Topics

Accessibility

SCOTUS keeps issue of “tester” standing alive, dismissing ADA website appeal as moot The Supreme Court Keeps Issue of “Tester” Standing Alive, Dismissing ADA Website Appeal as Moot DOJ 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 Podcast Department of Treasury Issues Strategy on De-Risking

Appraisals

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

Arbitration

Podcast Release: What Are Class Action Waivers Worth? A New Study Looks to the Stock Market for Answers Podcast Release: SpaceX’s Novel Shareholder Dispute-Resolution Bylaws Could Have Far-Reaching Implications Consumer Finance Monitor Podcast: Agentic Commerce Is Coming—Will the Legal System Be Ready?

Artificial Intelligence

Podcast Release: Consumer Financial Services Litigation Series - Episode 1: Pro Se Plaintiffs Trump’s AI Accord: Can Voluntary Self-Regulation and Independent Audits Protect Against Frontier AI Risks?Podcast Release: AI in Debt Collection: Opportunities, Risks, and the Importance of Data Governance

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

FTC, State of Connecticut secure $4 million settlement with vehicle dealership FTC, Maryland AG reach settlement with Lindsay Automotive Group FTC sends warning letters about pricing to 97 auto groups

Auto Title Loans

Military Lending Act violations alleged against title lender in Georgia class action "Dormant Commerce Clause" case law continues to evolve California 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: Fireside Chat with Simon Taylor and Adam Maarec Executive Order Signals Major Shift in Federal Expectations for AML, Customer Identification, and Credit Underwriting Today’s podcast episode: BSA/AML Priorities Under a New Administration

Buy Now Pay Later

Oregon Proposes Guidance Requiring Nonbank BNPL Providers and Service Providers to Obtain State Lending Licenses Illinois Enacts Licensing and Supervisory Framework for Buy Now, Pay Later Providers Consumer Finance Monitor Podcast Draws Coverage from “Inside the CFPB”: A First for Our Platform

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 Ladine CA and NY governors propose expansion of state consumer financial protection regimes

CADFPI

California Enacts Sweeping New Regulation of Commercial Financing California’s DFPI seeks comments on additional products and services to be registered under the CCFPL California Gov. Newsom signs array of consumer protection bills

Campus Financial Products

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

CFPB

Podcast Release: What Are Class Action Waivers Worth? A New Study Looks to the Stock Market for Answers Third District Court Rejects OLC’s Interpretation of CFPB Funding Statute House Financial Services Committee Approves Legislation to Place CFPB Under Congressional Appropriations Process

CFPB Enforcement

Court Denies Early Termination of Lakeland Bank Redlining Consent Order Today's podcast episode: New Institute for Consumer Financial Choice Seeks to Reshape the Consumer Finance Policy Debate Is a “Private CFPB” Emerging? Or Is a New Consumer Protection Ecosystem Taking Shape?

CFPB Exams

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

CFPB General

The CFPB Needs Reform, But Not More Regulatory Whiplash Today's Podcast Episode: CFPB’s Immigration Status Guidance Creates a Compliance Catch-22 for Creditors Vought tells Congress CFPB needs major changes, even abolishment

CFPB People

Senate Banking Committee Advances Brian Johnson’s Nomination to Lead CFPB Senate Banking, Housing, and Urban Affairs Committee to Vote Tomorrow on Brian Johnson’s Nomination to Become Director of the CFPB Reuters Reports on Internal CFPB Warning to Examiners: What Does It Mean for Supervision Under the Current Leadership?

CFPB Rulemaking

NFHA Amends Challenge to CFPB’s Regulation B Rule, Adding New Attack on Agency’s Rulemaking Process Lawsuit Challenging CFPB’s Revised ECOA Rule Moves Forward Under Lengthy Summary Judgment Schedule CFPB Sends New Section 1033 “Open Banking” Proposal to OIRA for Review

CFPB Supervision

House Financial Services Committee Approves Legislation to Place CFPB Under Congressional Appropriations Process Reuters Reports on Internal CFPB Warning to Examiners: What Does It Mean for Supervision Under the Current Leadership?Report: Russell Vought Expected to Remain at CFPB as Senior Adviser Pending Brian Johnson’s Confirmation

Climate change

Today's podcast episode: Opportunities in the Solar Finance Industries Despite Trump 2.0 Today’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 Decision Colorado Private Education Lender Registration Takes Effect September 1, and Schools Using Income Share Agreements Are Covered

Commercial Financing

California Enacts Sweeping New Regulation of Commercial Financing An update on NYC DWCP ‘Junk Fee, Subscription Trap’ and other initiatives Connecticut Department of Banking issues guidance on consumer-like disclosures in sales-based financing offers

Community Banks

OCC, Federal Reserve, and FDIC Finalize Revisions to the Community Bank Leverage Ratio Framework Executive Order Seeks to Promote Mortgage Lending by Community and Smaller Banks Through Easing Regulatory Requirements OCC Issues Two Final Rules to Reduce Regulatory Burden on Community Banks (National Banks and Federal Savings Associations and Banks)

Consumer Bankers Association

Bank associations seek a preliminary injunction to block CFPB overdraft rule This week’s podcast episode: Post-Election Insights: Impacts on the Banking and Consumer Financial Services Industry New 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 Pandemic HUD Finalizes Rule Providing for 40-Year FHA Loan Modifications CFPB and DOJ send joint letters to landlords and mortgage servicers on CARES Act and SCRA protections

Credit Cards

CFPB Signals It May Revisit Credit Card Late Fee Regulation CFPB Issues Guidance on Consideration of Immigration Status Based on Ability to Repay Requirements Without Providing Sufficient Detail to Assist Creditors Illinois Interchange Fee Litigation Takes important Turn: OCC Rule Leads Court to Enjoin Core IFPA Interchange Fee Restrictions

Credit Reports

Washington, D.C. bans medical debt from credit reports CFPB Announces Major Overhaul of Consumer Complaint System: A Shift Toward Integrity, Standardization, and Statutory Compliance Senator Hawley Investigating FICO Credit Score Pricing Practices and Urging FTC to Investigate as Well

Crypto

ICBA Sues OCC Over Crypto National Trust Bank Charters: A Significant Challenge to the OCC’s Chartering Authority Today's podcast episode: New Institute for Consumer Financial Choice Seeks to Reshape the Consumer Finance Policy Debate Today’s podcast episode: Cutting Out the Middleman: Why Fintechs, Crypto Firms, and Payments Companies Are Seeking Their Own Bank Charters - Part 2

Cyber Currency

FHFA directs Fannie Mae, Freddie Mac to develop plans to use cryptocurrency as assets without conversion to dollars BSA Filings and Their Utility to Law Enforcement: A Guest Blog OCC highlights risks associated with compliance staffing concerns, Russia sanctions, environmental crimes, cyber attacks and digital assets

Cybersecurity

Today’s Podcast Release: The “Confidence Advantage”: Why Privacy, Cybersecurity and AI Governance Are Becoming Business Imperatives Federal Banking Agencies Adopt Coordinated Approach to Protect Highly Sensitive Information During Bank Examinations Today's podcast episode: New Institute for Consumer Financial Choice Seeks to Reshape the Consumer Finance Policy Debate

Data Security

Today's podcast episode: New Institute for Consumer Financial Choice Seeks to Reshape the Consumer Finance Policy Debate Illinois Interchange Fee Litigation Takes important Turn: OCC Rule Leads Court to Enjoin Core IFPA Interchange Fee Restrictions GLBA Modernization Legislation: Key Implications for Financial Institutions’ Data Practices

De-Risking

Department of Treasury Issues Strategy on De-Risking

Debit Cards

On your mark, get set, go! plaintiff’s attorneys await April 1 for California’s new gift card law to take effect Court grants partial injunction for National Banks and Federal Savings Associations in the lawsuit challenging the Illinois Interchange Fee Prohibition Act Industry groups file motion to intervene in Corner Post debit card interchange case

Debt Collection

Podcast Release: AI in Debt Collection: Opportunities, Risks, and the Importance of Data Governance NYC’s SHIELD Debt Collection Rule: DCWP’s New FAQ Clarifies Key Compliance Questions Today’s podcast episode: Debt Sales 101 Mini-Series — Episode 6: After the Close: Compliance, Oversight, and Ongoing Risk

Debt Collection NPRM

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

Debt Relief

Massachusetts Governor proposes medical debt rules Today's podcast episode: Debt’s Grip: What Consumer Bankruptcy Reveals About Financial Risk in America CFPB takes action to ban Student Loan Pro from offering consumer financial products

Deposit Accounts

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

Deposit Advance Loans

Today’s podcast episode: DIDMCA Opt-Outs Resurface: Oregon Legislation and the Colorado Case Could Alter the Landscape for Interstate Lending by State Banks House Financial Services Committee passes bill to ease restrictions on bank small-dollar loans OCC reacts to CFPB’s final payday loan rule by rescinding its deposit advance product guidance

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 servicing SCOTUS 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 Provisions CFPB, DoJ take action in redlining cases Department of Education Faces Major Setback in SAVE Litigation

Dept. of Justice

DOJ issues Corporate Enforcement Directive Court Denies Early Termination of Lakeland Bank Redlining Consent Order Justice Department and State of Texas settle allegations against Colony Ridge

Digital Assets

FHFA directs Fannie Mae, Freddie Mac to develop plans to use cryptocurrency as assets without conversion to dollars California 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 dollars House steering panel chooses French Hill as next Financial Services Chair OCC 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 institutions Republicans renew efforts to repeal Section 1071 CFPB Issues Matched Pair Testing Report on Small Business Lending

Earned Wage Access

Colorado Sues EarnIn, Alleging Its “Earned Wage Access” Product Is Really a High-Cost Loan House Financial Services Committee Advances Federal Earned Wage Access Bill: A Major Step Toward National Regulation Maryland enacts Earned Wage Access legislation

Elder Financial Abuse

FinCEN issues reminder to financial institutions to identify and report elder financial exploitation FinCEN 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 practices Democratic Senators send letter to federal banking agencies raising concerns about fraudulent transactions CFPB issues report on delivery of public benefits payments

Fair Credit

Illinois Enacts Disparate Impact Standard for Credit Decisions: What Lenders Need to Know Today’s podcast episode: Coerced Debt: New York’s Landmark Law and Emerging Trends Nationwide - Part 2 Today's podcast episode: Residential Solar Finance Under Intensifying Scrutiny: Key Regulatory and Litigation Trends

Fair Lending

House Financial Services Committee Advances DIDMCA Opt-Out Clarification Bill MBA Sues New Jersey Over Disparate Impact Rule House Financial Services Committee to Consider H.R. 7866 and the Intended Scope of DIDMCA’s Opt-Out Provision

FCC

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

FDIC

FDIC Proposes Rule to Establish Parity Between State and National Banks in Applying Host-State Laws Banking Agencies Propose More Prescriptive Third-Party Risk Management Framework FinCEN Clarifies That Banks May Discuss Fraud and Account Closures Without Disclosing SARs

FDIC Enforcement

Seventh Circuit Upholds FDIC’s Use of In-House Enforcement Proceedings After “Close and Challenging” Constitutional Analysis FDIC rescinds guidance governing re-presentment of same transaction FDIC, OCC adopt debanking final rule

FDIC Supervision

FDIC Launches Office of Supervisory Appeals FDIC rescinds guidance governing re-presentment of same transaction FDIC, OCC adopt debanking final rule

Federal Agencies

Interagency Special Purpose Credit Program Statement Rescinded Federal Banking Agencies Issue Joint Guidance on Lending to Individuals Not Legally Authorized to Work in the United States Government shutdown affecting housing programs, but not financial regulators

Federal Reserve Board

Third District Court Rejects OLC’s Interpretation of CFPB Funding Statute Banking Agencies Propose More Prescriptive Third-Party Risk Management Framework FinCEN Clarifies That Banks May Discuss Fraud and Account Closures Without Disclosing SARs

Financial Crimes Enforcement Network (FINCEN)

FinCEN issues alert on fraud schemes aimed at federal student aid Today's podcast episode: Residential Solar Finance Under Intensifying Scrutiny: Key Regulatory and Litigation Trends Today’s podcast episode: A National Strategy to Prevent Scams – “United We Stand”

Financial Literacy

Comptroller Gould Highlights Digital Financial Literacy, Responsible Innovation, and the Role of Community Banks CFPB Deputy Director Mark Paoletta Delivers Sharp Rebuke of Chopra-Era Approach to Financial Literacy Today’s podcast episode: A National Strategy to Prevent Scams – “United We Stand”

FinCEN

FinCEN Clarifies Use of Digital Credentials Under CIP FinCEN Clarifies That Banks May Discuss Fraud and Account Closures Without Disclosing SARs Today’s podcast episode: Risk-Based AML/CFT Reform: What Financial Institutions Need to Know About the Joint Banking Agency and FinCEN Proposals

Fintech

House Financial Services Committee to Consider H.R. 7866 and the Intended Scope of DIDMCA’s Opt-Out Provision FDIC Considers Industry Standard-Setting Organization for Third-Party Service Providers California DFPI Appeals Trial Court Decision Rejecting Its “True Lender” Theory in OppFi Case

Flood Insurance

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

FTC

Citing growth of impersonation scams, FTC considers updating rule Calling payment processors ‘crucial intermediaries between businesses and consumers,’ FTC cracks down on two companies FTC Bureau of Consumer Protection Launches New Program Inviting Industry and the Public to Identify Problems with FTC Rules

FTC Enforcement

Calling payment processors ‘crucial intermediaries between businesses and consumers,’ FTC cracks down on two companies FTC, State of Connecticut secure $4 million settlement with vehicle dealership Online bill payment company Doxo settles FTC complaint

General

Governor Sherrill Selects Christopher Peterson to Lead New Jersey Division of Consumer Affairs Consumer Finance Monitor Celebrates 15 Years of Covering the Consumer Financial Services Industry North Carolina Enacts First-in-the-Nation Ban on Third-Party Litigation Financing

GLBA

GLBA Modernization Legislation: Key Implications for Financial Institutions’ Data Practices CFPB suggests that state privacy laws can—and should—regulate financial data Kansas 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

2025 HMDA Modified Loan Application Register Data Published CFPB Adjusts HMDA Asset Exemption Threshold 2024 HMDA Modified Loan Application Data Published

Hot Issues

Today’s podcast episode: A Deep Dive on BNPL Regulation and Other “Hot” Topics with Max Dubin of the New York DFS Register Now for the National Institute on Consumer Financial Services Basics Businesses Now Face ADA Risk Related to COVID-19 Mandatory Employee Mask-Wearing Policies

HUD

Major housing legislation includes Small-Dollar Mortgage Loan provisions HUD modifies FHA Mortgage Loan Policies to reduce regulatory burdens and promote affordability HUD Revised Foreclosure Bidding Process for FHA Loans

Identity Theft

Today’s podcast episode: White House Executive Order on Scams and Fraud Takes Center Stage 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 report

Income Share Agreements

CFPB Takes Action Against BloomTech, Inc. for ISAs that Violate TILA, UDAAP, and the FTC’s Holder Rule CFPB settles claims against operator of training program arising out of income share agreements NJAG 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 generators Ballard Spahr to hold Feb. 20 webinar on TCPA developments impacting consent and lead generation New 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 Ridge CFPB publishes language access plan for consumers with limited English proficiency DOJ Settles Redlining Claims in Rhode Island

Litigation and Court Decisions

Podcast Release: Consumer Financial Services Litigation Series - Episode 1: Pro Se Plaintiffs OCC Moves to Dismiss Multistate Challenge to Mortgage Escrow Preemption Actions Supreme Court Takes Next Step Toward Resolving National Bank Act Preemption Split, Inviting Solicitor General’s Views in Cantero, Conti and Kivett

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" bill CFPB 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 report NYDFS sends survey request to online lenders Bipartisan bill to provide "true lender" fix introduced in House

Military Issues

CFPB reaches settlement with FirstCash in connection with alleged MLA Violations DOJ and CFPB Remind Institutions of Rate Protections for Servicemembers VA 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 payments The 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 Report FinCEN 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 Business PA Department Of Banking And Securities: virtual currency is “money”Wisconsin and Maine enact Model Money Transmission Modernization Law

Mortgage Servicing

VA Announces Launch of New Partial Claim Program to Help Protect Veterans from Foreclosure with VA Home Loans HUD Revised Foreclosure Bidding Process for FHA Loans Congress Passes Legislation to Help Protect Veterans from Foreclosure by Reauthorizing Partial Claims with VA Home Loans

Mortgages

OCC Moves to Dismiss Multistate Challenge to Mortgage Escrow Preemption Actions Supreme Court Takes Next Step Toward Resolving National Bank Act Preemption Split, Inviting Solicitor General’s Views in Cantero, Conti and Kivett MBA Sues New Jersey Over Disparate Impact Rule

NCUA

Illinois Court Extends Preemption of IFPA to Federal Credit Unions Banking Agencies Propose More Prescriptive Third-Party Risk Management Framework FinCEN Clarifies That Banks May Discuss Fraud and Account Closures Without Disclosing SARs

Non-sufficient funds fees

FDIC rescinds guidance governing re-presentment of same transaction NCUA Increases Scrutiny of Overdraft, NSF, and RDI Fees Michigan federal court shuts down class action against Flagstar Bank for so-called “surprise overdraft” fees and multiple NSF fees on re-presentments

Not-For-Profits

Department of Treasury Issues Strategy on De-Risking

NSF fees

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

NYDFS

Coming Soon: A Must-Listen Conversation with a Key New York Regulator New York publishes Buy Now, Pay Later Rules NYC Comptroller calls for strengthening city, state consumer protection laws, regulations

OCC

OCC Moves to Dismiss Multistate Challenge to Mortgage Escrow Preemption Actions ICBA Sues OCC Over Crypto National Trust Bank Charters: A Significant Challenge to the OCC’s Chartering Authority Banking Agencies Propose More Prescriptive Third-Party Risk Management Framework

OHDFI

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

Overdrafts

Senate adopts resolution to nullify CFPB overdraft rule House Committee adopts resolution to nullify CFPB overdraft rule NCUA Rescinds Policy to Publish Credit Unions’ Overdraft and NSF Income

Payday Lending

New York AG sues payday lenders MoneyLion and DailyPay Appeals Court sets March 30, 2025 as effective date of CFPB payday lending rule Appeals 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 measures Today’s podcast episode: A Debate About The Need, If Any, For a Federal Charter for Non-Banks Engaged in the Payments Business CFPB issues final rule to give bureau supervisory power over digital consumer payment applications

Podcasts

Podcast Release: Consumer Financial Services Litigation Series - Episode 1: Pro Se Plaintiffs Podcast Release: What Are Class Action Waivers Worth? A New Study Looks to the Stock Market for Answers Podcast Release: SpaceX’s Novel Shareholder Dispute-Resolution Bylaws Could Have Far-Reaching Implications

Preemption

OCC Moves to Dismiss Multistate Challenge to Mortgage Escrow Preemption Actions Supreme Court Takes Next Step Toward Resolving National Bank Act Preemption Split, Inviting Solicitor General’s Views in Cantero, Conti and Kivett Ten States Take on the OCC Over National Bank Preemption of State Escrow-Interest Laws

Prepaid Cards

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

Privacy

Today’s Podcast Release: The “Confidence Advantage”: Why Privacy, Cybersecurity and AI Governance Are Becoming Business Imperatives Adding to the Tally: Another Court Denies Bid for Class Certification in Cookie Tracking Case U.S. House Committee releases SECURE Data Act to establish new federal privacy framework

Private Education

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

Proposed Rulemaking

FDIC Proposes Rule to Establish Parity Between State and National Banks in Applying Host-State Laws CSBS Supports DIDMCA Legislation as House Committee Prepares to Mark Up Bill Kraninger Calls for Passage of Legislation Clarifying Section 525 of DIDMCA

Recess Appointment

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

Regulation Z

Colorado Sues EarnIn, Alleging Its “Earned Wage Access” Product Is Really a High-Cost Loan CFPB Signals It May Revisit Credit Card Late Fee Regulation Trade Associations Sue CFPB on Same Day as it Issues Final Open Banking Rule Under Section 1033 of Dodd-Frank

Regulatory and Enforcement

Rohit Chopra’s California Move: What Has He Done So Far—and What Does It Tell Us About His Agenda?Interagency Special Purpose Credit Program Statement Rescinded Lawsuit Challenging CFPB’s Revised ECOA Rule Moves Forward Under Lengthy Summary Judgment Schedule

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 activities CFPB proposes ‘narrow’ amendment to disclosure requirements for international remittances and money transfers

Research

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

RESPA

DC Attorney General Settles with Four Title Company Joint Venture Organizers CFPB Highlights Applicable HUD-Issued RESPA Guidance 4th Circuit Rules Plaintiffs Have No Standing to Sue Based on Mere RESPA Statutory Violation Claim

Richard Cordray

CFPB urges more consumer control over payment methods D.C. Circuit poised to decide constitutionality of CFPB structure in PHH case Trump'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 Requirements Federal Banking Agencies Issue NPRM Consistent with FinCEN’s AML/CFT Modernization Proposal Department of Treasury Issues Strategy on De-Risking

S.2155

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

SBREFA panel

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

Scam Prevention

Aspen Institute Launches New Initiative to Combat the Nation’s Growing Scam Epidemic

Section 1071

CFPB Finalizes Revised 1071 Rule Webinar: The CFPB’s Funding Crisis — What It Means for the Future of Consumer Financial Protection Section 1071 Rule Proposed Amendments—A Deeper Dive

Small Business

Today’s podcast episode: CFPB’s Revised Section 1071 Rule: What Lenders Need to Know About the New Small Business Lending Reporting Requirements CFPB Finalizes Revised 1071 Rule Today's podcast episode: The Consumerization of Small Business Lending: Federal and State Regulations Accelerate

Small Dollar Loans

Trade groups challenging CFPB payday loan rule file opening brief with Fifth Circuit Texas federal court denies trade groups’ motion to extend stay of payment provisions compliance date until appeal resolved; trade groups ask Fifth Circuit to extend stay CFPB 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 rule Nevada enacts amendments regarding working from remote locations for Installment Loan Company licensees and collection of medical debt This 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

California Enacts Sweeping New Regulation of Commercial Financing Rohit Chopra’s California Move: What Has He Done So Far—and What Does It Tell Us About His Agenda?MBA Sues New Jersey Over Disparate Impact Rule

State Banks

California Enacts Sweeping New Regulation of Commercial Financing House Financial Services Committee Advances DIDMCA Opt-Out Clarification Bill CSBS Releases Artificial Intelligence Supervisory Framework for State Examiners

State Enforcement

Chopra: New agency to focus on harmful and corrupt practices that drive up costs Massachusetts Governor proposes medical debt rules New Jersey Attorney General Issues Sweeping Enforcement Statement Targeting “Junk Fees”

State Licensing

CSBS Releases Artificial Intelligence Supervisory Framework for State Examiners Chopra: New agency to focus on harmful and corrupt practices that drive up costs Oregon Proposes Guidance Requiring Nonbank BNPL Providers and Service Providers to Obtain State Lending Licenses

State Regulation

California Enacts Sweeping New Regulation of Commercial Financing Rohit Chopra’s California Move: What Has He Done So Far—and What Does It Tell Us About His Agenda?MBA Sues New Jersey Over Disparate Impact Rule

Student Loan Equity Act

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

Student Loans

FinCEN issues alert on fraud schemes aimed at federal student aid Operator of student loan debt forgiveness service would be barred from debt relief, telemarketing industries, under proposed FTC order CFPB Private Education Loan Ombudsman receives record number of complaints

TCPA

Federal Judge issues injunction against student loan servicer Superior Servicing Supreme Court accepts case seeking to determine whether district courts must accept FCC’s interpretation of TCPA This 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 2.0 BSA Filings and Their Utility to Law Enforcement: An Industry Viewpoint This 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 consent FTC Agrees to Settlement with Lead Generator Banning Telemarketing and Robocall Activities Pennsylvania Attorney General files lawsuit against lead generator for role in assisting unlawful telemarketing calls

TILA / RESPA

CFPB Issues RFI on TRID Rule, Rescission and Reverse Mortgages Today’s podcast episode: Coerced Debt: New York’s Landmark Law and Emerging Trends Nationwide - Part 2 Today's podcast episode: Residential Solar Finance Under Intensifying Scrutiny: Key Regulatory and Litigation Trends

Title Insurance

DC Attorney General Settles with Four Title Company Joint Venture Organizers 4th Circuit Rules Plaintiffs Have No Standing to Sue Based on Mere RESPA Statutory Violation Claim House Passes Bill to Amend TRID Rule Disclosures

TRID

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

Trump Administration

Crews sworn in as member of NCUA board; designated Chairman Crews confirmed as member of NCUA board Trump renews effort to oust Cook from Federal Reserve Board

UDAAP

Today’s podcast episode: Consumer Protection, Democracy, and the CFPB: A Thought-Provoking Debate with Amelia O’Rourke-Owens Today’s podcast episode: Debt Sales 101 Mini-Series — Episode 4: The Regulatory Landscape for Debt Sales Today Is There Legal Authority for Trump’s “Debanking” Executive Order?

UDAP

Justices Roberts and Gorsuch cast doubt on the FTC’s UDAP rulemaking authority in Trump v. Slaughter An update on NYC DWCP ‘Junk Fee, Subscription Trap’ and other initiatives Today’s podcast episode: Agentic AI in Consumer Financial Services: Opportunities, Risks, and Emerging Legal Frameworks

Uniform Consumer Credit Code

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

Usury

DIDMCA’s Section 525 Opt-Out: Congress Allowed States to Reimpose Usury Limits on Their Own Banks, Not on Out-of-State Lenders Twenty-One States File Amicus Brief Supporting Challenge to Colorado’s Effort to Regulate Interest Rates Charged by Out-of-State State Banks FDIC Files Amicus Brief Supporting Challenge to Colorado’s Opt-Out Interest Rate Law

Vehicle Loans

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

Virtual Currency

Treasury Issues NPRM on State Oversight of Stablecoin Issuers Under the GENIUS Act PA Department Of Banking And Securities: virtual currency is “money”California Reconsidering the “Digital Financial Assets Law”

Webinars

Register Now for Our August 24 Webinar on the House Financial Services Committee’s Discussion Draft of the CFPB Reform Act of 2026 Webinar: Understanding the 10th Circuit’s Colorado Opt-Out Decision Webinar: The CFPB’s Funding Crisis — What It Means for the Future of Consumer Financial Protection