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Consumer Financial Protection Bureau (CFPB) Regulatory Reform FinTech

Sheppard Mullin Richter & Hampton LLP

In a Surprising Switch, CFPB Now Seeks to Rewrite Open Banking Rule

On July 29, the U.S. District Court for the Eastern District of Kentucky granted the CFPB’s request to stay litigation challenging its open banking rule. The rule (previously discussed here) aimed to establish industry-wide...more

Venable LLP

Compliance as a Competitive Advantage

Venable LLP on

Recently, we presented on Compliance as a Competitive Advantage at Compliance University by Online Lenders Alliance. We shared a perspective we've developed over 20 years of working with financial services companies: that...more

Morrison & Foerster LLP

A Hard Reset on 1033?: A Look at What’s Next for Open Banking

The financial services industry generally, and data aggregators specifically, have watched intently as the Trump administration has altered the course of the Consumer Financial Protection Bureau (CFPB or “Bureau”), in an...more

Sheppard Mullin Richter & Hampton LLP

CFPB Seeks to Vacate Open Banking Rule

On May 23, the CFPB notified a Kentucky federal court that it now considers its own 2023 open banking rule “unlawful” and plans to set the rule aside. The Bureau announced its intent to seek summary judgement against the...more

Ballard Spahr LLP

CFPB will kill Section 1033 Open Banking Rule

Ballard Spahr LLP on

The CFPB is planning to repeal its Section 1033 Open Banking Rule, according to a filing in a federal lawsuit challenging the rule. On the same day the Final Rule was issued, the Banking Policy Institute (BPI) and Kentucky...more

Orrick, Herrington & Sutcliffe LLP

Three industry groups pen letters commenting on CFPB rules

On or around May 12, three industry groups submitted comment letters following the OMB’s request to identify rules and guidance to be deregulated. The letters submitted by industry groups highlighted several regulations for...more

Ballard Spahr LLP

Trump signs resolution voiding CFPB large nonbank supervision rule

Ballard Spahr LLP on

President Trump has signed a resolution nullifying the rule implementing the CFPB’s power to supervise large nonbank financial services providers of general-use digital consumer payment applications....more

Orrick, Herrington & Sutcliffe LLP

President Trump repeals two CFPB rules

On May 9, President Donald Trump repealed two CFPB rules which were brought under the previous administration. The first action repealed the CFPB’s overdraft lending rule (S. J. Res. 18), which would have capped overdraft...more

Cooley LLP

CFPB Withdraws Guidance Documents in Shift from Nonbinding Policymaking

Cooley LLP on

After ordering the review of all existing guidance put forth by the Consumer Financial Protection Bureau (CFPB), acting CFPB Director Russell Vought announced the withdrawal of almost 70 guidance documents dating back to the...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

Jenner & Block

US Fintech Landscape for 2025

Jenner & Block on

With the change of presidential administrations in January, there has been a significant shift in the landscape for financial technology companies in the United States for 2025 and beyond. First, the new administration...more

Holland & Knight LLP

CFPB to Conduct Comprehensive Review of Previously Issued Guidance Documents

Holland & Knight LLP on

The CFPB will begin the process of discontinuing regulatory "guidance" and instead enforce the Administrative Procedure Act's rulemaking process. In a pair of internal memos circulated to all divisions and offices within the...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

Orrick, Herrington & Sutcliffe LLP

House Financial Services Committee chair urges regulatory changes for CFPB and prudential regulators

On April 1, the Chairman of the U.S. House Committee on Financial Services, Rep. French Hill (R-AR) released nine letters they sent to the heads of the FDIC, the OCC, the Fed, the CFPB, the SEC, and the Federal Stability...more

Kilpatrick

CFPB Shifts Course on Buy Now, Pay Later: Interpretive Rule Revoked, Legal Challenge Implications

Kilpatrick on

The Consumer Financial Protection Bureau (CFPB) recently announced a significant change in its approach to the burgeoning "buy now, pay later" (BNPL) market. The Bureau has announced plans to revoke its May 2024 interpretive...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – April 2025

Troutman Pepper Locke on

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

Sheppard Mullin Richter & Hampton LLP

CFPB to Withdraw BNPL Interpretive Rule Amid Broader Agency Rollback

The CFPB has announced plans to withdraw its May 2024 interpretive rule that subjected buy-now, pay-later (BNPL) products to regulations applicable to credit cards under the Truth in Lending Act (TILA). The move was revealed...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 58: Earned Wage Access: Charting a Clear Regulatory Path

Ian P. Moloney, Head of Policy and Regulatory Affairs at the American Fintech Council, joins RegFi co-hosts Jerry Buckley and Sherry Safchuk for a conversation about earned wage access (EWA), a service that affords workers...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 54: Imagining the Future of the CFPB and Consumer Financial Regulation

At no time in recent memory has consumer finance regulation faced more prospects for change. RegFi co-hosts Jerry Buckley, Sasha Leonhardt, Sherry Safchuk and Caroline Stapleton discuss what could be in play for consumer...more

Troutman Pepper Locke

2024 Payments Year in Review: CFPB and FTC Regulatory Trends – Part One — Payments Pros – The Payments Law Podcast

Troutman Pepper Locke on

In the first installment of a four-part Payments Year in Review series, Keith Barnett, Carlin McCrory, and Josh McBeain discuss significant developments in the payments landscape from the Consumer Financial Protection Bureau...more

Stinson LLP

Massachusetts Adopts the Model Money Transmission Modernization Act, Joining 25 Other States

Stinson LLP on

With the passage of H.B. 4840 (the Act), the Commonwealth of Massachusetts becomes the 49th state to regulate domestic money transmission and repeals the existing money transmission law, which solely regulated foreign...more

Ballard Spahr LLP

CA and NY governors propose expansion of state consumer financial protection regimes

Ballard Spahr LLP on

The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator.  Both governors have framed their proposals as a response to what they...more

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