On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) released a Supervisory Highlights report covering findings from its examinations completed between July 2022 and March 2023 (the Report), which found,...more
8/21/2023
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Enforcement Actions ,
Financial Services Industry ,
Information Reports ,
Loan Servicer ,
Medical Debt ,
Payday Loans ,
Regulatory Violations ,
Unfair or Deceptive Trade Practices
On Thursday March 23, 2023, a three-judge panel of the Second Circuit unanimously ruled that the Consumer Financial Protection Bureau’s (CFPB) funding structure is constitutional, creating a circuit split between the Second...more
2022 saw a flurry of regulatory activity by federal enforcement agencies — most notably, the Consumer Financial Protection Bureau (CFPB, or Bureau) — as the industry began to experience the full effects of the change in...more
2/22/2023
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Credit Reports ,
Debt Collection ,
Financial Services Industry ,
FinTech ,
Mortgages ,
Payday Loans ,
Prepaid Payment Products ,
Privacy Laws ,
Student Loans
Coordinated actions taken by federal regulators and enforcement agencies over the last year have demonstrated a new focus on assailing two distinct practices in digital advertising: the use of algorithms for targeting...more
On January 11, 2023 the Consumer Financial Protection Bureau (CFPB) proposed a rule (“Proposed Rule”) that would require “most nonbanks subject to the Bureau’s supervisory authority” to “register annually in [a] system” that...more
On December 12, 2022, the Consumer Financial Protection Bureau (“CFPB”) proposed a rule (“Proposed Rule”) that would require non-bank financial institutions to register with the CFPB when they become subject to certain final...more
On October 4, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it has issued a consent order against a nonbank provider of a money transfer service for multiple violations of the Electronic Fund Transfer...more
On July 27, 2022, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) filed a complaint and proposed consent order in a federal district court alleging that a mortgage company...more
8/4/2022
/ Advertising ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
ECOA ,
Enforcement Actions ,
Enforcement Priorities ,
Fair Housing Act (FHA) ,
Financial Services Industry ,
Housing Discrimination ,
Housing Market ,
Marketing ,
Minorities ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination
On June 21, 2022, the U.S. Department of Justice (DOJ) filed a complaint and settlement agreement in federal court alleging that a social media company is in violation of the Fair Housing Act (FHA), 42 U.S.C. §§ 3601-3619,...more
6/30/2022
/ Advertising ,
Algorithms ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Fair Lending ,
Machine Learning ,
Protected Class ,
Settlement Agreements ,
Social Networks
On April 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in federal court against TransUnion, two of its subsidiaries, and its longtime executive for failing to implement...more
On April 7, 2022, the Consumer Financial Protection Bureau (CFPB) announced it is proposing a rule that would assist survivors of human trafficking in achieving financial independence. The proposed rule would aid survivors of...more
[co-authors: Amelie Hopkins, and Collin Grier]
The year 2021 started with the hope of COVID-19 vaccines and a return to (relative) normalcy, only to conclude with new variants that presented new challenges and extended...more
2/23/2022
/ AMG Capital Management LLC v FTC ,
Automotive Loans ,
Banking Sector ,
Borrowers ,
Collins v Yellin ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
Credit Reporting Agencies ,
Credit Reports ,
Creditors ,
Debit and Credit Card Transactions ,
Debt Collection ,
Debtors ,
Dodd-Frank ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
Lenders ,
Loan Servicing ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Payday Loans ,
Prepaid Payment Products ,
SCOTUS ,
Settlement ,
Small Dollar Lenders ,
Student Loans ,
TCPA ,
TransUnion LLC v Ramirez
On January 27, 2022, the Consumer Financial Protection Bureau (CFPB) published its updated annual list of consumer reporting companies for the purpose of encouraging consumers to seek access to their files, and sue if they...more
On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) finalized amendments to the implementing regulation of the Real Estate Settlement Procedures Act (RESPA), Regulation X, which would establish temporary...more
7/16/2021
/ Amended Rules ,
CARES Act ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Final Rules ,
Forbearance Agreements ,
Foreclosure ,
Loss Mitigation ,
Mortgage Servicers ,
Mortgages ,
Regulation Z ,
Relief Measures ,
RESPA
On June 1, 2021, the Ninth Circuit, in CFPB v. Seila Law LLC, No. 17-56324, granted Seila Law LLC’s motion to stay the mandate requiring its compliance with a civil investigative demand, while it petitions the U.S. Supreme...more
This month the Consumer Financial Protection Bureau (CFPB) doubled-down on its earlier warning that the end of 2021 could see widespread foreclosures as COVID-19-related protections expire, by issuing guidance to mortgage...more
4/28/2021
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Forbearance Agreements ,
Foreclosure ,
Mortgage Servicers ,
Mortgages ,
Policy Statement ,
Regulation X ,
RESPA
On March 1, 2021, the Consumer Financial Protection Bureau (CFPB) issued a report titled “Housing Insecurity and the COVID-19 Pandemic” (the Report), which summarizes some of the relevant data and research on the impact of...more
In this Issue. The U.S. Securities and Exchange Commission (SEC) was very active this week, having (i) issued no-action relief allowing registered funds to engage in self-custody of interests in loans that are originated,...more
2/15/2021
/ Banking Sector ,
Biden Administration ,
Capital Raising ,
CARD Act ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Management Companies ,
Debt Relief ,
Debtors ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Financing ,
FinTech ,
Guidance Update ,
Industry Letters ,
Investigations ,
Investors ,
Lenders ,
Loans ,
Memorandum of Understanding ,
Money Market Funds ,
No-Action Relief ,
NYDFS ,
Paycheck Protection Program (PPP) ,
Presidential Nominations ,
Processing Fees ,
Public Comment ,
Registered Funds ,
Regulation O ,
Reporting Requirements ,
SBA ,
Securities and Exchange Commission (SEC) ,
Settlement ,
Settlement Proposals ,
State Attorneys General ,
Student Loans
President Joe Biden announced that he will nominate Rohit Chopra, one of two Democratic commissioners at the Federal Trade Commission (FTC), as the next Director of the Consumer Financial Protection Bureau (CFPB, or the...more
In the News. The Office of the Comptroller of the Currency (OCC) issued a long-awaited rule seeking comment on its proposed approach to determine the Community Reinvestment Act (CRA) evaluation measure benchmarks, retail...more
11/30/2020
/ Bank Secrecy Act ,
Banking Sector ,
Benchmarks ,
Charitable Organizations ,
Comment Period ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Debt Buyers ,
Debt Collection ,
Derivatives ,
Disclosure Requirements ,
Document Retention Policies ,
Due Diligence ,
Fannie Mae ,
FDIC ,
FHFA ,
Final Rules ,
Financial Adviser ,
Financial Services Industry ,
Freddie Mac ,
Interim Final Rules (IFR) ,
Investment Adviser ,
Lenders ,
MD&A Statements ,
Mutual Funds ,
Nonprofits ,
Notice of Proposed Rulemaking (NOPR) ,
OCC ,
OCIE ,
Private Investment Funds ,
Proposed Rules ,
Public Comment ,
Registration Statement ,
Regulation M ,
Regulation S-K ,
Regulation S-T ,
Regulation Z ,
Regulatory Requirements ,
Relief Measures ,
Reporting Requirements ,
Risk Alert ,
Securities and Exchange Commission (SEC) ,
Securities Exchange Act ,
Student Loans ,
Supervisory Guidance
In the News. The Securities and Exchange Commission (SEC) announced that it adopted Rule 12d1-4 under the Investment Company Act of 1940 (the 1940 Act), providing a new regulatory framework for fund-of-funds and final...more
10/22/2020
/ Asset Management ,
Auditor Independence ,
Audits ,
Bank Holding Company ,
Banking Sector ,
Brokers ,
Capital Rules ,
Civil Monetary Penalty ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Department of Justice (DOJ) ,
Depository Institutions ,
Enforcement Actions ,
Executive Orders ,
Exemptions ,
FDIC ,
Federal Reserve ,
Final Rules ,
Financial Stimulus ,
FinCEN ,
Finders ,
Fund of Funds ,
Gifts ,
GSE ,
Insurance Fraud ,
Interim Final Rules (IFR) ,
Investment Company Act of 1940 ,
Liquidity ,
Marketing Services Agreements ,
Net Stable Funding Ratio (NSFR) ,
OCC ,
Promotional Items ,
Regulation S-X ,
Regulation X ,
Relief Measures ,
Reporting Requirements ,
RESPA ,
Robocalling ,
Rule 12d1-4 ,
Section 8 ,
Securities and Exchange Commission (SEC) ,
TCPA ,
TLAC ,
Trump Administration ,
UDAAP ,
Unemployment Insurance ,
Unfair or Deceptive Trade Practices
On August 31, 2020, the Office of Information and Regulatory Affairs (OIRA), an arm of the Office of Management and Budget (OMB) within the Executive Branch, issued a memorandum (M-20-31 memorandum) directing the heads of...more
In the News. The Consumer Financial Protection Bureau (CFPB), along with the Federal Trade Commission (FTC) and more than 50 federal and state law enforcement partners, announced Operation Corrupt Collector, a nationwide law...more
10/2/2020
/ Accredited Investors ,
Appraisal ,
Banking Sector ,
Capital Rules ,
Code of Federal Regulations (CFR) ,
Comment Period ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Corrective Actions ,
Debt Collection ,
Depository Institutions ,
Disclosure Requirements ,
Dodd-Frank ,
Fannie Mae ,
FDIC ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
Final Rules ,
Financial Services Industry ,
Freddie Mac ,
FSOC ,
Lenders ,
Liquidity ,
Military Service Members ,
Mortgages ,
OTS ,
Public Comment ,
Qualified Institutional Buyers ,
Relief Measures ,
Securities and Exchange Commission (SEC) ,
Student Loans ,
Unfair or Deceptive Trade Practices ,
Veterans
On September 15, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had filed a proposed stipulated judgment against a Delaware statutory trust after a settlement agreement was reached between the trust...more
On September 14, 2020, the Consumer Financial Protection Bureau (“CFPB”) announced that it had entered into a consent order with a mortgage broker and lender that advertises and offers mortgage loans guaranteed by the United...more