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Massachusetts Attorney General Issues Expansive ‘Junk Fees Rule’

The Attorney General of Massachusetts recently promulgated rules expanding the scope of its enforcement against alleged “junk fees,” including business practices for consumer subscriptions, renewals, and recurring charge...more

Executive Order Pauses All Pending Rulemaking Activity for Federal Agencies: Impact on CFPB

President Donald Trump’s executive order titled Regulatory Freeze Pending Review directs federal agencies to stop all rulemaking activity pending within the agency and to consider all rules already published as paused for 60...more

FTC Issues Final ‘Junk Fees Rule’ to Crackdown on Aggressive Pricing Practices

The Federal Trade Commission (FTC or Commission) recently issued a final rule (the Junk Fees Rule or the Rule) banning so-called “junk fees” in two key industries: short-term lodging and live events. The Rule addresses...more

Earned Wage Access: New California Regulations Underline Patchwork Approach to Industry

By approving a framework regulating earned wage access (EWA), California contributes to a state-by-state patchwork of EWA regulation. With the future of federal action uncertain, EWA providers will have to navigate this...more

CFPB Portal for State and Local Orders Opens: Risks Remain

The Consumer Financial Protection Bureau (CFPB) recently promulgated a final rule requiring certain nonbank financial companies to register public orders issued by federal, state, or local agencies that contain prospective...more

CFPB Finalizes New Rule to Monitor Nonbank ‘Repeat Offenders’

The Consumer Financial Protection Bureau (CFPB) recently finalized its proposed rule to create a so-called “Repeat Offender” registry for certain covered financial services providers and individuals violating federal, state,...more

CFPB Expands ‘Junk Fee’ Crackdown to Mortgage Closing Costs

Following a recent call for consumer input, the Consumer Financial Protection Bureau (CFPB) announced it will launch a formal public inquiry into so-called “junk fees” that the Bureau claims may be increasing mortgage closing...more

US Supreme Court Upholds Consumer Financial Protection Bureau Funding Structure

The US Supreme Court ruled on May 16, 2024 that the funding structure of the Consumer Financial Protection Bureau (CFPB)—which is funded with money from the Federal Reserve rather than the US Congress—does not run afoul of...more

CFPB Identifies Significant Financial and Privacy Risks in Video Gaming Marketplaces

The Consumer Financial Protection Bureau (CFPB) recently released a comprehensive report detailing growing financial transactions within video gaming and virtual worlds, which increasingly mimic traditional monetary systems....more

CFPB Announces Revised Supervisory Appeals Process

The Consumer Financial Protection Bureau (CFPB) on February 16 issued an internal process regulation—effective immediately upon publication in the Federal Register—updating and formalizing the steps that supervised...more

The Trends—and Traps—that Will Shape 2024

At a time marked by themes of “push” and “pull,” organizations across all sectors and jurisdictions are grappling with the pursuit of innovation within an increasingly complex regulatory framework. Over the next 12 months,...more

Recent Crackdown on Junk Fees: Federal, State, and Private Actions

What Are Junk Fees? “Junk fees” refer to the broad swath of fees and charges, often mandatory, that are not included in the initial offered price of a good or service. Common examples include mandatory fees charged by hotels,...more

Innovation, Regulation, and Litigation - The Automotive Industry’s Road to 2024

The automotive industry as we know it is rapidly transforming. From the proliferation of electric transportation and technological leaps in vehicle automation to increasingly complex regulations and expanding class action...more

FTC’s Final ‘Cars Rule’ on Dealer Sales Practices: Implications for Banks, Auto Finance, and ‘captives’

The Federal Trade Commission recently issued a final rule that is squarely aimed at changing the way dealers interact with customers in the financing process. The final rule takes effect on July 30, 2024....more

US State Attorneys General Seek Use of Federal Cudgel Against Banks

The attorneys general of 20 states and territories, led by New York Attorney General Letitia James, recently sent letters to the heads of the US Consumer Financial Protection Bureau (CFPB) and US Office of the Comptroller of...more

Regulation, Innovation, and Authentication: What’s on the Horizon for Fintechs in 2024

Financial services is perhaps the most regulated industry in the world, and the intersection between financial services, technology, and law remains a complicated and evolving space. A team of Morgan Lewis lawyers recently...more

Federal, State Agencies Want to Dump Junk Fees: How to Manage Business Risk

Businesses should be aware that the Biden administration continues its attempt to curb junk fees, with additional actions proposed by the Federal Trade Commission and Consumer Financial Protection Bureau....more

California Governor Signs Bill Targeting ‘Junk Fees’

With his signature, California Governor Gavin Newsom signed into law SB 478, expanding California’s already sweeping consumer protection laws to include a broad array of fees and charges referred to by the bill authors as...more

Latest Developments in Automotive Finance and Consumer Protection

Federal agencies such as the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC) have increased their scrutiny of auto loan servicing activities, particularly regarding auto dealers who engage in...more

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