In a consent order with a reverse mortgage servicer on June 18, 2024, the Consumer Financial Protection Bureau (CFPB) made the argument that failing to effectively service loans is abusive. The groundwork for this line of...more
The CFPB issued a report detailing the issues faced by consumers regarding credit card rewards programs and reminding credit card industry stakeholders that federal consumer protection laws—including the Consumer Financial...more
Continuing its vigorous effort to eliminate so-called “junk fees,” and detailing other problematic mortgage servicer activities, the Consumer Financial Protection Bureau (CFPB) recently released its Spring 2024 Supervisory...more
If you’ve been focused on only the high-level statements from the CFPB, you might already expect Rohit Chopra to fashion himself and the agency as “pro-consumer.” Consistent with that approach, the agency just signaled its...more
Can digital comparison-shopping operators or lead generators violate the Consumer Financial Protection Act (CFPA) by preferencing products or services based on financial benefit? According to today’s guidance issued by the...more
Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: • FTC Doesn’t Sugarcoat Warning Letters to Social Media...more
On July 6, the California attorney announced that he had joined a coalition of state attorneys general in submitting a comment letter endorsing the CFPB’s recently issued policy statement on abusive conduct in consumer...more
On April 3, the Consumer Financial Protection Bureau published a policy statement on abusive practices. As readers know, the bureau has authority to supervise and enforce acts and practices that are unfair, deceptive or...more
On April 3, 2023, the Consumer Financial Protection Bureau (CFPB or “Bureau”) issued new guidance about what constitutes an abusive act or practice under the Consumer Financial Protection Act (the “Policy Statement”). This...more
In this month's article, we share some of our top "bites" for the prior month covered during the April 2023 webinar....more
On April 3, the CFPB issued a policy statement intended to provide “a framework to help federal and state enforcers identify when companies engage in abusive conduct.” Conduct violates the abusiveness standard when it either:...more
On April 3, 2023, the Consumer Financial Protection Bureau released a policy statement articulating a new framework for analyzing conduct that it considers “abusive” in violation of federal law. The CFPB until now has...more
On April 3rd, the Consumer Financial Protection Bureau issued a new Policy Statement ("Policy") providing an analytical framework to identify "abusive" conduct. This is the second time the CFPB has issued a Policy Statement...more
In the CFPB’s second attempt to define “abusive” acts or practices, the first being guidance rescinded a year after it was given in 2020, the CFPB has issued a new policy statement in which it turns to statutory analysis and...more
On April 3, 2023, the Consumer Financial Protection Bureau ("CFPB" or the "Bureau") published a policy statement on abusiveness in the financial services marketplace. The statement summarizes actions taken by government...more
Continuing its aggressive push of investigating and regulating so-called junk fees charged by banks and financial companies, the Consumer Financial Protection Bureau (CFPB) recently issued a special edition of its Supervisory...more
On April 3, 2023, the CFPB published a new official statement of policy on the authority that Congress passed in the Consumer Financial Protection Act of 2010 (“CFPA”), codified at 12 U.S.C. § 5536(a)(1)(B), banning “abusive...more
On January 4, the CFPB and New York attorney general filed a complaint against a Michigan-based auto finance company accused of allegedly misrepresenting the cost of credit and deceiving low-income consumers into taking out...more
Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more
In This Issue. The Consumer Financial Protection Bureau (CFPB) announced a new initiative focused on financial issues faced by rural communities and also updated its examination procedures to cover unfair discrimination; the...more
The CFPB announced it will begin examining the operations of post-secondary schools, including for-profit colleges, to review their practices in extending private loans directly to students...more
Last week, in advance of Director Chopra’s appearances before the House Financial Services Committee and the Senate Banking Committee, the CFPB issued its Spring 2021 Semi-Annual Report to Congress covering the period October...more
The Consumer Financial Protection Bureau (CFPB) and SettleIt, Inc., an online debt-settlement company, have agreed to settle “abusiveness” claims for $1.4 million....more
Federal Reserve Issues New Guidance on Managing the LIBOR Transition - The Federal Reserve has issued guidance on how examiners will assess a banking organization’s progress in preparing to transition to a replacement rate...more