News & Analysis as of

Enforcement Consumer Financial Protection Bureau (CFPB) Rulemaking Process

Sheppard Mullin Richter & Hampton LLP

Key Takeaways from the CFPB’s 2023 Fair Lending Report

On June 25, the CFPB issued its annual fair lending report covering its fair lending activity in 2023. The Bureau noted that in 2023 it undertook 28 fair lending examinations and announced four enforcement actions. It...more

Sheppard Mullin Richter & Hampton LLP

Federal Regulators Finalize Rule Enacting Safeguards for AI-Driven Home Valuations

On June 24, the OCC, Federal Reserve Board, FDIC, NCUA, CFPB, and FHFA approved a final rule to implement the quality control standards mandated by the Dodd-Frank Act to address the use of artificial intelligence in...more

Davis Wright Tremaine LLP

April 2024 UDAAP Bulletin

Federal Trade Commission. Deceptive real estate listings. On April 3, 2024, FTC announced close to $62 million in refunds for consumers misled by deceptive marketing and advertising practices used by Opendoor Labs, Inc., an...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - February 2024 - 3

Editor's Note: The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

Venable LLP

Executive Order to Prevent Access to Americans' Bulk Sensitive Personal Data and Government-Related Data by Countries of Concern

Venable LLP on

On February 28, 2024, the Biden Administration issued Executive Order (EO) 13873, focused on restricting certain transactions involving Americans' personal data, as well as sensitive government data, to specific countries....more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Debt Collection

Hudson Cook, LLP on

In this article, we share a timeline of our monthly "bites" for 2023 applicable to debt collection. If debt collection in 2023 had a theme it would be medical debt....more

ArentFox Schiff

FTC Proposes Rule to Ban Hidden and Falsely Advertised Fees

ArentFox Schiff on

The Federal Trade Commission (FTC) has proposed a new rule aimed at eliminating certain "hidden" and "junk" fee practices. The FTC said that these fees, which may be undisclosed until late in the transaction process, are...more

Davis Wright Tremaine LLP

May 2023 UDAAP Bulletin

The following document provides a monthly roundup summarizing enforcement actions, guidance, rulemakings, and other public statements from the Consumer Financial Protection Bureau and the Federal Trade Commission regarding...more

Sheppard Mullin Richter & Hampton LLP

CFPB Issues Small Business Lending Rule

Today, the CFPB has issued the small business lending final rule to implement changes to the Equal Credit Opportunity Act made by Section 1071 of the Dodd-Frank Act to require financial institutions to compile data regarding...more

Sheppard Mullin Richter & Hampton LLP

CFPB Takes Aim at Prepaid Card Providers Distributing Government Benefits

On February 15, the CFPB released Bulletin 2022-02 to reiterate the prohibition in the Electronic Fund Transfer Act (EFTA) that financial companies with government benefit contracts may not require consumers to establish an...more

Bradley Arant Boult Cummings LLP

CFPB Sets Sight On “Buy Now Pay Later” in Targeted Inquiries

On December 16, the CFPB announced that it had issued orders to five companies providing “Buy Now Pay Later” (BNPL) products to “collect information on the risks and benefits of these fast-growing loans.” Earlier this year,...more

Manatt, Phelps & Phillips, LLP

[Webinar] Hot Issues for Debt Collection in 2021: What Both Third-Party and First-Party Debt Collectors Need to Know About the...

While federal and state regulators have long focused on debt collection practices, new CFPB leadership, increased state regulatory powers, the COVID-19 pandemic and other factors will not only make it harder for third-party...more

Ballard Spahr LLP

CFPB speaks at PLI’s annual Consumer Financial Services Institute

Ballard Spahr LLP on

Key members of the CFPB’s enforcement, regulatory and supervision offices spoke yesterday at PLI’s 20th Annual Consumer Financial Services Institute in New York City. The session addressed recent developments and upcoming...more

Morrison & Foerster LLP

CFPB Fair Lending Guidance for Indirect Auto Lenders—It’s Not Just About Cars

Several weeks ago, the Consumer Financial Protection Bureau (“CFPB”) issued a fair lending guidance bulletin (“Bulletin”) directed at financial institutions that make indirect automobile loans. While the Bulletin thus far has...more

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