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In a letter to President-Elect Donald Trump, the American Bankers Association and its 52 affiliates are calling for a halt to all regulatory actions affecting banks and an extension of all effective dates for final regulations impacting financial institutions.

Such a pause is needed “to ensure that the incoming teams in each of these [financial regulatory] agencies has the time and opportunity to review years of rulemaking, guidance, and other policy actions that have the effect of constraining market participants,” the 50 state banking associations and ones representing the District of Columbia and Puerto Rico, wrote, in their letter.… Continue Reading

The CFPB recently issued a rule to adjust maximum penalty amounts under various statutes that it administers. Included among the adjustments are the amounts for the three tiers of civil money penalties that the CFPB may impose for violations of consumer financial protection laws under the Dodd-Frank Act. Specifically, the Dodd-Frank Act initially provided for the following tiers of civil money penalties:

For any violation of a law, rule, or final order or condition imposed in writing by the CFPB, a civil money penalty of up to $5,000 for each day during which such violation or failure to pay continues.… Continue Reading

In last week’s podcast episode, we were joined by Alex Johnson, Founder of Fintech Takes, and Paige Paridon, Senior Vice President, Senior Associate General Counsel & Co-Head of Regulatory Affairs at Bank Policy Institute, to take a deep dive into the new Consumer Financial Protection Bureau Open Banking Rule.

The CFPB has issued a groundbreaking final rule implementing Section 1033 of the Dodd-Frank Act, significantly expanding consumer access to their financial data.… Continue Reading

The Servicemember Civil Relief Act limits the amount of interest that may be charged on certain financial obligations that were incurred before military service began to no more than 6% percent per year, including most fees and charges, the CFPB and the Justice Department reminded financial institutions in a recent letter.… Continue Reading

Senate Banking Committee ranking Republican Sen. Tim Scott, R-S.C. said on December 11 that unlike several other regulators, the CFPB is ignoring his call to pause rulemaking until the Trump Administration takes office.

“It is paramount that President Trump can begin his administration on January 20th with a fresh slate to implement the economic agenda that the American people resoundingly voted for,” Scott, who will become Chairman of the committee in the next Congress, said at a hearing that featured CFPB Director Rohit Chopra.… Continue Reading

The CFPB has issued a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z under the Truth in Lending Act (TILA) that implement the CARD Act, Home Ownership and Equity Protection Act (HOEPA), and the ability to repay/qualified mortgage provisions of TILA. The adjustments reflect changes in the Consumer Price Index (CPI) in effect on June 1, 2024 and will take effect January 1, 2025.… Continue Reading

You will not want to miss this 3-part webinar series about the “new” CFPB which will begin doing business on January 20.

Operating under the venerable principle that “the past is prologue,” we decided that the best way to predict what may happen at the CFPB during the next Trump Administration would be to invite as special guests two of the most senior leaders at the CFPB during Trump’s first term in office.… Continue Reading

Today’s podcast episode is a re-purposing of a webinar we recorded on November 12, 2024. Our special guests for that webinar were Colin Carr, Vice-President of Congressional affairs at the Consumer Bankers Association and Ian Katz, Managing Director at Capital Alpha Partners. John Culhane, a partner in the Consumer Financial Services Group at our firm, also spoke at the webinar.… Continue Reading

On January 4 of this year, we released a podcast show entitled; “A look at a new approach to consumer contracts.” Our special guest at that time was Professor Andrea Boyack, a Professor at the University of Missouri School of Law. That podcast was based on a then recent law review article published by Professor Boyack entitled “The Shape of Consumer Contracts,” 101 Denv L.… Continue Reading

On November 12, 2024, the Consumer Financial Protection Bureau (CFPB) released a report examining the carve outs and limitations contained in comprehensive state privacy laws relating to financial institutions.  In an accompanying press release, the CFPB stated that in its assessment, “privacy protections for financial information now lag behind safeguards in other sectors of the economy.”… Continue Reading