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Rulemaking Process Consumer Financial Protection Bureau (CFPB) Consumer Protection Laws

Orrick, Herrington & Sutcliffe LLP

CFPB scraps rule allowing states to enforce the CFPA without notice

On July 21, the CFPB published a notice in the Federal Register withdrawing its direct final rule that would have rescinded procedures requiring state officials to notify the Bureau when taking action to enforce the CFPA. As...more

Orrick, Herrington & Sutcliffe LLP

CFPB proposes to eliminate ability to allocate civil money penalties to fund financial literacy programs

On June 18, the CFPB published a proposed rule in the Federal Register amending its 2013 rule implementing the CFPA provision establishing the Consumer Financial Civil Penalty Fund. The proposed rule rescinds aspects of the...more

Sheppard Mullin Richter & Hampton LLP

CFPB Proposes to Eliminate Education Allocations from Civil Penalty Fund

On June 18, the CFPB published a proposed rule that would rescind its authority to use money from the Civil Penalty Fund for consumer education and financial literacy initiatives. The proposed changes would amend the CFPB’s...more

Orrick, Herrington & Sutcliffe LLP

CFPB signals five future publications in OMB filings

On June 4, the Office of Information and Regulatory Affairs received five pending publications from the CFPB. The five rulemakings under consideration included: (i) Loan Originator Compensation Requirements Under the Truth in...more

Holland & Knight LLP

CFPB Publishes Additional Proposals to Rescind "Unnecessary" Rules and Regulations

Holland & Knight LLP on

The CFPB continues on its path to rescind what it considers to be unnecessary regulatory guidance, with two additional proposals recently published. First, the agency published an interim final rule on May 16, 2025, to...more

Cooley LLP

CFPB Withdraws Guidance Documents in Shift from Nonbinding Policymaking

Cooley LLP on

After ordering the review of all existing guidance put forth by the Consumer Financial Protection Bureau (CFPB), acting CFPB Director Russell Vought announced the withdrawal of almost 70 guidance documents dating back to the...more

Kilpatrick

CFPB Shifts Course on Buy Now, Pay Later: Interpretive Rule Revoked, Legal Challenge Implications

Kilpatrick on

The Consumer Financial Protection Bureau (CFPB) recently announced a significant change in its approach to the burgeoning "buy now, pay later" (BNPL) market. The Bureau has announced plans to revoke its May 2024 interpretive...more

Wiley Rein LLP

Wiley Consumer Protection Download (February 26, 2025)

Wiley Rein LLP on

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

McGlinchey Stafford

CFPB Under Siege: Legal Challenges, Leadership Changes, Congressional Moves

McGlinchey Stafford on

As we have highlighted previously (here and here), the Consumer Financial Protection Bureau (CFPB) has continued to undergo significant changes under the second Trump Administration. However, various interested parties have...more

McGlinchey Stafford

FTC’s CARS Rule Vacated — What Finance Companies Need to Know

McGlinchey Stafford on

In a procedural decision, the U.S. Court of Appeals for the Fifth Circuit vacated the CARS Rule (officially, the Combatting Auto Retail Scams Trade Regulation Rule, sometimes known as the Vehicle Shopping Rule) which was...more

Orrick, Herrington & Sutcliffe LLP

CFPB ordered to pause work and congressional Democrats react

On January 31, the CFPB announced Treasury Secretary Scott Bessent as the Acting Director. As previously covered by InfoBytes, Bessent sent an email instructing all CFPB staff to pause immediately any new rulemaking,...more

Bradley Arant Boult Cummings LLP

How Congress Can Stem Consumer Finance Law Uncertainty

With the 2024 election behind us and the 119th Congress now in session, the political climate has created an opportunity for meaningful statutory reforms of the federal consumer financial laws to become reality. The 119th...more

Katten Muchin Rosenman LLP

CFPB Proposes a New Rule Prohibiting Certain Contractual Terms for Consumer Financial Products

On January 13, the Consumer Finance Protection Bureau (CFPB) published a new proposed rule attempting to ban certain contractual provisions in "take it or leave it" consumer contracts that purport to "waive substantive...more

Wiley Rein LLP

What Just Happened at the FTC and CFPB: Wiley Consumer Protection Download (January 24, 2025)

Wiley Rein LLP on

In the two weeks before Inauguration, both the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) released a flurry of rulemaking developments, policy announcements, and enforcement filings and...more

Morgan Lewis

Executive Order Pauses All Pending Rulemaking Activity for Federal Agencies: Impact on CFPB

Morgan Lewis on

President Donald Trump’s executive order titled Regulatory Freeze Pending Review directs federal agencies to stop all rulemaking activity pending within the agency and to consider all rules already published as paused for 60...more

Sheppard Mullin Richter & Hampton LLP

CFPB Announces Plans to Regulate Nonbank Personal Loan Providers

On January 8, the CFPB announced its intent to pursue rulemaking that would allow the agency to oversee nonbank personal loan lender. The announcement came in response to a petition filed in September 2022 by the Consumer...more

Sheppard Mullin Richter & Hampton LLP

CFPB Issues Risk-Based Supervision Order Over Major Tech Company

On December 6, the CFPB issued an order establishing supervisory authority over a major tech company. While the company is already subject to CFPB’s enforcement authority, the Bureau has determined that the company meets the...more

Sheppard Mullin Richter & Hampton LLP

California Expands Debt Collection Protections for Small Businesses and Consumers

On September 24, California enacted a series of consumer protection laws, including three bills aimed specifically at restricting certain debt collection practices in connection with medical debt reporting, civil actions for...more

Sheppard Mullin Richter & Hampton LLP

The CFPB Continues to Reshape Consumer Protection in the Digital Arena 

On August 28, the CFPB issued a Consumer Advisory warning that it believes video game companies are targeting children for monetary gain. With 45.7 million U.S. children engaged in video gameplay, the agency is concerned...more

Venable LLP

CFPB to Tackle Customer Service, Chatbots

Venable LLP on

The CFPB is expected to initiate a rulemaking process that would require companies under its jurisdiction to let customers talk to a human by pressing a single button. The CFPB also has plans to issue rules or guidance...more

Sheppard Mullin Richter & Hampton LLP

Advocacy Group Petitions CFPB to Categorize Housing Rental Leases as “Credit”

On August 12, the National Consumer Law Center (NCLC), a prominent consumer advocacy group, petitioned the CFPB to open rulemaking under the Equal Credit Opportunity Act (ECOA) to expand the definition of “credit” to include...more

Sheppard Mullin Richter & Hampton LLP

Payday Lending Rule Slated to Take Effect, 7 Years Later

On June 14, the CFPB published a press release announcing that its 2017 Payday, Vehicle Title and Certain High-Cost Installment Loans Rule (“Payday Lending Rule”) will go into effect on or about March 30, 2025. According to...more

Sheppard Mullin Richter & Hampton LLP

CFPB Opens Public Probe on Closing Fees

On May 30, the CFPB announced that it was probing mortgage closing costs as part of its continued focus on so-called junk fees. The Bureau’s request for information seeks input from the public on “the impact closing costs...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - May 2024

Bank for International Settlements. Credit risk management. On April 30, 2024, Bank of International Settlements issued updated guidance on counterparty credit risk management. The fresh guidance reaffirms the need for...more

Davis Wright Tremaine LLP

February 2024 UDAAP Bulletin

Editor's Note: The following document provides a monthly roundup summarizing enforcement actions, guidance, rulemakings, and other public statements from the Consumer Financial Protection Bureau, the Federal Trade Commission,...more

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