Welcome to the “Overview: 2024 Lessons and 2025 Emerging Trends” chapter of our annual report, Consumer Financial Services: 2024 Year in Review.
As Goodwin predicted in our previous year in review, the enforcement and...more
3/17/2025
/ Artificial Intelligence ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Credit Reports ,
Debt Collection ,
Enforcement Priorities ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Regulatory Reform ,
FinTech ,
Mortgage Servicing Rules ,
Peer-to-Peer ,
Popular ,
Regulatory Agenda ,
State Attorneys General ,
Trump Administration
Welcome to the “Payday and Small-Dollar Lending” chapter of our annual report, Consumer Financial Services: 2024 Year in Review.
We expect the level of enforcement and regulatory activity in the payday and short-term...more
Financial technology — or fintech — companies will continue to receive increased regulatory scrutiny in 2025. The latter half of 2024 saw a rise in regulatory guidance and enforcement activity relating to fintechs and the...more
3/14/2025
/ Anti-Money Laundering ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Privacy ,
Department of Financial Protection and Innovation (DFPI) ,
Depository Institutions ,
EFTA ,
Enforcement Actions ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Nonbank Firms ,
Regulatory Oversight ,
Regulatory Requirements
We expect continued scrutiny by regulators on fees, including enforcement actions and rulemakings, with the caveat that the new administration could shift federal priorities away from this fee crackdown....more
3/14/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Credit Cards ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Final Rules ,
Financial Institutions ,
Healthcare ,
New Guidance ,
Overdraft Fees ,
Popular ,
Regulation Z
We anticipate that the Consumer Financial Protection Bureau (CFPB) will continue to closely monitor the advertising practices of auto lenders and servicers as well as the practices around add-on products....more
With the change in administration, enforcement actions at the federal level are expected to decrease, reflecting President Trump’s focus on deregulation. Indeed, during President Trump’s first term, the number of enforcement...more
3/14/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Enforcement Actions ,
Enforcement Statistics ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Federal Trade Commission (FTC) ,
Mortgage Servicers ,
Mortgages ,
Predatory Lending ,
Redlining ,
Reverse Mortgages ,
Trump Administration
Welcome to the Market Overview chapter of our annual report Consumer Financial Services 2023 Year in Review.
For the consumer finance industry, 2023 was all about the Consumer Financial Protection Bureau (CFPB or Bureau)....more
Welcome to the Payday and Small-Dollar Lending chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
Regulators may take additional regulatory and enforcement action...more
Welcome to the Fintech chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
The CFPB is expected to finalize rulemaking authorizing supervision of payment application...more
2/16/2024
/ Apple Pay ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
GAO ,
Google ,
New Legislation ,
Nonbank Firms ,
OCC ,
Payday Loans ,
Payment Systems ,
PayPal ,
Regulation Z ,
Third-Party Relationships ,
Truth in Lending Act (TILA) ,
Venmo ,
Wages
Welcome to the Auto Loan Origination and Servicing chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
We anticipate that the CFPB will continue its attempts to combat...more
2/16/2024
/ Automotive Loans ,
CARS Rule ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
False Advertising ,
Fees ,
Race Discrimination ,
Unfair or Deceptive Trade Practices
Welcome to the Credit Reporting chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
The CFPB’s announcement of a proposed rulemaking to remove medical bills from...more
2/15/2024
/ Annual Reports ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Credit Reporting Agencies ,
Credit Reports ,
ECOA ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
Medical Bills ,
Medical Debt
Welcome to the Credit, Debit, or Prepaid Cards and Consumer Banking chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
We expect continued focus by the CFPB on “junk”...more
2/15/2024
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit Cards ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Excessive Fees ,
Fees ,
Financial Services Industry ,
Popular ,
Prepaid Payment Products ,
Regulation Z ,
Rulemaking Process
Welcome to the Student Lending chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
The CFPB will likely continue to focus on junk fees, nontransparent and other...more
2022 saw a flurry of regulatory activity by federal enforcement agencies — most notably, the Consumer Financial Protection Bureau (CFPB, or Bureau) — as the industry began to experience the full effects of the change in...more
2/22/2023
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Credit Reports ,
Debt Collection ,
Financial Services Industry ,
FinTech ,
Mortgages ,
Payday Loans ,
Prepaid Payment Products ,
Privacy Laws ,
Student Loans
[co-authors: Amelie Hopkins, and Collin Grier]
The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more
2/23/2022
/ AMG Capital Management LLC v FTC ,
Automotive Loans ,
Banking Sector ,
Borrowers ,
Collins v Yellin ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
Credit Reporting Agencies ,
Credit Reports ,
Creditors ,
Debit and Credit Card Transactions ,
Debt Collection ,
Debtors ,
Dodd-Frank ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
Lenders ,
Loan Servicing ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Payday Loans ,
Prepaid Payment Products ,
SCOTUS ,
Settlement ,
Small Dollar Lenders ,
Student Loans ,
TCPA ,
TransUnion LLC v Ramirez
Over the past several weeks, the coronavirus (COVID-19) pandemic has sparked a litany of new orders, rules, laws, guidance, and plain asks from federal and state leaders, agencies, and courts. The President and federal and...more
3/27/2020
/ Banking Sector ,
Borrowers ,
Consumer Financial Products ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
Debt Collection ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
Late Fees ,
Moratorium ,
New Guidance ,
New Legislation ,
New Rules ,
Student Loans
It is imperative that financial institutions stay abreast of COVID-19-related issues as they develop and consider the risks of failing to implement the various policies espoused in the federal and state orders and guidance,...more
3/26/2020
/ Consumer Financial Products ,
Consumer Lenders ,
Coronavirus/COVID-19 ,
Debt Collection ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
Moratorium ,
Relief Measures ,
State of Emergency ,
Student Loans
In 2015, the consumer financial services industry continued to face increasing pressure, from regulators and government enforcement activity, and ever-more creative litigation tactics. In order to stay competitive—and to...more
2/24/2016
/ Auto Lease ,
Consumer Financial Products ,
Corporate Counsel ,
Credit Cards ,
Debt Collection ,
Lending ,
Loans ,
Mortgage Servicers ,
Payday Loans ,
Popular ,
Student Loans ,
TCPA ,
TILA-RESPA Integrated Disclosure Rule (TRID)
For the second quarter of 2015, Consumer Finance Enforcement Watch tracked 56 enforcement actions taken against consumer finance providers, a slight uptick in enforcement activity from the previous quarter’s 46 actions. ...more
9/15/2015
/ Automotive Loans ,
Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Non-Judicial Settlement Agreements ,
Student Loans ,
Truth in Lending Act (TILA)
Student lending continues to remain in the crosshairs of federal and state consumer finance regulators during the summer months, with over five enforcement actions and investigations in recent weeks. As covered in both...more
9/1/2015
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Debt-Relief Industry ,
Department of Education ,
Enforcement Actions ,
Financial Institutions ,
Loan Modifications ,
Misrepresentation ,
NYDFS ,
Strategic Enforcement Plan ,
Student Loans ,
Students