Regulatory and Enforcement

The CFPB has issued a circular (2022-07) to address “shoddy investigation practices” and “affirm that neither consumer reporting companies nor information furnishers can skirt dispute investigation requirements.”  

The Fair Credit Reporting Act (FCRA) requires both consumer reporting agencies (CRAs) and furnishers of information to CRAs  to conduct a reasonable investigation when properly notified

The CFPB and All American Check Cashing have agreed to a settlement in the CFPB’s enforcement action filed against All American in 2016 for alleged violations of the CFPA’s UDAAP prohibition in connection with check cashing services and small dollar loans offered by All American.  The settlement comes less than a month after a Fifth

The Biden Administration recently announced a slate of new public and private sector initiatives aimed at advancing racial equity by delivering “capital and resources to underserved small businesses and the community lenders who serve them.”  Among these initiatives was a proposed rule change for the Small Business Administration (SBA) that would increase the number of

On November 9, 2022, New York Department of Financial Services (NYDFS) Superintendent Adrienne Harris announced that the NYDFS formally proposed an updated cybersecurity regulation.  Although the updates had previously been released in draft form, the formal announcement commences the 60-day comment period. 

The proposed regulations would create three different tiers of companies based on

On November 3, 2022, the Federal Trade Commission (“FTC”) announced that it has entered into a consent order with internet phone service provider Vonage to settle allegations that it imposed “junk fees” on consumers and used “dark patterns” that prevented them from cancelling their service. Under the terms of the settlement, Vonage has agreed to

The OCC’s announcement that it will establish an Office of Financial Technology to “bolster the agency’s expertise and ability to adapt to a rapidly changing banking landscape” should come as no surprise to those who have been following recent pronouncements of Acting Comptroller Michael J. Hsu.

Over the past few months, Mr. Hsu frequently has

The Department of Veterans Affairs (VA) recently issued a proposal to update its rules for interest rate reduction refinancing loans (often referred to as “IRRRLs”) to conform with VA loan refinance provisions in the Economic Growth, Regulatory Relief, and Consumer Protection Act, which was enacted in 2018, and the Protecting Affordable Mortgages for Veterans Act

The U.S. Department of Education recently announced final regulations, effective July 1, 2023, designed to expand and improve the major student loan discharge programs authorized by the Higher Education Act.  Among other things, the final regulations prohibit institutions that participate in the Federal Direct Loan program from requiring borrowers to sign mandatory pre-dispute arbitration

Pursuant to the agreed motion for a stay filed by the CFPB and Populus Financial Group, Inc., which does business as ACE Cash Express, the Texas federal district court hearing the CFPB’s enforcement action against Populus has stayed the lawsuit until after the Fifth Circuit issues its mandate in Community Financial Services Association of America

The CFPB has announced that it will be reopening the comment period on its November 2021 request for public comments to inform its inquiry into large technology companies that offer payment services.  In October 2021, the CFPB sent orders to six large technology platforms offering payment services that directed them to provide information to the