News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Disclosure

McGlinchey Stafford

CFPB’s So-Called “Junk Fees” Revolution Targets Residential Mortgage Loan Closing Costs

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On March 8, 2024, the Consumer Financial Protection Bureau (CFPB) announced it was seeking public input on so-called “junk fees” incurred as part of the closing process for residential mortgage loans. The residential...more

Klein Moynihan Turco LLP

CFPB Releases Comparison Shopping Warning

On January 29, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued a circular (the “Circular”) detailing what it considers deceptive financial services marketing practices under the Consumer Financial Protection...more

Sheppard Mullin Richter & Hampton LLP

CFPB Continues its War on Fees

The CFPB recently proposed two rules on its continuing war on so-called junk fees. The first rule, proposed on January 17, target’s bank overdraft programs. Currently, financial institutions that extend overdraft loans...more

Shipkevich PLLC

CFPB Warns Consumers to Be Cautious of High-Yield Savings Accounts with FinTech Companies: Perhaps a New Focus for the CFPB

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The CFPB is shifting its focus to FinTech and nonbank payment systems, circling back to past frontiers. This recent warning echoes the sentiment of former CFPB’s Director, Richard Cordray, focusing heavily on FinTechs and...more

Spilman Thomas & Battle, PLLC

Plaintiffs Pursuing Increased Class Action Claims for Overdraft Fees and Charges Against Customers

With plaintiff attorneys seeing potential large dollar settlements and verdicts, along with increased regulatory scrutiny, banks need to review their overdraft practices. As noted by the American Bankers Association, banks...more

McGlinchey Stafford

GLBA or FCRA? Data Sharing Between Affiliates and Non-Affiliates

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When an entity shares data outside of its organization, the following questions often arise: Does the FCRA or GLBA (or both) apply to the specific type of data sharing? And how do these laws impact my company’s financial...more

Morrison & Foerster LLP

Core Considerations for Out-of-Network BNPL Payments

Much has been written about the Buy Now, Pay Later (BNPL) industry in the recent past. Consumers enjoy the payment flexibility and interest-free features of many BNPL products and frequently use them as a substitute payment...more

Orrick, Herrington & Sutcliffe LLP

California: TILA does not preempt state laws on commercial financial disclosure

On January 20, California Attorney General Rob Bonta sent a comment letter to CFPB Director Rohit Chopra in response to a preliminary determination issued by the Bureau in December, which concluded that commercial financial...more

Sheppard Mullin Richter & Hampton LLP

CFPB: Negative Option Marketing Practices May Violate CFPA

On January 19, the CFPB issued Circular 2023-01 to affirm that companies offering “negative option” subscription services are required to comply with federal consumer financial protection laws. According to the Circular,...more

Perkins Coie

Fintech Week in Review - January 2021

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FDIC Creates New Exceptions for Fintech Companies with Its Final Brokered Deposit Rule - On December 15, 2020, the Federal Deposit Insurance Corporation (FDIC) finalized its updated brokered deposit rule, providing...more

Goodwin

CFPB Grants No-Action Letter for Proposed Small-Dollar Credit Product

Goodwin on

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

Bradley Arant Boult Cummings LLP

CFPB Plans to Publish Final Debt Collection Rules in October

On Thursday, July 2, the Consumer Financial Protection Bureau (CFPB) announced that it plans to publish final debt collection rules in October 2020. The final rules will be the first rules clarifying the nearly 40-year-old...more

Davis Wright Tremaine LLP

Bureau’s Proposal for a “Disclosure Sandbox

On September 10, 2018, the Bureau of Consumer Financial Protection (the “Bureau”) published a notice of proposed policy guidance to create a “Disclosure Sandbox.”...more

Morrison & Foerster LLP

CFPB Amends Prepaid Accounts Rule and Delays its Effective Date

On January 25, 2018, the Consumer Financial Protection Bureau (CFPB or “Bureau”) finalized amendments (“2018 Amendments”) to its final Prepaid Accounts Rule (“Final Rule”), which was published in November 2016. The Bureau...more

MoFo Reenforcement

CFPB Unveils Prototype Model Forms for Overdraft

MoFo Reenforcement on

On August 4, 2017, the Consumer Financial Protection Bureau (CFPB) released four “prototype” model overdraft disclosure forms styled under its “Know Before You Owe” initiatives with a press release. The CFPB said the forms...more

Ballard Spahr LLP

CFPB’s Ombudsman’s Office issues fifth annual report

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The CFPB’s Ombudsman’s Office has issued its fifth annual report covering the Office’s activities during fiscal year 2016 (October 1, 2015 through September 30, 2016).  The role of the Ombudsman’s Office is to assist in the...more

Davis Wright Tremaine LLP

FTC Holds Workshop on Effective Consumer Disclosures

The Federal Trade Commission (FTC) held a workshop last week on the effectiveness of consumer disclosures. Titled “Putting Disclosures to the Test”, the workshop featured a series of presentations on recent academic,...more

Kelley Drye & Warren LLP

Beyond “Clear and Conspicuous”: FTC Workshop Highlights Issues Related to Testing of Consumer Disclosures

On advertisements, websites, and legal documents, disclosures are everywhere. But how do consumers notice, understand, and use disclosures in their decision-making? And how can businesses and advertisers effectively design...more

Davis Wright Tremaine LLP

CARD Act Report Summary

The CFPB recently issued its 2015 CARD Act report on the consumer credit card market (the “Report”). The Report cites a significant amount of data with respect to the credit card market, including regarding use – e.g., number...more

Ballard Spahr LLP

CFPB use of behavioral economics validated by Executive Order

Ballard Spahr LLP on

Since opening its doors for business, behavioral economics has played a central role in the CFPB’s regulatory agenda. Behavioral economists posit that consumers are not rational decision makers and instead have certain...more

McGuireWoods LLP

CFPB’s Position on Confidential Supervisory Information

McGuireWoods LLP on

Is your financial institution or company subject to the Consumer Financial Protection Bureau’s (CFPB) supervision? If so, take note of a recent bulletin warning supervised entities – both banks and non-banks – about the...more

Ballard Spahr LLP

CFPB extends comment period on proposal to publicly disclose consumer complaint narratives

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The CFPB is extending the comment period on its proposed policy statement that would expand the complaint data that it publicly discloses in its Consumer Complaint Database to include “unstructured” complaint narratives. In a...more

Stinson - Corporate & Securities Law Blog

CFPB Proposes Amendments to Home Mortgage Disclosure Act

The CFPB has proposed a rule to improve information reported about the residential mortgage market. According to the CFPB, the rule would shed more light on consumers’ access to mortgage credit by updating the reporting...more

Morrison & Foerster LLP

CFPB Further Delays Prepaid Proposed Rule

Industry anticipation continues to grow as the Consumer Financial Protection Bureau (CFPB) announced that its general-purpose reloadable (GPR) prepaid card proposal will now be issued by the end of the summer. Although this...more

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