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Consumer Finance Monitor

CFPB, Federal Agencies, State Agencies, and Attorneys General

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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

Federal judge dismisses high-profile case involving allegations of racial discrimination in appraisalsRocket Mortgage Turns the Table on HUDCFPB/Fed/OCC increase exemption thresholds for appraisal requirement, Regs Z and M

Arbitration

Today’s podcast episode: The Future of Shareholder Arbitration in Light of SEC's New Policy StatementSupreme Court Poised to Decide FAA Post-Award Jurisdictional IssueSEC Chairman Urges Delaware to Allow Arbitration Provisions to Be Included in Corporate Governance Documents

Artificial Intelligence

Today’s podcast episode: AI in Financial Services: Understanding the White House Action Plan – and What It Leaves Out – Part 2Today's podcast episode: AI in Financial Services: Understanding the White House Action Plan – and What It Leaves Out – Part 1Today’s podcast episode: Current State Statutes That Apply to AI in the Consumer Financial Services Industry

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

Today’s podcast episode: BSA/AML Priorities Under a New AdministrationBank Policy Institute critiques Notice of Proposed Rulemaking to modernize AML/CFT programsBSA Filings and Their Utility to Law Enforcement:  An Industry Viewpoint

Buy Now Pay Later

New York publishes Buy Now, Pay Later RulesHUD seeking information about impact Buy Now, Pay Later has on housing expensesCFPB will not issue revised BNPL 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

D.C. Circuit Hears En Banc Argument in National Treasury Employees Union v. Vought: A Defining Case for the CFPB’s FutureTrump Administration says CFPB has cost consumers hundreds of billions of dollarsCFPB releases college credit card report

CFPB Enforcement

Today’s podcast episode: A Sea Change in New York Consumer Protection Law: Inside the FAIR ActCFPB soliciting comments on how to improve Consumer Response Intake FormCFPB blasts former Bureau leadership for ‘regulatory overreach’

CFPB Exams

CFPB examiners to read ‘Humility Pledge’ when they begin examsCFPB rescinds enforcement, supervisory priority documents, outlines new priorities for 2025CFPB inaction harming state consumer protection efforts, Democratic AGs allege in amicus brief

CFPB General

Former New Jersey Attorney General Matt Platkin Launches Law Firm to Continue Fighting for the Public GoodCFPB Releases Gold Science Standard ReportBudget bill includes huge cuts to CFPB budget

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

Today’s podcast episode: A Sea Change in New York Consumer Protection Law: Inside the FAIR ActCFPB Adjusts HMDA Asset Exemption ThresholdCFPB Adjusts HPML Asset Exemption Threshold

CFPB Supervision

Trump Administration says CFPB has cost consumers hundreds of billions of dollarsCFPB releases college credit card reportCFPB soliciting comments on how to improve Consumer Response Intake Form

Climate change

Today's podcast episode: Opportunities in the Solar Finance Industries Despite Trump 2.0Today’s podcast episode: Sustainability Spotlight – A Conversation With Chart Industries, Inc.New York DFS Issues Guidance on Climate Change Risks for Financial Institutions

Colorado Student Loan Servicing Act

Webinar: Understanding the 10th Circuit’s Colorado Opt-Out DecisionColorado 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

Today’s podcast episode: Credit Card Rate Caps and the Credit Card Competition Act: The Right Problem, the Wrong Tools?CFPB releases college credit card reportSenator Warren Presses CFPB Acting Director Over Credit Card Fees and Agency Retrenchment

Credit Reports

CFPB says FCRA prohibits states from regulating content of credit reportsTransUnion 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 court

Crypto

Today's podcast episode: Significant 2025 Deregulatory Developments in Banking LawToday's podcast episode: The GENIUS Act and the Future of Stablecoins: What Banks and Fintechs Need to Know - Part 2Today's podcast episode: The GENIUS Act and the Future of Stablecoins: What Banks and Fintechs Need to Know - Part 1

Cyber Currency

FHFA directs Fannie Mae, Freddie Mac to develop plans to use cryptocurrency as assets without conversion to dollarsBSA 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 assets

Cybersecurity

CFPB Inspector General says bureau’s information security program is ineffectiveFHA issues revised cybersecurity requirementsCPPA publishes new draft regulations addressing AI, risk assessments, cyber audits

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

New York City Adopts Sweeping SHIELD Debt Collection Rule: How It Differs from Prior DCWP Rules and CFPB Regulation FCFPB Releases Annual Report on Fair Debt Collection Practices Act (FDCPA) ACA files suit challenging Colorado law that omits medical debts from credit reports

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

Today's podcast episode: Debt’s Grip: What Consumer Bankruptcy Reveals About Financial Risk in AmericaCFPB takes action to ban Student Loan Pro from offering consumer financial productsFTC bans group of student loan debt relief scammers from debt relief industry

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

Supreme Court allows Education Department to fire employees; Is CFPB Staff Next?This week's podcast episode: Recent developments affecting student loan origination and servicingSCOTUS holds Biden lacks authority for $430 billion loan cancellation plan

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

Justice Department and State of Texas settle allegations against Colony RidgeCFPB and DOJ withdraw joint statement on consideration of immigration status under ECOAWebinar: The CFPB’s Funding Crisis — What It Means for the Future of Consumer Financial Protection

Digital Assets

FHFA directs Fannie Mae, Freddie Mac to develop plans to use cryptocurrency as assets without conversion to dollarsCalifornia Reconsidering the “Digital Financial Assets Law”DOJ Issues Report on Digital Asset Law Enforcement Seeking Expansive New Powers, and Launches New Crypto Prosecutor Network

Digital Currency

FHFA directs Fannie Mae, Freddie Mac to develop plans to use cryptocurrency as assets without conversion to dollarsHouse 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

CFPB Spring 2025 Regulatory Agenda – Prerule Stage – Identity Theft and Coerced Debt (Regulation V)Financial Services trade groups call on CFPB to abandon its data broker proposed ruleThis week’s podcast episode: The CFPB’s Proposed Data Broker Rule

Fair Lending

Moreno-Davidson Bill Seeks to Reverse Tenth Circuit and Restore Interest Rate Exportation Parity Between State and National BanksJustice Department and State of Texas settle allegations against Colony RidgeHUD proposes to remove its Fair Housing Act disparate impact rule

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

Fed requests comment on plan to remove reputation risk from supervision of banksFDIC creates new office to handle appeals of material supervisory determinationsFDIC Revises Examination Schedule

FDIC Enforcement

Republican senators ask financial regulators to overhaul Matters Requiring Attention processDefendant Challenges FDIC Enforcement Proceeding, Citing JarkesyRecent FDIC consent orders show increased scrutiny of bank relationships with fintech partners

FDIC Supervision

FDIC Revises Examination ScheduleFDIC clarifies that CIP Rule does not preclude using pre-populated customer informationFDIC proposes to replace Supervision Appeals Review Committee with an independent office

Federal Agencies

Government shutdown affecting housing programs, but not financial regulatorsToday’s podcast episode: A Deep Dive into the Fight for the CFPB’s SurvivalRepublican senators ask financial regulators to overhaul Matters Requiring Attention process

Federal Reserve Board

Fed requests comment on plan to remove reputation risk from supervision of banksSupreme Court Hears Arguments Regarding President Trump’s Attempt to Remove Lisa Cook from the Fed Board of GovernorsCFPB Funding Issues Seem to be Coming to a Head

Financial Crimes Enforcement Network (FINCEN)

Today’s podcast episode: A National Strategy to Prevent Scams – “United We Stand”Financial institutions may rely on third parties for Social Security, Taxpayer Identification NumbersFinCEN Alert: Fraud schemes using generative artificial intelligence to circumvent financial institutions' identity verification, authentication, and due diligence controls

Financial Literacy

Today’s podcast episode: A National Strategy to Prevent Scams – “United We Stand”Fed reported to have reservations about fintech charterCFPB issues fifth Financial Literacy Annual Report

FinCEN

Deregulation on the Horizon for Non-Bank Financial InstitutionsFinCEN 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 Podcast

Fintech

California Court Grants Summary Judgment to OppFi, Rejects DFPI “True Lender” TheoryToday's podcast episode: Significant 2025 Deregulatory Developments in Banking LawToday's podcast episode: The CFPB’s Most Ambitious Regulatory Agenda Ever – Part 1

Flood Insurance

NFIP reauthorization included in spending billBanks may still make loans that would otherwise be subject to flood insurance even though program has lapsed, regulators sayNFIP authorization expires Sept. 30

FTC

Today’s podcast episode: A National Strategy to Prevent Scams – “United We Stand”FTC intends to issue ANPRM on Negative Option PlansTrump Administration asks Supreme Court to allow President to fire FTC member without cause

FTC Enforcement

Today's podcast episode: Recent Consumer Financial Services Developments at the Federal Trade CommissionFTC to discuss recent consumer finance developments (excluding antitrust) at Ballard Spahr webinarFTC takes action against Accelerated Debt for running a debt relief scam

General

American College of Consumer Financial Services now accepting nominations of qualified lawyers to become new Fellows in the American College32 Attorneys General call for enactment of marijuana banking legislationNational ranking from Chambers USA awarded again to Ballard Spahr’s Consumer Financial Services Group in 2025

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

CFPB Adjusts HMDA Asset Exemption Threshold2024 HMDA Modified Loan Application Data PublishedCFPB Adjusts HMDA Asset Exemption Threshold

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

HUD Revised Foreclosure Bidding Process for FHA LoansHUD proposes to remove its Fair Housing Act disparate impact ruleHUD Recently Announced the 2026 Loan Limits for FHA Forward Mortgages and HECMs

Identity Theft

Today’s podcast episode: A National Strategy to Prevent Scams – “United We Stand”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 schemes

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

California Court Grants Summary Judgment to OppFi, Rejects DFPI “True Lender” TheoryColorado Files Opposition to Plaintiffs’ Rehearing Petition in Opt-Out LitigationColorado “Opt-Out” Litigation – Petition for Rehearing En Banc And Amicus Briefs in Support

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

CFPB reaches settlement with FirstCash in connection with alleged MLA ViolationsDOJ and CFPB Remind Institutions of Rate Protections for ServicemembersVA proposes changes to loan reporting and guaranty loss rules

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 Spring 2025 Regulatory Agenda – Final Rule Stage – Remittance Transfer Rule (Regulation E)CFPB Publishes Consumer Response Annual ReportFinCEN Advisory Highlights Money Laundering Risks Related to Fentanyl Trafficking

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

HUD Revised Foreclosure Bidding Process for FHA LoansCongress Passes Legislation to Help Protect Veterans from Foreclosure by Reauthorizing Partial Claims with VA Home LoansVA Winding Down VASP Program

Mortgages

HUD Revised Foreclosure Bidding Process for FHA LoansHUD proposes to remove its Fair Housing Act disparate impact ruleCFPB Adjusts HMDA Asset Exemption Threshold

NCUA

Fed requests comment on plan to remove reputation risk from supervision of banksNCUA extends 18% interest rate ceiling for most loansNCUA outlines supervisory priorities

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

New York publishes Buy Now, Pay Later RulesNYC Comptroller calls for strengthening city, state consumer protection laws, regulationsAs Trump Administration rolls back CFPB’s work, New York wants to fill the void

OCC

OCC proposes overhaul of appeals processFed requests comment on plan to remove reputation risk from supervision of banksToday’s podcast episode: Breaking Developments in National Bank Act Preemption

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

NY Attorney General sues Early Warning Services for Zelle Network’s lax security measuresToday’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 applications

Podcasts

Today’s podcast episode: Credit Card Rate Caps and the Credit Card Competition Act: The Right Problem, the Wrong Tools?Today’s podcast episode: A National Strategy to Prevent Scams – “United We Stand”Today's podcast episode: The Consumerization of Small Business Lending: Federal and State Regulations Accelerate

Preemption

Today’s podcast episode: Breaking Developments in National Bank Act PreemptionGould says OCC will take steps to promote federal preemptionToday’s podcast episode: First Circuit Rules National Bank Act Does Not Preempt Rhode Island State Law: Is There Still Any Advantage to Having a National Bank Charter?

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

OCC Proposes to Clarify Activities Permissible for National Trust BanksCFPB Restores CSI Treatment of “Pose Risk” DecisionsCFPB Spring 2025 Regulatory Agenda – Prerule Stage – Identity Theft and Coerced Debt (Regulation V)

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

CFPB and DOJ withdraw joint statement on consideration of immigration status under ECOACFPB Adjusts HMDA Asset Exemption ThresholdCFPB Adjusts HPML Asset Exemption Threshold

Remittance Transfers

CFPB Spring 2025 Regulatory Agenda – Final Rule Stage – Remittance Transfer Rule (Regulation E)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 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

Webinar: The CFPB’s Funding Crisis — What It Means for the Future of Consumer Financial ProtectionSection 1071 Rule Proposed Amendments—A Deeper DiveCFPB Adopts Final Rule Extending Compliance Dates for the 1071 Rule

Small Business

Today's podcast episode: The Consumerization of Small Business Lending: Federal and State Regulations AccelerateSection 1071 Rule Proposed Amendments—A Deeper DiveCFPB proposes changes to Section 1071 Rule

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

New York City Adopts Sweeping SHIELD Debt Collection Rule: How It Differs from Prior DCWP Rules and CFPB Regulation FOregon Legislature Reintroduces DIDMCA OPT-OUT LEGISLATION– H.B. 4116Moreno-Davidson Bill Seeks to Reverse Tenth Circuit and Restore Interest Rate Exportation Parity Between State and National Banks

State Enforcement

Louisiana earned wage access law goes into effectMassachusetts AG reaches settlement with student loan company, Earnest Operations LLCNYC Comptroller calls for strengthening city, state consumer protection laws, regulations

State Licensing

Louisiana earned wage access law goes into effectNew 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 issues

State Regulation

New York City Adopts Sweeping SHIELD Debt Collection Rule: How It Differs from Prior DCWP Rules and CFPB Regulation FOregon Legislature Reintroduces DIDMCA OPT-OUT LEGISLATION– H.B. 4116Moreno-Davidson Bill Seeks to Reverse Tenth Circuit and Restore Interest Rate Exportation Parity Between State and National Banks

Student Loan Equity Act

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

Student Loans

CFPB Private Education Loan Ombudsman receives record number of complaintsPodcast episode: Student Lending Legislation and Litigation: 2025 Mid-Year ReviewMassachusetts AG reaches settlement with student loan company, Earnest Operations LLC

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

Today's podcast episode: Opportunities in the Solar Finance Industries Despite Trump 2.0BSA 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)

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 Adjusts HPML Asset Exemption ThresholdPutative Class Action Lawsuit Filed Against loanDepot Alleging Loan Originator Compensation Rule ViolationsCFPB Issues Final Rule on PACE Transactions

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

Trump Administration says CFPB has cost consumers hundreds of billions of dollarsGAO issues initial report addressing CFPB reorganization and downsizing effortsSupreme Court Hears Arguments Regarding President Trump’s Attempt to Remove Lisa Cook from the Fed Board of Governors

UDAAP

Is There Legal Authority for Trump’s “Debanking” Executive Order?NYC Comptroller calls for strengthening city, state consumer protection laws, regulationsThis week’s podcast episode: State fair access and debanking laws bring country’s political and cultural divisions to the fore

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

Uniform Consumer Credit Code

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

Usury

California Court Grants Summary Judgment to OppFi, Rejects DFPI “True Lender” TheoryPlaintiffs 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 statute

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

Webinars

Webinar: Understanding the 10th Circuit’s Colorado Opt-Out DecisionWebinar: The CFPB’s Funding Crisis — What It Means for the Future of Consumer Financial Protection

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  • OCC proposes overhaul of appeals process
  • New York City Adopts Sweeping SHIELD Debt Collection Rule: How It Differs from Prior DCWP Rules and CFPB Regulation F
  • Today’s podcast episode: Credit Card Rate Caps and the Credit Card Competition Act: The Right Problem, the Wrong Tools?
  • New York publishes Buy Now, Pay Later Rules
  • Fed requests comment on plan to remove reputation risk from supervision of banks

Consumer Finance Monitor

by the Consumer Financial Services Group at Ballard Spahr LLP

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