The Consumer Financial Protection Bureau (CFPB) issued an advisory opinion on December 23, 2025, that resolves significant regulatory uncertainty surrounding whether earned wage access (EWA) products and are “credit” for purposes of Regulation Z, the Truth in Lending Act’s (TILA) implementing regulation. The advisory opinion establishes four critical characteristics that…
The Consumer Financial Protection Bureau (CFPB) has once again found itself at the center of an intense policy debate. Its August 2025 Advance Notice of Proposed Rulemaking (ANPR) on Personal Financial Data Rights — better known as the Open Banking Rule under Section 1033 of the Dodd-Frank Act — drew…
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…
Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule to amend Regulation V, which implements the Fair Credit Reporting Act (FCRA), as to medical information and debt. This proposed rule follows Director Chopra’s remarks in March 2022, concerning a report on medical billing and collection practices…
Late last month, the Consumer Financial Protection Bureau (CFPB) issued a new Consumer Financial Protection Circular (Circular) which provides guidance about when a remittance transfer provider may be in violation of the prohibition on unfair, deceptive or abusive acts or practices in the Consumer Financial Protection Act (CFPA) when making…
On Tuesday, March 5, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule (Final Rule) which amends provisions of Regulation Z, which implements the Truth in Lending Act (TILA). The Final Rule amends the provisions related to the permissible late fee that a credit card issuer may impose…
In late January, the West Virginia Legislature introduced two bills aiming to regulate and expand the telemarketing laws in West Virginia. The first bill, House Bill 4886, would amend the Code of West Virginia by adding a new section that establishes a $1000 civil administrative penalty for each instance that…
Last month, the Justice Department (DOJ) and the Consumer Financial Protection Bureau (CFPB) issued a joint statement that reminded financial institutions that all credit applicants are protected from discrimination on the basis of their national origin, race and other characteristics covered by the Equal Credit Opportunity Act (ECOA), regardless of…
The Supreme Court heard oral arguments on October 3, 2023 in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd. The issue before the Court is whether the CFPB’s funding mechanism violaties the U.S. Constitution’s Appropriations Clause (U.S. Const. art. I, § 9, cl. 7). Solicitor General,…
On March 30, 2023, the Consumer Financial Protection Bureau (CFPB) issued the small business lending rule (Final Rule) which implements the small business lending data collection requirements set for in Section 1071 of the Dodd-Frank Act (Section 1071). Section 1071 amended the Equal Credit Opportunity Act (ECOA) to require financial…
On June 21, 2023, the Office of the Comptroller of the Currency (OCC), Treasury, Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Consumer Financial Protection Bureau (CFPB), and Federal Housing Finance Agency (FHFA) (collectively, the “Agencies”) published a proposed…
Last fall, the United States Court of Appeals for the Fifth Circuit found that the CFPB’s independent funding through the Federal Reserve was in violation of the Appropriations Clause and the underlying separation of powers principles. Community Financial Services Ass’n of America, Ltd. v. CFPB, 51 F.4th 616 (5th Circ….
On February 1, 2023, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule with request for public comment to amend Regulation Z, the implementing regulation of the Truth in Lending Act (TILA), to “better ensure that the late fees charged on credit card accounts are ‘reasonable and proportional’ to…