News & Analysis as of

Rulemaking Process Consumer Protection Laws Financial Services Industry

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

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

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

Eversheds Sutherland (US) LLP

Dual registrant regulatory roundup - June 2024

Welcome to the Regulatory Roundup. Each month, Eversheds Sutherland Investment Services attorneys review significant regulatory developments (including notable rulemakings and guidance from securities regulators) from the...more

Sheppard Mullin Richter & Hampton LLP

CFPB Circular: Safeguard Consumer Data or Face Liability

On August 11, the CFPB published a circular clarifying liability under consumer financial protection law for bank and nonbank financial companies that fail to safeguard consumer data. The circular describes how firms may be...more

Bricker Graydon LLP

For now, lenders still on the hook under CFPB August 2019 payday rule

Bricker Graydon LLP on

Last year, the Consumer Financial Protection Bureau (CFPB) announced a new rule (the “payday rule”) that requires payday lenders to take additional steps to ensure borrowers are able to pay back their loans on time, launching...more

Ballard Spahr LLP

Bill to Require Issuance of Guidance by CFPB Introduced in House

Ballard Spahr LLP on

A recent bill introduced in the US House of Representatives would require the CFPB to issue guidance on federal consumer financial laws, and also provide a framework for civil money penalties. H.R. 5534 would create the Give...more

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