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Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – July 2025 # 2

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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

Troutman Pepper Locke

NYC Comptroller Requested Stronger Protections for New Yorkers Amidst Attenuated CFPB Authority

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New York City Comptroller Brad Lander released a report titled “Standing Up for New York Consumers – How New York State and New York City can Strengthen Consumer Financial Protection in the Trump Era,” which called for the...more

Sheppard Mullin Richter & Hampton LLP

NYC Comptroller Report Calls for Overhaul of State Consumer Financial Protections

On June 9, 2025, New York City Comptroller Brad Lander released a report urging City and State leaders to modernize consumer financial protections. The report outlines a series of legislative and regulatory recommendations...more

A&O Shearman

HMT consults on Consumer Credit Act Reform – Phase 1

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HM Treasury (HMT) has published Phase 1 of its two-part consultation on reforming the Consumer Credit Act 1974 (CCA), accompanied by an updated webpage. The proposals aim to modernise the CCA to better align with new...more

Ballard Spahr LLP

Trump signs resolution voiding CFPB large nonbank supervision rule

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President Trump has signed a resolution nullifying the rule implementing the CFPB’s power to supervise large nonbank financial services providers of general-use digital consumer payment applications....more

Skadden, Arps, Slate, Meagher & Flom LLP

Servicemember Financial Protections Emerge as a Trump Enforcement Priority

Key Points - - The CFPB and DOJ have recently prioritized enforcement of federal servicemember protections. - The Servicemembers Civil Relief Act and Military Lending Act provide key protections such as interest rate caps,...more

Hogan Lovells

FCA Annual Work Programme 2025/26: A work plan reflecting the UK government’s pro-growth mission

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Motor finance, mortgage rule review work and Consumer Duty feature prominently in the work plans for this strategic priority. Firms should note that the FCA includes a warning in relation to the Duty that, where necessary, it...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: How to Use the Restatement of Consumer Contracts - A Guide for Judges

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Today’s podcast show features a discussion with Professor Gregory Klass of Georgetown University Law School about an article he co-authored with Professor Ian Ayres, entitled “How to Use the Restatement of Consumer Contracts:...more

A&O Shearman

Buy-now, pay-later: what the future will (and might) hold for the sector

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KEY POINTS - - On the face of it buy-now, pay-later (BNPL), as an interest and charge free credit facility, appears low risk but couple its ready availability with the fact that it comes without any of the protections...more

A&O Shearman

FCA statement on motor finance review next steps

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The UK Financial Conduct Authority (FCA) has published a statement informing firms, consumers and stakeholders of next steps in its review of the past use of motor finance discretionary commission arrangements. The Court...more

A&O Shearman

PSR publishes policy statement on 2024 APP scams data

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The UK Payment Systems Regulator (PSR) has published a policy statement outlining its approach to publishing authorised push payment (APP) scams data for 2024. In 2025, the PSR will take a different approach to publishing...more

Latham & Watkins LLP

FCA Sets Out Findings From Review of Firms’ Treatment of Vulnerable Customers

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The regulator found many examples of good practice, but also published further guidance and case studies to help firms address areas for improvement....more

Orrick, Herrington & Sutcliffe LLP

The Continued State Enforcement of Federal Financial Regulatory Laws

Over the past four years, the Consumer Financial Protection Bureau has sought to strengthen state and local governments’ enforcement of consumer protection laws. The CFPB has engaged in numerous coordinated federal-state...more

DLA Piper

Advertising for Risky Investment Services on the Sidelines

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The commitment of partners to the Paris 2024 Olympic and Paralympic Games of up to EUR1.2 billion shows the enthusiasm of brands for sports sponsorship. Besides the association of values, the involvement of employees or the...more

Orrick, Herrington & Sutcliffe LLP

Q&A: Will States Take the Lead in Consumer Protection?

On Saturday, February 1, Rohit Chopra was dismissed as Director of the Consumer Financial Protection Bureau (CFPB), with Secretary Scott Bessent appointed as Acting Director that same day. The following weekend, Office of...more

Ballard Spahr LLP

NY State Department of Financial Services issues proposed overdraft rule

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The New York State Department of Financial Services has released a proposed rule that would regulate overdraft, non-sufficient funds (NSF), and return deposit item fees charged by banks, trust companies, savings banks,...more

Sheppard Mullin Richter & Hampton LLP

CFPB Announces Plans to Regulate Nonbank Personal Loan Providers

On January 8, the CFPB announced its intent to pursue rulemaking that would allow the agency to oversee nonbank personal loan lender. The announcement came in response to a petition filed in September 2022 by the Consumer...more

Saul Ewing LLP

Consumer Financial Protection Bureau Pursues Action to Stop Kickback to Brokerages for Steering Consumers to Rocket Mortgage

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The Consumer Financial Protection Bureau (“CFPB”) filed an action on December 23, 2024, against Rocket Home Real Estate LLC (“Rocket Homes”), a real estate brokerage and affiliates (“Defendant Brokerage”) and an individual...more

Shipkevich PLLC

CA DFPI Registration Requirements Under CCFPL for Debt Settlement Companies and Service Providers

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On October 11, 2024, the California Office of Administrative Law approved and filed with the California Secretary of State proposed regulations by the California Department of Protection and Innovation (“DFPI”) to establish...more

A&O Shearman

UK Financial Conduct Authority sets out focus areas for Consumer Duty

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The Financial Conduct Authority has set out its priorities under the Consumer Duty for the remainder of 2024 and for 2025. The FCA's priorities include embedding the Consumer Duty and raising standards, enhancing...more

Moore & Van Allen PLLC

CFPB Finalizes Personal Financial Data Rights Rule 1033

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On October 22, 2024, the Consumer Financial Protection Bureau (the “CFPB”) finalized its personal financial data rights rule (“The Final 1033 Rule” or the “Final Rule”) that would require data providers to make available to...more

A&O Shearman

UK Financial Conduct Authority Publishes Mortgage Charter Uptake Data

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The Financial Conduct Authority has published a new webpage on Mortgage Charter Uptake data. The webpage sets out the latest uptake data from firms who have signed the Government's Mortgage Charter. The Charter was introduced...more

Ballard Spahr LLP

Predatory Loan Prevention Bill Introduced in Florida to Codify “True Lender” Analysis

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Florida SB 146, a bill that would add a “Predatory loan prevention” section to the Florida Consumer Finance Act has been introduced in the Florida Senate, seeking to curb bank-model lending programs and codify a “true lender”...more

Ballard Spahr LLP

Virginia House of Delegates passes bill to establish 36% rate cap for “short-term” and other loans

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On January 31, 2020, by a vote of 65 to 33, the Virginia House of Delegates passed a bill that would establish a 36% rate cap on certain consumer loans.  Since Democrats also hold a majority in the Virginia Senate, the Senate...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

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