The CFPB has issued an interpretive rule that says the federal Fair Credit Reporting Act (FCRA) preempts states from regulating broad areas of credit reporting.
...more
10/30/2025
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Credit Reports ,
Fair Credit Reporting Act (FCRA) ,
Federal v State Law Application ,
Financial Services Industry ,
Interpretive Rule ,
Preemption ,
Statutory Interpretation ,
Trump Administration
On September 22, 2025, a panel of the First Circuit Court of Appeals issued a significant opinion in Conti v. Citizens Bank, N.A., holding unanimously that the National Bank Act does not preempt a Rhode Island statute...more
9/29/2025
/ Appeals ,
Banks ,
Class Action ,
Consumer Financial Products ,
Dodd-Frank ,
Escrow Accounts ,
Federal v State Law Application ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
National Bank Act ,
OCC ,
Preemption
The CFPB is proposing a rule that standardizes determinations that nonbanks pose “risks to consumers,” a move that could result in fewer nonbanks being designated as posing risk and thus subject to CFPB supervisory...more
9/11/2025
/ Comment Period ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Nonbank Firms ,
Proposed Rules ,
Regulatory Oversight ,
Risk Management ,
Rulemaking Process ,
Statutory Interpretation ,
Supervision
The CFPB has filed a complaint against Synapse Financial Technologies Inc, alleging that the company engaged in unfair acts and practices in violation of the Section 1036(a)(1)(B) of the CFPA by failing to maintain sufficient...more
8/29/2025
/ Bank Accounts ,
Bankruptcy Code ,
Chapter 11 ,
Civil Monetary Penalty ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
Non-Bank Lenders ,
Recordkeeping Requirements ,
Regulatory Violations ,
Unfair or Deceptive Trade Practices
Republican senators on the Banking, Housing and Urban Affairs Committee are asking banking regulators to review their process of using Matters Requiring Attention (MRA) in the bank supervisory process....more
8/28/2025
/ Administrative Procedure Act ,
Banking Regulators ,
Banks ,
Congressional Committees ,
FDIC ,
Federal Reserve ,
Financial Regulatory Reform ,
OCC ,
Regulatory Oversight ,
Regulatory Reform ,
Rulemaking Process ,
Supervision ,
Supervisory Guidance
An earned wage access (EWA) law has gone into effect in Louisiana. The legislation, passed earlier this year, became law without the signature of Gov. Jeff Landry....more
Massachusetts Attorney General Andrea Joy Campbell has reached a $2.5 million settlement with Earnest Operations LLC, a Delaware-based student loan company....more
7/21/2025
/ Algorithms ,
Artificial Intelligence ,
Bias ,
Discriminatory Lending Practices ,
Disparate Impact ,
Enforcement Actions ,
Fair Lending ,
Financial Services Industry ,
Lenders ,
Machine Learning ,
Settlement ,
State Attorneys General ,
Student Loans ,
Unfair or Deceptive Trade Practices
Accusing the Trump Administration of “dismantling” the CFPB, New York City Comptroller Brad Lander is calling on city and state officials to fill the void by strengthening consumer protection laws and rules in the city and...more
6/26/2025
/ Comptroller ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Federal Funding ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lenders ,
New York ,
Pending Legislation ,
Proposed Legislation ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Oversight ,
State and Local Government ,
Trump Administration ,
Unfair or Deceptive Trade Practices
The podcast we are releasing today is part 2 of a re-purposed webinar we produced on March 25 titled “The Impact of the Election on the CFPB - Part 4.” As a result of the diminishing impact of the CFPB on enforcing the...more
New York Attorney General Letitia James has sued payday lenders MoneyLion Inc. and DailyPay Inc. in New York state court, alleging that the two companies took advantage of tens of thousands of New Yorkers....more
4/29/2025
/ Consumer Lenders ,
Enforcement Actions ,
False Advertising ,
Financial Services Industry ,
FinTech ,
Interest Rates ,
Lenders ,
New York ,
Payday Loans ,
Regulatory Violations ,
State Attorneys General ,
Unfair or Deceptive Trade Practices ,
Usury ,
Wages
The podcast we are releasing today is part 1 of a re-purposed webinar we produced on March 25 titled “The Impact of the Election on the CFPB - Part 4.” As a result of the diminishing impact of the CFPB on enforcing the...more
4/24/2025
/ Artificial Intelligence ,
Banks ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Retail Banks ,
State Attorneys General ,
Unfair or Deceptive Trade Practices
Our podcast show being released today is part 2 of a repurposed interactive webinar that we presented on March 24 featuring two of the leading journalists who cover the CFPB - Jon Hill from Law360 and Evan Weinberger from...more
4/17/2025
/ Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
New Legislation ,
Proposed Legislation ,
Regulatory Reform ,
Trump Administration
At the request of both sides of the lawsuit, a federal judge has voided the CFPB’s credit card late fee rule....more
4/16/2025
/ Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit and Credit Card Transactions ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Judicial Authority ,
Late Fees ,
Regulatory Reform ,
Settlement ,
Trump Administration
On Friday, April 11, a panel of the D.C. Circuit Court of Appeals modified Judge Jackson’s preliminary injunction order of March 28 pending appeal, as follows...more
4/15/2025
/ Appeals ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Employees ,
Employment Litigation ,
Executive Orders ,
Hiring & Firing ,
Judicial Authority ,
Preliminary Injunctions ,
Regulatory Agencies ,
Regulatory Oversight ,
Trump Administration
The Circuit Court of Appeals for the District of Columbia has issued an administrative stay for to a judge’s order blocking wholesale changes at the CFPB....more
4/9/2025
/ Administrative Agencies ,
Appeals ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Financial Services Industry ,
Government Agencies ,
Hiring & Firing ,
Judicial Authority ,
Preliminary Injunctions ,
Regulatory Oversight ,
Regulatory Reform ,
Stays ,
Trump Administration ,
Unions
Our special podcast show today deals primarily with a 112-page opinion and 3-page order issued on March 28 by Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia in a lawsuit brought, among...more
Today’s podcast show features a discussion with David Dayen, executive editor of the American Prospect, which is an online magazine about ideas, politics, and power. He's the author of “Chain of Title: How Three Ordinary...more
On Friday, March 28, Judge Amy Berman Jackson issued a 112-page opinion and 3-page order in National Treasury Employees Union, et al. v. Russell Vought, in his official capacity as Acting Director of the Consumer Financial...more
4/1/2025
/ Appeals ,
Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Employees ,
Employment Litigation ,
Financial Regulatory Reform ,
Hiring & Firing ,
Motion To Enjoin ,
Preliminary Injunctions ,
Regulatory Agencies ,
Regulatory Oversight ,
Stop Work Orders ,
Trump Administration
The CFPB intends to revoke its Buy Now, Pay Later interpretive rule, according to a status report and joint motion to stay filed by the Bureau and the Financial Technology Association (FTA) in a case brought by the FTA...more
3/31/2025
/ Administrative Procedure Act ,
Biden Administration ,
Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Deregulation ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulation Z ,
Regulatory Requirements ,
Trump Administration ,
Truth in Lending Act (TILA)
Saying that its proposed brokered deposits rule would have “significantly disrupted many aspects of the deposit landscape,” the FDIC has withdrawn the proposal. ...more
3/13/2025
/ Banking Regulators ,
Banks ,
Broker-Dealer ,
Brokered Deposits ,
Depository Institutions ,
FDIC ,
Financial Institutions ,
Financial Services Industry ,
Proposed Rules ,
Regulatory Reform ,
Regulatory Requirements
In a significant ruling on February 18, 2025, the Wisconsin Court of Appeals determined that National Bank Act (NBA) does not preempt the procedural “right to cure” notice requirements mandated by the Wisconsin Consumer Act...more
Oregon may become the latest state attempting to stop out-of-state banks from “exporting” home-state interest rates on loans made to Oregon consumers. Like similar legislation adopted by Colorado in 2023, House Bill 2561...more
2/25/2025
/ Consumer Financial Products ,
Depository Institutions ,
DIDMCA ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Loans ,
Oregon ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
Usury
The 11th Circuit Court of Appeals has struck down the FCC rule that would have prohibited telemarketing or advertising robocalls to consumers unless they consent to calls from only one entity at a time, and that they consent...more
2/17/2025
/ Administrative Procedure Act ,
Appeals ,
Consumer Protection Laws ,
FCC ,
First Amendment ,
Marketing ,
Prior Express Consent ,
Regulatory Authority ,
Robocalling ,
TCPA ,
Telemarketing
In this episode of the Consumer Finance Monitor Podcast, Ballard Spahr partners Mike Kilgarriff and Joseph Schuster break down the seismic shifts in consumer financial regulation following the dramatic changes at the CFPB....more
In the wake of recent federal directives diminishing the Consumer Financial Protection Bureau (CFPB), state authorities are increasingly stepping in to uphold consumer protections. Michigan Attorney General Dana Nessel has...more
2/12/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Regulatory Reform ,
Overdraft Fees ,
Popular ,
Regulatory Oversight ,
Regulatory Requirements ,
State Attorneys General ,
State Regulators ,
Unfair or Deceptive Trade Practices