A federal judge has issued an injunction delaying the compliance dates of the CFPB’s open banking rule (“Rule”)....more
11/6/2025
/ Arbitrary and Capricious ,
Banks ,
Compliance Dates ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data-Sharing ,
Financial Institutions ,
Financial Services Industry ,
Open Banking ,
Preliminary Injunctions ,
Regulatory Requirements ,
Statutory Authority
Last month, New York Attorney General Letitia James sued Early Warning Services, LLC (EWS), the company that operates the Zelle Network, for allegedly failing to protect its users from fraud. The complaint, much of which was...more
9/30/2025
/ Banks ,
Cybersecurity ,
Data Security ,
Enforcement Actions ,
Financial Fraud ,
Financial Institutions ,
Financial Services Industry ,
FinTech ,
Regulatory Oversight ,
State Attorneys General ,
Unfair or Deceptive Trade Practices ,
Zelle
In a recent published opinion, the Third Circuit affirmed the District Court’s sanctions against JP Ward & Associates, attorney Travis Gordon, and attorney Joshua Ward for engaging in, as the District Court put it, “a...more
9/25/2025
/ Appeals ,
Consumer Litigation ,
Debt Collection ,
FDCPA ,
Federal Rules of Civil Procedure ,
Financial Services Industry ,
FRCP 11 ,
Legal Ethics ,
Rule 11 ,
Sanctions ,
Statutory Violations
The CFPB announced in its Spring 2025 Regulatory Agenda that it will be finalizing amendments to the Remittance Transfer Rule under Regulation E, which implements the Electronic Funds Transfer Act (EFTA), to revise disclosure...more
9/25/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
EFTA ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulation E ,
Regulatory Agenda ,
Regulatory Requirements ,
Remittance Transfer Rule ,
Rulemaking Process
The CFPB is considering proposing amendments to Regulation V, which implements the Fair Credit Reporting Act (FCRA), to address concerns related to information furnished to consumer reporting agencies regarding coerced debt. ...more
Banking groups said their members will have to unnecessarily spend significant time and money if a federal court does not delay the compliance dates of an open banking rule that the CFPB said it intends to rewrite....more
9/19/2025
/ Banks ,
Compliance Dates ,
Consumer Financial Protection Bureau (CFPB) ,
Depository Institutions ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Open Banking ,
Regulatory Agenda ,
Stays
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
As promised, the CFPB is issuing an Advance Notice of Proposed Rulemaking soliciting comments on the agency’s open banking rule....more
8/22/2025
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data Privacy ,
Data Security ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
FinTech ,
Open Banking ,
Regulatory Agenda ,
Rulemaking Process
The banking plaintiffs in the suit challenging the CFPB’s open banking rule (“Rule”) have asked a federal court to delay the compliance date of the Rule, contending that even though the Trump Administration has said it was...more
8/22/2025
/ Banks ,
Compliance Dates ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Management ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Notice of Proposed Rulemaking (NOPR) ,
Open Banking ,
Regulatory Agenda ,
Rulemaking Process ,
Stays ,
Trump Administration
On August 6, 2025, in Corner Post, Inc. v Board of Governors of the Federal Reserve System, the U.S. District Court for the District of North Dakota (the “Court”) granted Corner Post’s motion for summary judgment, finding...more
8/15/2025
/ Administrative Procedure Act ,
Chevron Deference ,
Consumer Financial Products ,
Debit and Credit Card Transactions ,
Debit Cards ,
Dodd-Frank ,
Durbin Amendment Rules ,
Enforcement Authority ,
Federal Reserve ,
Financial Services Industry ,
Interchange Fees ,
Loper Bright Enterprises v Raimondo ,
Regulation II ,
Statutory Interpretation ,
Stays ,
Vacatur
On August 5, 2025, the Federal Deposit Insurance Corporation (FDIC) issued FIL-39-2025 to state that an FDIC-supervised institution can use pre-populated customer information to satisfy the requirements of the Customer...more
On July 23, 2025, Senators John Fetterman (D-PA), Chuck Grassley (R-IA), Sheldon Whitehouse (D-RI), Bill Cassidy (R-LA), Andy Kim (D-NJ), and David McCormick (R-PA), introduced the federal Art Market Integrity Act (the...more
8/6/2025
/ AML/CFT ,
Anti-Money Laundering ,
Art Auctions ,
Art Dealers ,
Bank Secrecy Act ,
BSA/AML ,
FinCEN ,
Fine Art ,
Money Laundering ,
Office of Foreign Assets Control (OFAC) ,
Proposed Legislation ,
Regulatory Agenda ,
U.S. Treasury
In a surprise announcement, the CFPB has said it will issue a revised Section 1033 open banking rule rather than simply killing the Biden Administration rule....more
8/5/2025
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Data Privacy ,
Data-Sharing ,
Final Rules ,
Financial Services Industry ,
Open Banking ,
Proposed Rules ,
Regulatory Reform ,
Rulemaking Process ,
Trump Administration
An ex parte temporary restraining order has been issued against the participants in a debt relief services scheme that allegedly targeted seniors, including veterans, using a variety of deceptive practices, including falsely...more
7/29/2025
/ Consumer Financial Products ,
Debt ,
Debt Relief ,
Debt-Relief Industry ,
Enforcement Actions ,
Ex Parte ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Fraud ,
Gramm-Leach-Blilely Act ,
Scams ,
Statutory Violations ,
Telemarketing ,
Telemarketing Sales Rule ,
TRO ,
UDAP ,
Unfair or Deceptive Trade Practices ,
Veterans
A federal appeals court has nullified the Federal Trade Commission’s amendments to its Negative Option Rule intended to make it easier for people to cancel subscriptions....more
A Texas federal judge has voided a Biden Administration CFPB rule that would have prohibited medical debt in credit reports....more
7/16/2025
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Creditors ,
Debt Collection ,
Deregulation ,
Fair Credit Reporting Act (FCRA) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Medical Debt ,
Regulatory Requirements ,
Statutory Authority ,
Trump Administration ,
Vacated
On June 20, 2025, the Office of the Comptroller of the Currency (OCC), Treasury, the Board of Governors of the Federal Reserve System (FRB), and the Federal Deposit Insurance Corporation (FDIC) announced they are seeking...more
7/10/2025
/ Automated Clearing House (ACH) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial Crimes ,
Financial Fraud ,
Financial Institutions ,
Financial Services Industry ,
FinCEN ,
Fraud ,
FRB ,
Government Agencies ,
OCC ,
Payment Systems ,
Regulatory Agencies ,
Request For Information ,
Zelle
In its motion for a summary judgment in a lawsuit challenging the regulation, the CFPB stated it has concluded that the Section 1033 Rule (Rule) exceeds the agency’s statutory authority to create an open banking system...more
6/5/2025
/ Administrative Procedure Act ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Management ,
Data Privacy ,
Data-Sharing ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Open Banking ,
Regulatory Authority ,
Statutory Interpretation
A new Maryland law deems certain earned wage access (EWA) services to be loans. It then subjects those EWA services to the Maryland Consumer Loan Law and other consumer credit provisions, restricts the acceptance of tips by...more
6/4/2025
/ Consumer Financial Products ,
Consumer Lenders ,
Earned Wage Access ,
Fees ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Maryland ,
New Legislation ,
Regulatory Reform ,
Wage and Hour ,
Wages
Florida Gov. Ron DeSantis recently signed legislation making it clear that debt collection emails sent between 9 p.m. and 8 a.m. do not violate Florida law....more
6/3/2025
/ Class Action ,
Consumer Privacy Rights ,
Debt Collection ,
Debt Collectors ,
Financial Services Industry ,
Florida ,
New Legislation ,
Privacy Concerns ,
Regulatory Reform ,
Regulatory Requirements ,
State Legislatures ,
Statutory Interpretation ,
Telecommunications
Alleging that Global Circulation, Inc. (GCI) threatened consumers with jail time, lawsuits, and wage garnishments to pressure them into paying debts they did not owe, the FTC entered into a stipulated order with GCI and its...more
6/2/2025
/ Consent Order ,
Consumer Protection Laws ,
Debt Collection ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Fraud ,
Injunctions ,
Penalties ,
Permanent Bans ,
Settlement ,
Unfair or Deceptive Trade Practices
The CFPB is planning to repeal its Section 1033 Open Banking Rule, according to a filing in a federal lawsuit challenging the rule. On the same day the Final Rule was issued, the Banking Policy Institute (BPI) and Kentucky...more
5/29/2025
/ Banks ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Open Banking ,
Popular ,
Regulatory Reform ,
Repeal ,
Trump Administration
President Trump has signed a resolution nullifying the rule implementing the CFPB’s power to supervise large nonbank financial services providers of general-use digital consumer payment applications....more
5/22/2025
/ Biden Administration ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Deregulation ,
Digital Wallets ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Non-Bank Lenders ,
Nullification ,
Payment Systems ,
Regulatory Reform ,
Supervision ,
Supervisory Guidance ,
Trump Administration
Using the Congressional Review Act, the Senate has voted to nullify a CFPB final rule that would subject large cash apps to the bureau’s supervision....more
3/12/2025
/ Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Deregulation ,
Electronic Payment Transactions ,
Enforcement Actions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financial Transactions ,
FinTech ,
Fraud ,
Mobile Apps ,
Mobile Payments ,
Nonbank Firms ,
Payment Systems ,
PayPal ,
Regulatory Oversight ,
Trump Administration ,
Venmo
Chairman Kyle S. Hauptman announced that the National Credit Union Administration (NCUA) will no longer publish overdraft and non-sufficient fund (NSF) fee income for individual credit unions with more than $1 billion in...more