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Fair Credit Reporting Act (FCRA) Consumer Financial Protection Bureau (CFPB) Financial Services Industry

Shipkevich PLLC

FTC Targets Deceptive Debt Relief Operation for Misleading Consumers

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In a recent enforcement action highlighting its ongoing scrutiny of deceptive debt relief schemes, the Federal Trade Commission (“FTC”) has shut down an operation accused of falsely representing affiliations with government...more

Troutman Pepper Locke

CFPB Will Not Reissue Medical Debt Advisory Opinion

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On July 14, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a status report announcing its decision not to reissue its Medical Debt Collection Advisory Opinion, which had been issued in 2024 to “remind debt...more

Ballard Spahr LLP

Federal Judge vacates CFPB medical debt rule

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A Texas federal judge has voided a Biden Administration CFPB rule that would have prohibited medical debt in credit reports....more

Morgan Lewis

CFPB Revokes Guidance in Sweeping Rollback of Agency Policies and Priorities

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In a sweeping announcement, the Consumer Financial Protection Bureau (CFPB) revoked nearly 70 interpretive rules, advisory opinions, and guidance documents on May 12, 2025. The Federal Register Notice adds to the pullback on...more

Troutman Pepper Locke

April 2025 Consumer Litigation Filings: Everything Down

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According to a recent report by WebRecon, court filings under the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), the Telephone Consumer Protection Act (TCPA), and complaints filed with the...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – May 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 Withdraws Proposed FCRA Data Broker Rule

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Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed its decision to withdraw the proposed rule titled “Protecting Americans from Harmful Data Broker Practices (Regulation V)” in the Federal Register....more

Troutman Pepper Locke

CFPB Rescinds Dozens of Regulatory Guidance Documents in Major Regulatory Shift

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The Consumer Financial Protection Bureau (CFPB or Bureau) announced the withdrawal of 67 regulatory guidance documents, including interpretive rules, policy statements, and advisory opinions that have been issued since the...more

Troutman Pepper Locke

The Next FCRA Frontier: Identity Theft and CFPB Updates — FCRA Focus Podcast

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In this episode of FCRA Focus, hosts Kim Phan and Dave Gettings bring you the latest updates from the regulatory and litigation sides of the house. Dave shares his insights on the challenges and litigation surrounding...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Private Civil Consumer Financial Services Litigation to Partially Fill CFPB Void - Part...

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The podcast we are releasing today is part 1 of a re-purposed webinar we produced on March 25 titled “The Impact of the Election on the CFPB - Part 4.” As a result of the diminishing impact of the CFPB on enforcing the...more

Troutman Pepper Locke

CFPB Announces 2025 Supervision and Enforcement Priorities

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This week, the Consumer Financial Protection Bureau (CFPB or Bureau) released a memo to staff outlining its new supervision and enforcement priorities for 2025....more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – April 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

Ballard Spahr LLP

Republican Senators seek to use CRA to void medical debt rule

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Republican senators have introduced a Congressional Review Act resolution to nullify the rule that bans banks and credit unions from including medical debt on credit reports and generally prohibits the use of medical...more

Orrick, Herrington & Sutcliffe LLP

Senators pen letter to bank data CEO on debanking claims

On March 6, Sens. Andy Kim (D-NJ) and Elizabeth Warren (D-MA) from the Senate Banking, Housing, and Urban Affairs Committee requested information from the CEO of a company that collects and reports consumer information in the...more

Goodwin

2024 Year in Review: Data Privacy and Cybersecurity

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Welcome to the “Data Privacy and Cybersecurity” chapter of our annual report, Consumer Financial Services: 2024 Year in Review. Consumer financial services regulators are taking a keen interest in artificial intelligence...more

Venable LLP

Navigating the New Consumer Financial Services Landscape: Enforcement, Compliance, and Litigation Risks

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Financial services companies may feel relief from the aggressive federal oversight and regulation that defined the past decade. However, regulatory risk has not disappeared—it has shifted. ...more

Ballard Spahr LLP

CFPB extends comment period for data broker NPRM

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The CFPB has extended the comment period for its Notice of Proposed Rulemaking on data brokers until April 2, 2025; the comment period had been slated to expire on March 3, 2025....more

Ballard Spahr LLP

Financial Services trade groups call on CFPB to abandon its data broker proposed rule

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Seventeen financial services trade groups are calling on the CFPB to abandon its plan to amend rules under the Fair Credit Reporting Act (FCRA) to vastly expand the scope of the FCRA by redefining what a “consumer report” is...more

Troutman Pepper Locke

CFPB Continues “Pausing” Litigation: This Time in Medical Debt Rule Litigation

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The Consumer Financial Protection Bureau (CFPB or Bureau) requested and was granted a 90-day stay in the litigation involving trade associations Cornerstone Credit Union League (Cornerstone) and the Consumer Data Industry...more

Troutman Pepper Locke

CFPB Updates List of Consumer Reporting Companies for 2025

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On January 30, the Consumer Financial Protection Bureau (CFPB or Bureau) released its updated list of consumer reporting companies for 2025. The list includes nationwide consumer reporting companies as well as several other...more

Troutman Pepper Locke

Seventh Circuit Reverses Summary Judgment in FDCPA Debt Dispute Case

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This week, the U.S. Court of Appeals for the Seventh Circuit issued a decision reversing a summary judgment order in a Fair Debt Collection Practices Act (FDCPA) case. The court found that there were genuine issues of...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: The CFPB's Proposed Data Broker Rule

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In today's episode, we discuss the CFPB’s recent proposed data broker rule—a proposal that would greatly expand the reach of the Fair Credit Reporting Act. On December 3, the CFPB issued a proposed rule promoted as one that...more

Orrick, Herrington & Sutcliffe LLP

2nd challenge to CFPB medical debt reporting rule filed in Texas

On January 8, a complaint was filed in the U.S. District Court for the Southern District of Texas challenging the CFPB’s newly finalized medical debt rule that restricts credit reporting agencies from including medical debt...more

Cooley LLP

CFPB Finalizes Rule Curbing Use and Reporting of Medical Debt

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On January 7, 2025, the Consumer Financial Protection Bureau (CFPB) issued a final rule that would generally prohibit lenders from considering medical debt information when determining a consumer’s eligibility for credit, and...more

Husch Blackwell LLP

Mark Your Calendars: 2025 Compliance Dates for Key Consumer and Small Business Financial Services Regulations

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One of the primary challenges with working in the U.S. financial services space is keeping up with the ever-changing federal and state regulatory landscape. Juggling the day-to-day fire drills while staying atop of regulatory...more

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