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Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – July 2025 # 5

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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

Wiley Rein LLP

Wiley Consumer Protection Download (July 29, 2025)

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FTC Obtains Temporary Restraining Order and Asset Freeze Against Seven Debt Relief Companies and Their Owners for Allegedly Deceptive Practices. On July 14, the FTC filed a complaint and motion for temporary restraining order...more

Wiley Rein LLP

Wiley Consumer Protection Download (July 15, 2025)

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FTC Sends Warning Letters Regarding Potential Noncompliance With “Made in USA” Requirements. On July 8, the FTC sent letters to a flagpole retailer, footwear maker, football equipment company, and personal care products...more

Troutman Pepper Locke

OCC Patriot Bank Order Spotlights AML Issues For Managers

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On Jan. 14, Patriot Bank, based in Stamford, Connecticut, entered into an agreement with the Office of the Comptroller of the Currency to address and rectify several alleged unsafe or unsound practices and violations of law....more

Troutman Pepper Locke

CFPB Backs Chapter 7 Conversion in Synapse Financial Technologies Bankruptcy

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On June 20, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a statement of interest in support of converting the bankruptcy case of Synapse Financial Technologies, Inc. from Chapter 11 to Chapter 7, rather...more

Hudson Cook, LLP

State Watch: Consumer Protection Enforcement Update - May the Force of Law Be with You

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Attorney General James sued a national bank and its holding company for the bank's alleged practices relating to its offering of online savings accounts. Specifically, the AG claims that the bank offered a "high interest"...more

Cozen O'Connor

NY Brings Down Hammer on CapitalOne Over “High Interest” Savings Accounts

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New York AG Letitia James sued Capital One N.A. and Capital One Financial Corporation (collectively, “Capital One”) over alleged violations of state and federal consumer protection laws stemming from the marketing of their...more

Fox Rothschild LLP

What Are the Key Enforcement Priorities of the FTC?

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Actual deception, substantial injury (including through AI), kids and teens, financial institutions and employees. Those are the key enforcement priorities of the Federal Trade Commission when it comes to data privacy...more

Troutman Pepper Locke

Fifth Circuit Agrees to Dismiss CFPB’s UDAAP Examination Manual Appeal, Aligning with Bureau’s New Regulatory Priorities

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On May 1, the U.S. Court of Appeals for the Fifth Circuit dismissed the Consumer Financial Protection Bureau’s (CFPB or Bureau) appeal concerning the vacated amendments to its Unfair, Deceptive, or Abusive Acts and Practices...more

Orrick, Herrington & Sutcliffe LLP

CFPB drops CFPA, TILA-related case

On April 23, the CFPB filed a notice of dismissal pertaining to its lawsuit filed in the U.S. District Court for the Western District of Pennsylvania against a credit card company and its CEO. The CFPB alleged the company...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

Hudson Cook, LLP

The CFPB's Future is Unclear, but Its $42 Million Judgment Still Sends a Clear Message

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If we could use only one word to describe the future of the Consumer Financial Protection Bureau, I think most of us would agree on the word "uncertain." However, one thing seems certain to occur as we wait to see what will...more

Sheppard Mullin Richter & Hampton LLP

FTC Signals Strong Stance on Civil Investigation Demands

In a March 10 blog post, the new Director of the FTC’s Bureau of Consumer Protection (BCP) reaffirmed the agency’s commitment to enforcing consumer protection laws through Civil Investigation Demands (CIDs)....more

Sheppard Mullin Richter & Hampton LLP

CFPB Drops Two More Major Lawsuits 

The CFPB has recently dismissed two more enforcement actions—one against a major credit reporting agency and another against a lease-to-own financing provider. Both lawsuits involved allegations of abusive, unfair, and...more

Sheppard Mullin Richter & Hampton LLP

CFPB Continues Lawsuit Over Alleged Military Lending Act Violations

On March 1, and despite recent policy shifts under the new administration, the CFPB sent a letter to the judge overseeing its lawsuit against a fintech lender in the United States District Court for the Southern District of...more

Orrick, Herrington & Sutcliffe LLP

CFPB dismisses lawsuit against banks and payment service

On March 5, the U.S. District Court for the District of Arizona received the CFPB’s notice of dismissal with prejudice in a lawsuit against several banks involving alleged widespread digital payment fraud on a popular...more

Hudson Cook, LLP

New York Courts Appear Skeptical of Certain Fees in Sales-Based Financing Transactions

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On February 11, 2025, the Supreme Court of New York, Nassau County, ordered a hearing on whether a financing contract between Square Funding LLC and Walsh Roofing Services of Tampa Bay, LLC, was a "merchant cash advance"...more

Orrick, Herrington & Sutcliffe LLP

FDIC fines bank $650K for alleged unfair and deceptive acts

On January 31, the FDIC publicly announced its order for a bank in Sandy, Utah, to pay a civil money penalty of $650,000 due to allegations of deceptive acts and unfair practices. ...more

Nutter McClennen & Fish LLP

Nutter Bank Report: January 2025

Governor Michelle Bowman discussed the unique challenges mutual banking institutions face raising capital and the need for regulatory flexibility in the process. Governor Bowman’s remarks at the New England CEO Summit on...more

Robins Kaplan LLP

Capital One Faces Lawsuit Over Savings Account Practices

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On January 14, 2025, the federal government sued Capital One, accusing it of deceptive practices related to its “360 Savings” accounts. Consumer Financial Protection Bureau v. Capital One Financial Corp., No. 25-cv-00061...more

Cooley LLP

CFPB Targets Contractual Provisions That Limit Consumer Rights

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On January 13, 2025, the Consumer Financial Protection Bureau (CFPB) proposed a rule to prohibit provisions in agreements for consumer financial products or services that “limit fundamental freedoms,” such as those that...more

Sheppard Mullin Richter & Hampton LLP

CFPB Publishes Supervisory Highlights Focused on Deposits, Small-Dollar Lending, BNPL, and Paycheck Advance Products

During the week of January 6, the CFPB released a “second” Winter 2024 Supervisory Highlights, focused on the agency’s most recent findings in deposits, small dollar lending, buy now, pay later (BNPL), paycheck advance...more

Goodwin

CFPB Files Suit Against Bank For Alleged Savings Account Interest Rate Freezing

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On January 14, 2025, the CFPB announced ​that it had filed a complaint against a large national bank​​ for alleged ​violations of the Consumer Financial Protection Act (CFPA), the Truth in Savings Act (TISA) and TISA’s...more

Cozen O'Connor

Edward Jones Settles Multistate Investigation into Commissions and Supervisory Procedures

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New Jersey AG Matthew Platkin has settled with Edward D. Jones & Co., L.P., as part of a multistate investigation that included 14 states and the North American Securities Administrators Association, over allegations that the...more

Troutman Pepper Locke

CFPB Blog Post Encourages Industry to Do More to Serve LEP Consumers

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On January 15, the Consumer Financial Protection Bureau (CFPB or Bureau) released a blog post highlighting the growing efforts by financial institutions to serve consumers with limited English proficiency (LEP). However,...more

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