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
Overview -
On March 29, 2022, the Consumer Financial Protection Bureau issued a report raising concerns about the late fee practices of credit card issuers. Although the report provides a general assessment of credit card...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
The US Department of Justice has announced the appointment of Eun Young Choi as the first director of the National Cryptocurrency Enforcement Team. Choi has been a DOJ prosecutor for nearly a decade and most recently served...more
On February 15, 2022, the Consumer Financial Protection Bureau (CFPB) issued a compliance bulletin indicating that it will be scrutinizing prepaid card providers who distribute government benefits and payments. Specifically,...more
The Consumer Financial Protection Bureau (CFPB) has released a compliance bulletin and policy guidance reminding debt collectors that attempting to collect on or furnishing information to consumer reporting agencies regarding...more
The Federal Reserve Board recently released a discussion paper and is seeking public comments on the potential benefits and risks, and related policy considerations, of introducing a central bank digital currency (CBDC) in...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
On November 18, 2021, three US agencies – the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB) and the Federal Deposit Insurance Corporation (FDIC) – issued a joint rule concerning...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
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) recently issued Sanctions Compliance Guidance for the Virtual Currency Industry. The guidance published on October 15, 2021, outlines OFAC’s...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
Innovative companies and platforms that seek to bring new virtual currency products and services to market in the US generally need to consider the potential applicability of US state money transmission licensing laws. How...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
On August 16, 2021, the Consumer Financial Protection Bureau (CFPB) filed a proposed settlement to resolve a 2019 lawsuit against a debt collection enterprise and its owner.
The CFPB asserts that the debt collection...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
On June 30, 2021, President Joe Biden signed a joint resolution to revoke the Office of the Comptroller of the Currency’s (OCC) “true lender” rule (the “Rule”). Passed in October 2020, the Rule clarified that a national bank...more
The California Department of Financial Protection and Innovation (DFPI) has finally adopted final rules relating to the scope of the agent-of-a-payee exemption under the California Money Transmission Act (MTA), Cal. Fin. Code...more
Any company that intermediates payments for other parties ─ such as a marketplace platform, a billing service, a payment facilitator or a B2B platform provider ─ must take into consideration the applicability of money...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