Joseph J. Schuster

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A significant new filing on March 31 in the D.C. Circuit Court of Appeals, National Treasury Employees Union v. Vought (Case No. 25-5091), purportedly provides the most up-to-date, detailed picture yet of how leadership of the Consumer Financial Protection Bureau (CFPB) intends to dramatically scale back the agency’s operations—if permitted to do so by the courts.… Continue Reading

The FTC has sent letters to 97 auto groups, warning them that they must advertise the total price of vehicles that consumers will be required to pay; that figure must include all mandatory fees.

“When consumers do not know the true price of a car—or any product—consumers and others suffer related consequences, including that consumers cannot comparison-shop and make informed decisions, sellers trying to deal honestly with consumers are put at a competitive disadvantage, and the market cannot operate efficiently,” Christopher Mufarrige, Director of the FTC’s Bureau of Consumer Protection, wrote, in a template of the letter being sent to the auto groups.… Continue Reading

We are excited to announce the launch of a new six-part podcast mini-series focused on one of the most important and often misunderstood areas of consumer financial services: debt sales. A new episode will be released each Monday, with our first episode being released this coming Monday. This mini-series will run in addition to our regular Consumer Finance Monitor Podcast episodes, which will continue to be released on Thursdays.… Continue Reading

On March 6, 2026, President Trump issued Executive Order 14390, a sweeping directive aimed at combating cyber-enabled fraud schemes targeting Americans. The Executive Order was published in the Federal Register on March 11, 2026.

The Order reflects growing federal concern about large-scale cyber fraud operations—often referred to as “scam centers”—run by transnational criminal organizations (TCOs) that target U.S.… Continue Reading

Although an interpretive rule that made Buy Now Pay Later (BNPL) services subject to the Truth in Lending Act has been withdrawn, the issue remains a flashpoint in the industry and among policymakers, according to the Congressional Research Service (CRS).

“Whether BNPL providers should be subject to the Truth in Lending Act (TILA, 15 U.S.C.… Continue Reading

On February 24, 2026, the full United States Court of Appeals for the District of Columbia (consisting of 11 judges sitting en banc) heard oral argument in National Treasury Employees Union v. Vought (No. 25-5091), a case that could prove pivotal not only for the workforce of the Consumer Financial Protection Bureau (CFPB) but also for the scope of presidential authority over independent agencies more broadly.… Continue Reading

In a very significant and potentially precedent-setting February 24, 2026 decision, the Los Angeles County Superior Court (Hon. Gary D. Roberts) issued a tentative decision granting summary judgment in favor of Opportunity Financial, LLC (“OppFi”) and against the California Department of Financial Protection and Innovation (“DFPI”). The ruling rejects the DFPI’s claim that OppFi was the “true lender” of certain loans originated by Utah-chartered FinWise Bank and therefore subject to California’s 36% interest rate cap under the California Financing Law (CFL), as amended by AB 539.… Continue Reading

In a move viewed favorably by FDIC-regulated institutions, the FDIC has approved amendments to the agency’s Guidelines for Appeals of Material Supervisory Determinations that were proposed back in July of 2025. A new supervisory appeals office will now establish review panels that include someone with bank supervisory experience and someone with industry experience.… Continue Reading

The CFPB, under former Director Rohit Chopra, regularly engaged in regulatory overreach, the Bureau’s current leadership said in its semi-annual report, covering the period from April 1- September 30, 2024.

“As indicated throughout the Report, under his leadership, the Bureau regularly engaged in an overreach of its statutory mandates via punishment of disfavored industries,” the Bureau, under current Acting Director Russell Vought said, in the report.… Continue Reading