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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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Supreme Court Upholds CFPB’s Funding Structure

On May 16, 2024, the U.S. Supreme Court issued a significant opinion in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., upholding the funding structure of the Consumer Financial Protection Bureau (CFPB).  601 U.S. 416.  In a previous post, we reported that on October 3, 2023,…

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California Department of Financial Protection Issues Consent Order Against Fintech Company

On January 9, 2024, the California Department of Financial Protection and Innovation (DFPI) announced that it entered into a consent order with a Delaware fintech company that provided California consumers with access to an internet-based platform for merchants to offer installment payments for the purchase of outdoor-adventure equipment. According to the consent order, since at…

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FDIC Issues Cease and Desist Demand Against Neobank

On March 24, 2023, the Federal Deposit Insurance Corporation (FDIC) announced that it had issued an advisory letter ​to a United States-based neobank, demanding that the company immediately cease and desist and take immediate corrective action to address allegedly false and misleading statements regarding the company’s insured status under the Federal Deposit…

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