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....more
With the change in administration, enforcement actions at the federal level are expected to decrease, reflecting President Trump’s focus on deregulation. Indeed, during President Trump’s first term, the number of enforcement...more
3/14/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Enforcement Actions ,
Enforcement Statistics ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Federal Trade Commission (FTC) ,
Mortgage Servicers ,
Mortgages ,
Predatory Lending ,
Redlining ,
Reverse Mortgages ,
Trump Administration
Over the last four months, New York’s Appellate Division has finally begun to address constitutional challenges to the state’s Foreclosure Abuse Prevention Act (FAPA), an act that became effective in December 2022 and...more
On September 12, 2024, New York’s highest court dismissed an appeal challenging the constitutionality of the retroactive application of the Foreclosure Abuse Prevention Act (“FAPA”), a law that amended certain New York...more
At the close of an extended term, on July 1, 2024, the U.S. Supreme Court expanded the time period for bringing a facial challenge to a federal agency rule....more
The Consumer Financial Protection Bureau (CFPB) recently issued a new procedural rule to streamline how it determines which nondepository institutions it has the authority to supervise. According to the CFPB, the new rule...more
Last week, the U.S. Chamber of Commerce (Chamber) joined five other trade associations to sue the Consumer Financial Protection Bureau (CFPB) and its director Rohit Chopra in Texas Federal District Court, seeking a court...more
Welcome to the Mortgage Origination and Servicing chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
Enforcement efforts are expected to increase in 2024 and will...more
Last week, the Federal Communications Commission (FCC) released a Declaratory Ruling stating that existing federal regulations related to using “an artificial or prerecorded voice” to deliver a telephone message, also...more
Over a year after becoming law, New York’s Foreclosure Abuse Prevention Act, L. 2022, ch. 821 (eff. Dec. 30, 2022) (FAPA) continues to divide trial courts regarding the constitutionality of the law’s retroactive...more
In October 2023, the Consumer Financial Protection Bureau (CFPB) proposed a new rule intended to encourage “open banking”. “Open banking” is a practice of sharing, with consent, consumers’ banking and financial data...more
11/9/2023
/ APIs ,
Banks ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Data-Sharing ,
Financial Institutions ,
Financial Services Industry ,
NPRM ,
Open Banking ,
Personal Data ,
Proposed Rules
On September 7, 2023, the Consumer Financial Protection Bureau (CFPB) published its analysis of how smartphone companies are affecting consumers’ use of so-called “tap-to-pay” technology – the wireless transfer of data...more
9/11/2023
/ Apple Pay ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Wallets ,
Google ,
iPhone ,
Mobile Devices ,
Payment Systems ,
Personal Information ,
Regulatory Agenda ,
Sensitive Personal Information ,
Wireless Devices
In the six months since New York’s governor signed the Foreclosure Abuse Prevention Act, L. 2022, ch. 821 (eff. Dec. 30, 2022) (FAPA), a split has emerged about whether the law applies retroactively....more
7/7/2023
/ Borrowers ,
Constitutional Challenges ,
Consumer Financial Products ,
Financial Services Industry ,
Foreclosure ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
New Legislation ,
Regulatory Reform ,
Rules of Civil Procedure ,
Statute of Limitations
On May 1, 2023, the Consumer Financial Protection Bureau (CFPB) issued a report and a proposed rule to clarify and strengthen its regulation of so-called Property Assessed Clean Energy (PACE) financing.
PACE financing is...more
5/5/2023
/ Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
Financing ,
Homeowners ,
Loan Applications ,
Loans ,
Mortgages ,
Proposed Rules ,
Regulation Z ,
Tax Liens ,
Truth in Lending Act (TILA)
On February 23, 2023, the Federal Communications Commission (FCC) issued a Further Notice of Proposed Rulemaking (FNPRM) seeking public comment on proposed rules targeting unlawful text messages. If the proposed rules...more