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Removal of NCUA Board Members: What it Means for You

After the first 100 days of President Donald Trump’s second term, few areas of government have avoided disruption or controversy, and the regulation of credit unions—normally a quiet corner within the federal bureaucracy—has...more

The State of the CFPB During a Fraught Transition Period: Part II

It has been a little over two months since President Donald Trump returned to office, and since then, the Consumer Financial Protection Bureau (CFPB) has been in flux—to put it mildly. As of this writing, it is unclear...more

The State of the CFPB During a Fraught Transition Period: Part I

It has been a little over two months since President Donald Trump returned to office, and since then, the Consumer Financial Protection Bureau (CFPB) has been in flux—to put it mildly. As of this writing, it is unclear...more

CFPB's Proposed Data Broker Rule: A Sweeping Rewrite of the Fair Credit Reporting Act Regulations That Will Be Left to New CFPB...

On December 3, 2024, the Consumer Financial Protection Bureau (CFPB) published its highly anticipated notice of proposed rulemaking (NPRM) that would regulate data brokers and the sale of Americans’ personal and financial...more

Credit Unions Put in the Crosshairs by Multiagency Efforts

For highly regulated industries, “whole of government” has become a dreaded byword for an era of steadily increasing regulatory burdens. It implies a large, coordinated, multiagency effort directed toward a specific public...more

The CFPB in 2025: What to Expect Following the Election

2024 has been an eventful year for the CFPB. As we detailed in June, the CFPB survived its second constitutional challenge at the Supreme Court in CFSA v. CFPB, and “[n]ewly emboldened, the CFPB’s already robust policy agenda...more

Preview of a Post-Chevron World: The Seventh Circuit Upholds Regulation B's Discouragement Prohibition as Consistent with ECOA

With Loper Bright’s recent death blow to Chevron deference, some commentators have been predicting substantial constriction of the administrative state and the narrowing or limiting of the powers of federal regulators. For...more

Minnesota Proposes Opt-Out to Federal Interest Rate Preemption under DIDMCA

On February 13, 2024, the Minnesota legislature introduced H.F. 3680, a bill that proposes to opt out of federal interest rate preemption by federally insured state-chartered banks or credit unions making consumer loans in...more

A New Colorado Bill Seeks To Subject More Fees To Consumer Credit Rate Caps

Colorado is in the headlines again. On January 29, a bill was introduced in the Colorado legislature to include certain additional charges in the total amount of finance charges subject to rate limits under the Colorado...more

House Committee Forms AI Working Group as Regulators Emphasize Existing Authority to Regulate AI

Here’s what you need to know: 1. The House Financial Services Committee formed a 12-member working group on Artificial Intelligence (AI). The group is tasked with exploring AI’s comprehensive impact on financial services so...more

FTC Finalizes—and Then Pauses—CARS Rule Impacting Dealers, Auto Finance Companies

On December 12, 2023, the Federal Trade Commission (FTC) announced it has finalized the Combating Auto Retail Scams Rule (CARS Rule), which imposes various obligations affecting dealers’ sales practices and will also impact...more

Mark Your Calendars: Key 2024 Compliance Dates for Consumer and Small Business Financial Services Regulations

One of the primary challenges with working in U.S. financial services is keeping up with the ever-changing federal and state regulatory landscape. Juggling the day-to-day fire drills while staying atop of regulatory changes...more

Federal Trade Commission Amends GLBA’s Safeguards Rule

Key Point: The Federal Trade Commission (FTC) has amended the Safeguards Rule to require non-banking financial institutions to inform the FTC within 30 days of discovering any unauthorized acquisition of unencrypted customer...more

CFPB Issues New Guidance for AI-Driven Credit Decisions

On September 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued new guidance outlining lenders’ obligations under the Equal Credit Opportunity Act (ECOA) and Regulation B when using artificial intelligence (AI)...more

Texas Court Vacates CFPB's Revised UDAAP Exam Manual and Its New Anti-Discrimination Guidance

In a not-entirely-unexpected ruling, Judge J. Campbell Barker of the U.S. District Court for the Eastern District of Texas recently vacated the Consumer Financial Protection Bureau’s (CFPB) updated Unfair, Deceptive, or...more

CFPB Director Issues Statement on FCRA Data Broker Proposed Regulation

The Consumer Financial Protection Bureau (CFPB) has been at the forefront of discussions surrounding the evolving role of data brokers in today’s digital economy. In particular, Director Rohit Chopra recently announced that...more

Minnesota Expands its Fair Lending Statute to Cover Gender Identity Discrimination

Minnesota has expanded its fair lending statute to prohibit discriminating against a person in the extension of credit or in the requirements of obtaining credit because of gender identity. Prior to this amendment, the...more

Colorado Bill Introduced to Opt Out of Federal Interest Rate Preemption

On March 27, Colorado legislators introduced a bill (H.B. 1229) to opt out of federal banking laws that permit federally insured state chartered banks and credit unions to charge Colorado residents the “interest” permitted...more

New CFPB and NY AG Lawsuit Could Harm Consumer Credit Markets

Perhaps not as prominent in the national news as another relatively high-profile balloon, in its latest effort to legislate and regulate by enforcement, the Consumer Financial Protection Bureau (CFPB), together with New...more

Aggressive CFPB Rulemaking Attempts to Create Registry of Nonbank Contract Provisions

On February 1, 2023, the Consumer Financial Protection Bureau (CFPB) published a proposed rule that, if implemented, would require most nonbanks subject to the CFPB’s supervisory authority, with limited exceptions, to submit...more

CFPB Attempts to Expand Scope of Nonbank Surveillance

Without its typical fanfare, the CFPB has revealed a plan to propose a rule titled “Nonbank Registration – Terms and Conditions” in its “Agency Rule List - Fall 2022.” The description of the proposed rule is scant, a mere...more

Transcript Withholding and Debt Collection: Colleges and Universities Losing Some Leverage under Trending State Laws

Update: On September 29, 2022, the Consumer Financial Protection Bureau issued Supervisory Highlights Student Loan Servicing Special Edition, finding that blanket college and university policies of withholding transcripts...more

Transcript Withholding & Debt Collection: Colleges and Universities Losing Some Leverage under Trending State Laws

In the past, it has been common for an institution of higher education to withhold a student’s transcript when the student had outstanding liability to the school. Bankruptcy and various loan collection laws have long placed...more

College and University Institutional Loans under the CFPB Microscope

On January 20, 2022, the Consumer Financial Protection Bureau (CFPB) announced new efforts to examine postsecondary schools’ institutional lending programs. Many colleges and universities offer in-house student loans,...more

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