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Administrative Procedure Act Consumer Financial Protection Bureau (CFPB) Financial Regulatory Reform

Perkins Coie

The Slow Death of the CFPB Open Banking Rule?

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On May 30, 2025, the Consumer Financial Protection Bureau (CFPB) stated in a court filing that its “Open Banking Rule” (Rule) issued during the Biden administration “is unlawful and should be set aside.” This shift is part of...more

Ballard Spahr LLP

CFPB will not issue revised BNPL rule

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Having previously announced that it was withdrawing its Buy Now, Pay Later rule, the CFPB recently said that it does not intend to issue a revised rule....more

Ballard Spahr LLP

CFPB states the Section 1033 Open Banking rule exceeds its authority

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In its motion for a summary judgment in a lawsuit challenging the regulation, the CFPB stated it has concluded that the Section 1033 Rule (Rule) exceeds the agency’s statutory authority to create an open banking system...more

Ballard Spahr LLP

CFPB won’t prioritize BNPL enforcement

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The CFPB will not make enforcement of its Buy Now, Pay Later rule a priority, according to a recent statement....more

Holland & Knight LLP

CFPB Seeks Dismissal of Pending UDAAP Examination Manual Litigation

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The CFPB on April 30, 2025, filed a joint stipulation to dismiss its appeal pending before the U.S. Court of Appeals for the Fifth Circuit regarding an agency policy that expands the scope of antidiscrimination oversight....more

Katten Muchin Rosenman LLP

The CFPB Shuts Down Controversial "Regulation Through Guidance" Practices

The acting head of the Consumer Financial Protection Bureau (CFPB) continues to winnow out regulatory tools used by agency staff under the prior administration. Just a month after revoking certain interpretative rules and...more

Troutman Pepper Locke

CFPB Abandons Credit Card Late Fee Rule

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The Consumer Financial Protection Bureau (CFPB or Bureau) agreed to vacate its controversial credit card late fee rule in a joint motion for entry of consent judgment filed in Chamber of Commerce of the United States of...more

Ballard Spahr LLP

Financial Services Committee Republicans call on CFPB to withdraw rules, guidance

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Republicans on the House Financial Services Financial Institutions Subcommittee have sent Acting CFPB Director Russell Vought a letter calling for the CFPB to withdraw a wide variety of final and proposed rules....more

Ballard Spahr LLP

Judge enjoins Trump Administration from Dismantling CFPB

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Contending that the Trump Administration still intends to dismantle the CFPB, a federal judge on Friday issued a temporary injunction prohibiting the administration from firing employees without cause, prohibiting it from...more

Ballard Spahr LLP

CFPB plans to revoke BNPL interpretive rule

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The CFPB intends to revoke its Buy Now, Pay Later interpretive rule, according to a status report and joint motion to stay filed by the Bureau and the Financial Technology Association (FTA) in a case brought by the FTA...more

Cozen O'Connor

Democratic AGs File Amicus Brief Supporting CFPB Funding

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A group of 23 Democratic AGs filed an amicus brief supporting a motion for a preliminary injunction seeking to prevent the CFPB’s Acting Director from declining to draw additional funds on behalf of the agency....more

Orrick, Herrington & Sutcliffe LLP

CFPB Pause: Where From Here?

Visit our resource center, CFPB Pause: Where From Here?, to stay on top of the latest and what it may mean for the federal and state regulatory and enforcement landscape. On February 8, the Consumer Financial Protection...more

Orrick, Herrington & Sutcliffe LLP

State attorneys general and CFPB file briefs in City of Baltimore case against defunding CFPB

On February 19, a group of states filed an amicus brief in support of a request by the City Council and Mayor of Baltimore to preliminarily enjoin the CFPB and its Acting Director, Russell Vought, from actions that would...more

Sheppard Mullin Richter & Hampton LLP

City of Baltimore Sues to Block CFPB Defunding

On February 12, the city of Baltimore filed a lawsuit against the Trump administration and CFPB Acting Director Ross Vought, alleging that efforts to defund the agency violate the Administrative Procedure Act. The lawsuit...more

McGlinchey Stafford

CFPB’s Open Banking Rules: Dead on Arrival or Alive and Well?

McGlinchey Stafford on

The Consumer Financial Protection Bureau (CFPB) finalized its long-awaited Personal Financial Data Rights rules under Section 1033 of the Dodd-Frank Act, marking a significant milestone in the regulation of...more

Orrick, Herrington & Sutcliffe LLP

Baltimore government files to challenge the CFPB’s funding decisions, Vought delays budget cuts

On February 12, a complaint was filed in the U.S. District Court for the District of Maryland against the CFPB and its Acting Director, Russell Vought. The plaintiffs — which include the Mayor and City Council of Baltimore,...more

Troutman Pepper Locke

Texas Federal Court Orders CFPB to File Status Report Following Leadership Change

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Today, the U.S. District Court for the Northern District of Texas issued an order in Chamber of Commerce of the United States of America v. Consumer Financial Protection Bureau (CFPB or Bureau) in light of recent changes...more

McGlinchey Stafford

CFPB Under Trump: Internal and External Threats Continue to Mount

McGlinchey Stafford on

A new acting director. Freezes on any rulemaking, enforcement, or supervisory activities. Attempts to dismantle the department from within. In the span of a short forty-eight hours, the CFPB has faced possibly the greatest...more

Bradley Arant Boult Cummings LLP

How Congress Can Stem Consumer Finance Law Uncertainty

With the 2024 election behind us and the 119th Congress now in session, the political climate has created an opportunity for meaningful statutory reforms of the federal consumer financial laws to become reality. The 119th...more

Mayer Brown

New Action on No-Action Letters – CFPB Begins Accepting Applications Under Updated No-Action Letter Procedures

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The US Consumer Financial Protection Bureau (CFPB) is giving no-action letters (NALs) a second chance. On January 8, 2025, the CFPB issued a policy statement setting forth new procedures for companies to request supervisory...more

Troutman Pepper Locke

Texas Federal Court Denies CFPB’s Motions and Finds Plaintiffs Likely to Succeed on the Merits in Significant Credit Card Late Fee...

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In a significant development in the ongoing litigation over the Consumer Financial Protection Bureau’s (CFPB or Bureau) Final Rule on credit card late fees, the U.S. District Court for the Northern District of Texas denied...more

Ballard Spahr LLP

ACA International files suit challenging CFPB medical debt advisory opinion

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ACA International, the association representing the accounts receivable industry, has filed suit against the CFPB, alleging that the bureau’s advisory opinion on medical debt was overtly political, issued in violation of the...more

Ballard Spahr LLP

Federal District Court on September 23, 2024, entered final judgement in favor of the CFPB in lawsuit challenging its small...

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Judge Randy Crane (E.D. Tex) ruled on August 26, 2024 that the CFPB did not exceed its authority under Dodd Frank when it issued its final Section 1071 small business lending rule. The court also rejected other Administrative...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2024

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week... ...more

Ballard Spahr LLP

Texas Judge Rules CFPB Did Not Exceed Authority in Issuing Small Business Reporting Rule

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In a tentative win for the CFPB, a federal judge in Texas ruled on August 26, 2024, that the agency did not exceed its authority when it issued its final Section 1071 small business lending rule. The court also rejected...more

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