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European Free Trade Association › Consumer Financial Protection Act (CFPA)

The European Free Trade Association is an intergovernmental organization established in 1960 to facilitate and promote free trade among its member states and as a counterbalance to the more politically-driven... more +
The European Free Trade Association is an intergovernmental organization established in 1960 to facilitate and promote free trade among its member states and as a counterbalance to the more politically-driven European Economic Community (EEC). The current member states of the EFTA are Liechtenstein, Iceland, Norway, and Switzerland.   less -
Orrick, Herrington & Sutcliffe LLP

CFPB sues lease-to-own business

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On July 26, the CFPB disclosed a federal lawsuit against a point-of-sale financing company, its subsidiary, and its CEO, alleging multiple counts of consumer finance fraud under the CFPA, TILA, the EFTA, and the FCRA related...more

Wiley Rein LLP

Wiley Consumer Protection Download (July 16, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Goodwin

CFPB Enters Into Consent Order with Bank Resolving Allegations of Force-Placed-Insurance

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On July 9, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it entered into a consent order with a national bank, resolving allegations related to the bank’s auto lending practices....more

Hudson Cook, LLP

CFPB Takes Dual Action Against Bank Holding Company for Alleged Unlawful Repossessions and Sales Practices.

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On July 9, 2024, the CFPB issued a consent order and proposed court order against the Company, the former citing allegedly unlawful repossessions, and the latter citing allegedly unlawful sales practices. The consent order...more

Venable LLP

CFPB to Launch Registry of Nonbank Enforcement Actions

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In a move that's sure to make nonbank financial institutions even more uncomfortable, the Consumer Financial Protection Bureau (CFPB) has decided to shine a brighter light on those that have been alleged to violate consumer...more

Goodwin

CFPB Issues Circular about Deceptive Marketing Practices in Connection with Remittance Transfers

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Late last month, the Consumer Financial Protection Bureau (CFPB) issued a new Consumer Financial Protection Circular (Circular) which provides guidance about when a remittance transfer provider may be in violation of the...more

Orrick, Herrington & Sutcliffe LLP

CFPB warns remittance transfer providers against falsely advertising the costs and speed of transfers

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On March 27, the CFPB issued a circular cautioning remittance transfer providers against falsely advertising the costs or speed of sending transfers to avoid violating the CFPA’s prohibition on deceptive acts or practices. ...more

Perkins Coie

CFPB Issues Proposed Open Banking Rule

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The Consumer Financial Protection Bureau (CFPB) announced that it was issuing a Notice of Proposed Rulemaking regarding Personal Financial Data Rights on October 19, 2023. The proposed rule (Proposed Rule) would implement...more

Wiley Rein LLP

Wiley Consumer Protection Download (January 8, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Hudson Cook, LLP

CFPB Orders National Bank to Pay Nearly $21 Million For Alleged Misconduct Relating to COVID-era Unemployment Payments

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On December 19, 2023, the CFPB issued an administrative consent order alleging that a Minneapolis-based National Bank inappropriately froze the accounts of "tens of thousands" of recipients of unemployment benefits via...more

Wiley Rein LLP

Wiley Consumer Protection Download (December 18, 2023)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Ballard Spahr LLP

Atlantic Union Bank to pay $6.2M for its unlawful overdraft opt-in practices

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On December 7, 2023, Atlantic Union Bank (the “Bank”) entered into a consent order with the Consumer Financial Protections Bureau (CFPB) related to its in-person and telephone overdraft opt-in sales practices during...more

Orrick, Herrington & Sutcliffe LLP

CFPB orders bank to pay $6.2 million; alleges overdraft fees violate CFPA, EFTA

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On December 7, the CFPB announced a consent order against a Virginia-based bank, alleging it engaged in deceptive acts and practices and failed to comply with Regulation E. According to the CFPB, the bank did not comply with...more

Paul Hastings LLP

CFPB Takes Steps to Supervise Digital Payments Apps

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On November 7, 2023, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule that would allow it to exercise its supervisory authority over larger nonbanks offering digital consumer payment applications, such...more

Ballard Spahr LLP

CFPB enters into consent order with remittance transfer provider

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The Consumer Financial Protection Bureau announced that it has entered into a Consent Order with Chime Inc., a nonbank fintech company, to settle alleged violations of the Electronic Fund Transfer Act (EFTA), Subpart B of...more

Hudson Cook, LLP

CFPB Takes Action Against Fintech Company for Alleged Deceptive Practices in International Money Transfers

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On October 17, 2023, the CFPB took action against a nonbank fintech Company providing international money transfer services for alleged EFTA, Regulation E, and CFPA violations. The fintech Company operates throughout the...more

Cozen O'Connor

Servicio UniTeller Must Refund Consumers, Pay Fines for Failure to Follow Remittance Rules

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The CFPB issued an order against Servicio UniTeller, Inc., an international remittance company that helps consumers send money to their families overseas, for violations of the Electronic Fund Transfer Act (EFTA) and the...more

Sheppard Mullin Richter & Hampton LLP

CFPB Sues Payment Platform Over Dark Patterns

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On October 18, the CFPB sued a software company for utilizing their online payment platform to enroll unknowing consumers into annual subscriptions through deceptive acts and “dark pattern” techniques in violation of the CFPA...more

Cozen O'Connor

CFPB Sues Online Event Registration Company Alleging Manipulative Sales Tactics

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The CFPB sued Active Network, LLC alleging that the online event registration company violated the Consumer Financial Protection Act of 2010 (CFPA) and the Electronic Fund Transfer Act (EFTA) when it used so-called “dark...more

Ballard Spahr LLP

Tenth Circuit affirms CFPB order requiring payment of restitution and civil penalties by lender and its CEO

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In Integrity Advance LLC v. Consumer Financial Protection Bureau, a panel of the U.S. Court of Appeals for the Tenth Circuit affirmed a CFPB Order requiring Integrity, a lender making short-term loans, and its CEO, James...more

Ballard Spahr LLP

Director Chopra goes on the record with media

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Director Chopra gave interviews this week to several news reporting outlets including American Banker, Law 360, Politico, and Bloomberg.  Below are some of highlights of the interviews as reported by those outlets, several of...more

Cadwalader, Wickersham & Taft LLP

Sending a Message: The CFPB's Charges Against TransUnion

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For months, Director Rohit Chopra warned that the Consumer Financial Protection Bureau (the “Bureau”) would sharpen its focus on repeat offenders. On April 12, 2022, the Bureau demonstrated its resolve, announcing charges...more

Manatt, Phelps & Phillips, LLP

CFPB Director Chopra’s First Consent Order Confirms Return to Pushing the Envelope

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On October 19, 2021, the Consumer Financial Protection Bureau (CFPB or the “Bureau”) entered into its first consent order under new Director Rohit Chopra, finding that a service provider to state correctional departments...more

Sheppard Mullin Richter & Hampton LLP

First CFPB Enforcement Action Under New Director: $6 Million Fine Against Prison Financial Services Company

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In its first action under newly-appointed Director Rohit Chopra, the CFPB issued an enforcement action against a prison financial services company for violating the Consumer Financial Protection Act (CFPA) by allegedly...more

BCLP

CFPB September 2019 Roundup

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Enforcement, Innovation, Consumer Data and Unconstitutionality - Director Kraninger and the Consumer Financial Protection Bureau have been busy this month. Summer is over, and back to school it is. In addition to...more

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