Goodwin’s Consumer Finance Insights (CFI) monitors, reports, and analyzes the latest legal news, activity, and developments impacting the consumer finance industry. Consumer financial services companies—whether banks, fintechs, nonbank and alternative lenders, payment providers, or industry vendors or service providers, like digital advertisers and lead generators—face a constantly shifting and maturing regulatory and legal landscape. Growing from the Financial Crisis, today more than any time in history the consumer finance industry must confront a robust and growing body of industry legislation and regulation, all while under the microscope of sophisticated enforcers, like the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), and state regulators and attorneys general. It is critical for in-house and outside corporate counsel, compliance departments, and business executives to stay informed and aware of these developments to navigate institutional, reputational, and legal risks. Goodwin’s CFI is a singular source of the most recent industry news and latest enforcement activity for you to leverage. Here, you will find links to original enforcement documents, enforcement activity statistics, and reports, analysis, and commentary from Goodwin’s leading Consumer Financial Services Litigation and Enforcement practitioners.

New York Seeks to Expand Consumer Protections by Proposing New Legislation and by Increasing Recruitment at its Department of Financial Services

As we recently reported, there have been rollbacks of consumer protections on the federal level, including the curtailing of enforcement activity at the CFPB.  In response to this activity, on March 13, 2025, the New York Office of the Attorney General (OAG) announced its support of new legislation to enable…

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Amid Dismissals and Uncertainty, CFPB Says It Will Continue Litigating At Least One Matter Inherited From Prior Administration

In a significant development, for the first time under Consumer Financial Protection Bureau Acting Director Russell Vought, CFPB litigators have informed a court that they have received authority from the Acting Director to continue litigating a matter. Since Rohit Chopra was removed as Director of the CFPB on January 31,…

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Portions of New York’s FAPA Survive Constitutional Challenges

Over the last four months, New York’s Appellate Division has finally begun to address constitutional challenges to the state’s Foreclosure Abuse Prevention Act (FAPA), an act that became effective in December 2022 and promptly generated disparate trial court interpretations about whether the law was supposed to apply retroactively.  As noted…

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What a week for the CFPB.....

The Consumer Financial Protection Bureau (CFPB) has experienced a flurry of activity over the past few weeks beginning with President Trump’s dismissal of Rohit Chopra as the Director of the Bureau on January 31.  That same day, President Trump designated Scott Bessent, who had recently been sworn in as Secretary…

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CFPB Orders Money Exchange Company to Pay $2.5 Million Over Remittance Practices

On January 30, 2025, the Consumer Financial Protection Bureau (CFPB) announced  that it had entered into a consent order with an international remittance company regarding the company’s use of deceptive advertising for fee amounts and failure to properly disclose applicable fees, in violation of both the Consumer Financial Protection Act (CFPA) and the Electronic Fund…

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New York Department of Financial Services Reaches $2,000,000 Settlement with Peer-to-Peer Payment Platform

On January 23, 2025, the New York Department of Financial Services (DFS) announced that it reached a $2,000,000 settlement as part of a broader consent order with a peer-to-peer payment platform (“P2P”) about its cybersecurity practices.  DFS contended that the P2P violated rules on Cybersecurity Policy, Cybersecurity Personnel and Intelligence,…

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

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 implementing regulation, Regulation DD,​ regarding the bank’s alleged improper interest rate practices. According to the CFPB’s complaint, the bank offered a…

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New York Attorney General Reaches $725,000 Settlement with Credit Reporting Provider to Resolve Allegations of Inaccurate Credit Reporting

On January 14, 2025, New York Attorney General Letitia ​James announced that the state had entered into a settlement​ with a national credit reporting provider​ to resolve allegations that the provider had ​harmed consumers by disseminating incorrect credit reporting information to lenders.​ According to the Attorney General, the credit reporting provider ​implemented a change to…

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51 State Financial Regulatory Agencies Enter Settlement and Consent Order with Nonbank Mortgage Servicing Companies

​On January 9, 2025, 51 State Financial Regulatory Agencies (the “Agencies”) announced a coordinated consent order and settlement agreement with nonbank mor​tgage servicing companies (the “Companies”). This action came following a data breach that impacted 5.8 million customers, allegedly due to deficient cybersecurity practices, and for lack of cooperation with state regulators. The Companies are licensed as…

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CFPB Sues Consumer Reporting Agency Regarding Investigations of Consumer Disputes

On January 7, 2025, the Consumer Financial Protection Bureau (“CFPB”) filed a complaint against a nationwide consumer reporting agency (“Agency”) under the Fair Credit Reporting Act (“FCRA”) and the Consumer Financial Protection Act of 2010 (“CFPA”). The CFPB claims that the Agency inadequately reinvestigated consumer disputes that challenged the information found in consumer…

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Massachusetts Division of Banks Issues Consent Orders Over Vehicle Repossession Practices

In late 2024, the Massachusetts Division of Banks (the “Division”) announced consent orders with four auto finance companies resolving allegations of improper repossession of motor vehicles. On November 4, 2024, the Division announced that it had entered into a consent order with a motor vehicle sales finance company that also operates as…

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Massachusetts Commissioner of Banks Enters Into Consent Order With Third Party Loan Servicer

​​On December 31, 2024​, the Massachusetts Commissioner of Banks entered into a consent order​ with a third party loan servicer (the “Company”), for allegedly engaging in the business of loan servicing in Massachusetts without the appropriate registration. The Company is a California corporation operating in Massachusetts. While records show that the Company submitted…

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DFPI Obtains $300,000 in Refunds and Penalties from Crypto Lending Platform

On December 23, 2024, The California Department of Financial Protection and Innovation (DFPI) announced a consent order with a crypto lending platform (the Company)​​​​ that provides financial services to retail and institutional customers to resolve the Department’s investigation into the Company’s lending program. The DFPI alleged that the Company breached the California…

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FTC Receives Temporary Restraining Order Against Student Loan Servicer

On December 9, 2024, the Federal Trade Commission (FTC) announced it received a temporary restraining order against a student loan servicer over allegations the servicer and its operator misled consumers into thinking they were receiving student debt relief and forgiveness. According to the FTC’s complaint, the Nevada-based servicer and its operator made telemarking calls and…

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CFPB Sues Bank Regarding Allegations of Fraud Against Benefit Recipients

​On December 6, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it had filed suit against a bank subsidiary of a financial services company for allegedly disconnecting customer service calls, charging illegal ATM fees, misleading fraud victims, imposing illegal terms ​​of service on consumers seeking to stop payments, failing to investigate account…

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