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Where to Begin With the CFPB's "Buy Now, Pay Later" Interpretative Rule...

The Consumer Financial Protection Bureau's interpretative rule provides that traditional "Buy Now, Pay Later" (BNPL) products – closed-end loans that do not have a finance charge and are repaid in four installments – are...more

CFPB Officially Takes Aim at Credit Card Late Fees

The Consumer Financial Protection Bureau (CFPB or Bureau), under Director Chopra, is moving toward placing new restrictions on fees for the late payment of credit card debts. The proposed rulemaking represents a continuation...more

CFPB Warns Mortgage Rate Comparison Sites About Anti-Kickback Risks

On February 7, 2023, the CFPB issued an Advisory Opinion, "Digital Mortgage Comparison-Shopping Platforms and Related Payments to Operators." Introduced by Director Rohit Chopra as a measure meant to protect mortgage...more

Credit Card Late Fees Scrutinized by CFPB

Financial institutions' longstanding practice of charging fees to consumers for the late payment of credit card debts is under scrutiny from the Consumer Financial Protection Bureau (CFPB) and its Director, Rohit Chopra....more

CFPB to Use "Unfairness" to Address Gaps in Antidiscrimination Coverage

On March 16, 2022, the Consumer Financial Protection Bureau (CFPB) issued a press release and an updated UDAAP exam manual setting forth its intentions to use the Consumer Financial Protection Act's (CFPA) prohibition against...more

Chopra's CFPB Signals Expansion of Abusiveness to Include Antitrust

In the last eight months, the Consumer Financial Protection Bureau (CFPB) has signaled its intent to expand its use of abusiveness theories in enforcement matters. In March, the CFPB rescinded the previous administration's...more

Readability and Deferred Interest Remain Concerns in CFPB's Biennial CARD ACT Report

On September 29, 2021, the Consumer Financial Protection Bureau (CFPB) released its fifth biennial report (Report) evaluating the state of the consumer credit card market. In addition to addressing impacts to the credit card...more

CFPB's Small Business Lending Data Collection Rulemaking

Last month, the Consumer Financial Protection Bureau (CFPB) issued a long-anticipated proposed rule (published in the Federal Register on October 8, 2021) requiring regulated financial institutions to collect and report small...more

FinTech Innovation at California's Newest Financial Regulator Webinar Recap

On October 1, 2021, DWT's Department of Financial Protection and Innovation (DFPI) Taskforce hosted a discussion with Christina Tetreault, the Deputy Commissioner of the DFPI's Office of Financial Technology Innovation...more

CFPB: Failure to Remediate Non-Compliance May Be Abusive Conduct

In a matter that highlights the importance of comprehensive consumer remediation and exemplifies the Bureau's renewed aggressive enforcement approach, on August 13, 2021, the Consumer Financial Protection Bureau moved for...more

[Webinar] California’s Newest Financial Regulator: A Discussion with Bret Ladine, General Counsel, The Department of Financial...

The California Consumer Financial Protection Law (CCFPL) and the new California Department of Financial Protection and Innovation (DFPI) will significantly impact consumer financial services regulation in California. In...more

Georgia Becomes Latest to Address Earned Wage Access Providers

On February 26, 2021, Georgia introduced HB 674, which would authorize earned wage access (EWA) providers to operate in the state and avoid loan characterization by meeting certain requirements, including registration....more

How Well Do You Know California's Newest Financial Regulator?

Under recent landmark legislation, California will enhance its oversight of consumer financial products and services. This law, known as the California Consumer Financial Protection Law (CCFPL), replaces the Department of...more

Out With the Old, In With the New: California Revamps Its Department of Business Oversight

On September 25, 2020, California Governor Gavin Newsom signed the California Consumer Financial Protection Law (CCFPL), Assembly Bill 1864, which replaces the Department of Business Oversight (DBO) with the new Department of...more

Rescission of 2015 MSA Compliance Bulletin Further Evidence of CFPB's Gentler RESPA Section 8 Approach - But New FAQs Do Not...

On October 7, 2020, the CFPB announced that it was "provid[ing] clearer rules of the road for RESPA marketing service agreements" in the mortgage industry by rescinding its 2015 guidance regarding marketing services...more

California's New State "Mini-CFPB" Is Not Very "Mini," but Very "CFPB"

California now has its own mini Consumer Financial Protection Bureau (CFPB). Although California is not the first state to create such an entity, the new regulator's resources and authority—not to mention the size of the...more

FTC Leads Renewed Enforcement Focus on Payment Processors

Complaints alleging widespread institutional failures in controlling fraudulent payment processing activity; rogue merchants charging consumer accounts thousands of dollars based on dubious or nonexistent authorizations; and...more

Governor Cuomo Orders COVID-19 Credit Relief

For the past few weeks, federal administrative, legislative, and regulatory bodies have been pushing financial institutions to offer far-reaching relief programs for consumers impacted by COVID-19 and governmental action...more

New York State Budget Proposal Would Expand Consumer Financial Protection Authorities

Governor Andrew Cuomo's 2020 agenda includes a series of consumer protection items designed to enhance the authority of the New York Department of Financial Services (NYDFS) to oversee broad swaths of licensed and unlicensed...more

FDIC Releases Enforcement Manual in Line With “Trust Through Transparency” Initiative

On December 2 the Federal Deposit Insurance Corporation (FDIC) publicly released its Formal and Informal Enforcement Actions Manual (Enforcement Manual). ...more

Will Questions About FTC Enforcement Authority Shift Enforcement to CFPB?

In a decision that could have broad implications for the Federal Trade Commission’s (FTC) remedial authority, the 7th Circuit Court of Appeals recently overturned a $5 million restitution award to the FTC in a consumer...more

States Diverge From Federal Regulators on Disparate Impact

Federal and state fair lending regulators are charting different courses for the future of “disparate impact” liability under the Equal Credit Opportunity Act and analogous state law....more

Third Circuit Says CFPB May Investigate the Totality of a Target’s Business Conduct

Earlier this week, the Third Circuit rejected student loan servicer Heartland Campus Solutions, ECSI’s challenge to a CFPB civil investigative demand (CID), which sought information concerning ECSI’s “servicing of student...more

U.S. Supreme Court Sides with Amex in Landmark Card Case

A divided U.S. Supreme Court sided with American Express Company and American Express Travel Related Services Company (Amex) over Ohio, sixteen other states and the United States based on the Court’s application of the theory...more

Is Kraninger’s Nomination to Head Bureau a Tactical Choice to Continue Mulvaney’s Policy Trajectory?

President Trump formally nominated Kathy Kraninger to become the new head of the Consumer Financial Protection Bureau (the “Bureau”) on June 18, 2018. While this nomination was a surprise to many due to Kraninger’s apparent...more

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