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Consumer Financial Protection Bureau (CFPB) Regulation Z Financial Institutions

Troutman Pepper Locke

CFPB Signals Review of Mortgage Servicing and Larger Participant Rules

Troutman Pepper Locke on

Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) submitted several regulatory proposals to the Office of Management and Budget (OMB) for review. Among the rules under consideration are those related to...more

Morgan Lewis

CFPB Revokes Guidance in Sweeping Rollback of Agency Policies and Priorities

Morgan Lewis on

In a sweeping announcement, the Consumer Financial Protection Bureau (CFPB) revoked nearly 70 interpretive rules, advisory opinions, and guidance documents on May 12, 2025. The Federal Register Notice adds to the pullback on...more

Orrick, Herrington & Sutcliffe LLP

CFPB’s repeal of two final rules leads to dismissal of two cases

Recently, federal district courts dismissed two cases which challenged two final rules promulgated by the CFPB under the previous administration. Specifically, these dismissals came soon after President Trump repealed the...more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

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

Sheppard Mullin Richter & Hampton LLP

CFPB Late Fee Rule Vacated by Texas Federal Court 

On April 15, Judge Mark T. Pittman of the U.S. District Court for the Northern District of Texas entered an Order and Final Judgement vacating the CFPB’s 2024 credit card late fee rule (previously discussed here) for...more

Sheppard Mullin Richter & Hampton LLP

CFPB Drops Suit Against Credit Card Company Alleging TILA Violations and Deceptive Marketing Practices

On April 23, the CFPB voluntarily dismissed with prejudice its lawsuit, filed in September 2024, against a Pennsylvania-based credit card company that had been accused of unlawfully marketing a high-cost, limited-use...more

Ballard Spahr LLP

Senate adopts resolution to nullify CFPB overdraft rule

Ballard Spahr LLP on

The Senate on March 27 adopted a resolution that would nullify the CFPB’s overdraft rule. The Senate adopted S. J. Res. 18 by a vote of 52-48, with Sen. John Hawley, R-Mo., the only Republican voting against repeal....more

Katten Muchin Rosenman LLP

RIP Overdraft Rule?

Last month, bills were introduced in the House and Senate to overturn the much-maligned CFPB overdraft rule. You can find our previous write-up on the rule here. The rule would redefine “finance charge” under Regulation Z to...more

Goodwin

2024 Year in Review: Cards, Payments, and Consumer Banking

Goodwin on

We expect continued scrutiny by regulators on fees, including enforcement actions and rulemakings, with the caveat that the new administration could shift federal priorities away from this fee crackdown....more

Orrick, Herrington & Sutcliffe LLP

CFPB seeks additional time to consider its position on “Buy Now, Pay Later” Interpretive Rule

On February 28, the U.S. District Court for the District of Columbia received a court filing from the CFPB and its Acting Director Russell Vought, indicating they intend to submit a status report by March 31 on whether the...more

Orrick, Herrington & Sutcliffe LLP

CFPB dismisses five enforcement actions voluntarily

On February 27, the CFPB voluntarily dismissed, with prejudice, five additional enforcement actions it filed during the Biden administration: All enforcement actions were filed in federal courts, as opposed to using...more

Morrison & Foerster LLP

FinReg Currents - Week 5

On February 18, 2025, President Trump signed an Executive Order designed to reduce the power of federal independent agencies by bringing them under the purview of the White House. The Executive Order provides that it applies...more

Hudson Cook, LLP

CFPB Bites of the Month - 2024 Annual Review - Credit Cards

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2024 applicable to the credit card industry. The year saw the CFPB give a fair amount of attention to credit card products, with a focus on pricing....more

Orrick, Herrington & Sutcliffe LLP

CFPB publishes CARD Act-mandated request for information

On January 17, the CFPB published in the Federal Register a Request for Information (RFI) about a number of aspects of the consumer credit card market, as mandated by the CARD Act. The RFI seeks public input to shape the...more

Orrick, Herrington & Sutcliffe LLP

CFPB rescinds previous opinion regarding how one EWA product was not a “loan”

On January 15, the CFPB issued an advisory opinion rescinding its 2020 advisory opinion on earned wage access (EWA) products. As previously covered by InfoBytes, the CFPB’s 2020 advisory opinion stated that a certain EWA...more

Ballard Spahr LLP

NCUA Increases Scrutiny of Overdraft, NSF, and RDI Fees

Ballard Spahr LLP on

The National Credit Union Administration has issued guidance to federal credit unions regarding the consumer harm stemming from certain overdraft and non-sufficient funds (NSF) fee practices. The NCUA will continue to review...more

Morrison & Foerster LLP

Leaning In: The CFPB Publishes Rule on Fees for Overdraft Services

On December 30, 2024, the Consumer Financial Protection Bureau (CFPB) published a final rule that may dramatically change the way that certain large financial institutions offer overdraft services to consumers. Under the...more

Alston & Bird

CFPB’s “Overdraft Lending” Rule Faces Immediate Legal Challenge

Alston & Bird on

What Happened? On December 12, 2024, the Consumer Financial Protection Bureau (CFPB) issued its final “overdraft lending” rule aimed at curbing overdraft fees charged by banks and credit unions with more than $10 billion in...more

Nutter McClennen & Fish LLP

Nutter Bank Report: December 2024

CFPB Imposes $5 Cap on Overdraft Fees Charged by Large Banks - The CFPB has adopted a final rule capping overdraft fees at $5 for banks and other depository institutions with more than $10 billion in assets (covered...more

Orrick, Herrington & Sutcliffe LLP

Banking groups file complaint challenging CFPB’s overdraft lending rule

On December 12, several banking associations and individual financial institutions filed a complaint in the U.S. District Court of the Southern District of Mississippi against the CFPB, challenging its final rule amending...more

Ballard Spahr LLP

Bank associations seek a preliminary injunction to block CFPB overdraft rule

Ballard Spahr LLP on

Mississippi Bankers Association, the American Bankers Association, the Consumer Bankers Association, America’s Credit Unions, and three banks are seeking a preliminary injunction blocking the CFPB from implementing the...more

Orrick, Herrington & Sutcliffe LLP

CFPB finalizes overdraft lending rule for “very large financial institutions”

On December 12, the CFPB issued a final rule, restricting the amount that certain financial institutions can charge for their overdraft service. As previously covered by InfoBytes, historically, the Fed exempted banks from...more

Saul Ewing LLP

Big Banks, Beware – CFPB Issues Final Rule to Cap Overdraft Fees

Saul Ewing LLP on

After nearly a year of speculation, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (the “Rule”) to cap overdraft fees that financial institutions with at least $10 billion in assets can assess to...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFPB Releases Final ‘Open Banking’ Rule on Personal Financial Data Rights

On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule (Rule) on personal financial data rights under Section 1033 of the Dodd-Frank Act. The Rule imposes significant new obligations on...more

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