News & Analysis as of

Consumer Financial Products UDAAP

Hudson Cook, LLP

[Webinar] Compliance Coffee Break: Hot Topics in Debt Settlement - July 8th, 2:00 pm - 2:30 pm ET

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The debt settlement industry is fast emerging as a significant portion of the overall consumer financial services market, yet many still do not understand the space. Please join Hudson Cook partner Cathy Brennan as she...more

Ballard Spahr LLP

CFPB rescinds 67 guidance documents

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Contending that policies implemented by guidance represent an unfair regulatory burden and might be contrary to federal law, the CFPB is rescinding 67 guidance documents  issued since the bureau began operating in 2011....more

Sheppard Mullin Richter & Hampton LLP

CFPB Withdraws Dozens of Guidance Documents as Part of Deregulatory Push

On May 12, the CFPB formally withdrew nearly 70 guidance materials—including policy statements, advisory opinions, circulars, and interpretive rules—through a Federal Register notice issued by Acting Director Russell...more

Venable LLP

CFPB Withdraws Guidance Documents: A Shift Toward Regulatory Restraint

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The Consumer Financial Protection Bureau (CFPB) is taking a red pen to its own playbook.  In a sweeping move that signals a recalibration of its regulatory posture, the CFPB has announced the withdrawal of 67 guidance...more

Troutman Pepper Locke

Fifth Circuit Agrees to Dismiss CFPB’s UDAAP Examination Manual Appeal, Aligning with Bureau’s New Regulatory Priorities

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On May 1, the U.S. Court of Appeals for the Fifth Circuit dismissed the Consumer Financial Protection Bureau’s (CFPB or Bureau) appeal concerning the vacated amendments to its Unfair, Deceptive, or Abusive Acts and Practices...more

Sheppard Mullin Richter & Hampton LLP

CFPB Dismisses Two Actions Against Student Loan Trusts and Subprime Auto Lender 

The CFPB recently dropped two more lawsuits it brought under the Chopra administration—one involving a student loan securitization trust and the other regarding a subprime auto finance company. Both lawsuits included...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – April 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

Sheppard Mullin Richter & Hampton LLP

FTC Granted Injunction in Small Business Lending Case 

The CFPB has recently dismissed two more enforcement actions—one against a major credit reporting agency and another against a lease-to-own financing provider. Both lawsuits involved allegations of abusive, unfair, and...more

Sheppard Mullin Richter & Hampton LLP

CFPB Drops Two More Major Lawsuits 

The CFPB has recently dismissed two more enforcement actions—one against a major credit reporting agency and another against a lease-to-own financing provider. Both lawsuits involved allegations of abusive, unfair, and...more

Venable LLP

Navigating the New Consumer Financial Services Landscape: Enforcement, Compliance, and Litigation Risks

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Financial services companies may feel relief from the aggressive federal oversight and regulation that defined the past decade. However, regulatory risk has not disappeared—it has shifted. ...more

Venable LLP

A Primer on State Consumer Financial Regulation: What Businesses Need to Know Now

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The landscape of consumer financial services is shifting, driven by a broader deregulatory trend at the federal level. In this environment, companies must still address federal consumer financial law compliance and navigate a...more

Hudson Cook, LLP

CFPB Bites of the Month - January 2025 - June in January with the CFPB

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In this month's article, we share some of our top "bites" covered during the January 2025 webinar....more

Troutman Pepper Locke

2024 Consumer Financial Services Year in Review and A Look Ahead

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We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more

Troutman Pepper Locke

UDAAP and Fair Lending Developments: 2024 Year-in-Review and 2025 Predictions — The Consumer Finance Podcast

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In this third episode of the Year in Review series of The Consumer Finance Podcast, host Chris Willis is joined by Lori Sommerfield, a partner in Troutman Pepper Locke’s Consumer Financial Services Practice Group, to discuss...more

Troutman Pepper Locke

CFPB Files “Emergency Notice” in 1071 Final Rule Case and Does Not Oppose Stay of the 1071 Rule; Agency Also Seeking a “Pause” in...

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Hours before a scheduled hearing yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed an “Emergency Notice” in the U.S. Court of Appeals for the Fifth Circuit with respect to the ongoing litigation...more

Sheppard Mullin Richter & Hampton LLP

CFPB Orders Remittance Company to Pay $2.5 Million for Deceptive Practices and Inaccurate Disclosures

On January 30, 2025, the CFPB issued an order against a remittance company for misleading consumers about fees and failing to provide accurate disclosures, harming consumers who relied on the company’s representations when...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: The Impact of the Election on the CFPB: What to Expect with Supervision and Enforcement...

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Our podcast show today features John Culhane and Mike Kilgarriff, partners in Ballard Spahr’s Consumer Financial Services group. They discuss what supervision and enforcement will look like under a new acting...more

Ballard Spahr LLP

CFPB should encourage states to educate consumers, not enact more UDAAP statutes

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Earlier this month, the CFPB issued a report titled Strengthening State-Level Consumer Protection. The report argues, among other things, that states should “[r]evitalize private enforcement” by promulgating additional UDAAP...more

Venable LLP

CFPB's Proposed Rule Targets Consumer Financial Contracts

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The Consumer Financial Protection Bureau (CFPB) issued a proposed rule under Regulation AA to address the use of restrictive and coercive clauses in consumer financial contracts. This proposal seeks to prohibit terms in...more

Troutman Pepper Locke

Trump Administration Expected to Roll Back Biden-Era UDAP Rules

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UDAP has been controversial in the US in the past couple of years. Now that we have a new president and a new Congress, the use of UDAP may change....more

Goodwin

CFPB Takes Action on Bait-and-Switch Credit Card Rewards Tactics

Goodwin on

Following months of public hearings and reports on credit card rewards programs, on December 18, 2024, the Consumer Financial Protection Bureau (CFPB) released a circular (Circular) to other law enforcement agencies alleging...more

Orrick, Herrington & Sutcliffe LLP

CFPB Spotlights Illegal Credit Card Rewards Practices and Rolls Out Novel Consumer Tool

The Consumer Financial Protection Bureau (CFPB) has cautioned companies against what it views as illegal or unlawful credit card rewards practices, sharing new research about retail credit card issues and unveiling a novel...more

Troutman Pepper Locke

CFPB Urges Other Regulators to Take Action on So-Called Bait-and-Switch Credit Card Rewards Tactics

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On December 18, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a circular to “other law enforcement agencies,” urging them to take action against certain credit card practices. The CFPB highlights alleged...more

Troutman Pepper Locke

CFPB Releases Supervisory Highlights Focusing on Student Loan Practices

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On December 16, the Consumer Financial Protection Bureau (CFPB or Bureau) released a special edition of its Supervisory Highlights, detailing a range of activities identified by CFPB examiners across the student loan...more

Ballard Spahr LLP

Appeals court denies en banc hearing in CFSA’s challenge to CFPB’s payday rule

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The Fifth Circuit Court of Appeals has denied a request by the Community Financial Services Association of America (CFSA) to hold a rehearing en banc on the group’s challenge of the CFPB’s payday loan rule....more

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