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Dodd-Frank Wall Street Reform and Consumer Protection Act Enforcement Actions Financial Services Industry

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Troutman Pepper Locke

SEC Whistleblower Awards Face Scrutiny as Denials Rise

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A recent article by Bloomberg Law highlighted a significant shift in the Securities and Exchange Commission’s (SEC) approach to whistleblower claims. The article, “Whistleblower Awards Slow to Trickle as SEC Raises Bar on...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – June 2025

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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

Pennsylvania Launches Centralized Consumer Complaint System, Expands State Enforcement Under Dodd-Frank

On May 1, Pennsylvania Governor Josh Shapiro announced a new centralized consumer protection hotline, website, and email address, providing residents with streamlined access to state agencies for reporting scams, financial...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – May 2025 # 4

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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

Ballard Spahr LLP

Citing CFPB cutbacks, Pennsylvania Governor is beefing up consumer protection efforts

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Citing cutbacks at the federal level, Pennsylvania Governor Josh Shapiro has launched a new centralized consumer protection hotline, website and email address to make it easier for state residents to report allegations of...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Everything You Want to Know About the CFPB as Things Stand Today, and Lots More - Part 1

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Our podcast show being released today is Part 1 of a repurposed interactive webinar that we presented on March 24, featuring two of the leading journalists who cover the CFPB - Jon Hill from Law360 and Evan Weinberger from...more

Clark Hill PLC

Administrative Law Report - March 2025, Vol. 5

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Welcome to your monthly rundown of all things administrative law, where we highlight all the happenings you may have missed....more

Sheppard Mullin Richter & Hampton LLP

New CFPB Director Testifies on Agency Leadership and Enforcement Approach

On February 27, new CFPB Director Jonathan McKernan testified before the Senate Banking Committee, emphasizing his commitment to enforcing the law while operating within the confines of the law. His testimony focused on his...more

Ballard Spahr LLP

CFPB Nominee McKernan: Bureau will continue its work

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Jonathan McKernan, President Trump’s nominee to head the CFPB, pledged that the agency would “implement and enforce the federal consumer financial laws and perform each of its other statutorily assigned functions.”...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – February 2025 # 3

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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

Troutman Pepper Locke

CFPB Files “Emergency Notice” in 1071 Final Rule Case and Does Not Oppose Stay of the 1071 Rule; Agency Also Seeking a “Pause” in...

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Hours before a scheduled hearing yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed an “Emergency Notice” in the U.S. Court of Appeals for the Fifth Circuit with respect to the ongoing litigation...more

Ballard Spahr LLP

CFPB calls on states to be more aggressive in enforcing consumer financial protection laws

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The CFPB is calling on state governments to increase their focus on consumer financial protection laws....more

Husch Blackwell LLP

CFPB Reboots Policy Statements for No-Action Letters and Compliance Assistance Sandbox Approvals Days Before Administration Change

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On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) revived its policy statements on No-Action Letters (NALs) and Compliance Assistance Sandbox (CAS) Approvals. These unexpected changes come just days before...more

Mintz - ML Strategies

2024 Pre-Election Analysis: Financial Services

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Financial services encompass a wide range of services offered by the nation’s financial institutions, including banking, mortgage, investment, and credit services. The next administration and Congress’s financial services...more

Ballard Spahr LLP

Unlawful funding argument raised in challenge to final CFPB rule

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We have previously blogged about how targets of CFPB enforcement actions have asserted that the actions must be dismissed because the investigations were conducted and the lawsuits were brought and are being prosecuted with...more

Ballard Spahr LLP

CFPB files and prosecutes yet another enforcement lawsuit using funds obtained in violation of the CFPB’s enabling statute...

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The Introduction to the Complaint which was filed by the CFPB on May 17, 2024 against Solo Funding, Inc. in the United States District Court for the Central District of California – Western Division Los Angeles (Judge R. Gary...more

Ballard Spahr LLP

Another target of CFPB enforcement action argues that lawsuit filed on August 23, 2023 must be dismissed because the CFPB lacked...

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We have recently blogged about two other actions in which this issue has been raised (one being a declaratory judgment action filed against the CFPB on July 23, 2024 in the E.D. Tex. and the other being an enforcement action...more

Ballard Spahr LLP

Populus files motion to dismiss CFPB enforcement action based on fact that CFPB has been unlawfully funded by Fed when it had no...

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We have previously blogged about an enforcement action brought on July 12, 2022 by the CFPB against Populus Financial Group, Inc., d/b/a ACE Cash Express, Inc. in Federal District Court for the Northern District of Texas...more

Hudson Cook, LLP

CFPB Bites of the Month - July 2024 - The CFPB Shines Like the 4th of July

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In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more

Ballard Spahr LLP

CFPB Issues Final Rule Creating Nonbank Enforcement Action Registry

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The CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, on June 3, 2024. The rule will require certain nonbank entities to register certain covered...more

Troutman Pepper Locke

CFPB Issues Final Rule on Nonbank Registration of Enforcement Orders

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On June 3, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its final rule requiring covered nonbanks to register enforcement orders, and it is a doozy. Not only will covered nonbanks be required to register...more

Sheppard Mullin Richter & Hampton LLP

CFPB Wins at the Supreme Court

On May 16, the United States Supreme Court, in a 7-2 ruling, held that the CFPB’s funding mechanism does not violate the Appropriations Clause of the U.S. Constitution. As we previously discussed in greater detail, under the...more

American Conference Institute (ACI)

[Event] 8th Forum on FinTech & Emerging Payment Systems - April 9th - 10th, New York, NY

ACI’s 8th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems will provide in-depth guidance on the latest regulatory developments at the Federal and State Level that you need to be aware of....more

Troutman Pepper Locke

FTC Fines Bankrupt Crypto Services Provider Celsius $4.7B for Misrepresentations; Regulatory Agency Remains in Search for Civil...

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Deceptive advertisements, market manipulation, misappropriation of customer funds, and “Ask Me Anything (AMA)” sessions served as the catalysts of a civil enforcement action the Federal Trade Commission (FTC) recently filed...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - December 2022 # 4

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

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