On July 10, 2025, Attorney General James Uthmeier of Florida launched an investigation into a cryptocurrency and stock trading platform, with the goal of assessing whether the platform is breaking Florida’s Deceptive and Unfair Practices Act by falsely promoting its crypto platform as the least expensive way to purchase crypto….
On June 16, 2025, the New York Attorney General announced it had entered into a stipulated final judgment to settle its suit against a non-bank money transfer provider over alleged violations of federal and state consumer protection laws related to remittance transfers. The lawsuit alleged the company provided inaccurate disclosures…
On June 16, 2025, the FTC announced it had reached a settlement with a UK-based payment processor, resolving allegations that the company facilitated deceptive tech-support schemes by processing payments for merchants engaged in misleading practices, including impersonating well-known software brands and using scare tactics to sell unnecessary services in violation…
In June 2025, the Senate Banking Committee introduced a version of the “One Big, Beautiful Bill” that would eliminate the CFPB’s Federal Reserve funding. The CFPB can currently receive funds of up to 12% of the Federal Reserve’s 2009 profits. The House Financial Services Committee already introduced a version of…
In recent remarks delivered at the U.S. Chamber of Commerce Capital Markets Summit, Acting Comptroller of the Currency, Rodney E. Hood, outlined the OCC’s strategic priorities for building a resilient and revitalized federal banking system. Addressing an audience that included leaders from across the financial and business sectors, Acting Comptroller…
Over the past month, the Consumer Financial Protection Bureau (CFPB) took a slew of actions with the apparent aim to decrease the CFPB’s regulatory authority. On May 14, 2025, the CFPB proposed rescinding the “NBR Rule” which requires nonbanks to register certain agency enforcement and court orders with the CFPB related to…
On May 20, 2025, the New York Court of Appeals agreed to hear constitutional challenges to one aspect of New York’s Foreclosure Abuse Prevention Act (FAPA). In two separate cases — Van Dyke v. U.S. Bank, N.A. and Article 13 LLC v. Ponce de Leon Fed. Bank – at issue…
On May 22, 2025, the FTC filed a proposed stipulated order in the District Court for the Middle District of Florida to resolve allegations that several individuals and the student loan debt relief companies that they operated engaged in lending practices that violated the FTC Act, the Telemarketing Sales Rule, and the Gramm-Leach-Bliley Act. In the complaint, filed…
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…
On May 1, 2025, the Federal Trade Commission (FTC) announced that it had filed an amended complaint and entered into a proposed final order with a debt collector and its owner, resolving allegations that the company engaged in a fraudulent debt collection scheme. In its amended complaint, the FTC alleged that the debt collector used…
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 first 100 days of the Trump administration have included dramatic changes at the Consumer Financial Protection Bureau, which are part of broader shifts in financial regulation under the new administration. The agency has retreated from many of its enforcement litigations, initiated reductions in force currently subject to legal challenges in…
On April 14, New York Attorney General Letitia James filed lawsuits against two earned-wage access service companies. Attorney General James accused the companies, which allow consumers to obtain small-dollar advances on upcoming paychecks for a fee, of offering illegal payday loans that violate New York’s usury laws. These lawsuits come…
On April 14, 2025, the Massachusetts Division of Banks (the “Division”) announced that it had entered into a Stipulation and Consent to The Issuance of a Consent Order with a mortgage lender and broker operating in Massachusetts. The company, by and through a wholly-owned subsidiary, operated a website in which it provided…
On April 4, 2025, the California Attorney General announced that it had reached a settlement with a California-based realty company concerning claims that the company had violated California false advertising, unfair competition, and telemarketing laws and federal telemarketing and lending laws via allegedly luring vulnerable homeowners into a predatory contract scheme that caused homeowners to…
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…