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CFPB Bans Third-Party Payment Processor and Its Founder for Ignoring Fraud and Supporting Scammers

On January 18, the Consumer Financial Protection Bureau (CFPB) filed a proposed final judgment and order in its March 2021 lawsuit against BrightSpeed Solutions, a third-party payment processor, and its founder, Kevin Howard....more

Challenges to Payday Rule’s Ability to Repay Provisions Denied

On January 14, a D.C. federal judge granted the Consumer Financial Protection Bureau’s (CFPB) motion to dismiss a case filed by the National Association for Latino Community Asset Builders (NALCAB), after the NALCAB contested...more

CFPB Director Rohit Chopra Responds to Stablecoin Report

On November 2, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra released a statement on the Report on Stablecoins issued by the President’s Working Group on Financial Markets, the Office of the Comptroller of...more

Rohit Chopra Confirmed as New CFPB Director

On September 30, the Senate confirmed Rohit Chopra as the new director of the Consumer Financial Protection Bureau (CFPB). Chopra’s confirmation marks the beginning of his second stint with the CFPB — Chopra served as the...more

CFPB Obtains $5.4 Million from Debt-Relief Service that Allegedly Charged Illegal Fees

On May 17, the Consumer Financial Protection Bureau (CFPB) announced a settlement with DMB Financial LLC, a Massachusetts-based debt-settlement company....more

Biden to Nominate Big Tech Critic Lina Khan to Serve as an FTC Commissioner

On March 22, President Joe Biden announced his intent to nominate Lina Khan to be a commissioner of the Federal Trade Commission (FTC). Khan is an outspoken critic of big tech and a former legal advisor to FTC Commissioner...more

CFPB Alleges Third-Party Payment Processor Ignored Merchant Fraud

On March 3, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the Northern District of Illinois against a third-party payment processor, BrightSpeed Solutions, Inc., and its founder and former CEO Kevin...more

Fintechs Beware! The CFPB is Monitoring You Closely

On March 18, Opportunity Financial, Inc. (OppFi) — a Chicago-based platform lender — announced that the Consumer Financial Protection Bureau (CFPB) is investigating its compliance with the Military Lending Act. The...more

CFPB Rescinds Trump-Era Guidance Regarding “Abusive Acts and Practices” Standard

On March 11, the Consumer Financial Protection Bureau (CFPB) announced that it is rescinding a January 2020 policy statement that limited the “abusive acts and practices” standard created by the 2010 Dodd-Frank Act. By...more

CFPB Investigating Venmo’s Funds Transfer and Debt Collection Policies

In a recently filed Form 10-K, PayPal Holdings, Inc. (PayPal) announced that it received a Civil Investigative Demand (CID) from the Consumer Financial Protection Bureau (CFPB) on January 21 “related to Venmo’s unauthorized...more

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