CFPB, Federal Agencies, State Agencies, and Attorneys General
In the episode of the Consumer Finance Monitor podcast we are releasing today, we examine what may be the most consequential development in New York consumer protection law in nearly half a century: the enactment of the New York State Fair Business Practices Act (the FAIR Act).
Signed into law in December 2025 and taking effect on February 17, 2026, the FAIR Act represents the first comprehensive overhaul of New York General Business Law § 349 in almost 50 years.… Continue Reading
In the request for comments, the CFPB states that it is soliciting comments on how to improve its Consumer Response Intake Form. The CFPB advises that Consumer Response Intake Form is designed to help consumers in submitting complaints, inquiries and feedback.
Consumers may complete and submit information using the Intake Form on the Bureau’s website.… 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
The CFPB is transferring all of its pending litigation to the Justice Department as a result of the funding crisis the Trump Administration has said the bureau faces, several news organizations have reported.
In addition, at a meeting on Thursday, Michael Salemi, the CFPB’s acting director of enforcement, said that more than 100 people will be furloughed because the CFPB is running out of money, The American Banker reported.… Continue Reading
The CFPB has released an ambitious Spring Regulatory Agenda that lists 24 regulatory initiatives the bureau has been and/or will be working on during the 12-month period from June 2025 through May 2026 as well as one long term action.
“The CFPB is under interim leadership pending the confirmation of a permanent director, and is carefully considering various sources in setting its future priorities,” the agency said.… Continue Reading
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 records of the location of consumers’ funds, failing to ensure the records matched the records maintained by its partnering banks, and causing consumers to lose access to their funds.… Continue Reading
We recently wrote about the August 15th D.C. Circuit Court of Appeals decision in the lawsuit brought by the labor unions representing CFPB employees against Acting Director Russell Vought. The unions sought injunctive relief in response to what they described as an attempted “shutdown” of the Bureau.
In a 2–1 ruling, the Court of Appeals vacated a preliminary injunction issued by the District Court.… Continue Reading
Contending that the Biden Administration’s investigation of Credova Financial LLC was an instance of politically motivated debanking, the CFPB is dropping its probe of the company.
“After reviewing the case, the Bureau has determined that this investigation exemplifies the type of weaponization against disfavored industries and individuals that President Trump and Acting Director Vought are committed to ending,” Mark Paoletta, chief legal officer of the CFPB wrote in a letter to James Giudice, general counsel and chief legal officer at PSQ Holdings, Credova’s parent company.… Continue Reading
The CFPB has reached a settlement in its lawsuit against FirstCash, Inc. and its 19 subsidiaries alleging violations of the Military Lending Act (MLA). The parties have jointly filed a stipulated final judgment and proposed order in the U.S. District Court for the Northern District of Texas.
FirstCash, Inc., a Delaware nonbank corporation with its principal place of business is in Fort Worth, Texas, owns and operates more than 1,000 retail pawnshops, offering pawn loans through its wholly owned subsidiaries.… Continue Reading
The huge budget bill signed by President Trump on July 4 does not include a proposal from Senate Banking, Housing and Urban Affairs Committee Republicans to delay implementation of the Section 1071 rule for ten years, but the Trump Administration still is expected to revise the rule.
The Section 1071 rule is a Dodd-Frank provision that requires financial institutions to report information contained in loan applications submitted by small businesses, including women-owned, minority-owned and LGBTQI+-owned small businesses.… Continue Reading
