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
Welcome to the Major US Supreme Court and Appellate Cases chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
The Supreme Court continues to take a close look at major...more
2/19/2024
/ Administrative Law Judge (ALJ) ,
Appeals ,
Appellate Courts ,
Article III ,
But For Causation ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Truth in Lending Act (TILA)
Welcome to the Market Overview chapter of our annual report Consumer Financial Services 2023 Year in Review.
For the consumer finance industry, 2023 was all about the Consumer Financial Protection Bureau (CFPB or Bureau)....more
Welcome to the Payday and Small-Dollar Lending chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
Regulators may take additional regulatory and enforcement action...more
Welcome to the Data Privacy and Cybersecurity chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
Amendments to key rules and regulations will take effect in 2024,...more
2/16/2024
/ Amended Regulation ,
Biden Administration ,
California Consumer Privacy Act (CCPA) ,
Class Action ,
Cybersecurity ,
Data Privacy ,
Enforcement Actions ,
Executive Orders ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
NYDFS ,
Popular ,
Proposed Regulation ,
Safeguards Rule ,
Securities and Exchange Commission (SEC) ,
State Privacy Laws
Welcome to the Telephone Consumer Protection Act chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
States will continue to enact or update their mini-TCPA and...more
Welcome to the Fintech chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
The CFPB is expected to finalize rulemaking authorizing supervision of payment application...more
2/16/2024
/ Apple Pay ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
GAO ,
Google ,
New Legislation ,
Nonbank Firms ,
OCC ,
Payday Loans ,
Payment Systems ,
PayPal ,
Regulation Z ,
Third-Party Relationships ,
Truth in Lending Act (TILA) ,
Venmo ,
Wages
Welcome to the Debt Collection and Debt Settlement chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
Enforcement actions related to debt collection and debt...more
2/16/2024
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Repair Services ,
Debt Collection ,
Debt Collectors ,
Debt-Relief Industry ,
Enforcement Actions ,
FDCPA ,
FTC Act ,
Gramm-Leach-Blilely Act ,
Student Loans ,
Telemarketing Sales Rule
Welcome to the Auto Loan Origination and Servicing chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
We anticipate that the CFPB will continue its attempts to combat...more
2/16/2024
/ Automotive Loans ,
CARS Rule ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
False Advertising ,
Fees ,
Race Discrimination ,
Unfair or Deceptive Trade Practices
Welcome to the Credit Reporting chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
The CFPB’s announcement of a proposed rulemaking to remove medical bills from...more
2/15/2024
/ Annual Reports ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Credit Reporting Agencies ,
Credit Reports ,
ECOA ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
Medical Bills ,
Medical Debt
Welcome to the Credit, Debit, or Prepaid Cards and Consumer Banking chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
We expect continued focus by the CFPB on “junk”...more
2/15/2024
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit Cards ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Excessive Fees ,
Fees ,
Financial Services Industry ,
Popular ,
Prepaid Payment Products ,
Regulation Z ,
Rulemaking Process
Welcome to the Student Lending chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
The CFPB will likely continue to focus on junk fees, nontransparent and other...more
On November 22, 2023, the FCC released a Second Report and Order, Further Notice of Proposed Rulemaking, and Waiver Order (Report and Order) outlining new, proposed rules implementing the Telephone Consumer Protection Act, 47...more
Nearly two years ago, the Florida legislature amended Florida’s Telephone Solicitation Act (FTSA), Fla. Stat. § 501.059, resulting in voluminous consumer class action and other litigation after there had previously been next...more
6/23/2023
/ Amended Legislation ,
Auto-Dialed Calls ,
Facebook Inc v Duguid ,
Marketing ,
Prior Express Consent ,
Robocalling ,
TCPA ,
Telecommunications ,
Telemarketing ,
Text Messages ,
Unsolicited Phone Calls
In April 2021, the US Supreme Court issued its decision in Facebook v. Duguid narrowly construing the Telephone Consumer Protection Act’s (TCPA) “automatic telephone dialing system” definition. In so doing, the Supreme Court...more
2022 saw a flurry of regulatory activity by federal enforcement agencies — most notably, the Consumer Financial Protection Bureau (CFPB, or Bureau) — as the industry began to experience the full effects of the change in...more
2/22/2023
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Credit Reports ,
Debt Collection ,
Financial Services Industry ,
FinTech ,
Mortgages ,
Payday Loans ,
Prepaid Payment Products ,
Privacy Laws ,
Student Loans
Welcome to Goodwin’s ERISA Litigation Update. Litigation involving ERISA-governed benefits plans has exploded in recent years. Lawyers in our award-winning ERISA Litigation practice have extensive experience litigating these...more
Since becoming law in July 2021, Florida’s Telephone Solicitation Act (FTSA), Fla. Stat. § 501.059(8)(a), has been a favorite of plaintiffs’ lawyers seeking to take advantage of its ambiguous restrictions on certain sales...more
6/1/2022
/ ATDS ,
Auto-Dialed Calls ,
Constitutional Challenges ,
Corporate Counsel ,
Dormant Commerce Clause ,
Facebook Inc v Duguid ,
First Amendment ,
Preemption ,
Prior Express Consent ,
Private Right of Action ,
Subway ,
TCPA ,
Telephone Sales ,
Text Messages
On Monday, the U.S. Supreme Court vacated the Seventh Circuit’s decision in Hughes v. Northwestern University, an important ERISA case. Although the Court’s decision vacated a Seventh Circuit victory for plan sponsor...more
1/28/2022
/ Benefit Plan Sponsors ,
Duty of Prudence ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Hughes v. Northwestern University ,
Plan Participants ,
Pleading Standards ,
Remand ,
Retirement Plan ,
Retirement Plan Providers ,
SCOTUS ,
Vacated
Welcome to Goodwin’s ERISA Litigation Update. Litigation involving ERISA-governed benefits plans has exploded in recent years. Lawyers in our award-winning ERISA Litigation practice have extensive experience litigating these...more
12/17/2021
/ Benefit Plan Sponsors ,
Breach of Duty ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Duty of Loyalty ,
Duty of Prudence ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
ERISA Litigation ,
Excessive Fees ,
Fiduciary Duty ,
Investment Management ,
Investment Products ,
Investors ,
Oral Argument ,
Pleading Standards ,
Retirement Plan
On December 6, 2021, the U.S. Supreme Court heard argument in Hughes v. Northwestern University, a case debating the allegations necessary to state a plausible claim for breach of ERISA’s fiduciary duties in cases challenging...more
12/9/2021
/ 403(b) Plans ,
Breach of Duty ,
Certiorari ,
Defined Contribution Plans ,
Duty of Prudence ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Oral Argument ,
Pleading Standards ,
Retirement Plan ,
SCOTUS
Welcome to Goodwin’s ERISA Litigation Update. Litigation involving ERISA-governed benefits plans has exploded in recent years. Lawyers in our award-winning ERISA Litigation practice have extensive experience litigating these...more
10/14/2021
/ 401k ,
403(b) Plans ,
Administrative Expenses ,
Appeals ,
Arbitration ,
Benefit Plan Sponsors ,
Breach of Duty ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
ERISA Litigation ,
Fiduciary ,
Fiduciary Duty ,
Investors ,
Motion to Dismiss ,
Plan Participants ,
Pleading Standards ,
Retirement Plan ,
Standing ,
Summary Judgment ,
Vacated
In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...more
1/7/2021
/ Advisory Opinions ,
Appeals ,
Banking Sector ,
Broker-Dealer ,
Cash Solicitation Rule ,
Community Reinvestment Act ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Interim Final Rules (IFR) ,
Interpretive Letters ,
Investment Adviser ,
Lenders ,
OCC ,
OCIE ,
Paycheck Protection Program (PPP) ,
Popular ,
Preemption ,
Proposed Rules ,
Recordkeeping Requirements ,
Regulation Z ,
Relief Measures ,
Reporting Requirements ,
Risk Alert ,
Safe Harbors ,
SAR ,
SEC Advertising Rule ,
Securities and Exchange Commission (SEC) ,
Securities Litigation ,
Securities Violations ,
Special Purpose Entities
On December 22, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had secured a consent order against a national student loan servicer based on its failure to comply with a 2015 consent order issued by...more
12/31/2020
/ Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Electronic Fund Transfer Act ,
Enforcement Actions ,
Financial Services Industry ,
Regulation E ,
Student Loans ,
Unfair or Deceptive Trade Practices
On December 22, 2020, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a national lender and originator of subprime auto loans over the company’s alleged violations of...more