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Consumer Financial Protection Bureau (CFPB) Enforcement Actions FinTech

Goodwin

CFPB Enters a Proposed Agreement with Banking-as-a-Service Platform After Failure to Maintain Records Following Bankruptcy

Goodwin on

The Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint against a banking-as-a-service platform on August 21, 2025 in the U.S. Bankruptcy Court for the Central District of California, San Fernando...more

Ballard Spahr LLP

CFPB files complaint against Synapse Financial Technologies

Ballard Spahr LLP on

The CFPB has filed a complaint against Synapse Financial Technologies Inc, alleging that the company engaged in unfair acts and practices in violation of the Section 1036(a)(1)(B) of the CFPA by failing to maintain sufficient...more

Hudson Cook, LLP

CFPB Files Action against Fintech Bank Partner for Alleged Unfair Practices Related to Record Keeping of Consumer Funds

Hudson Cook, LLP on

On August 21, 2025, the Consumer Financial Protection Bureau filed an enforcement action in connection with Chapter 11 bankruptcy proceedings for a fintech (the "Fintech") acting primarily as a third-party service provider...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – August 3, 2025

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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

Orrick, Herrington & Sutcliffe LLP

CFPB closes investigation into firearm-focused fintech, citing improper targeting

On August 19, the CFPB announced it closed its investigation into a fintech company specializing in buy now, pay later (BNPL) financing for firearms and outdoor goods. The CFPB’s chief legal officer stated that the...more

Sheppard Mullin Richter & Hampton LLP

CFPB Terminates Investigation Into BNPL Firearms Financing Provider, Citing Political Bias

On August 19, 2025, the CFPB announced that it had closed a multi-year investigation into a fintech company offering buy-now, pay-later financing for firearms. The Bureau stated that the matter would not proceed to settlement...more

Kelley Drye & Warren LLP

NY AG Zeroes in on Zelle with Lawsuit

Last week, New York Attorney General Letitia James announced a lawsuit against Early Warning Services LLC (EWS), the parent company of digital payment network Zelle. AG James asserts that Zelle was designed ​“without critical...more

Hudson Cook, LLP

No AI Law? No Problem. How Massachusetts Attacked AI Underwriting Under Existing State Statutes

Hudson Cook, LLP on

On July 10, 2025, the Massachusetts Attorney General (AGO) entered into an Assurance of Discontinuance (AOD) with a private student loan lender (the Company), resolving allegations that the Company's underwriting practices...more

Troutman Pepper Locke

CFPB Backs Chapter 7 Conversion in Synapse Financial Technologies Bankruptcy

Troutman Pepper Locke on

On June 20, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a statement of interest in support of converting the bankruptcy case of Synapse Financial Technologies, Inc. from Chapter 11 to Chapter 7, rather...more

Hudson Cook, LLP

Consumer Financial Services Bites of the Month - June 2025

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

Sheppard Mullin Richter & Hampton LLP

CFPB Drops Lawsuit Against Lease-to-Own Fintech Following Adverse Credit Ruling

On May 27, the CFPB filed a notice of dismissal with prejudice in its lawsuit against a lease-to-own fintech provider. The lawsuit, filed in July 2023, alleged that the company’s rental-purchase agreements violated several...more

Orrick, Herrington & Sutcliffe LLP

CFPB allowed to drop suit against multinational retailer

On May 13, the U.S. District Court for the District of Minnesota issued a notice of dismissal with prejudice wherein the CFPB, as plaintiff, initiated a legal action against two defendants: a multinational retailer from...more

Goodwin

CFPB Dismisses Deposit Account Lawsuit Against National Retailer and Fintech Company

Goodwin on

The Consumer Financial Protection Bureau voluntarily dismissed its lawsuit with prejudice against a major retailer and a fintech company in the District of Minnesota....more

Orrick, Herrington & Sutcliffe LLP

District court dismisses case on CFPB’s supervision of tech company

On May 7, the U.S. District Court for the District of Columbia dismissed without prejudice a legal challenge to a supervisory order issued by the CFPB against a large tech company (the plaintiff). The parties entered a joint...more

Eversheds Sutherland (US) LLP

CFPB withdraws dozens of guidance documents in sweeping regulatory shift

Consistent with President Trump’s de-regulatory agenda, the Consumer Financial Protection Bureau (CFPB or Bureau) is withdrawing over five dozen of its guidance documents, including interpretive rules, advisory opinions, and...more

Ballard Spahr LLP

CFPB won’t prioritize BNPL enforcement

Ballard Spahr LLP on

The CFPB will not make enforcement of its Buy Now, Pay Later rule a priority, according to a recent statement....more

Cooley LLP

Slimmed-Down CFPB to Focus on Bank Oversight, Concrete Consumer Harm

Cooley LLP on

On April 16, the Consumer Financial Protection Bureau (CFPB) sent an internal memorandum to CFPB staff describing its 2025 supervisory and enforcement priorities. Not surprisingly, the memo highlights its intended departure...more

Husch Blackwell LLP

The State of the CFPB During a Fraught Transition Period: Part II

Husch Blackwell LLP on

It has been a little over two months since President Donald Trump returned to office, and since then, the Consumer Financial Protection Bureau (CFPB) has been in flux—to put it mildly. As of this writing, it is unclear...more

Morrison & Foerster LLP

MoForecast: State AGs and Consumer Financial Protection: Anticipating Shifts in Enforcement Focus

As the Consumer Financial Protection Bureau (CFPB) faces uncertainty, state attorneys general (state AGs) are poised to fill the enforcement gap in consumer financial protection. With the CFPB’s future in question, state AGs...more

Morrison & Foerster LLP

FinReg Currents - Week 9

On March 14, 2025, a judge in the U.S. District Court for the District of Maryland declined to grant a temporary injunction to the City of Baltimore and the Economic Action Maryland Fund. The plaintiffs had requested an...more

K&L Gates LLP

Why Financial Institutions Should Stay the Course

K&L Gates LLP on

Introduction - Many regulated businesses believe that the only thing worse than strict regulations is a wholly uncertain regulatory environment. With many rule changes on hold and enforcement actions and investigations being...more

Goodwin

2024 Year in Review: Fintech

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Financial technology — or fintech — companies will continue to receive increased regulatory scrutiny in 2025. The latter half of 2024 saw a rise in regulatory guidance and enforcement activity relating to fintechs and the...more

Ballard Spahr LLP

Senate adopts CRA resolution to nullify rule subjecting large cash apps to bureau supervision

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Using the Congressional Review Act, the Senate has voted to nullify a CFPB final rule that would subject large cash apps to the bureau’s supervision....more

Sheppard Mullin Richter & Hampton LLP

CFPB Continues Lawsuit Over Alleged Military Lending Act Violations

On March 1, and despite recent policy shifts under the new administration, the CFPB sent a letter to the judge overseeing its lawsuit against a fintech lender in the United States District Court for the Southern District 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

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