The CFPB has withdrawn its 1) Fair Credit Reporting Act (FCRA)/Regulation V Proposed Rule (Data Broker Rule), 2) Prohibited Terms and Conditions in Agreements for Consumer Financial Products or Services (Regulation AA)...more
5/16/2025
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Data Brokers ,
Deregulation ,
Dodd-Frank ,
EFTA ,
Enforcement Authority ,
Fair Credit Reporting Act (FCRA) ,
Final Rules ,
Interpretive Rule ,
Regulation E ,
Regulatory Requirements ,
Rescission ,
Trump Administration
The CFPB on April 30, 2025, reached an agreement with lender trade groups to vacate the Prohibition on Creditors and Consumer Reporting Agencies Concerning Medical Information Rule (the Medical Debt Rule). The joint motion...more
On April 15, 2025, Judge Mark T. Pittman of the U.S. District Court for the Northern District of Texas entered an order and final judgment vacating the CFPB's credit card penalty fees rule (the Late Fee Rule). Judge Pittman's...more
4/23/2025
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Disclosure Requirements ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Judicial Authority ,
Late Fees ,
Regulatory Reform ,
Settlement ,
Vacated
In connection with its regulation titled Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders (the Nonbank Registration Regulation), the CFPB announced on April 11, 2025, that it "will not prioritize...more
Among other significant rulemakings that the Consumer Financial Protection Bureau (CFPB) finalized in the waning days of the Biden Administration were 1) an overdraft fees final rule that applies to banks and credit unions...more
4/11/2025
/ Banking Sector ,
Big Tech ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Wallets ,
Final Rules ,
Financial Regulatory Reform ,
FinTech ,
Mobile Apps ,
Overdraft Fees ,
Overdraft Rule ,
Payment Systems ,
Popular ,
Proposed Legislation ,
Trump Administration ,
UDAAP
Just two days before its Payday, Vehicle Title, and Certain High-Cost Installment Loans final rule was slated to go into effect (and eight years after it was finalized), the Consumer Financial Protection Bureau (CFPB)...more
U.S. Department of the Treasury Secretary Scott Bessent was appointed as acting director of the Consumer Financial Protection Bureau (CFPB or the Bureau) on Feb. 3, 2025. In his capacity as acting director, Bessent reportedly...more
2/27/2025
/ Administrative Procedure Act ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Dodd-Frank ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Federal Reserve ,
Final Rules ,
OCC ,
Proposed Rules ,
Regulatory Reform ,
Regulatory Requirements ,
State Attorneys General
The Consumer Financial Protection Bureau (CFPB) on Nov. 21, 2024, issued a final rule to supervise larger nonbank companies that offer "general-use digital consumer payment applications" such as digital wallets, payment apps...more
11/26/2024
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Person ,
Digital Wallets ,
E-Commerce ,
Effective Date ,
Final Rules ,
Market Participants ,
Mobile Apps ,
Mobile Payments ,
Multi-Factor Test ,
Nonbank Firms ,
Regulatory Authority ,
Supervision