Earlier this month, the CFPB issued four separate advance notices of proposed rulemaking with respect to rules that give the CFPB authority over nonbank companies in the auto finance, international money transfer, debt collection, and consumer credit reporting spaces. According to the CFPB, the current thresholds impose a compliance burden…
On July 21, 2025, the CFPB announced that it was withdrawing its planned recission of Section 1082.1 of the Consumer Financial Protection Act (CFPA) implementing regulations, which contains procedures by which state officials must notify the CFPB prior to taking an action enforcing the federal CFPA. Specifically, Section 1082.1 requires…
On July 21, 2025, the Consumer Financial Protection Bureau (CFPB) announced that it had terminated its October 2024 consent order with a Florida-based credit union. The original order alleged that the credit union had engaged in unfair practices related to its online and mobile banking services, in violation of Sections 1031 and 1036(a)(1)(B) of the…
An Illinois federal district court judge presiding over a revived redlining case denied a joint motion to vacate a 2024 voluntary settlement between the Consumer Financial Protection Bureau (CFPB) and a Chicago-based non-bank lender. In November 2024, the parties voluntarily entered into a settlement to resolve the CFPB’s allegations that the…
This Thursday, July 10, Massachusetts Attorney General Andrea Joy Campbell announced a $2.5 million settlement with a company that offers education financing products based in Delaware. The settlement resolved allegations related to the company’s lending practices, which Campbell’s office claimed violated consumer protection and fair lending laws because of the company’s use of artificial intelligence…
On June 16, 2025, the New York Attorney General announced it had entered into a stipulated final judgment to settle its suit against a non-bank money transfer provider over alleged violations of federal and state consumer protection laws related to remittance transfers. The lawsuit alleged the company provided inaccurate disclosures…
On June 16, 2025, the FTC announced it had reached a settlement with a UK-based payment processor, resolving allegations that the company facilitated deceptive tech-support schemes by processing payments for merchants engaged in misleading practices, including impersonating well-known software brands and using scare tactics to sell unnecessary services in violation…
In June 2025, the Senate Banking Committee introduced a version of the “One Big, Beautiful Bill” that would eliminate the CFPB’s Federal Reserve funding. The CFPB can currently receive funds of up to 12% of the Federal Reserve’s 2009 profits. The House Financial Services Committee already introduced a version of…
In recent remarks delivered at the U.S. Chamber of Commerce Capital Markets Summit, Acting Comptroller of the Currency, Rodney E. Hood, outlined the OCC’s strategic priorities for building a resilient and revitalized federal banking system. Addressing an audience that included leaders from across the financial and business sectors, Acting Comptroller…
Over the past month, the Consumer Financial Protection Bureau (CFPB) took a slew of actions with the apparent aim to decrease the CFPB’s regulatory authority. On May 14, 2025, the CFPB proposed rescinding the “NBR Rule” which requires nonbanks to register certain agency enforcement and court orders with the CFPB related to…
On May 20, 2025, the New York Court of Appeals agreed to hear constitutional challenges to one aspect of New York’s Foreclosure Abuse Prevention Act (FAPA). In two separate cases — Van Dyke v. U.S. Bank, N.A. and Article 13 LLC v. Ponce de Leon Fed. Bank – at issue…
On May 22, 2025, the FTC filed a proposed stipulated order in the District Court for the Middle District of Florida to resolve allegations that several individuals and the student loan debt relief companies that they operated engaged in lending practices that violated the FTC Act, the Telemarketing Sales Rule, and the Gramm-Leach-Bliley Act. In the complaint, filed…
The Consumer Financial Protection Bureau voluntarily dismissed its lawsuit with prejudice against a major retailer and a fintech company in the District of Minnesota. One of the last actions filed during the Biden administration, the Bureau originally brought claims on December 23, 2024 under the Consumer Financial Protection Act (“CFPA”),…
The Consumer Financial Protection Bureau (Bureau) recently announced that it is deprioritizing certain enforcement and supervision actions. The Bureau explained that it will instead focus its limited resources on what it views as “pressing threats” to consumers, particularly servicemen and veterans. On April 30, 2025, the Bureau announced that it…
On May 1, 2025, the Federal Trade Commission (FTC) announced that it had filed an amended complaint and entered into a proposed final order with a debt collector and its owner, resolving allegations that the company engaged in a fraudulent debt collection scheme. In its amended complaint, the FTC alleged that the debt collector used…
The Consumer Financial Protection Bureau (CFPB) recently issued its annual report analyzing the consumer complaints it received in 2024. The CFPB collects complaints through its website, phone calls, and mail. It also receives referrals from the White House, congressional offices, and other federal and state agencies. The CFPB then directs…
On April 15, 2025, the U.S. District Court for the Northern District of Texas vacated a Consumer Financial Protection Bureau (CFPB) rule that capped credit card late fees at $8. The decision granted a joint motion, brought by the CFPB and the coalition of trade associations that had sued it,…
The first 100 days of the Trump administration have included dramatic changes at the Consumer Financial Protection Bureau, which are part of broader shifts in financial regulation under the new administration. The agency has retreated from many of its enforcement litigations, initiated reductions in force currently subject to legal challenges in…
On April 4, 2025, the California Attorney General announced that it had reached a settlement with a California-based realty company concerning claims that the company had violated California false advertising, unfair competition, and telemarketing laws and federal telemarketing and lending laws via allegedly luring vulnerable homeowners into a predatory contract scheme that caused homeowners to…
The Republican-led Congress has invoked the Congressional Review Act (CRA) in attempts to revoke final rules that former CFPB Director Chopra issued toward the end of Biden’s Administration. Under the CRA, Congress can repeal an agency’s final rule by passing a joint resolution of disapproval by simple majority vote. The…