Welcome to the Mortgage Origination and Servicing chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
Enforcement efforts are expected to increase in 2024 and will...more
Welcome to the Major US Supreme Court and Appellate Cases chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
The Supreme Court continues to take a close look at major...more
2/19/2024
/ Administrative Law Judge (ALJ) ,
Appeals ,
Appellate Courts ,
Article III ,
But For Causation ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Truth in Lending Act (TILA)
Welcome to the Market Overview chapter of our annual report Consumer Financial Services 2023 Year in Review.
For the consumer finance industry, 2023 was all about the Consumer Financial Protection Bureau (CFPB or Bureau)....more
Welcome to the Payday and Small-Dollar Lending chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
Regulators may take additional regulatory and enforcement action...more
Welcome to the Data Privacy and Cybersecurity chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
Amendments to key rules and regulations will take effect in 2024,...more
2/16/2024
/ Amended Regulation ,
Biden Administration ,
California Consumer Privacy Act (CCPA) ,
Class Action ,
Cybersecurity ,
Data Privacy ,
Enforcement Actions ,
Executive Orders ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
NYDFS ,
Popular ,
Proposed Regulation ,
Safeguards Rule ,
Securities and Exchange Commission (SEC) ,
State Privacy Laws
Welcome to the Telephone Consumer Protection Act chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
States will continue to enact or update their mini-TCPA and...more
Welcome to the Fintech chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
The CFPB is expected to finalize rulemaking authorizing supervision of payment application...more
2/16/2024
/ Apple Pay ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Financial Services Industry ,
FinTech ,
GAO ,
Google ,
New Legislation ,
Nonbank Firms ,
OCC ,
Payday Loans ,
Payment Systems ,
PayPal ,
Regulation Z ,
Third-Party Relationships ,
Truth in Lending Act (TILA) ,
Venmo ,
Wages
Welcome to the Debt Collection and Debt Settlement chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
Enforcement actions related to debt collection and debt...more
2/16/2024
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Repair Services ,
Debt Collection ,
Debt Collectors ,
Debt-Relief Industry ,
Enforcement Actions ,
FDCPA ,
FTC Act ,
Gramm-Leach-Blilely Act ,
Student Loans ,
Telemarketing Sales Rule
Welcome to the Auto Loan Origination and Servicing chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
We anticipate that the CFPB will continue its attempts to combat...more
2/16/2024
/ Automotive Loans ,
CARS Rule ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
False Advertising ,
Fees ,
Race Discrimination ,
Unfair or Deceptive Trade Practices
Welcome to the Credit Reporting chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
The CFPB’s announcement of a proposed rulemaking to remove medical bills from...more
2/15/2024
/ Annual Reports ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Credit Reporting Agencies ,
Credit Reports ,
ECOA ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
Medical Bills ,
Medical Debt
Welcome to the Credit, Debit, or Prepaid Cards and Consumer Banking chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
We expect continued focus by the CFPB on “junk”...more
2/15/2024
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debit Cards ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Excessive Fees ,
Fees ,
Financial Services Industry ,
Popular ,
Prepaid Payment Products ,
Regulation Z ,
Rulemaking Process
Welcome to the Student Lending chapter of our annual report Consumer Financial Services 2023 Year in Review.
Looking Ahead to 2024 -
The CFPB will likely continue to focus on junk fees, nontransparent and other...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
On October 11, 2022, the North Carolina Attorney General’s Office (NC AG) announced that it had entered into a consent order with certain Texas-based debt collection companies, resolving allegations that those...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 November 8, 2021 the Federal Trade Commission (FTC) announced that it entered into a stipulated order with a payment processor, resolving allegations that the payment processor violated Section 5 of the Federal Trade...more
On November 12, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint in the United States District Court for the Northern District of Texas against two pawnshop lenders, alleging...more
11/15/2021
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
Financial Services Industry ,
Interest Rates ,
Mandatory Arbitration Clauses ,
Military Lending Act ,
Military Service Members ,
Statutory Violations
On September 22, 2021, the California Department of Financial Protection and Innovation (DFPI) announced that it issued its first enforcement action against a debt collection company for various practices,...more
9/27/2021
/ California Consumer Financial Protection Law (CCFPL) ,
Consumer Credit Reporting Agencies Act (CCRAA) ,
Corporate Fines ,
Credit Reporting Agencies ,
Credit Reports ,
Debt Collectors ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
FDCPA ,
License Applications ,
Licensing Rules
On September 20, 2021, the Department of Justice (DOJ) announced that it reached a settlement with the New Jersey Higher Education Student Assistance Authority (HESAA), resolving allegations that the state...more
On September 20, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in the U.S. District Court of the Central District of California against a California-based software company and its...more
On April 27, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it had entered into a consent order with a reverse mortgage broker and lender, resolving allegations that the company violated the Mortgages...more
On April 26, 2021, the California Department of Financial Protection and Innovation (DFPI) announced that it had entered into a settlement agreement with an online coding school, resolving allegations that the school engaged...more
On March 4, 2021, Virginia’s Attorney General (AG) announced that it had reached a settlement with an open-end credit lender, resolving allegations that the lender violated the state’s consumer finance statutes.
The AG...more
On March 3, Virginia’s Attorney General announced that the state reached a settlement with a student debt relief company for alleged Virginia Consumer Protection Act (VCPA) violations. The simultaneously filed complaint...more
In the News. The Consumer Financial Protection Bureau (CFPB) granted a no-action letter (NAL) regarding a proposed small-dollar credit product and sought comment on the CFPB’s plan to study how consumers locate, comprehend...more
11/12/2020
/ Banking Sector ,
Banks ,
Blockchain ,
Board of Directors ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Cryptocurrency ,
Debt Settlement Services ,
Disclosure ,
Diversity ,
Enforcement Actions ,
FDCPA ,
FDIC ,
Federal Bank Regulatory Agencies ,
Federal Reserve ,
Final Rules ,
Financial Regulatory Agencies ,
Financial Services Industry ,
FinCEN ,
Geographic Targeting Order ,
Interest Rates ,
Joint Statements ,
Libor ,
Loans ,
New Guidance ,
New Rules ,
No-Action Letters ,
OCC ,
Payday Loans ,
PayPal ,
Publicly-Traded Companies ,
Real Estate Transactions ,
Shareholders ,
Small Dollar Lenders ,
Student Loans ,
Telemarketing Sales Rule ,
Title Insurance