News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Contract Terms Financial Institutions

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

Cooley LLP

CFPB Targets Contractual Provisions That Limit Consumer Rights

Cooley LLP on

On January 13, 2025, the Consumer Financial Protection Bureau (CFPB) proposed a rule to prohibit provisions in agreements for consumer financial products or services that “limit fundamental freedoms,” such as those that...more

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

Wilson Sonsini Goodrich & Rosati

Avoiding Pitfalls in Consumer Financial Services Contracts: CFPB Warns Against Unlawful and Unenforceable Fine Print Terms

Companies that provide consumer financial services and products be warned—a careful review of your fine print may be in order. Although broad disclaimers, liability waivers, and releases tend to be commonplace in general...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

Sheppard Mullin Richter & Hampton LLP

CFPB Proposes Registry of Terms and Conditions for Nonbanks

On January 11, the CFPB proposed a rule requiring nonbanks subject to its supervisory authority, with limited exceptions, to annually register with the CFPB regarding their use of certain terms and conditions in form...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

WilmerHale

Department of Defense Issues Final Rule Expanding Military Lending Act to Credit Cards and Other Consumer Lending Products

WilmerHale on

On July 21, 2015, the U.S. Department of Defense (“DOD”) announced the final rule amending the Military Lending Act’s (“MLA”) implementing regulations. The changes apply the MLA’s strict lending restrictions to consumer...more

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