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Dodd-Frank Wall Street Reform and Consumer Protection Act › Unfair or Deceptive Trade Practices › 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 -
Venable LLP

New York’s Consumer Protection Overhaul: A Lawsuit Magnet for Banks, Fintechs, and Other Financial Services Providers

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New York lawmakers—with full support from the attorney general—are pushing a sweeping expansion of consumer protection laws that could turn routine financial transactions into the next big class action battleground and expand...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

Seyfarth Shaw LLP

Fifth Circuit Set to Weigh Challenge to FTC’s CARS Rule - Seyfarth's Future of Automotive Series

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The administrative challenge brought by the National Automobile Dealers Association (NADA) and another trade association against the Combating Auto Retail Scams (“CARS”) Trade Regulation Rule, issued last year by the Federal...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

Ballard Spahr LLP

FTC provides annual report to CFPB regarding activities in 2023 under consumer financial services laws

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On May 20, 2004, the Federal Trade Commission (“FTC”) sent its annual report to the Consumer Financial Protection Bureau (“CFPB”) highlighting its enforcement actions and initiatives in 2023 under the Truth in Lending Act...more

Troutman Pepper Locke

Connecticut AG Adds Independent Enforcement Authority for Dodd-Frank Actions

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A new Connecticut law expands the authority of the state’s attorney general to enforce certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act)....more

Mayer Brown

Third Circuit Holds Securitization Trusts Can Be Subject to CFPB Enforcement Authority

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In a long-awaited decision, the Third Circuit handed the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) a victory in the National Collegiate Student Loan Trust litigation that could have wide-reaching implications...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

Seyfarth Shaw LLP

CFPB Publishes New Policy Statement on Abusive Acts and Practices

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On April 3, 2023, the CFPB published a new official statement of policy on the authority that Congress passed in the Consumer Financial Protection Act of 2010 (“CFPA”), codified at 12 U.S.C. § 5536(a)(1)(B), banning “abusive...more

Ballard Spahr LLP

CFPB moves to dismiss Chamber’s lawsuit challenging UDAAP update to exam manual and opposes Chamber’s motion for summary judgment

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The CFPB has filed a motion to dismiss, or in the alternative for summary judgment in, the lawsuit filed by the U.S. Chamber of Commerce in September 2022 challenging the CFPB’s update to the Unfair, Deceptive, or Abusive...more

Sheppard Mullin Richter & Hampton LLP

DFPI Issues Proposed Rules for Commercial Financing

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On June 24, the California Department of Financial Protection and Innovation (DFPI) issued proposed regulations implementing certain provisions of the California Consumer Financial Protection Law (CFPL) related to commercial...more

Hudson Cook, LLP

CFPB Relies on Questionable Premise in Bulletin About Repossession

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In February, the Consumer Financial Protection Bureau issued a compliance bulletin to the vehicle finance industry to make sure that industry participants—including and especially servicers—remember the CFPB's authority to...more

Jenner & Block

CFPB Adds “Discrimination” to its “Unfair, Deceptive, or Abusive Acts and Practices” (UDAAP) Examination Guidance

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On March 16, 2022, the Consumer Financial Protection Bureau (CFPB) announced its intent to address discrimination as an “unfair practice” under the Consumer Financial Protection Act (commonly known as Dodd-Frank)....more

Eversheds Sutherland (US) LLP

CFPB Enforcement Actions Zero in on Income Share Agreements and “Payday Alternative” Loans

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In September 2021, the CFPB took action against Better Future Forward, Inc. (BFF), a provider of student income share arrangements, and LendUp, an online, subprime consumer lender. In both cases, the CFPB alleged that the...more

Cozen O'Connor

The State AG Report - Volume 7, Issue 33 | August 2021

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Here are last week’s curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: Expensive Pets: Scammer Sells Badly Behaved...more

Cozen O'Connor

The State AG Report - Volume 7, Issue 22 | June 2021

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Subprime Auto Loan Company Settles Allegations It Turned Blind Eye to Shady Car Dealers - Massachusetts AG Maura Healey reached a settlement with subprime automobile finance company United Auto Credit Corporation (“UACC”) to...more

Morgan Lewis - All Things FinReg

Elections Have Consequences: Biden’s CFPB Leadership Rescinds Previous Administration Self-Fencing of Enforcement Authority

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The Consumer Financial Protection Bureau (CFPB or Bureau) issued a Statement of Policy (Statement) on March 8 making it clear that going forward it will exercise its full authority to penalize covered persons found to have...more

Troutman Pepper Locke

CFPB Rescinds Trump-Era Guidance Regarding “Abusive Acts and Practices” Standard

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On March 11, the Consumer Financial Protection Bureau (CFPB) announced that it is rescinding a January 2020 policy statement that limited the “abusive acts and practices” standard created by the 2010 Dodd-Frank Act. By...more

Morrison & Foerster LLP

Stop; Reverse That: CFPB Rescinds Abusiveness Policy Statement

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On March 11, 2021, the Consumer Financial Protection Bureau (CFPB or “Bureau”) issued a Rescission of Statement of Policy rescinding its January 24, 2020 Policy Statement regarding the prohibition on abusive acts or practices...more

Goodwin

CFPB, FTC And 50 States Show Power In Numbers With Operation Corrupt Collector

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In the News. The Consumer Financial Protection Bureau (CFPB), along with the Federal Trade Commission (FTC) and more than 50 federal and state law enforcement partners, announced Operation Corrupt Collector, a nationwide law...more

Ballard Spahr LLP

CFPB Issues Additional Consent Orders for False and Misleading Mortgage Advertising

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Since late July, the CFPB has issued seven consent orders against mortgage companies in which the CFPB asserts that the companies engaged in false and misleading advertising to service members and veterans. ...more

Jones Day

The CFPB's Policy Statement Concerning the Meaning of "Abusiveness"

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The Situation: For the past 10 years, regulated entities and others have sought more definition concerning the nature and scope of claims the Consumer Financial Protection Bureau ("CFPB") might bring alleging "abusive"...more

ArentFox Schiff

What Loan Servicers Must Know: How the CFPB’s 2020 Policy Statement on ‘Abusiveness’ Jibes with its Positions in Enforcement Cases

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The Consumer Financial Protection Bureau (the Bureau) recently issued an official policy statement (Policy) that illuminates how the Bureau will apply the Dodd-Frank Wall Street Reform and Consumer Protection Act’s...more

Goodwin

CFPB Issues Much Anticipated Guidance Regarding Abusive Acts or Practices

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On January 24, 2020, the Consumer Financial Protection Bureau (CFPB) issued a policy statement setting forth guidelines on how it intends to enforce the “abusiveness” standard under the Dodd-Frank Act.  Section 103(a) of the...more

BCLP

CFPB Provides Guidance on UDAAP Abusive Standard

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On January 24, 2020, the Consumer Financial Protection Bureau (CFPB) announced a new policy regarding the prohibition on abusive acts or practices. The CFPB has clarified how it will define, supervise and enforce “abusive”...more

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