Deposit Account Litigation: Highlights From 2024 and What to Expect in 2025 — The Consumer Finance Podcast
Consumer Finance Monitor Podcast Episode: Understanding the Credit Card Competition Act a/k/a Durbin 2.0
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On July 18, the CFPB terminated a consent order against a credit union after confirming that the credit union fulfilled “certain obligations” under the original consent order, including paying a $1.5 million civil money...more
On July 21, 2025, the Consumer Financial Protection Bureau (CFPB) announced that it had terminated its October 2024 consent order with a Florida-based credit union....more
On July 18, the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS ACT) was signed into law, creating the first federal regulatory framework for payment stablecoins. The law prohibits the issuance...more
On July 1, the CFPB terminated a consent order with a federal credit union by issuing an order terminating the consent order. The original consent order was issued on November 7, 2024, concerning alleged violations of...more
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
Judge declines to extend ‘swipe fee’ injunction to credit unions, applies it to out-of-state banks - “A federal judge on Thursday declined to issue an injunction to stop an Illinois law that bans certain credit card fees...more
On November 7, 2024, the CFPB announced that it had entered into a consent order with a major credit union resolving allegations that the credit union improperly assessed overdraft fees against consumers. The credit...more
On November 7, 2024, the CFPB ordered one of the largest credit unions in the nation to pay over $95 million for its practices related to the imposition of overdraft fees. The enforcement action addresses practices from 2017...more
On October 31, 2024, the CFPB announced that it had entered into a consent order with a credit union, resolving allegations that the union had ineffectively rolled out a new online banking platform that left consumers without...more
The CFPB recently took action against VyStar Credit Union in connection with allegations that the credit union “botched” its rollout of a new online banking system....more
In this month's article, we share some of our top "bites" for the prior month covered during the October 2023 webinar. Bite 10: New Report on NSF Fees at Banks and Credit Unions On October 11, 2023, the CFPB issued a data...more
The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically focusing on:...more
On January 4, the Colorado Attorney General announced that his office entered into assurances of discontinuance (available...) with two credit unions that will result in $4 million being refunded to Colorado borrowers who...more
On January 12, the U.S. District Court for the Eastern District of Virginia ruled that a credit union (defendant) is responsible for $558,000 in compensatory damages for processing a payment order that was allegedly induced...more
On January 4, the Colorado attorney general announced settlements with two credit unions that will pay a combined $4 million in refunds to borrowers in the state who were entitled to “guaranteed automobile protection” (GAP)...more
The Office of the Comptroller of the Currency (OCC) issued a $250 million civil penalty against Wells Fargo Bank, NA for flaws in the bank’s home loan loss mitigation program. In addition, the OCC issued a cease-and-desist...more
Live Life Federal Credit Union, a $69 million-asset credit union based in Fraser, Michigan, recently consented to a cease-and-desist order issued by the National Credit Union Administration Board (NCUA). The enforcement...more
Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more
In This Issue. The Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) issued a Risk Alert about the scope and content of examinations OCIE plans to conduct of various...more
On November 2, 2018, the United States Attorney for the Southern District of New York announced a settlement with a New York based credit union, resolving allegations that the credit union had illegally repossessed cars owned...more
The Department of Justice recently entered into a settlement with Hudson Valley Federal Credit Union to resolve allegations that it violated the Servicemembers Civil Relief Act (SCRA) by repossessing vehicles owned by...more
On December 29, 2017, the Lower East Side People’s Credit Union (“People’s”) filed a reply brief in support of its preliminary injunction motion in which it seeks to block the appointment of Mick Mulvaney as the Acting CFPB...more
The U.S. Department of Justice (DOJ) announced last week that it reached an agreement with Michigan-based COPOCO Community Credit Union to settle a lawsuit alleging that the credit union violated the Servicemembers Civil...more
On May 10, 2017, the U.S. Department of Housing and Urban Development (HUD) announced a settlement with a California credit union concerning allegations that the credit union denied loan approval to a married couple because...more
This past October, the Consumer Financial Protection Bureau (“CFPB”) took action against Navy Federal Credit Union, the largest credit union in the country. In doing so, the CFPB relied upon one of its favorite enforcement...more