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Dodd-Frank Wall Street Reform and Consumer Protection Act

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Troutman Pepper Locke

CFPB Signals Review of Mortgage Servicing and Larger Participant Rules

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Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) submitted several regulatory proposals to the Office of Management and Budget (OMB) for review. Among the rules under consideration are those related to...more

Ballard Spahr LLP

CFPB Files Rulemaking Items With Office of Management and Budget

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The CFPB recently made filings with the Office of Management and Budget (OMB) regarding the following rules...more

Hogan Lovells

SEC grants no action relief from paragraph (a)(3)(iii) of Rule 192

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The Securities and Exchange Commission has issued a no-action relief letter regarding paragraph (a)(3)(iii) of Rule 192 under the Securities Act of 1933, as amended. Rule 192, finalized in January 2024, implements Section 621...more

Cooley LLP

CFPB Moves to Vacate Its Own Open Banking Rule Citing Legal Deficiencies and Overreach

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On May 30, 2025, the Consumer Financial Protection Bureau (CFPB) took the rare step of asking the US District Court for the Eastern District of Kentucky to vacate the CFPB’s own final rule implementing Section 1033 of the...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – June 2025

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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....more

Holland & Knight LLP

U.S. House of Representatives Approves 70 Percent Cut to CFPB Funding

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The U.S. House of Representatives has passed an extensive budget reconciliation bill that would reduce the CFPB budget by 70 percent. In a 215-214 vote along party lines, the budget cut first approved by the House Committee...more

Orrick, Herrington & Sutcliffe LLP

CFPB states intent to issue rules to stay compliance dates for 1071 rule and revisit rule

On May 28, the CFPB filed a motion with the U.S. District Court for the Eastern District of Kentucky, requesting to stay proceedings in a case involving the Small Business Lending Rule. The CFPB made this request to undertake...more

Sheppard Mullin Richter & Hampton LLP

Pennsylvania Launches Centralized Consumer Complaint System, Expands State Enforcement Under Dodd-Frank

On May 1, Pennsylvania Governor Josh Shapiro announced a new centralized consumer protection hotline, website, and email address, providing residents with streamlined access to state agencies for reporting scams, financial...more

Sheppard Mullin Richter & Hampton LLP

CFPB Seeks to Vacate Open Banking Rule

On May 23, the CFPB notified a Kentucky federal court that it now considers its own 2023 open banking rule “unlawful” and plans to set the rule aside. The Bureau announced its intent to seek summary judgement against the...more

Ballard Spahr LLP

CFPB will kill Section 1033 Open Banking Rule

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The CFPB is planning to repeal its Section 1033 Open Banking Rule, according to a filing in a federal lawsuit challenging the rule. On the same day the Final Rule was issued, the Banking Policy Institute (BPI) and Kentucky...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – May 2025 # 4

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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....more

Morgan Lewis

State Attorneys General Step Up Consumer Financial Services Enforcement

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State attorneys general (AGs) are increasingly shaping the enforcement landscape for consumer financial services in response to shifting federal priorities and a less active Consumer Financial Protection Bureau (CFPB). These...more

Orrick, Herrington & Sutcliffe LLP

CFPB requests comment on its consumer complaint intake form

On May 22, the CFPB published a notice in the Federal Register requesting comments on the extension of the Consumer Complaint Intake System Company Portal Boarding Form. The Dodd-Frank Act requires the CFPB to facilitate the...more

Orrick, Herrington & Sutcliffe LLP

Pennsylvania governor launches new consumer protection tools

Recently, Pennsylvania Governor Josh Shapiro announced that he launched a new centralized consumer protection hotline, website and email address to assist Pennsylvanians in reporting scams and resolving financial and...more

Cooley LLP

Changes Brewing For Executive Compensation Disclosure Requirements?

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The Securities and Exchange Commission (SEC) last week announced that, on June 26, 2025, it will host a roundtable meeting to discuss potential updates to the existing executive compensation disclosure requirements. The...more

Ballard Spahr LLP

CFPB proposes to rescind rule requiring nonbanks to register certain agency enforcement and court orders

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The CFPB is proposing to rescind its rule that requires certain nonbank entities to register covered agency enforcement and court orders....more

Morgan Lewis

SEC Staff Greenlights Information Barriers as Alternative Approach to Rule 192 Compliance

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The staff of the US Securities and Exchange Commission’s Division of Corporation Finance recently granted no-action relief for transactions under Securities Act Rule 192(a)(3)(iii) (commonly known as prong (iii)) where the...more

Smith Anderson

CFPB Proposes Major Rollback of Existing Guidance

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On May 12, the Consumer Financial Protection Bureau (“CFPB”) and acting CFPB Director Russell Vought announced in a Federal Register filing that it is withdrawing dozens of its existing guidance materials—including policy...more

Katten Muchin Rosenman LLP

CFPB Update: Policy and Leadership Changes Further Belief the Consumer Protection Agency Has Lost (Most of) Its Bite

Changes regarding the future of the Consumer Financial Protection Bureau (CFPB), including both the agency's leadership and its policy priorities, have been rapidly announced by the Trump administration.1 While the consumer...more

Wilson Sonsini Goodrich & Rosati

SEC Announces Upcoming Roundtable on Executive Compensation Disclosure Requirements

On May 16, 2025, the U.S. Securities and Exchange Commission announced that it will host a Roundtable on Executive Compensation Disclosure Requirements on June 26, 2025. SEC Chairman Paul S. Atkins issued a statement on the...more

Holland & Knight LLP

CFPB Continues Efforts to Rescind Multiple Biden-Era Rules

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The CFPB has withdrawn its 1) Fair Credit Reporting Act (FCRA)/Regulation V Proposed Rule (Data Broker Rule), 2) Prohibited Terms and Conditions in Agreements for Consumer Financial Products or Services (Regulation AA)...more

Mayer Brown

In Another Reversal, the CFPB Dismisses Case Against National Collegiate Student Loan Trusts

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On April 28, 2025, the District Court for the District of Delaware granted a joint motion to dismiss with prejudice a lawsuit brought by the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) against the National...more

Ballard Spahr LLP

CFPB won’t make small business reporting rule a priority

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The CFPB has announced it will not make enforcement of its rule requiring financial institutions to report their lending to women-owned, LGBTQI+-owned and minority-owned small businesses a priority....more

Orrick, Herrington & Sutcliffe LLP

CFPB excludes Section 1071 rule from supervision and enforcement focus

On April 30, the CFPB announced it would not prioritize supervision or enforcement of the Section 1071 small business lending rule for entities that are not covered by the court-ordered stay. As previously covered by...more

Latham & Watkins LLP

Is the SEC Clawback Rule Unlawful?

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Nasdaq and NYSE-listed companies must have a compensation recovery policy that complies with the Securities and Exchange Commission’s clawback rule. The rule requires the clawback of executive compensation after an accounting...more

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