Earned wage access (“EWA”) programs are financial products that allow workers to receive payment for wages they have already earned before their next scheduled payday. Many of these programs are integrated into their...more
8/7/2024
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Earned Wage Access ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Payday Loans ,
Payroll Advances ,
Regulation Z ,
Regulatory Agenda ,
Rulemaking Process ,
Truth in Lending Act (TILA) ,
Wage and Hour ,
Wages
To the likely surprise of providers of buy now, pay later (“BNPL”) financing, last week the Consumer Financial Protection Bureau (“CFPB”) issued an interpretive rule stating that BNPL products are actually “credit cards”...more
On May 16, 2024, the United States Supreme Court issued its long-awaited opinion in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., holding that the CFPB’s unique funding...more
On April 24, 2024, the Consumer Financial Protection Bureau (CFPB) continued its assault on fees in the consumer finance industry. In its most recent edition of Supervisory Highlights, the CFPB reported that mortgage...more
5/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Supervisory Highlights ,
Unfair or Deceptive Trade Practices
On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued a procedural rule revising its supervisory appeals process for the first time since 2015. This Rule makes several important changes...more
On October 19, the Consumer Financial Protection Bureau (CFPB) issued its highly anticipated notice of proposed rulemaking to implement Section 1033 of the Dodd-Frank Act. The Personal Financial Data Rights Rule would require...more
11/8/2023
/ Comment Period ,
Consumer Data Requests ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Management ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
NPRM ,
Open Banking
On September 8, 2023, the U.S. District Court for the Eastern District of Texas issued an opinion and order vacating a March 2022 anti-discrimination update to the UDAAP section of the Consumer Financial Protection Bureau’s...more
The Consumer Financial Protection Bureau’s (CFPB or Bureau) Summer 2023 Supervisory Highlights, which discusses key examination findings between July 2022 and March 2023, underscores the Bureau’s continuing aggressive...more
In March, the Colorado legislature proposed HB 23-1229, which would, among other things, opt the state out of Sections 521 to 523 of the Depository Institutions Deregulation and Monetary Control Act (“DIDMCA” or the “Act”),...more
On March 30, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require lenders to...more
On January 4, 2023, the Consumer Financial Protection Bureau (“CFPB”) and New York Attorney General (“NYAG”) filed a complaint in the Southern District of New York against a Michigan-based subprime indirect auto lender...more
On November 16, 2022, the Consumer Financial Protection Bureau (Bureau) released its Fall 2022 Supervisory Highlights. The 32-page report discusses the Bureau’s key examination findings in the areas of auto servicing,...more
On October 19, 2022, the Fifth Circuit sent shock waves through the financial world, ruling that the Consumer Financial Protection Bureau’s (“CFPB” or the “Bureau”) independent funding structure violates the U.S....more
Last week, the CFPB released a special edition of its Supervisory Highlights focusing on recent examination findings related to practices by student loan servicers and schools and colleges that directly lend to students. Here...more
The Illinois Department of Financial and Professional Regulation (IDFPR) has adopted a series of regulations pursuant to the Illinois Predatory Loan Prevention Act (PLPA). The new regulations will require certain Illinois...more
4/29/2022
/ Annual Percentage Rate (APR) ,
Consumer Financial Products ,
Consumer Lenders ,
Consumer Loan Companies ,
Financial Regulatory Reform ,
Financial Services Industry ,
Illinois ,
Interest Rates ,
Loans ,
New Regulations ,
Predatory Lending ,
Regulatory Requirements
Since the beginning of the Biden Administration, the Consumer Financial Protection Bureau (CFPB) has announced its intention to significantly increase its enforcement activity and expand its reach through aggressive...more
4/8/2022
/ Antitrust Provisions ,
Board Members ,
Board of Directors ,
Competition ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Executives ,
Enforcement Actions ,
Financial Services Industry ,
Regulatory Authority ,
Risk Mitigation ,
Unfair or Deceptive Trade Practices ,
Webinars
While credit-related products have long been subject to the anti-discrimination requirements of the Equal Credit Opportunity Act (ECOA), providers of non-credit financial products, such as payments, credit reporting services,...more
3/21/2022
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Agreements ,
Discriminatory Lending Practices ,
Disparate Impact ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agenda ,
UDAAP
The Consumer Financial Protection Bureau (CFPB) published its latest semi-annual regulatory agenda in the Federal Register on January 31, 2022. As expected, the CFPB will continue to focus on various statutorily mandated...more
2/3/2022
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Financial Regulatory Reform ,
Financial Services Industry ,
PACE ,
Regulation Z ,
Regulatory Agenda ,
Regulatory Requirements ,
Rulemaking Process ,
Section 1071 ,
Small Business
On January 20, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it will examine postsecondary schools’ “in-house” lending practices (the Announcement). ...more
As part of the Biden administration’s focus on enforcement of the No Surprises Act (NSA), the Consumer Financial Protection Bureau (CFPB) has issued a bulletin (the Bulletin) indicating that it will closely review the...more
1/20/2022
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Cost-Sharing ,
Debt Collection ,
Debt Collectors ,
Enforcement Priorities ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Regulatory Reform ,
Financial Services Industry ,
Medical Bills ,
Out of Network Provider ,
Regulation F ,
Regulation V ,
Regulatory Agenda ,
Surprise Medical Bills ,
UDAAP
On December 16, 2021, the Consumer Financial Protection Bureau (Bureau, or CFPB) announced a “market monitoring” inquiry into “buy now, pay later” (BNPL) credit offered by five companies. In this alert, we explain the CFPB’s...more
On October 19, 2021, the Consumer Financial Protection Bureau (CFPB or the “Bureau”) entered into its first consent order under new Director Rohit Chopra, finding that a service provider to state correctional departments...more
10/27/2021
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debit Cards ,
EFTA ,
Enforcement Actions ,
Financial Services Industry ,
Inmates ,
Prepaid Payment Products ,
Prisoners ,
Processing Fees ,
Statutory Violations ,
Unfair or Deceptive Trade Practices
California is continuing to lead the way on student lending regulation. Its latest enactment further complicates the efforts of financial entities to collect on defaulted private student loans. ...more
10/13/2021
/ California ,
Consumer Financial Products ,
Consumer Lenders ,
Debt Collection ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Legislation ,
Private Right of Action ,
Private Student Loans ,
Regulatory Requirements
With Medical Debt Hitting $140 Billion, Hospitals Are Taking Action. How Can You Maximize Collections While Minimizing Risks? Find Out at a New Manatt Webinar...
New research published in the Journal of the American...more
10/5/2021
/ Collection Agencies ,
Consumer Financial Protection Bureau (CFPB) ,
Continuing Legal Education ,
Debt Collection ,
Debt Collectors ,
Debtors ,
Disclosure Requirements ,
FDCPA ,
Fees ,
Health Care Providers ,
Hospitals ,
Medical Bills ,
Payment Plans ,
Regulation F ,
Truth in Lending Act (TILA) ,
Webinars
On September 30, 2021, the U.S. Senate, on a party-line vote, confirmed the nomination of Rohit Chopra to head the Consumer Financial Protection Bureau (CFPB or Bureau). This action solidifies the Biden administration’s...more