News & Analysis as of

Consumer Financial Products

Troutman Pepper Locke

FDIC Backs Industry in Colorado DIDMCA Opt-Out Fight, Urges Bank-Focused Reading of “Loans Made in Such State”

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On June 4, the Federal Deposit Insurance Corporation (FDIC) filed an amicus brief in the Tenth Circuit’s en banc rehearing of National Association of Industrial Bankers v. Weiser, supporting industry plaintiffs and arguing...more

Ballard Spahr LLP

Paoletta to replace Vought as CFPB Acting Director

Ballard Spahr LLP on

CFPB Chief Legal Officer Mark Paoletta has been selected as the bureau’s Deputy Director—a move that reflects that Acting Director Russell Vought’s term is coming to a close and that Paoletta will succeed him, Bloomberg...more

A&O Shearman

UK FCA review finds some financial promotion approvers need to raise standards

A&O Shearman on

The UK Financial Conduct Authority (FCA) has published a press release highlighting that some firms, when approving financial promotions, should be doing more to protect consumers in line with the consumer duty. The FCA...more

Ballard Spahr LLP

VA Announces Launch of New Partial Claim Program to Help Protect Veterans from Foreclosure with VA Home Loans

Ballard Spahr LLP on

As previously reported, in July 2025 Congress passed legislation to reauthorize partial claims with U.S. Department of Veterans Affairs (VA) guaranteed home loans. ...more

Ballard Spahr LLP

Executive Order Signals Major Shift in Federal Expectations for AML, Customer Identification, and Credit Underwriting

Ballard Spahr LLP on

President Trump’s May 19, 2026 executive order, Restoring Integrity to America’s Financial System, directs Treasury, FinCEN, the CFPB, and the federal banking agencies to reassess how financial institutions identify and...more

Orrick, Herrington & Sutcliffe LLP

Fed Governor Barr calls for outcome-focused financial health metrics at scale

On May 20, Fed Governor Michael Barr delivered remarks on measuring and improving consumer financial health. Barr noted that while approximately 96 percent of American adults now have a bank account, only roughly 31 percent...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 97: Beyond APR: How AI Is Changing Mortgage Shopping

Fincast founder Benjamin Schieken joins RegFi co-hosts Jerry Buckley and Sherry Safchuk to discuss how AI-enabled technology can transform the mortgage shopping process by enabling consumers to compare loan options more...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 95: Assessing the Impact of a 10% Rate Cap on Credit Cards

AEI’s Paul Kupiec joins RegFi co-hosts Jerry Buckley and Sasha Leonhardt to analyze the potential impact of a proposed 10% cap on credit card balances. Kupiec, a highly respected commentator on financial markets, delves...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 92: Bridging Policy Gaps in AI-Enabled Consumer Finance

Kelvin Chen, Senior Executive Vice President and Head of Policy at the Consumer Bankers Association, joins RegFi co-hosts Jerry Buckley and Caroline Stapleton to discuss CBA’s recent white paper on agentic AI and its...more

A&O Shearman

UK FCA launches market study on claims management services

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The UK Financial Conduct Authority (FCA) has published a notice and terms of reference for a market study into claims management services. The study will examine the causes of potentially harmful practices, their impact on...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 88: Adapting Financial Regulation for an AI-Driven Marketplace

David Silberman joins RegFi co-hosts Jerry Buckley and Caroline Stapleton to explore how artificial intelligence — including agentic AI — could reshape consumers’ interactions with financial services providers. The...more

Hogan Lovells

Investment firms: Bereaved customer treatment

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“The FCA is reviewing how consumer investment firms support bereaved customers and whether they're getting it right… From May 2026, the FCA will contact selected firms as part of the review.” The FCA have already...more

A&O Shearman

UK Consumer Credit Act 1974 reform

A&O Shearman on

HM Treasury (HMT) has published a policy statement on the reform of the Consumer Credit Act 1974 (CCA), setting out its response to the phase 1 consultation. HMT confirms plans to modernise the regime by aligning it with the...more

Troutman Pepper Locke

Virginia Federal District Court Confirms FCRA Doesn’t Reach Legal Disputes Over Loan Enforceability

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In a recent decision from the Eastern District of Virginia, the court dismissed Fair Credit Reporting Act (FCRA) claims brought by a consumer who never received the vehicle he attempted to purchase with an auto loan. Despite...more

Kaufman & Canoles

Consumer Finance Alert - Default Judgments in Virginia Consumer Debt Collection in 2027

Kaufman & Canoles on

On April 8, 2026, Governor Abigail Spanberger approved House Bill 444, establishing the Uniform Consumer Debt Default Judgments Act (the “Act”) as § 8.01–465.26 through § 8.01–465.34 of The Virginia Code. ...more

Orrick, Herrington & Sutcliffe LLP

Fourth Circuit affirms denial of collection law firm’s motion to compel arbitration

On May 18, the U.S. Court of Appeals for the 4th Circuit affirmed a district court’s decision denying a debt collection law firm’s motion to compel arbitration, holding that the firm was not a party to the borrower’s...more

Womble Bond Dickinson

Tennessee Enacts the Tennessee Reverse Mortgage Innovation Act (Effective May 19, 2026)

Womble Bond Dickinson on

Tennessee Gov. Bill Lee has signed HB 2382 into law, replacing the Home Equity Conversion Mortgage Act with the Tennessee Reverse Mortgage Innovation Act under Chapter 30, Title 47 of the Tennessee Code Annotated. The act...more

Sheppard

DFPI Secures $1 Million Settlement Against Fintech Over Alleged Misrepresentations Regarding FDIC Insurance and Synapse Accounts

Sheppard on

On May 15, the DFPI announced a consent order with a fintech company over allegations that the company engaged in deceptive acts or practices in violation of the California Consumer Financial Protection Law. The DFPI alleged...more

Eversheds Sutherland (US) LLP

Agentic payments: Who clicked buy?

The first legal question is not who clicks “buy” but how the agent got the consumer’s payment credentials and financial data and what compliance regime that choice triggers. Card-network governance is moving faster than...more

Orrick, Herrington & Sutcliffe LLP

Illinois financial regulator launches streamlined portal for consumer finance complaints

On May 11, the Illinois Department of Financial and Professional Regulation (IDFPR) announced the launch of a new online portal to “simplify and modernize” the process for consumers to file complaints against financial...more

Hudson Cook, LLP

State Watch: Consumer Protection Enforcement Update - May 2026

Hudson Cook, LLP on

State credit regulators take center stage this month: the Illinois Department of Financial and Professional Regulation, the Massachusetts Division of Banks, the New Hampshire Banking Department, and the South Carolina...more

Latham & Watkins LLP

HM Treasury Confirms Reforms to the UK Consumer Credit Regime

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Forthcoming legislation will enable much of the regime to be recast in FCA rules....more

A&O Shearman

Phase 2? We don’t need phase 2 where we’re going…

A&O Shearman on

Almost a year to the day since HM Treasury kicked off its reform of the Consumer Credit Act 1974 (CCA), we have news - and not quite the news many were expecting....more

A&O Shearman

UK FCA Update On Legal Challenges To Motor Finance Redress Scheme

A&O Shearman on

The UK Financial Conduct Authority (FCA) has published a statement providing an update on the legal challenges to its motor finance redress scheme. The FCA confirms that, despite ongoing litigation (with a hearing unlikely...more

Orrick, Herrington & Sutcliffe LLP

Massachusetts secures $7.8M settlement with lease-to-own financing provider over alleged deceptive practices and advertising

On May 13, the Massachusetts Office of the Attorney General (OAG) announced a settlement with a fintech that partners with brick-and-mortar retailers to provide point-of-sale lease-to-own (LTO) contracts for goods such as...more

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