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Consumer Finance Monitor

CFPB, Federal Agencies, State Agencies, and Attorneys General

Topics

Accessibility

SCOTUS keeps issue of “tester” standing alive, dismissing ADA website appeal as mootThe Supreme Court Keeps Issue of “Tester” Standing Alive, Dismissing ADA Website Appeal as MootDOJ proposal to increase accessibility of government websites and mobile apps could guide accessibility for places of public accommodation

AMLA of 2020

FinCEN’s Notice of Proposed Regulations to Strengthen and Modernize AML/CFT Compliance Programs: A PodcastDepartment of Treasury Issues Strategy on De-Risking

Appraisals

Rocket Mortgage Turns the Table on HUDCFPB/Fed/OCC increase exemption thresholds for appraisal requirement, Regs Z and MHUD, Fannie Mae and Freddie Mac Delay Implementation of Reconsideration of Value Guidance

Arbitration

Is the ‘Clarified’ AAA Clause Registration Rule Clear Enough?Today’s Podcast: “Accidental Arbitration” -- A New Theory that Would Rein in Consumer Arbitration Clauses and the Scope of the FAACFPB denies consumers’ petition for rule prohibiting pre-dispute arbitration clauses

Artificial Intelligence

FinCEN Alert: Fraud schemes using generative artificial intelligence to circumvent financial institutions' identity verification, authentication, and due diligence controlsCFPB to Issue Proposal to Make It Easier for Consumers to Reach ‘Real Person’ When Seeking AssistanceBSA Filings and Their Utility to Law Enforcement:  An Industry Viewpoint

Attorney General Privilege

FinCEN Issues Small Entity Compliance Guide for Corporate Transparency Act

Attorney Liability

FinCEN Issues Small Entity Compliance Guide for Corporate Transparency Act

Auto Finance

Fifth Circuit Court of Appeals strikes down FTC CARS RuleCFPB focuses on auto finance practices in latest Supervisory HighlightsConsumer groups show support of CFPB’s Auto Finance Data Pilot and urge the Bureau to expand its data collection

Auto Title Loans

Military Lending Act violations alleged against title lender in Georgia class action"Dormant Commerce Clause" case law continues to evolveCalifornia DFPI announces consent order with auto title loan servicer that was subject of “true Lender” investigation

Beneficial Ownership

FinCEN Issues Small Entity Compliance Guide for Corporate Transparency Act

Better Future Forward

CFPB Alleges Income Share Agreements are Extensions of Credit in Results-Oriented Enforcement Action against ISA Originator

BSA/AML

Bank Policy Institute critiques Notice of Proposed Rulemaking to modernize AML/CFT programsBSA Filings and Their Utility to Law Enforcement:  An Industry ViewpointFederal Banking Agencies Issue NPRM Consistent with FinCEN’s AML/CFT Modernization Proposal

Buy Now Pay Later

CFPB will not issue revised BNPL ruleCFPB won’t prioritize BNPL enforcementCFPB plans to revoke BNPL interpretive rule

CADBO

Ballard Spahr to hold Sept. 29 webinar on ramp up in CA consumer financial protection laws with special guests former CFPB Director Richard Cordray and CA Department of Business Oversight General Counsel Bret LadineCA and NY governors propose expansion of state consumer financial protection regimes

CADFPI

California’s DFPI seeks comments on additional products and services to be registered under the CCFPLCalifornia Gov. Newsom signs array of consumer protection billsCalifornia Finalizes Registration Requirements for Providers of Earned Wage Access, Other Financial Products and Services

Campus Financial Products

CFPB issues annual report on college credit card agreementsCFPB releases seventh annual report to Congress on college credit card agreementsCFPB releases report on college credit card agreements

CFPB

Senate Parliamentarian says elimination of CFPB funding cannot be included in budget bill but delay of Section 1071 rule passes musterToday’s podcast episode: The Impact of the Newly Established Priorities and Massive Proposed Reduction in Force (RIF) on CFPB Enforcement (Part 2)Senate Banking Republican reconciliation bill would eliminate CFPB funding source

CFPB Enforcement

Today’s podcast episode: The Impact of the Newly Established Priorities and Massive Proposed Reduction in Force (RIF) on CFPB Enforcement (Part 2)More Early Terminations of Redlining Consent OrdersDOJ Seeks Early Termination of Lakeland Bank Redlining Consent Order

CFPB Exams

CFPB rescinds enforcement, supervisory priority documents, outlines new priorities for 2025CFPB inaction harming state consumer protection efforts, Democratic AGs allege in amicus briefVought halts most work at CFPB

CFPB General

Senate Parliamentarian says elimination of CFPB funding cannot be included in budget bill but delay of Section 1071 rule passes musterSenate Banking Republican reconciliation bill would eliminate CFPB funding sourceBudget bill would cut CFPB funding

CFPB People

Today’s podcast episode: The Impact of the Newly Established Priorities and Massive Proposed Reduction in Force (RIF) on CFPB SupervisionTrump Administration to withdraw McKernan’s nomination to serve as CFPB DirectorTrump to nominate CFPB nominee to Treasury Department position

CFPB Rulemaking

CFPB will not issue revised BNPL ruleCFPB Extends Section 1071 Rule Compliance DatesCFPB Files Rulemaking Items With Office of Management and Budget

CFPB Supervision

Today’s podcast episode: The Impact of the Newly Established Priorities and Massive Proposed Reduction in Force (RIF) on CFPB Enforcement (Part 2)Today’s podcast episode: The Impact of the Newly Established Priorities and Massive Proposed Reduction in Force (RIF) on CFPB Enforcement (Part 1)Today’s podcast episode: The Impact of the Newly Established Priorities and Massive Proposed Reduction in Force (RIF) on CFPB Supervision

Climate change

Today’s podcast episode: Sustainability Spotlight – A Conversation With Chart Industries, Inc.New York DFS Issues Guidance on Climate Change Risks for Financial InstitutionsNew York Department of Financial Services issues proposed guidance relating to management of material financial risks from climate change

Colorado Student Loan Servicing Act

Colorado Private Education Lender Registration Takes Effect September 1, and Schools Using Income Share Agreements Are Covered

Commercial Financing

Connecticut Department of Banking issues guidance on consumer-like disclosures in sales-based financing offersBill to license commercial lenders proposed in New York

Community Banks

Proposals to Ease Capital Standards for New Banks Could Lead to More Failures, CRS SaysFederal Reserve Announces Consent Order Related to Bank's Use of Discount PointsBipartisan regulatory reform bill includes significant changes for community banks

Consumer Bankers Association

Bank associations seek a preliminary injunction to block CFPB overdraft ruleThis week’s podcast episode: Post-Election Insights: Impacts on the Banking and Consumer Financial Services IndustryNew research suggests proposed Regulation II revisions lowering debit card interchange fees will cost consumers up to $2 billion annually

Corporate Transparency Act

FinCEN Issues Small Entity Compliance Guide for Corporate Transparency Act

Correspondent Bank Accounts

Department of Treasury Issues Strategy on De-Risking

COVID-19

CFPB Releases Mortgage Servicing Report on Borrower Experiences During the COVID-19 PandemicHUD Finalizes Rule Providing for 40-Year FHA Loan ModificationsCFPB and DOJ send joint letters to landlords and mortgage servicers on CARES Act and SCRA protections

Credit Cards

Wisconsin Appeals Court Rejects National Bank Act PreemptionIllinois swipe fee injunction extended to cover out-of-state banks, but not federal credit unionsSenators Sanders, Hawley introduce legislation to cap credit card interest rates at 10%

Credit Reports

TransUnion subsidiary Argus Information and Advisory Services agrees not to seek business with CFPB for three yearsCFPB issues medical debt rule; regulation immediately challenged in federal courtCFPB plans to issue proposed rule mitigating the financial consequences to abuse survivors

Crypto

Federal Reserve Board issues letters on program to supervise novel banking activitiesThis week's podcast episode: A deep dive into cryptocurrency and its risks to investors and the banking system, with special guest, Arthur E. Wilmarth, Professor Emeritus, George Washington University Law SchoolCourts split on whether cryptocurrency is a security

Cyber Currency

BSA Filings and Their Utility to Law Enforcement:  A Guest BlogOCC highlights risks associated with compliance staffing concerns, Russia sanctions, environmental crimes, cyber attacks and digital assetsHouse Financial Services Committee to hold Oct. 23 hearing on Facebook

Cybersecurity

FHA issues revised cybersecurity requirementsCPPA publishes new draft regulations addressing AI, risk assessments, cyber auditsNYDFS Announces Updated Cybersecurity Regulation

Data Security

Last week’s podcast episode: Navigating the New CFPB Open Banking RuleCFPB proposes broad new data broker rule that would greatly expand the FCRAFHA Requiring Reporting of Significant Cybersecurity Incidents

De-Risking

Department of Treasury Issues Strategy on De-Risking

Debit Cards

Court grants partial injunction for National Banks and Federal Savings Associations in the lawsuit challenging the Illinois Interchange Fee Prohibition ActIndustry groups file motion to intervene in Corner Post debit card interchange caseBank and Credit Union Industry Groups Challenge Illinois Interchange Fee Prohibition Act as Unlawful and Urge the Court to Stop the Operational Havoc

Debt Collection

FTC seeks to ban Blackstone Legal from debt collection businessDeSantis signs bill allowing debt collection emails between 9 p.m. and 8 a.m.FTC enters into stipulated order to permanently ban Global Circulation, and its owner, from debt collection industry

Debt Collection NPRM

Rumor Has It That Publication Of The CFPB’s Final Collection Rules Is ImminentUpdate on recent non-COVID-19-related consumer financial services legal developmentsCFPB extends comment period for supplemental debt collection proposal; states take emergency SOL actions

Debt Relief

CFPB takes action to ban Student Loan Pro from offering consumer financial productsFTC bans group of student loan debt relief scammers from debt relief industryPennsylvania AG Settles with Law firms over Alleged Deceptive Debt Settlement Services

Deposit Accounts

FDIC Proposes Revisions to Brokered Deposits RuleMinnesota federal court dismisses lawsuit against FDIC over NSF fee guidanceBallard Spahr to hold March 5 webinar on proposed rules on overdraft and NSF fees

Deposit Advance Loans

House Financial Services Committee passes bill to ease restrictions on bank small-dollar loansOCC reacts to CFPB’s final payday loan rule by rescinding its deposit advance product guidanceCFPB issues proposed payday/auto title/high-rate installment loan rule

Dept. of ED

This week's podcast episode: Recent developments affecting student loan origination and servicingSCOTUS holds Biden lacks authority for $430 billion loan cancellation planThis week's podcast episode: An update on the debate over federal student loan forgiveness

Dept. of Education

Eighth Circuit Broadens Injunction Prohibiting Implementation of SAVE Federal Student Loan Repayment Plan, Calls Into Question Legality of PAYE and REPAYE Forgiveness ProvisionsCFPB, DoJ take action in redlining casesDepartment of Education Faces Major Setback in SAVE Litigation

Dept. of Justice

More Early Terminations of Redlining Consent OrdersTrustmark Redlining Consent Order TerminatedToday’s podcast episode: What Is Happening at the Federal Agencies (Other Than the CFPB) That is Relevant to the Consumer Financial Services Industry

Digital Assets

California Reconsidering the “Digital Financial Assets Law”DOJ Issues Report on Digital Asset Law Enforcement Seeking Expansive New Powers, and Launches New Crypto Prosecutor NetworkTreasury seeks comments on digital assets, including opportunities and risks for consumers

Digital Currency

House steering panel chooses French Hill as next Financial Services ChairOCC highlights risks associated with compliance staffing concerns, Russia sanctions, environmental crimes, cyber attacks and digital assets

Digital Payment Access

CFPB and European Commission Report on Coordinated Efforts Concerning Consumer Financial Protection and Identify Emerging Technologies as an Area of Shared Interest

Diversity and Inclusion

Appeals Court stays small business reporting rule for many financial institutionsRepublicans renew efforts to repeal Section 1071CFPB Issues Matched Pair Testing Report on Small Business Lending

Earned Wage Access

Maryland enacts Earned Wage Access legislationCFPB revokes EWA advisory opinionDC Attorney General files suit against app-based lender EarnIn

Elder Financial Abuse

FinCEN issues reminder to financial institutions to identify and report elder financial exploitationFinCEN issues analysis of increasing elder financial exploitation“Pig Butchering”: FinCEN Issues Alert on Virtual Currency Scam

Electronic Contracting

This week's podcast episode: Electronic contracting: the new Restatement of Consumer Contracts and other emerging regulatory and litigation issues, with special guest Florencia Marotta-Wurgler, Professor, New York University Law School, and Restatement Co-Reporter

Electronic Payments

CFPB settles action against processor of mortgage payments for erroneous processing of payments and deficient information security practicesDemocratic Senators send letter to federal banking agencies raising concerns about fraudulent transactionsCFPB issues report on delivery of public benefits payments

Fair Credit

Financial Services trade groups call on CFPB to abandon its data broker proposed ruleThis week’s podcast episode: The CFPB’s Proposed Data Broker RuleDiverse Group Expresses Support for Bills to Limit Trigger Leads

Fair Lending

More Early Terminations of Redlining Consent OrdersDOJ Seeks Early Termination of Lakeland Bank Redlining Consent OrderCourt Denies CFPB/Townstone Bid to Undo Consent Order

FCC

Trump takes control of ‘independent agencies’Appeals Court strikes down FCC telemarketing, robocall rule that required specific consentFCC sets April 11 as effective date for new robocall rules

FDIC

Today’s podcast episode: What Is Happening at the Federal Agencies (Other Than the CFPB) That is Relevant to the Consumer Financial Services IndustryToday’s podcast episode: Everything You Should Know About the Stablecoin BillOCC, FDIC eliminating ‘reputational risk’ from supervision, examinations

FDIC Enforcement

Defendant Challenges FDIC Enforcement Proceeding, Citing JarkesyRecent FDIC consent orders show increased scrutiny of bank relationships with fintech partnersFDIC consent order with Cross River Bank indicates heightened scrutiny of bank-fintech partnerships

FDIC Supervision

FDIC withdraws brokered deposits proposed ruleFDIC Further Delays FDIC Insurance Sign Compliance Date for ATMs and Digital ChannelsFDIC Releases Second Set of Q&As on Required Use of FDIC Logo

Federal Agencies

Today’s podcast episode: What Is Happening at the Federal Agencies (Other Than the CFPB) That is Relevant to the Consumer Financial Services IndustryRepublicans ask federal banking agencies to withdraw rules, guidanceChief Justice temporarily allows Trump Administration to fire members of independent agencies

Federal Reserve Board

Today’s podcast episode: What Is Happening at the Federal Agencies (Other Than the CFPB) That is Relevant to the Consumer Financial Services IndustryToday’s Podcast: Prof. Hal Scott Doubles Down on His Argument That CFPB is Unlawfully Funded Because of Combined Losses at Federal Reserve BanksTrump takes control of ‘independent agencies’

Financial Crimes Enforcement Network (FINCEN)

FinCEN Alert: Fraud schemes using generative artificial intelligence to circumvent financial institutions' identity verification, authentication, and due diligence controlsBSA Filings and Their Utility to Law Enforcement:  A Guest BlogFinCEN Issues Proposed Rulemaking Aimed at Strengthening and Modernizing AML Programs Across Multiple Industries

Financial Literacy

Fed reported to have reservations about fintech charterCFPB issues fifth Financial Literacy Annual ReportCFPB releases report on financial well-being of consumers and new consumer tool

FinCEN

FinCEN Alert: Fraud schemes using generative artificial intelligence to circumvent financial institutions' identity verification, authentication, and due diligence controlsFinCEN’s Notice of Proposed Regulations to Strengthen and Modernize AML/CFT Compliance Programs: A PodcastFinCEN Issues Proposed Rulemaking Aimed at Strengthening and Modernizing AML Programs Across Multiple Industries

Fintech

Last week’s podcast episode: Navigating the New CFPB Open Banking RuleThis week's podcast episode: Regulators Escalate Focus on the Risks of Bank Relationships with Fintechs and Other Third PartiesThis Week's Podcast: Why do Fintechs Want to Become Banks?

Flood Insurance

NFIP Extended to March 2025NFIP’s authorization to write new policies will expire Dec. 20NFIP to allow installment payments for flood insurance

FTC

FTC seeks to ban Blackstone Legal from debt collection businessFTC takes action against student loan debt relief companiesFTC enters into stipulated order to permanently ban Global Circulation, and its owner, from debt collection industry

FTC Enforcement

FTC enters into stipulated order to permanently ban Global Circulation, and its owner, from debt collection industryJustice Department files amended complaint against cash advance company Dave Inc. and its CEOFTC takes action against small business lender Seek Capital

General

National ranking from Chambers USA awarded again to Ballard Spahr’s Consumer Financial Services Group in 2025Ballard Spahr’s Consumer Finance Monitor podcast ranks in top 25 in Million Podcasts’ top 25 among hundreds of financial services podcastsWhat in the world does birthright citizenship have to do with consumer financial services?

GLBA

CFPB suggests that state privacy laws can—and should—regulate financial dataKansas Passes an Act Requiring Mortgage Companies, Supervised Lender, and Money Transmitters to Create Information Security Standards Consistent with GLBA’s Consumer Information Safeguard Rule

HMDA

2024 HMDA Modified Loan Application Data PublishedCFPB Adjusts HMDA Asset Exemption ThresholdFiling Instruction Guide for 2025 HMDA data submission is released

Hot Issues

Register Now for the National Institute on Consumer Financial Services BasicsBusinesses Now Face ADA Risk Related to COVID-19 Mandatory Employee Mask-Wearing PoliciesAAA And JAMS announce updated operational procedures amid COVID-19 crisis

HUD

Disparate Impact Executive Order and HUD to Reconsider Disparate Impact RuleHUD Modifies Exclusive REO Listing Period and Eliminates Exclusive Sales PeriodHUD further revises servicing and claims requirements and loss mitigation options

Identity Theft

CBA weighs in on the CFPB’s proposed expansion of what constitutes a credit reportFinCEN issues advisory on COVID-19 and imposter and money mule schemesSSN identity verification tool being developed; initial enrollment deadline of July 31

Income Share Agreements

CFPB Takes Action Against BloomTech, Inc. for ISAs that Violate TILA, UDAAP, and the FTC’s Holder RuleCFPB settles claims against operator of training program arising out of income share agreementsNJAG and FTC announce $4.605 million settlement with for-profit college over job placement rate claims and income share agreements

Lead Generation

CFPB Press Release and Circular cite “abusive” steering practices in connection with comparison-shopping tools and lead generatorsBallard Spahr to hold Feb. 20 webinar on TCPA developments impacting consent and lead generationNew FCC rule on TCPA consent for advertising and telemarketing calls and texts will significantly impact callers who obtain consent from lead generators

Limited English Proficiency

Judge refuses to dismiss most reverse discrimination counts in case against Colony RidgeCFPB publishes language access plan for consumers with limited English proficiencyDOJ Settles Redlining Claims in Rhode Island

Litigation and Court Decisions

DC Circuit so far largely upholds Judge Jackson’s order preliminarily enjoining the CFPB Acting Director from shutting down the CFPBA deep dive into Judge Jackson’s preliminary injunction order against CFPB Acting Director VoughtNew Jersey Supreme Court Enforces Stand-Alone Class Action Waiver

Machine Learning

This week's podcast episode: CFPB Director Chopra’s targeting of “digital” or “algorithmic” redlining: What it means for providers of technology and consumer credit

Manufactured Housing

House Financial Services Committee schedules Oct. 11 mark-up of "Madden fix" billCFPB manufactured housing white paper may presage future regulation

Marketplace Lending

NYDFS calls for application of NY usury limits to all online lending and more regulation in online lending reportNYDFS sends survey request to online lendersBipartisan bill to provide "true lender" fix introduced in House

Military Issues

DOJ and CFPB Remind Institutions of Rate Protections for ServicemembersVA proposes changes to loan reporting and guaranty loss rulesFederal court orders Harris Jewelry to reopen website to allow consumers to request refunds

Mobile Payments

House Financial Services Committee announces January hearings on CRA, “rent-a-bank schemes,” mobile paymentsThe ABA Responds on Mobile Financial Services (Plus, Apple Inc.’s “Response”)CFPB to hold June 12 field hearing on mobile financial services

Money Services Business

Department of Treasury Issues Strategy on De-Risking

Money Transfers

CFPB Publishes Consumer Response Annual ReportFinCEN Advisory Highlights Money Laundering Risks Related to Fentanyl TraffickingState regulators agree to multistate licensing process for money service businesses

Money Transmission

Today’s podcast episode: A Debate About The Need, If Any, For a Federal Charter for Non-Banks Engaged in the Payments BusinessPA Department Of Banking And Securities: virtual currency is “money”Wisconsin and Maine enact Model Money Transmission Modernization Law

Mortgage Servicing

VA Winding Down VASP ProgramThis week’s podcast episode: CFPB’s Proposed Mortgage Servicing Rule Amendments: Understanding the Impact on Loss Mitigation, Foreclosure, and Language AccessCFPB Issues Proposed Rule Amending Mortgage Servicing Rules

Mortgages

More Early Terminations of Redlining Consent OrdersDOJ Seeks Early Termination of Lakeland Bank Redlining Consent OrderCourt Denies CFPB/Townstone Bid to Undo Consent Order

NCUA

Supreme Court temporarily allows independent labor board firings; impact on FTC, NCUA ousters is unclearOusted Democratic NCUA board members file suitNCUA Rescinds Policy to Publish Credit Unions’ Overdraft and NSF Income

Non-sufficient funds fees

NCUA Increases Scrutiny of Overdraft, NSF, and RDI FeesMichigan federal court shuts down class action against Flagstar Bank for so-called “surprise overdraft” fees and multiple NSF fees on re-presentmentsCFPB report shows nearly 50% decline in overdraft/NSF fee revenues from pre-pandemic levels

Not-For-Profits

Department of Treasury Issues Strategy on De-Risking

NSF fees

NY State Department of Financial Services issues proposed overdraft ruleCalifornia Gov. Newsom signs array of consumer protection billsMinnesota Bankers Association appeals dismissal of lawsuit against FDIC over NSF fee guidance

NYDFS

As Trump Administration rolls back CFPB’s work, New York wants to fill the voidNY State Department of Financial Services issues proposed overdraft ruleNew York DFS Issues Guidance on Climate Change Risks for Financial Institutions

OCC

OCC confirms that its national bank preemption regulations are valid and require no changes despite Cantero Supreme Court opinionTrustmark Redlining Consent Order TerminatedToday’s podcast episode: What Is Happening at the Federal Agencies (Other Than the CFPB) That is Relevant to the Consumer Financial Services Industry

OHDFI

Amendments to Ohio’s Administrative Rules Relating to Residential Mortgage Lending

Overdrafts

Senate adopts resolution to nullify CFPB overdraft ruleHouse Committee adopts resolution to nullify CFPB overdraft ruleNCUA Rescinds Policy to Publish Credit Unions’ Overdraft and NSF Income

Payday Lending

New York AG sues payday lenders MoneyLion and DailyPayAppeals Court sets March 30, 2025 as effective date of CFPB payday lending ruleAppeals court denies en banc hearing in CFSA’s challenge to CFPB’s payday rule

Payments

Today’s podcast episode: A Debate About The Need, If Any, For a Federal Charter for Non-Banks Engaged in the Payments BusinessCFPB issues final rule to give bureau supervisory power over digital consumer payment applicationsThis week’s podcast episode: Should Congress Create a New Federal Charter for Non-Bank Payments Companies?

Podcasts

Today’s podcast episode: The Impact of the Newly Established Priorities and Massive Proposed Reduction in Force (RIF) on CFPB Enforcement (Part 2)Today’s podcast episode: The Impact of the Newly Established Priorities and Massive Proposed Reduction in Force (RIF) on CFPB Enforcement (Part 1)Today’s podcast episode: The Impact of the Newly Established Priorities and Massive Proposed Reduction in Force (RIF) on CFPB Supervision

Preemption

OCC confirms that its national bank preemption regulations are valid and require no changes despite Cantero Supreme Court opinionWisconsin Appeals Court Rejects National Bank Act PreemptionThis week’s podcast episode: The Cantero Opinion: The Supreme Court Leaves National Bank Preemption in Limbo

Prepaid Cards

DC federal court vacates CFPB’s prepaid card short-form disclosure for digital wallet productsCFPB issues report on delivery of public benefits paymentsD.C. Circuit rules CFPB prepaid card rule does not mandate use of “model clause”

Privacy

CFPB suggests that state privacy laws can—and should—regulate financial dataFHA Requiring Reporting of Significant Cybersecurity IncidentsMinnesota Legislature Sends Privacy Bill to Governor

Private Education

CFPB Alleges Income Share Agreements are Extensions of Credit in Results-Oriented Enforcement Action against ISA Originator

Proposed Rulemaking

Trump Orders Regulatory, Hiring FreezeFederal Banking Agencies Issue NPRM Consistent with FinCEN’s AML/CFT Modernization Proposal

Recess Appointment

U.S. Supreme Court likely to rule on cert petition in NLRB v. Noel Canning at June 20 ConferenceUpdate: Third Circuit recess appointment decision ups the ante on certiorari

Regulation Z

Trade Associations Sue CFPB on Same Day as it Issues Final Open Banking Rule Under Section 1033 of Dodd-FrankCFPB/Fed/OCC increase exemption thresholds for appraisal requirement, Regs Z and MCase in which CFPB came to financial institutions' defense dismissed

Regulatory and Enforcement

More Early Terminations of Redlining Consent OrdersDOJ Seeks Early Termination of Lakeland Bank Redlining Consent OrderCFPB Files Rulemaking Items With Office of Management and Budget

Remittance Transfers

CFPB orders remittance transfer provider to pay almost $2.5 million for alleged illegal activitiesCFPB proposes ‘narrow’ amendment to disclosure requirements for international remittances and money transfersCFPB issues new circular on deceptive practices in connection with marketing remittance transfers

Research

CFPB to Participate in FTC Workshop on Consumer DisclosuresFOIA Lawsuit Filed Challenging CFPB Research MethodologyCFPB Issues Study on Credit Reports; Next Steps are Unknown

RESPA

DC Attorney General Settles with Four Title Company Joint Venture OrganizersCFPB Highlights Applicable HUD-Issued RESPA Guidance4th Circuit Rules Plaintiffs Have No Standing to Sue Based on Mere RESPA Statutory Violation Claim

Richard Cordray

CFPB urges more consumer control over payment methodsD.C. Circuit poised to decide constitutionality of CFPB structure in PHH caseTrump's DOJ supports striking Cordray's removable-only-for-cause protection from Dodd-Frank

Risk Assessment

Three Members of Congress and U.S. Treasury Express Concerns that Florida Law Prohibiting Banks from Considering Customers’ Business Sectors or Political or Religious Beliefs Conflicts with Federal AML/CFT RequirementsFederal Banking Agencies Issue NPRM Consistent with FinCEN’s AML/CFT Modernization ProposalDepartment of Treasury Issues Strategy on De-Risking

S.2155

Congress Passes Legislation Addressing VA Refinance Loan IssuesHouse Passes Bill to Address Unintended Ginnie Mae Securitization Issue Created by S.2155S.2155 Does Not Facilitate Discriminatory Lending

SBREFA panel

Chamber of Commerce suggests issues for CFPB to address at May 5 arbitration field hearing

Section 1071

Senate Parliamentarian says elimination of CFPB funding cannot be included in budget bill but delay of Section 1071 rule passes musterCFPB Extends Section 1071 Rule Compliance DatesCFPB won’t make small business reporting rule a priority

Small Business

FTC takes action against small business lender Seek CapitalFederal District Court on September 23, 2024, entered final judgement in favor of the CFPB in lawsuit challenging its small business loan data collection rule; trade groups will now finally appeal to Fifth CircuitCFPB Announces the Beta Platform for Small Business Lending Data Reporting

Small Dollar Loans

Trade groups challenging CFPB payday loan rule file opening brief with Fifth CircuitTexas federal court denies trade groups’ motion to extend stay of payment provisions compliance date until appeal resolved; trade groups ask Fifth Circuit to extend stayCFPB files opposition to trade groups’ motion to extend stay of payment provisions compliance date until appeal resolved; trade groups file response

Small-dollar loans

Appeals court denies en banc hearing in CFSA’s challenge to CFPB’s payday ruleNevada enacts amendments regarding working from remote locations for Installment Loan Company licensees and collection of medical debtThis week's podcast episode: A close look at the recent study of the effects of Illinois' 36% “all-In” interest rate cap on small-dollar credit availability, with special guest Tom Miller, Professor of Finance, Mississippi State University, and study co-author

State Attorneys General

Maryland enacts Earned Wage Access legislationNew York Gov. Hochul signs legislation that includes BNPL Licensing Requirements and other Consumer Protection ProvisionsTrigger Leads - Don’t Forget about the States

State Enforcement

Maryland enacts Earned Wage Access legislationNew York Gov. Hochul signs legislation that includes BNPL Licensing Requirements and other Consumer Protection ProvisionsTrigger Leads - Don’t Forget about the States

State Licensing

New York Gov. Hochul signs legislation that includes BNPL Licensing Requirements and other Consumer Protection ProvisionsBallard Spahr launches State Attorneys General Consumer Response Team to respond to state issuesCalifornia’s DFPI seeks comments on additional products and services to be registered under the CCFPL

State Regulation

Maryland enacts Earned Wage Access legislationTrigger Leads - Don’t Forget about the StatesCiting CFPB cutbacks, Pennsylvania Governor is beefing up consumer protection efforts

Student Loan Equity Act

Colorado Private Education Lender Registration Takes Effect September 1, and Schools Using Income Share Agreements Are Covered

Student Loans

FTC takes action against student loan debt relief companiesEighth Circuit Broadens Injunction Prohibiting Implementation of SAVE Federal Student Loan Repayment Plan, Calls Into Question Legality of PAYE and REPAYE Forgiveness ProvisionsCFPB, National Collegiate Student Loan Trusts resolve case that Supreme Court declined to consider

TCPA

Federal Judge issues injunction against student loan servicer Superior ServicingSupreme Court accepts case seeking to determine whether district courts must accept FCC’s interpretation of TCPAThis week's podcast episode: Telephone Consumer Protection Act update: Developments impacting consent and lead generation

Technology

BSA Filings and Their Utility to Law Enforcement:  An Industry ViewpointThis week's podcast episode: Using financial technology to improve consumers' financial health, a conversation with special guest Leigh Phillips, President and CEO of SaverLife and Chair of the CFPB's Consumer Advisory Board (CAB)CFPB to reopen comment period on request for comments to inform inquiry into large technology companies that offer payment services

Telemarketing

Appeals Court strikes down FCC telemarketing, robocall rule that required specific consentFTC Agrees to Settlement with Lead Generator Banning Telemarketing and Robocall ActivitiesPennsylvania Attorney General files lawsuit against lead generator for role in assisting unlawful telemarketing calls

TILA / RESPA

CFPB Issues Final Rule on PACE TransactionsCFPB Adjusts HPML Asset Exemption ThresholdCFPB issues final rule amending Regulation Z CARD Act, HOEPA and QM dollar amounts

Title Insurance

DC Attorney General Settles with Four Title Company Joint Venture Organizers4th Circuit Rules Plaintiffs Have No Standing to Sue Based on Mere RESPA Statutory Violation ClaimHouse Passes Bill to Amend TRID Rule Disclosures

TRID

CFPB Approves Trial Disclosure Program Waiver Template Application for Construction-to-Permanent LoansCFPB seeks input on construction and construction-to-permanent loan trial disclosure sandbox applicationCFPB Publishes TRID FAQ’s and a Factsheet on Treatment of Title Insurance Premiums

Trump Administration

CFPB will kill Section 1033 Open Banking RuleSupreme Court temporarily allows independent labor board firings; impact on FTC, NCUA ousters is unclearTrump to nominate CFPB nominee to Treasury Department position

UDAAP

This week’s podcast episode: State fair access and debanking laws bring country’s political and cultural divisions to the foreCFPB Appeals District Court’s Decision to Vacate Changes to UDAAP Exam ManualCFPB issues UDAAP guidance on contracts for consumer financial products and services

UDAP

This week’s podcast episode: State fair access and debanking laws bring country’s political and cultural divisions to the foreDC Attorney General Settles with Four Title Company Joint Venture OrganizersFTC bans group of student loan debt relief scammers from debt relief industry

Uncategorized

House Financial Services Committee approves ‘trigger leads’ billToday’s Podcast: A Deep Dive Into Judge Jackson’s Preliminary Injunction Order Against CFPB Acting Director VoughtRecent Developments Raise Significant Questions about the Future of Regulation and Enforcement of Cryptocurrency

Uniform Consumer Credit Code

Colorado Private Education Lender Registration Takes Effect September 1, and Schools Using Income Share Agreements Are Covered

Usury

Plaintiffs oppose Colorado’s motion for a stay of the preliminary injunction in the Colorado opt-out litigationTenth Circuit sets briefing schedule in appeal from preliminary injunction granted to trade groups with respect to Colorado opt-out statuteColorado seeks stays of District Court proceedings and preliminary injunction

Vehicle Loans

CFPB highlights potential impact of high vehicle costs on consumers with deep subprime credit scoresTrump Administration Plans to End Military Lending Act Prohibition on Offering GAP Insurance to Service Members in Auto Loan TransactionsNew York City adopts new requirements for used car dealers

Virtual Currency

PA Department Of Banking And Securities: virtual currency is “money”California Reconsidering the “Digital Financial Assets Law”“Pig Butchering”: FinCEN Issues Alert on Virtual Currency Scam

Regulatory & Enforcement
Litigation & Court Decisions

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Recent Posts

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  • CFPB Extends Section 1071 Rule Compliance Dates

Consumer Finance Monitor

by the Consumer Financial Services Group at Ballard Spahr LLP

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