF) transactions and returned deposit...more
On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) initiated rulemaking processes to examine and create a framework regarding data privacy and consumer protections in the digital payments industry. In a...more
1/17/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Cryptocurrency ,
Data Privacy ,
Data Security ,
Digital Assets ,
Electronic Fund Transfer Act ,
Financial Services Industry ,
FinTech ,
Payment Systems ,
Popular ,
Regulation E
On January 7, 2025, the Consumer Financial Protection Bureau (CFPB) issued a final rule that would generally prohibit lenders from considering medical debt information when determining a consumer’s eligibility for credit, and...more
1/13/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Consumer Reporting Agencies ,
Credit Reports ,
Debt Collection ,
Debt Collectors ,
Fair Credit Reporting Act (FCRA) ,
Final Rules ,
Financial Services Industry ,
Lenders ,
Medical Debt
On December 12, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule that treats covered overdraft services offered by banks with more than $10 billion in assets (large banks) as credit, bringing them for...more
On December 3, 2024, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking (NPR) – Protecting Americans from Harmful Data Broker Practices. The CFPB’s proposal would amend Regulation V, which...more
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) released its long-awaited final rule implementing Section 1033 of the Consumer Financial Protection Act (CFPA) concerning personal financial data rights....more
The Federal Trade Commission (FTC) has released its long-anticipated Negative Option Rule. The rule defines a negative option feature as “a provision of a contract under which the consumer’s silence or failure to take...more
On September 18, 2024, the Consumer Financial Protection Bureau (CFPB) published a compliance aid to its May 2024 interpretive rule, which classifies certain providers of buy now, pay later (BNPL) products as card issuers...more
On September 17, 2024, the Consumer Financial Protection Bureau (CFPB) issued a circular explaining that financial institutions may violate the Electronic Fund Transfer Act (EFTA) and its implementing regulation, Regulation...more
On September 5, 2024, the Consumer Financial Protection Bureau (CFPB) released its annual report on debt collection, drawing attention to a range of activities with respect to medical and rental debt collection that the CFPB...more
In late July 2024, the Federal Deposit Insurance Corporation (FDIC) board of directors proposed a rule that would revise its standards on banks accepting brokered deposits. The proposed rule would expand the definition of...more
The Consumer Financial Protection Bureau (CFPB ) recently published a report and an associated consumer advisory warning of risks to consumers from solar lending and encouraging consumers to shop for alternatives before...more
On July 25, 2024, the Consumer Financial Protection Bureau (CFPB) released a report on the costs and potential risks to families using electronic payment platforms to load money to their children’s school lunch accounts. The...more
On July 17 and 18, 2024, federal financial regulators adopted rules and guidance setting forth expectations in the mortgage industry that originators properly oversee use of automated valuation models (AVMs) and entertain...more
On July 18, 2024, the Consumer Financial Protection Bureau (CFPB) issued a proposed Interpretive Rule addressing the regulatory treatment of earned wage access (EWA) products. The Interpretive Rule would provide that certain...more
In June 2024, the US Federal Trade Commission (FTC) and the Department of Justice jointly filed a complaint under the Restore Online Shoppers’ Confidence Act (ROSCA) in the US District Court for the Northern District of...more
On June 4, 2024, the Consumer Financial Protection Bureau (CFPB) issued Circular 2024-03 warning that the inclusion of “unlawful or unenforceable” terms in consumer contracts – particularly in the fine print of consumer...more
On May 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule stating that providers of “buy now, pay later” (BNPL) products that issue “digital user accounts” to access credit products to...more