On August 13th, 2024, from 1:30 p.m. to 3:00 p.m. ET, we will hold a webinar covering the CFPB’s BNPL interpretive rule and its proposed earned wage access (“EWA”) interpretive rule.  For more information and to register, click here.

On July 18, 2024, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) proposed an interpretive rule that states (1) EWA products fall under the definition of “credit” under the Truth in Lending Act (“TILA”) and Regulation Z and (2) fees for certain tips and for expedited funding are finance charges.… Continue Reading

A group of federal agencies have finalized reconsideration of value (ROV) guidance for residential real estate valuations. The agencies are the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board (Board) and National Credit Union Administration (NCUA). The guidance will be effective upon publication in the Federal Register.… Continue Reading

The CFPB recently issued its long-awaited proposed rule amending the mortgage servicing rules under Regulation X, with a focus on streamlining and expanding the loss mitigation procedures and foreclosure protections. The amendments have been touted as a means to streamline the loss mitigation process, with a nod to the laudable approach taken by industry during the COVID-19 pandemic.… Continue Reading

The CFPB soon plans to issue a final rule that would require certain supervised nonbank entities to register with it and provide information about their use of certain terms and conditions in standard-form contracts for consumer financial products or services that seek to waive or limit consumer rights or legal protections (“Covered Terms”).… Continue Reading

On June 25th, the CFPB issued an interim final rule with a request for public comment extending the compliance dates for the Small Business Lending Rule in light of the Supreme Court’s decision finding the funding structure of the CFPB to be constitutional in CFPB v. Community Financial Services Association of America (CFSA).… Continue Reading

The CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, on June 3, 2024. The rule will require certain nonbank entities to register certain covered enforcement or court orders, and comply with ongoing, attested reporting requirements on the entity’s compliance with such orders.… Continue Reading

The result of the CFPB’s multi-year study of the BNPL industry is what the CFPB calls an interpretive rule in which it finds that: (1) “digital user accounts” (each a “DUA”) that may be used to access credit are “credit cards” under Regulation Z; (2) the lenders that issue such accounts are “card issuers;” and (3) that as it relates to traditional BNPL loans (loans that are payable in four or fewer installments with no finance charge) these card issuers are “creditors” subject to subpart B of Regulation Z—the provisions typically applicable to open-end credit.… Continue Reading

The Consumer Financial Protection Bureau (CFPB) has issued two letters in support of state efforts to prohibit medical debt reporting. In March 2024, CFPB Director Rohit Chopra sent a letter to the California State Senate in support of Senate Bill 1061, which would prohibit the practice of including medical bills on credit reports.… Continue Reading

On March 5, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final credit card late fee rule (the “Final Rule”), which, amongst other things, significantly reduces the late fee safe harbor cap for issuers other than “smaller card issuers” from the currently permitted $30 (and $41 for repeat violations) to a flat fee of $8 for all violations.… Continue Reading

On March 5, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final credit card late fee rule (the “Final Rule”). The timing for publication of the final rule was widely perceived as coordinated with the President’s State of the Union address, and in his March 7, 2024 address, President Joe Biden did briefly mention the Final Rule, citing the reduction of credit card late fees to $8 and adding “I’m saving American families $20 billion a year with all the junk fees I’m eliminating.”… Continue Reading