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 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 June 6, 2023, the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System and the Office of the Comptroller of the Currency (OCC) issued final joint guidance on managing risks...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 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 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 September 15, 2022, the Consumer Financial Protection Bureau published a report analyzing trends in the buy now, pay later (BNPL) industry. In particular, the CFPB finds that the BNPL industry has experienced rapid growth...more
On August 10, 2022, the Consumer Financial Protection Bureau issued an interpretive rule stating that digital marketing providers that “commingle” the targeting and delivery of advertisements to consumers on behalf of...more
On June 22, 2022, the Consumer Financial Protection Bureau announced an advance notice of proposed rulemaking (ANPR) seeking comments from credit card issuers, consumer groups, and the public regarding credit card late fees...more
On May 20, 2022, Arizona Gov. Doug Ducey signed Senate Bill 1580, which effectively replaces Arizona’s current money transmission law with the Model Money Transmission Modernization Act (the Model Act) announced by the...more
On May 2, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) published its spring 2022 Supervisory Highlights report. As discussed in more detail below, the report addresses observations made in examinations...more
5/6/2022
/ Automotive Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Credit Cards ,
Debt Collection ,
EFTA ,
FDCPA ,
Financial Services Industry ,
Loan Servicing ,
Mortgages ,
Student Loans
On April 25, 2022, the Consumer Financial Protection Bureau announced that it will invoke its authority under the Dodd-Frank Act to supervise “nonbanks whose activities the CFPB has reasonable cause to determine pose risks to...more
On March 16, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it will consider whether institutions are engaging in the “unfair” practice of discriminating, expanding its anti-discrimination efforts to...more
On January 26, 2022, the Consumer Financial Protection Bureau announced a request for information seeking comments related to fees charged to consumers in connection with selected products or services. The CFPB expressed...more
The Consumer Financial Protection Bureau (CFPB) has remained busy as we head into the final week of 2021. The agency released updated FAQs regarding the Electronic Fund Transfer Act (EFTA) and Regulation E, issued orders to...more
The Consumer Financial Protection Bureau (CFPB) released a statement on October 21, 2021, announcing that it has ordered six of the largest US technology companies that operate payment systems to turn over information about...more
On September 1, 2021, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking (NPRM) requesting public comment on its proposed rule to implement Section 1071 of the Dodd-Frank Wall Street Reform...more
On August 31, 2021, a federal district court judge in Texas granted summary judgment to the Consumer Financial Protection Bureau in a lawsuit brought by two industry trade associations, ultimately upholding the “payment...more
The Consumer Financial Protection Bureau (CFPB) recently filed a motion to lift the stay of the compliance date for the “payment provisions” in the Payday, Vehicle Title, and Certain High-Cost Installment Loans Rule (CFPB...more
The US Consumer Financial Protection Bureau continues to focus on fair lending and is poised to increase enforcement actions. On March 9, the CFPB issued an interpretive rule to clarify that the prohibition against sex...more