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Consumer Financial Protection Bureau (CFPB) Payday Loans Banking Sector

Hudson Cook, LLP

CFPB Bites of the Month - April 2025 - "I'll Remember April and the CFPB"

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

Hudson Cook, LLP

CFPB Bites of the Month - August 2023 - School Bells Ringing Loud and Clear, Vacation's Over, CFPB is Near

Hudson Cook, LLP on

In this month's article, we share some of our top "bites" for the prior month covered during the August 2023 webinar. Bite 1: CFPB Publishes Report on Employer-Driven Debt - On July 20, 2023, the CFPB published a...more

Orrick, Herrington & Sutcliffe LLP

CFPB issues Summer ’23 supervisory highlights

On July 26, the CFPB released its Summer 2023 issue of Supervisory Highlights, which covers enforcement actions in areas such as auto origination, auto servicing, consumer reporting, debt collection, deposits, fair lending,...more

Sheppard Mullin Richter & Hampton LLP

Junk Fees Continue to be Focus of CFPB, Biden Administration

On March 8, the CFPB released a special edition of its Supervisory Highlights reporting on unlawful junk fees that were uncovered in a variety of servicing markets, including bank account deposits, auto loan servicing,...more

Sheppard Mullin Richter & Hampton LLP

CFPB Discusses Consumer Finance Data, Sets Priorities

On June 15, CFPB Deputy Director Zixta Martinez delivered a keynote address to the Consumer Federation of America’s 2022 Consumer Assembly. The Deputy Director focused on four key areas of consumer protection during her...more

Goodwin

2021 Year in Review: Consumer Finance

Goodwin on

[co-authors: Amelie Hopkins, and Collin Grier] The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more

Troutman Pepper Locke

CBA Requests Increased CFPB Supervision of Fintechs Via the Larger Participant Rule

Troutman Pepper Locke on

The Consumer Bankers Association (CBA), a trade group of retail financial institutions, recently sent a letter to the Consumer Financial Protection Bureau (CFPB) director, requesting increased supervision of financial...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Volume 2, Issue 19

Biden Administration Extends Student Loan Pause Until January 31, 2022 - "The Department believes this additional time and a definitive end date will allow borrowers to plan for the resumption of payments and reduce the...more

Morrison & Foerster LLP

Financial Services Report - Spring 2021

Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

McGuireWoods LLP

A Detailed Look At The CFPB’s Historic Approval of Payactiv’s Earned Wage Access (EWA) Program under Regulatory Sandbox Policy

McGuireWoods LLP on

Last week, we reported that on December 30, 2020, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued compliance assistance sandbox (“CAS”) approval to Payactiv, Inc. (“Payactiv”) regarding specific aspects...more

Hudson Cook, LLP

CFPB Releases Advisory Opinion Finding that Earned Wage Access Programs, When Structured Properly, Are Not Credit Under TILA and...

Hudson Cook, LLP on

On November 30, 2020, the Consumer Financial Protection Bureau released an advisory opinion concerning earned wage access ("EWA") products. The opinion was released as a sort of "launch day bonus" for the release of the...more

Goodwin

CFPB Grants No-Action Letter for Proposed Small-Dollar Credit Product

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In the News. The Consumer Financial Protection Bureau (CFPB) granted a no-action letter (NAL) regarding a proposed small-dollar credit product and sought comment on the CFPB’s plan to study how consumers locate, comprehend...more

Goodwin

Financial Services Weekly Roundup: The OCC Proposes New Rulemaking And Changes To Address Innovation And Consumer Needs

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In This Issue. The Office of the Comptroller of the Currency (OCC) released an advanced notice of proposed rulemaking seeking comments on several issues related to digital technology and innovation, as well as proposed...more

Goodwin

Financial Services Weekly News: FDIC Issues Deposit Insurance Application Guidance For Non-Banks

Goodwin on

In This Issue. The Federal Deposit Insurance Corporation (FDIC) published new procedures for federal deposit insurance applications from applicants that are not traditional community banks; federal banking regulators released...more

Holland & Knight LLP

Stakeholders Debate Public Policy Issues Surrounding Consumer Debt in America

Holland & Knight LLP on

A number of diverse stakeholders gathered at George Mason University (GMU) on Nov. 18, 2019, to participate in a program entitled "Consumer Debt in America: What Would Rate Caps and Student Loan Forgiveness Mean?" The debate,...more

BakerHostetler

Financial Services 2018 Year-End Report

BakerHostetler on

Welcome to the 2018 Year-End Report from BakerHostetler’s Financial Services Industry Team . We are pleased to share our analysis of some of the key developments in the financial services industry in 2018 and our expectations...more

Nutter McClennen & Fish LLP

Nutter Bank Report, February 2019

1. FDIC Proposes Changes to Deposit Insurance Assessment Rule for CBLR Banks The FDIC has published a proposal that describes how the agency would apply the Community Bank Leverage Ratio (“CBLR”) framework previously...more

Davis Wright Tremaine LLP

Agency Activity in Small-Dollar Lending

Earlier this month, the Federal Deposit Insurance Corporation (FDIC) published a Request for Information (RFI) seeking public comment on issues related to small-dollar lending by FDIC-supervised financial institutions. ...more

Bradley Arant Boult Cummings LLP

Court Stays Compliance Date for BCFP’s Payday Rule

On Tuesday, the small-dollar lending industry received a favorable ruling in Community Financial Services Association of America v. CFPB. A Texas federal court reversed course by staying the August 19, 2019, compliance date...more

Goodwin

Financial Services Weekly Roundup - October 2018

Goodwin on

In This Issue. The Office of the Comptroller of the Currency (OCC) released its annual supervision operating plan outlining its bank supervision priorities, issued an updated Truth in Lending Act booklet, and provided...more

Ballard Spahr LLP

CFPB issues Summer 2018 Supervisory Highlights

Ballard Spahr LLP on

The CFPB’s newly-released Summer 2018 edition of Supervisory Highlights represents the CFPB’s first Supervisory Highlights report covering supervisory activities conducted under Acting Director Mick Mulvaney’s leadership. ...more

Parker Poe Adams & Bernstein LLP

OCC to National Banks: Please Compete With Payday Lenders!

This week, the Office of the Comptroller of the Currency (OCC) signaled a big shift in how it views small-dollar installment loans issued by the institutions it regulates. In OCC Bulletin 2018-14 to the CEOs of all national...more

Ballard Spahr LLP

CFPB issues twelfth semi-annual report

Ballard Spahr LLP on

The CFPB has issued its twelfth Semi-Annual Report to the President and Congress covering the period April 1, 2017 through September 1, 2017....more

Vedder Price

Pay Day Lending: Here Come the Banks!

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In a recent interview, Comptroller of the Currency Joseph Otting, announced the OCC’s plan to “clarify” its support of bank-offered deposit advance products. “Deposit advance products” are typically defined as small-dollar,...more

Ballard Spahr LLP

Senators urge CFPB not to reconsider payday loan rule

Ballard Spahr LLP on

A group of Democratic senators (joined by two independent Senators) has sent a letter to Leandra English and Mick Mulvaney urging them to abandon any efforts by the CFPB to reconsider its final payday/auto title/high-rate...more

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