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Consumer Financial Protection Bureau (CFPB) Abusive Acts

Bradley Arant Boult Cummings LLP

CFPB: Ineffective Loan Servicing Is an Abusive Act or Practice

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

Cozen O'Connor

CFPB Reports “Doom Loops” and Other Harmful Practices in Credit Card Rewards Programs

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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

Husch Blackwell LLP

CFPB Crusade Continues: Mortgage Servicers and "Junk Fees"

Husch Blackwell LLP on

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

Venable LLP

Why the CFPB’s Preferencing and Steering Practices Circular Should Scare Lead Generators and Consumer Financial Services Providers

Venable LLP on

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

Troutman Pepper

CFPB Warns Digital Comparison-Shopping Operators and Lead Generators That Steering Consumers Could Violate the CFPA, But Fails to...

Troutman Pepper on

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

Cozen O'Connor

The State AG Report – 11.30.2023

Cozen O'Connor on

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

Orrick, Herrington & Sutcliffe LLP

States endorse CFPB’s policy statement on abusive conduct

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

McGlinchey Stafford

Abusive Practices: CFPB Policy Statement Murky at Best

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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

Morrison & Foerster LLP

Take 2: CFPB Provides New Guidance About What Constitutes “Abusive”

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

Hudson Cook, LLP

CFPB Bites of the Month - April 2023 - Stress Awareness Month and the CFPB

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In this month's article, we share some of our top "bites" for the prior month covered during the April 2023 webinar....more

Eversheds Sutherland (US) LLP

CFPB issues policy statement on abusiveness with a focus on digital interaction

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

Cooley LLP

CFPB Issues Policy Statement on CFPA’s Prohibition on ‘Abusive’ Conduct

Cooley LLP on

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

Akerman LLP

CFPB Issues New Policy Statement on Abusive Acts or Practices

Akerman LLP on

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

Ballard Spahr LLP

CFPB releases policy statement defining abusive acts or practices

Ballard Spahr LLP on

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

Davis Wright Tremaine LLP

CFPB Releases Analysis of 'Abusive' Practices in the Financial Services Marketplace

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

McGlinchey Stafford

CFPB: ‘Junk fees’ in auto servicing are unfair, deceptive

McGlinchey Stafford on

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

Seyfarth Shaw LLP

CFPB Publishes New Policy Statement on Abusive Acts and Practices

Seyfarth Shaw LLP on

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

Orrick, Herrington & Sutcliffe LLP

CFPB and New York say auto lender misled consumers

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

Wiley Rein LLP

Wiley Consumer Protection Download (December 19, 2022)

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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

Wiley Rein LLP

Wiley Consumer Protection Download (March 28, 2022)

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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

Goodwin

CFPB Launches New Initiative Focused on Rural Communities

Goodwin on

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

Cozen O'Connor

CFPB Announces Examination of Colleges Extending Private Loans Directly to Students

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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

Ballard Spahr LLP

CFPB issues Spring 2021 semi-annual report; Director Chopra testifies before Congress

Ballard Spahr LLP on

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

Troutman Pepper

CFPB Squeezes SettleIt for $1.4 Million, Citing “Abusive” Practices

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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

Nutter McClennen & Fish LLP

Nutter Bank Report: March 2021

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

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