On August 25, the Office of Management and Budget (OMB) directed federal agencies involved in originating consumer and small business loans — including the Small Business Administration, Department of Veterans Affairs,...more
Banking trade groups are challenging a request for information (RFI) issued by the Consumer Financial Protection Bureau (CFPB) regarding customer service at large financial institutions. In a joint letter dated August 22, the...more
On August 4, Consumer Financial Protection Bureau (CFPB or Bureau) Director Rohit Chopra spoke at the Philadelphia Federal Reserve Bank’s Sixth Annual Fintech Conference, arguing that enforcement actions rather than financial...more
Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues Stefanie Jackman and Sarah Reise as they discuss the intersection of fair lending with collections. They cover which types of...more
On July 15, the California Department of Financial Protection and Innovation (DFPI) issued an invitation for comments on proposed additions to regulations implementing the Debt Collection Licensing Act (DCLA). According to...more
“Convenience” fees charged to consumers for the use of certain debt payment options have come under increased scrutiny, as regulators have sought to limit charges and other back-end fees that may come as a surprise to...more
On June 28, the U.S. Chamber of Commerce (Chamber) launched a focused campaign to highlight what it describes as unlawful regulatory overreach by the Consumer Financial Protection Bureau (CFPB or Bureau) and, specifically,...more
When the Consumer Financial Protection Bureau (CFPB or Bureau) unveiled its UDAAP exam manual at the end of March 2022, announcing that it had decided to interpret the word “unfair” in Dodd-Frank to prohibit discrimination,...more
On June 29, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an advisory opinion focused on consumer debt collectors and the convenience fees they charge for some payments, such as online or by phone....more
Please join Troutman Pepper Partner Chris Willis and his guest and fellow Partner Stefanie Jackman as they discuss recent trends in Telephone Consumer Protection Act (TCPA) litigation, including how the landscape has changed...more
In a keynote address at the Consumer Federation of America’s 2022 Consumer Assembly, CFPB Deputy Director Zixta Martinez squarely took aim at “rent-a-bank schemes” in some of the first (if not the first) such comments by a...more
In a June 17 blog post, Consumer Financial Protection Bureau (CFPB or Bureau) Director Rohit Chopra announced that the CFPB intends to “move away from highly complicated rules” in favor of “simpler and clearer rules.” As part...more
In a blog post released June 15, the Consumer Financial Protection Bureau (CFPB) continued to show its interest in credit reporting by Buy Now, Pay Later (BNPL) lenders. Recognizing the importance of credit reporting to...more
On May 26, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that federal anti-discrimination law requires companies to explain to applicants the specific reasons for denying an application for credit or...more
On May 25, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post, examining what it describes as the “practice of suppressing payment data.”...more
On May 23, California’s Department of Financial Protection and Innovation (DFPI or Department) sent an email notifying license applicants and prospective license applicants that the issuance of licenses under the Debt...more
On May 4, the Connecticut Banking Commissioner issued a temporary order to cease and desist and order to make restitution against lead generator SoLo Funds Inc. (SoLo) for allegedly engaging in unfair, deceptive, and abusive...more
On May 20, California’s Department of Financial Protection and Innovation (DFPI or Department) announced that it had filed a Notice of Proposed Rulemaking with the Office of Administrative Law, inviting public comments on the...more
On May 19, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an interpretive rule, describing states’ authorities to pursue companies and individuals that allegedly violate any of the federal consumer financial...more
On May 16, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it will launch a new system to provide guidance to other agencies with consumer financial protection responsibilities on how the CFPB intends...more
On May 6, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Fair Lending Report for 2021. As in 2020’s report, published last year, the CFPB shows that its focus remains on what it characterizes as...more
On May 2, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Supervisory Highlights report on legal violations discovered during examinations in the second half of 2021....more
On April 28, U.S. District for the Southern District of New York Judge Mary Kay Vyskocil issued an order, enjoining three named sheriffs in New York from enforcing the recently enacted New York Fair Consumer Judgment Interest...more
On April 29, the Consumer Financial Protection Bureau (CFPB or Bureau) released Spanish language translations for certain model and sample forms included in the Prepaid Rule in Regulation E and for certain adverse action...more
On April 18, the Consumer Financial Protection Bureau (CFPB or Bureau) published a blog post, scrutinizing the practice of withholding transcripts from students with delinquent accounts and who are attending an institute of...more