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…
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 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…
On Tuesday, March 25, 2025, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a motion in a suit brought by the New York attorney general against a major national bank seeking to withdraw a Statement of Interest the Bureau filed last year, which advanced a “novel” interpretation of the…
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…
In March 2025, a Northern District of Texas judge denied the Consumer Financial Protection Bureau’s (CFPB) motion to stay its case against Comerica Bank for alleged mismanagement of a government benefit card program in Consumer Financial Protection Bureau v. Comerica Bank. The CFPB filed this suit in December 2024, alleging…
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,…
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…
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…
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,…
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…
On January 16, 2025, the CFPB announced that it had entered into a consent order 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…
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….
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…
On January 13, 2025, the Consumer Financial Protection Bureau (CFPB) announced that it proposed a rule (the Proposed Rule) seeking to ban certain terms and conditions in agreements for consumer financial products or services that purport to waive or limit consumer rights and protections. Under the Proposed Rule, covered institutions would…
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…
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…
The Consumer Financial Protection Bureau (“CFPB”) filed a complaint against a manufactured home loan company (the “Company”) on January 6, 2025, alleging that it originates loans that borrowers are unlikely to be able to repay in order to sell more homes, resulting in additional fees, penalties, and sometimes the loss of their…