Search Results: CFPB

CFPB Dismisses Deposit Account Lawsuit Against National Retailer and Fintech Company

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”),…

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CFPB Reports on Consumer Complaint Trends

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…

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CFPB Agrees To Eliminate $8 Cap on Credit Card Late Fees

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,…

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Republicans Invoke the CRA to Repeal Chopra-Era Rules

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…

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CFPB is Proceeding with Some of Its Enforcement Actions, But Most Are Now Stayed or Dismissed

Although the Consumer Financial Protection Bureau (CFPB or Bureau) voluntarily dismissed a slew of its own enforcement actions following Rohit Chopra’s removal as CFPB Director on January 31, 2025, the Bureau has affirmatively indicated its intent to continue litigating only a handful of cases so far. There were, by our…

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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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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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CFPB Resolves Allegations of Improper Investigations of Credit Reporting Errors with Credit Reporting Agency

​On January 17, 2025, the CFPB announced that it had entered into a consent order with a credit reporting agency to resolve allegations that the agency​ violated the Fair Credit Reporting Act (FCRA) and the Consumer Financial Protection Act (CFPA)​​ by purportedly conducting unreasonable investigations into consumer credit reporting disputes. In its consent order,…

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CFPB Enters into Consent Order with Car Manufacturer Resolving Allegations of Credit Reporting Failures

​On January 17, 2025, the CFPB announced that it had entered into a consent order with the financing arm of a major auto manufacturer, resolving allegations ​that the manufacturer violated the Fair Credit Reporting Act (FCRA) and its implementing Regulation V, and the Consumer Financial Protection Act (CFPA) through its allegedly improper reporting of consumer credit information…

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CFPB Enters Into Consent Order with Peer-to-Peer Payment Application Operator Resolving Allegations of Failures to Investigate Fraud

​On January 16, 2025, the CFPB announced that it had entered into a consent o​rder​ with the operator of a ​popular peer-to-peer payment application, resolving allegations that the operator had systematically failed to adequately investigate consumer ​claims of fraud.​ The operator agreed to pay a minimum of $130 million (and​ ​up to $175​​…

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CFPB Settles Suit Against Student Loan Trust for Allegedly Improper Debt Collection Suits Against Borrowers

​On January 16, 2025, the CFPB announced that it entered into a stipulated proposed ​final judgment ​to settle its suit against a student loan trust, in which the CFPB alleged that the trust​​ engaged in deceptive acts in violation of the Consumer Financial Protection Act (CFPA) by filing improper debt collection suits against student borrowers….

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CFPB Files Suit Against Mortgage Lender for Alleged Discriminatory Practices

On January 17, 2025, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a proposed consent order with an Illinois-based non-depository mortgage lender, resolving allegations that the lender violated the Equal Credit Opportunity Act (ECOA), its implementing regulation, Regulation B, and the Consumer Financial Protection Act (CFPA).  In a complaint simultaneously filed in the…

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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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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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