News & Analysis as of

Consumer Financial Protection Act (CFPA) Financial Services Industry

Orrick, Herrington & Sutcliffe LLP

District court orders to strike one affirmative defense after CFPB motion

On January 26, in a lawsuit alleging a consumer reporting agency’s failure to reinvestigate consumer disputes and maintain reasonable policies and practices concerning the accuracy of consumer credit information, the U.S....more

Orrick, Herrington & Sutcliffe LLP

Court approves joint Massachusetts and CFPB settlement with credit-repair firm

Recently, the CFPB announced that it entered a stipulated final judgment and order with the Commonwealth of Massachusetts against a national credit-repair company and its owner in the U.S. District Court for the District of...more

Hudson Cook, LLP

CFS Bites of the Month - 2025 Annual Review - Fintech

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In this article, we share a timeline of monthly "bites" for the past year applicable to fintech. Although we can identify numerous developments in the space in 2025, the most prominent development is the "all systems go"...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – January 2026 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week. Federal Activities: On...more

Orrick, Herrington & Sutcliffe LLP

CFPB submits proposed settlement to resolve military lending and UDAAP enforcement action

On November 21, the CFPB and defendants jointly submitted a proposed stipulated final judgment and order to resolve litigation in the U.S. District Court for the Southern District of New York alleging violations of the...more

Troutman Pepper Locke

Blue-State AGs Tap Rohit Chopra to Lead Consumer Protection Working Group

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As reported by Bloomberg, the Democratic Attorneys General Association (DAGA) has hired Rohit Chopra, former Director of the Consumer Financial Protection Bureau (CFPB or Bureau), to lead a new Consumer Protection and...more

Troutman Pepper Locke

August 2025 Consumer Litigation Filings: Everything Down for Month

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According to a recent report by WebRecon, court filings under the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Telephone Consumer Protection Act (TCPA), and complaints filed with the Consumer...more

Orrick, Herrington & Sutcliffe LLP

CFPB terminates four consent orders against national banks, one against lender

Recently, the CFPB terminated four consent orders against two banks each after finding the banks fulfilled their obligations. The CFPB also terminated one consent order against a lender. ...more

Orrick, Herrington & Sutcliffe LLP

CFPB publishes its unified agenda for spring 2025

Recently, the U.S. Office of Management and Budget received the CFPB’s Spring 2025 Unified Agenda of Regulatory and Deregulatory Actions, outlining 25 regulatory activities at different stages of the administrative process. ...more

Ballard Spahr LLP

CFPB proposes to standardize Nonbanks’ ‘Risks to Consumers’

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The CFPB is proposing a rule that standardizes determinations that nonbanks pose “risks to consumers,” a move that could result in fewer nonbanks being designated as posing risk and thus subject to CFPB supervisory...more

Orrick, Herrington & Sutcliffe LLP

Debt-relief company and owners file appeal after losing case to CFPB

On September 4, several losing defendants filed notice of their intent to appeal a recent ruling, found in favor of the CFPB, to the U.S. Appellate Court for the 7th Circuit. As previously covered by InfoBytes, the CFPB...more

Cooley LLP

CFPB Narrows Its Supervision of Nonbanks

Cooley LLP on

On Tuesday, August 26, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule that would likely decrease the number of nonbanks it supervises under Section 1024(a)(1)(C) of the Consumer Financial Protection...more

Orrick, Herrington & Sutcliffe LLP

CFPB and bankruptcy Trustee reach settlement in suit against fintech for failure to maintain accurate custodial accounts

On August 21, the CFPB filed an adversary proceeding complaint with the U.S. Bankruptcy Court for the Central District of California against a debtor fintech company, along with a proposed stipulated final judgment and order,...more

Orrick, Herrington & Sutcliffe LLP

CFPB proposes rule clarifying supervisory designation standard for nonbanks

On August 26, the CFPB issued a proposed rule to clarify the legal standard when determining whether to designate a nonbank covered person for Bureau supervision under Section 1024(a)(1)(C) of the CFPA. The proposal would...more

Ballard Spahr LLP

CFPB files complaint against Synapse Financial Technologies

Ballard Spahr LLP on

The CFPB has filed a complaint against Synapse Financial Technologies Inc, alleging that the company engaged in unfair acts and practices in violation of the Section 1036(a)(1)(B) of the CFPA by failing to maintain sufficient...more

Troutman Pepper Locke

CFPB Proposes Stricter Standards Limiting Supervision of Nonbanks

Troutman Pepper Locke on

The Consumer Financial Protection Bureau (CFPB or Bureau) is taking a significant step to modify its supervisory approach to nonbanks by publishing a proposed rule advancing a more stringent definition of “risks to consumers”...more

Hudson Cook, LLP

Consumer Financial Services Bites of the Month - August 2025 - "August is Over CFPB"

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In this month's article, we share some of our top "bites" covered during the August 2025 webinar....more

Troutman Pepper Locke

CFPB Proposes Rules Re-Defining Larger Participants in Multiple Markets

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On August 8, the Consumer Financial Protection Bureau (CFPB or Bureau) published a series of proposed rules aimed at redefining what constitutes a “larger participant” in several key financial markets. Under § 1024 of the...more

Ballard Spahr LLP

CFPB Seeks Comments On Raising ‘Larger Participant’ Thresholds

Ballard Spahr LLP on

On August 8, 2025, the Consumer Financial Protection Bureau (“CFPB”) issued four advance notices of proposed rulemaking (“ANPR”) inviting comments on whether it should substantially reduce the number of nonbank companies the...more

Ballard Spahr LLP

AI in the Financial Services Industry

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The recent American Association of Residential Mortgage Regulators Annual Conference included a presentation highlighting the rising use of Artificial Intelligence (“AI”) in the Financial Services industry. As this will...more

Ballard Spahr LLP

Is There Legal Authority for Trump’s “Debanking” Executive Order?

Ballard Spahr LLP on

As we previously reported, on August 7, 2025, President Trump issued an Executive Order (the “EO”) titled “Guaranteeing Fair Banking for All Americans” which, among other things...more

Troutman Pepper Locke

CFPB Section 1033 Open Banking Rule Stayed as CFPB Initiates New Rulemaking

Troutman Pepper Locke on

In a significant turn of events, the Consumer Financial Protection Bureau (CFPB or Bureau) has decided to initiate a new rulemaking process concerning its final rule on personal financial data rights under Section 1033 of the...more

Troutman Pepper Locke

CFPB Will Not Reissue Medical Debt Advisory Opinion

Troutman Pepper Locke on

On July 14, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a status report announcing its decision not to reissue its Medical Debt Collection Advisory Opinion, which had been issued in 2024 to “remind debt...more

WilmerHale

New York Legislature Passes FAIR Business Practices Act

WilmerHale on

As federal consumer protection enforcement has recently taken a sharp turn towards less regulation and enforcement, states continue efforts to fill the gap left by the federal pullback. ...more

Sheppard Mullin Richter & Hampton LLP

New York AG Secures $250,000 Settlement With Money Transmitter Over Remittance Rule Violations

On June 13, Judge Katherine Polk Failla of the U.S. District Court for the Southern District of New York entered a stipulated final judgement resolving claims brought by the New York Attorney General against a global money...more

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