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Consumer Credit Protection Consumer Financial Protection Bureau (CFPB)

Jones Day

CFPB Guidance Puts Creditors on Notice About AI-Involved Adverse Actions

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Recent Consumer Financial Protection Bureau ("CFPB") guidance reiterates that creditors must provide consumers with accurate and individualized explanations for adverse actions—a task made more difficult by the complexity of...more

Cozen O'Connor

U.S. Bank Fined $37.5 Million for Allegedly Opening Accounts Without Consumers’ Knowledge

Cozen O'Connor on

The CFPB entered into a Consent Order with U.S. Bank National Association over allegations that U.S. Bank pressured and incentivized its employees to open unauthorized accounts, in violation of the Consumer Financial...more

Cozen O'Connor

Multistate AG Coalition Urges Scrutiny of Buy-Now-Pay-Later Industry

Cozen O'Connor on

In a March 25 letter to Rohit Chopra, Director of the Consumer Financial Protection Bureau, AGs from 21 states, plus the Hawaii Office of Consumer Protection, responded to the CFPB’s Notice and Request for Comment Regarding...more

Venable LLP

When Can the FTC, and CFPB, State Consumer Credit Regulators Pierce the Corporate Veil?

Venable LLP on

Does Ownership and Management Structure Matter? Fiduciary Relationships - Special confidence placed in one who in equity and good conscience is bound to act in good faith and in due regard to the one reposing confidence....more

Hudson Cook, LLP

CFPB Releases Report on COVID's Impact on Consumer Credit, with Some Surprising Results

Hudson Cook, LLP on

Crazy times, right? Chances are you've heard this refrain numerous times over the last seven months, most notably on Zoom calls during the crushing silence of someone on the call forgetting to unmute his or her microphone....more

McGlinchey Stafford

Credit Reporting During a Pandemic

McGlinchey Stafford on

Alert May 18, 2020 The economic impact of COVID-19 has already proven catastrophic for many businesses and consumers. Many employers are reducing their staffing or closing their doors permanently. As of May 8, 2020, the...more

McGlinchey Stafford

Regulatory sandboxes, policy changes spur innovation

McGlinchey Stafford on

Regulatory uncertainty remains one of the most significant challenges to finance companies that want to develop creative and innovative products and services. Federal and state agencies have implemented policies to facilitate...more

Ballard Spahr LLP

Federal banking agencies and CFPB issue interagency statement on use of alternative data in credit underwriting

Ballard Spahr LLP on

The OCC, Federal Reserve Board, FDIC, NCUA and CFPB have issued an “Interagency Statement on the Use of Alternative Data in Credit Underwriting.”...more

Mayer Brown

US Interagency statement on the use of alternative data in credit underwriting

Mayer Brown on

On December 3rd, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Office of the...more

Ballard Spahr LLP

House to hold June 6 hearing on CFPB

Ballard Spahr LLP on

On June 6, 2018, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing entitled “Improving Transparency and Accountability at the Bureau of Consumer Financial...more

Foley & Lardner LLP

What Real Estate Settlement Service and Other Consumer Financial Services Providers Need to Know About the CFPB’s Final...

Foley & Lardner LLP on

On July 10, 2017, in a surprise move, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its long awaited final rule on arbitration (Final Arbitration Rule). This rule-making has been a lightning rod issue for...more

Ballard Spahr LLP

CFPB Consumer Advisory Board to meet March 2

Ballard Spahr LLP on

The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board will be held on March 2, 2017. The notice indicates that the Board will discuss the consumer credit information...more

MoFo Reenforcement

CFPB’s Two-Year Policy Priorities

MoFo Reenforcement on

On Thursday, February 25, 2016, the CFPB held a Consumer Advisory Board meeting in which it outlined its forward-looking supervision and enforcement priorities. After the Board meeting, the CFPB published a summary of these...more

Carlton Fields

CFPB Continues to Target Add-On Credit Products

Carlton Fields on

The Consumer Financial Protection Bureau (CFPB) has stepped up its enforcement actions alleging deceptive and unfair practices in marketing and billing for add-on credit protection products. Add-on products have been one of...more

Manatt, Phelps & Phillips, LLP

PayPal to Pay $25M to Resolve CFPB Allegations of “Abusive” Conduct in First Action Against Online Payments Company

Why it matters - In a not-unexpected announcement, the Consumer Financial Protection Bureau (CFPB) revealed a $25 million settlement with PayPal resolving allegations that the company illegally signed consumers up for...more

MoFo Reenforcement

CFPB Seeks Comments on Consumer Credit Card Market

MoFo Reenforcement on

On Tuesday, March 17, the Consumer Financial Protection Bureau (CFPB) announced a “Request for Information Regarding Credit Card Market.” It follows the 2009 CARD Act’s requirement that the CFPB conduct a review of the...more

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