News & Analysis as of

Banks Consumer Financial Protection Bureau (CFPB) Consumer Protection Laws

Orrick, Herrington & Sutcliffe LLP

CFPB withdraws notice on certain contract terms, citing duplication

On May 15, the CFPB published a Federal Register notice withdrawing its proposed rule regarding prohibited terms and conditions in agreements for consumer financial products or services under Regulation AA. The withdrawal...more

Orrick, Herrington & Sutcliffe LLP

Democratic senators press CFPB’s Vought on mass firings

On April 28, Sen. Elizabeth Warren (D-MA), one of 40 democratic senators, sent a letter to CFPB Acting Director, Russell Vought, expressing their concerns about Vought’s attempt to terminate nearly all of the Bureau’s 1,700...more

Orrick, Herrington & Sutcliffe LLP

CFPB dismisses case against Texas bank

On April 11, the CFPB filed its notice of dismissal without prejudice in a case within the U.S. District Court for the Northern District of Texas against a large bank. As previously covered by InfoBytes, the CFPB moved to...more

Orrick, Herrington & Sutcliffe LLP

FDIC orders state bank to pay $1.375B

On April 18, the FDIC announced that it amended its 2023 consent order against an insured state nonmember bank, as well as issued a new order for restitution and order to pay, concluding the bank recklessly engaged in unsafe...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Private Civil Consumer Financial Services Litigation to Partially Fill CFPB Void - Part...

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The podcast we are releasing today is part 1 of a re-purposed webinar we produced on March 25 titled “The Impact of the Election on the CFPB - Part 4.” As a result of the diminishing impact of the CFPB on enforcing the...more

Orrick, Herrington & Sutcliffe LLP

CFPB memo outlines supervision and enforcement agendas under new administration

On April 16, the CFPB’s Chief Legal Officer, Mark Paoletta, issued a memo outlining the CFPB’s 2025 supervision and enforcement priorities, explaining that the CFPB intends to focus resources towards threats to service...more

DLA Piper

Mitigating Risks for Banks, Fintech Companies, and Payment Processors

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Emerging issues under the Electronic Fund Transfer Act, Regulation E, and the UCC - As banks, fintech companies, and payment processors continue to innovate and partner on payment and wallet solutions, they must navigate the...more

Orrick, Herrington & Sutcliffe LLP

District court rejects CFPB’s efforts to pause lawsuit against bank

On March 10, the U.S. District Court for the Northern District of Texas denied the CFPB’s motion to pause its lawsuit against a bank, stating the Bureau failed to explain how a stay in litigation “would be in the interest of...more

Orrick, Herrington & Sutcliffe LLP

CFPB dismisses lawsuit against banks and payment service

On March 5, the U.S. District Court for the District of Arizona received the CFPB’s notice of dismissal with prejudice in a lawsuit against several banks involving alleged widespread digital payment fraud on a popular...more

Hudson Cook, LLP

Despite Noble Intentions, Va. Usury Bill Is Bad For Consumers

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In the last few years, state legislatures have enacted legislation to curtail online bank lending in response to advocacy efforts by consumer activists. Such programs, in which nonbank financial technology companies...more

Hudson Cook, LLP

CFPB Fines National Bank and Bank Holding Company for Alleged Violations of the CFPA, TISA, and Regulation DD in Connection with...

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On January 14, 2025, the CFPB filed a lawsuit against the Bank, alleging violations of the CFPA, TISA, and its implementing Regulation DD. The lawsuit alleges that the Bank deceived customers who were enrolled in the Bank's...more

Orrick, Herrington & Sutcliffe LLP

CFPB files complaint against payment service and three banks

Recently, the CFPB released the complaint that it filed against a peer-to-peer payment service (P2P) and three large banks, alleging widespread fraud on the P2P platform. The Bureau filed the complaint in the U.S. District...more

Goodwin

CFPB Sues Bank Regarding Allegations of Fraud Against Benefit Recipients

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​On December 6, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had filed suit against a bank subsidiary of a financial services company for allegedly disconnecting customer service calls, charging...more

Hudson Cook, LLP

"OVER THE LINE!"  Where Banking and Gaming Intersect, the CFPB Has Something to Say.

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The line between virtual and reality is getting thinner. Gamers pay gaming companies real currency for virtual in-game currency to buy skins, create the world they want to live in (virtually), or purchase loot that aid in...more

Wiley Rein LLP

Wiley Consumer Protection Download (January 8, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Sheppard Mullin Richter & Hampton LLP

CFPB: Safeguard Consumer Data or Face Liability

The CFPB recently published a circular clarifying liability under consumer financial protection law for financial companies that fail to safeguard consumer data. The circular describes how firms may be violating the CFPA’s...more

Sheppard Mullin Richter & Hampton LLP

CFPB Circular: Safeguard Consumer Data or Face Liability

On August 11, the CFPB published a circular clarifying liability under consumer financial protection law for bank and nonbank financial companies that fail to safeguard consumer data. The circular describes how firms may be...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights: Issue 3, July 2020

Welcome! Welcome to the new format of All Consuming . We listened to the feedback. A newsletter filled with long articles gives the detailed information some are looking for but becomes another thing that others have to...more

Ballard Spahr LLP

PLI 25th Annual Consumer Financial Services Institute – 25% discount available

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PLI’s 25th Annual Consumer Financial Services Institute will take place on March 23-24, 2020, in New York City (and by live webcast and groupcast in Philadelphia, Pittsburgh, and Mechanicsburg, Pennsylvania, and New...more

Ballard Spahr LLP

House Financial Services Committee: “rent-a-bank” hearing on Feb. 5; Director Kraninger to testify on Feb. 6

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On Wednesday, February 5, the House Financial Services Committee will hold the first part of a two-part hearing on “rent-a-bank” structures. The hearing is titled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to...more

Hudson Cook, LLP

Current Developments in Bank Deposits and Payment Systems (Spring 2019)

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This survey summarizes several recent developments affecting bank deposits and payment systems. The U.S. department of the Treasury’s Financial Crimes Enforcement Network (“FinCEN”) issued new guidance concerning the customer...more

White & Case LLP

Consumer financial services: The road ahead: Mortgage origination and servicing

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In 2018, the CFPB issued multiple rules, and Congress passed legislation, to clarify, revise and update the regulatory framework applicable to the home mortgage origination and servicing market....more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Sues Bank Over Overdraft Sales Pitch

The CFPB’s concern with incentives and overdrafts continues and has resulted in a lawsuit filed against a Minnesota based TCF National Bank. In the lawsuit, the CFPB alleges that TCF National Bank violated the UDAAP...more

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