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Consumer Financial Protection Bureau (CFPB) Enforcement Priorities Financial Services Industry

Ballard Spahr LLP

DOJ lawyers, National Treasury Employees Union attorney square off in appeals court over CFPB firings

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Despite massive attempted layoffs and cancellation of third-party vendor contracts, the Trump Administration did not and does not intend to shut down the CFPB, a Justice Department attorney told a federal appeals court on...more

Ballard Spahr LLP

CFPB won’t prioritize BNPL enforcement

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

Troutman Pepper Locke

CFPB Shifts Focus Away from Buy Now, Pay Later Loans

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The Consumer Financial Protection Bureau (CFPB or Bureau) announced a significant shift in its enforcement priorities, choosing not to prioritize actions related to Buy Now, Pay Later (BNPL) loans under the Truth in Lending...more

Goodwin

Shifting Priorities: Bureau Memorandum Provides Insight into New Era for CFPB

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The first 100 days of the Trump administration have included dramatic changes at the Consumer Financial Protection Bureau. The agency has retreated from many of its enforcement litigations, initiated reductions in force...more

Ballard Spahr LLP

CFPB rescinds enforcement, supervisory priority documents, outlines new priorities for 2025

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The CFPB is rescinding its existing enforcement and supervision priority documents, according to a memo sent to bureau staff by CFPB Chief Legal Officer Mark Paoletta....more

Goodwin

What’s Next for Fintechs in 2025? Key Regulatory Developments to Watch

Goodwin on

With the start of the new year comes new regulatory priorities, regulatory challenges, and regulatory opportunities for fintechs. Below, we lay out considerations for 2025 given the change in administration and accompanying...more

Venable LLP

What the CFPB’s Supreme Court Victory Means for Financial Institutions

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Until recently, the most popular topic of discussion in the financial services world has been the outcome of the Supreme Court case CFPB v. Community Financial Services Association of America, regarding the constitutionality...more

Goodwin

CFPB and European Commission Release Report Regarding “Critical” Priority Areas for Consumer Financial Protection Issues

Goodwin on

In April 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) and the Commissioner for Justice and Consumer Protection of the European Commission (European Commission) announced that three meetings had been...more

Ballard Spahr LLP

CFPB recaps 2023 enforcement activity and highlights plans to expand enforcement capacity in 2024

Ballard Spahr LLP on

In a blog post published earlier this week titled “The CFPB’s enforcement work in 2023 and what lies ahead,” the CFPB discussed its 2023 enforcement activity and highlighted its plans to expand its enforcement capacity in...more

Ballard Spahr LLP

CFPB Announces Virtual Meeting in January for Prospective Enforcement Staff Applicants

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On October 16 of last year, I reported that Eric Halperin, Enforcement Director of the CFPB, announced that the CFPB intended to substantially increase the number of enforcement staff by 50% and to create a 5th litigation...more

Goodwin

UDAAP: You’re at Risk - 10 Essential Tips for Protecting Your Business

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In this edition of Fintech Flash, we discuss important things to know about the regulation of unfair, deceptive, and abusive acts or practices and 10 areas of focus to mitigate your UDAAP risk. When a regulator...more

Venable LLP

Feds Target AI Misuse in Financial Services

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The Consumer Financial Protection Bureau (CFPB) issued a statement in collaboration with federal partners, including the Federal Trade Commission (FTC) and the Department of Justice (DOJ), emphasizing that advanced technology...more

Orrick, Herrington & Sutcliffe LLP

Federal agencies reaffirm commitment to confront AI-based discrimination

On April 25, the CFPB, DOJ, FTC, and Equal Employment Opportunity Commission released a joint statement reaffirming their commitment to protect the public from bias in automated systems and artificial intelligence (AI). ...more

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Small Dollar Lending

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In this article, we share a timeline of our monthly "bites" for 2022 applicable to small-dollar lending. So, what happened in 2022?...more

Goodwin

CFPB and DOJ Order Mortgage Company to Pay Over $22 Million for Advertising and Marketing Discrimination

Goodwin on

​​​​​​​On July 27, 2022, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) filed a complaint and proposed consent order in a federal district court alleging that a mortgage company...more

Orrick, Herrington & Sutcliffe LLP

The CFPB Leans Into Privacy With FCRA Advisory Opinion

The Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) extended its reach into the realm of data protection with a recent advisory opinion interpreting the “permissible purpose” provision of the Fair Credit...more

Paul Hastings LLP

Daily Financial Regulation Update -- Friday, May 20, 2022

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The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on the following nominations: The Honorable Michael S. Barr, of Michigan, to be a Member and Vice Chairman for Supervision of the Board of...more

Cadwalader, Wickersham & Taft LLP

Protecting Depositors by Enforcing Proper Advertising of FDIC Insurance

During an open session of the Federal Deposit Insurance Corporation (“FDIC”) this week, the Board of Directors voted to finalize a new regulation that will give the FDIC, and the public, better tools to ensure that deposits...more

Cadwalader, Wickersham & Taft LLP

CFPB Targets Nonbanks for Supervision

The Consumer Financial Protection Bureau (“CFPB”) recently announced that it is going to exercise authority described as “dormant” to supervise nonbanks that are not otherwise subject to the CFPB’s supervision authority....more

Venable LLP

The CFPB Targets FinTechs and Other Nonbanks for Supervision and Examination

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The Consumer Finance Protection Bureau ("CFPB") announced that it will examine nonbank financial companies that pose risks to consumers, using statutory authority that until now had gone unused. Additional examinations would...more

Venable LLP

Latest CFPB Lawsuit Sheds Light on Digital Dark Patterns

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A lawsuit filed by the CFPB last week against a national credit reporting agency provides some insight into the types of website features and designs that regulators like the Consumer Financial Protection Bureau and Federal...more

Venable LLP

Repeat Offenders, Beware! CFPB Director Announces Enforcement Strategy; Takes Shot at Financial Services Regulators of the Past

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CFPB Director Rohit Chopra has signaled that he is ready to take on corporate recidivism in the financial services industry. He gave the University of Pennsylvania Program on Regulation's 11th Annual Distinguished Lecture,...more

Goodwin

CFPB Broadens Scope of UDAAP Authority to Discrimination and Consumer Reviews

Goodwin on

The Consumer Financial Protection Bureau (CFPB) has been actively reshaping the scope of its supervisory and enforcement priorities with respect to unfair, deceptive, or abusive acts or practices (UDAAPs) under the Consumer...more

BCLP

CFPB Director Chopra’s Emerging Vision - Supervision Focus & Potential Rule Makings

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Last month CFPB Director Rohit Chopra sat down with The Washington Post’s economist columnist Heather Long in an unusual but enlightening conversation published by the Washington Post Live. In this article, we highlight what...more

Jenner & Block

Potential Bias in AI Consumer Decision Tools Eyed by FTC, CFPB

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Potential discrimination and bias resulting from consumer tools based on artificial intelligence and automated data will be an enforcement focus of regulators this year, Jenner & Block attorneys predict. Accuracy and...more

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