News & Analysis as of

Consumer Financial Protection Act (CFPA) Contract Terms

Orrick, Herrington & Sutcliffe LLP

CFPB issues new proposal to ban certain financial contract terms

On January 13, the CFPB proposed a new rule to ban large banks and consumer finance companies from using certain contractual provisions in agreements with consumers under Regulation AA. The CFPB’s proposal warns against the...more

Sheppard Mullin Richter & Hampton LLP

CFPB Proposes Rule to Protect Consumers from Unfair Contract Clauses

On January 13, 2025, the CFPB announced a proposed rule aimed at prohibiting companies from including in consumer agreements terms that operate to waive consumers’ legal rights, allow companies to unilaterally change key...more

Venable LLP

CFPB's Proposed Rule Targets Consumer Financial Contracts

Venable LLP on

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

CFPB Introduces New Rule Banning Certain Contractual Provisions in Consumer Financial Agreements

Troutman Pepper Locke on

The Consumer Financial Protection Bureau (CFPB or Bureau) proposed a new rule aimed at banning certain contractual provisions in agreements for consumer financial products or services. The CFPB’s proposal targets certain...more

Kilpatrick

Mind the Fine Print: CFPB Warns Against Use of Unenforceable Terms and Conditions

Kilpatrick on

In a move that underscores the importance of clarity and accuracy in consumer-facing terms and conditions, the Consumer Financial Protection Bureau recently issued Circular 2024-03, addressing the use of unlawful or...more

Troutman Pepper Locke

Contract Terms and Conditions Come Under CFPB Scrutiny

Troutman Pepper Locke on

The Consumer Financial Protection Bureau (CFPB or Bureau) has issued a circular warning covered persons that including unlawful or unenforceable terms and conditions in consumer contracts can violate the prohibition on...more

Hinch Newman LLP

CFPB Warns Against Deception in Contracts for Consumer Financial Products and Services

Hinch Newman LLP on

On June 4, 2024, the Consumer Financial Protection Bureau issued a circular warning against the use of unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. According to the...more

Ballard Spahr LLP

CFPB issues UDAAP guidance on contracts for consumer financial products and services

Ballard Spahr LLP on

On June 4, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a Consumer Financial Protection Circular 2024-03 (“Circular”) warning that the use of unlawful or unenforceable terms and conditions in contracts for...more

Ballard Spahr LLP

CFPB enters into consent order with credit union

Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with Navy Federal Credit Union to settle allegations that the credit union engaged in unfair and deceptive collection practices in violation of the Consumer...more

Ballard Spahr LLP

CFPB enters into consent order with auto title lender

Ballard Spahr LLP on

The CFPB announced that it has entered into a consent order with TMX Finance, LLC to settle allegations that the company did not provide sufficient information to consumers about the terms of auto title loans, pawns or...more

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