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Consumer Financial Protection Bureau (CFPB) Hidden Fees

Troutman Pepper

CFPB and Massachusetts AG Win $50M Judgment Against Credit Repair Services Company

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A federal district judge in Massachusetts entered a nearly $51 million judgment against Commonwealth Equity Group LLC (d/b/a Key Credit Repair) and its CEO after granting summary judgment in favor of the Consumer Financial...more

Nutter McClennen & Fish LLP

Nutter Bank Report: August 2024

CFPB Issues Filing Instructions Guide for Small Business Lending Data - The CFPB has published instructions for banks and other covered financial institutions to submit small business lending data that is required to be...more

Goodwin

CFPB Report Spotlights Consumer Risks with Private, Solar-Specific Loans

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​​​​​​​On August 7, 2024, the Consumer Financial Protection Bureau (CFPB) issued a report spotlighting four marketing and financing practices relating to solar financing that it claims pose significant consumer risks (the...more

Ballard Spahr LLP

Regulators Focus on Solar Lending Industry

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On August 7, 2024, the CFPB published an Issue Spotlight on the solar lending industry. In conjunction with the CFPB’s Issue Spotlight, the CFPB, U.S. Department of Treasury, and the Federal Trade Commission also issued a...more

Ballard Spahr LLP

CFPB, Credit Repair Cloud Reach Deal Over Illegal Marketing Allegations

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The CFPB and Credit Repair Cloud, have reached agreement over allegations that the firm helped other credit repair businesses charge illegal fees to consumers....more

Troutman Pepper

CFPB Spotlights Fees in School Lunch Payment Platforms

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On July 25, the Consumer Financial Protection Bureau (CFPB or Bureau) released an Issue Spotlight focusing on the fees associated with electronic payment platforms used by school districts to process school lunch payments. In...more

Sheppard Mullin Richter & Hampton LLP

CFPB Report Spotlights Hidden Fees in School Lunch Payments

The CFPB recently released a report on payment processing companies that manage school lunch payments for school districts. The companies, the report argues, cater to a captive market and often impose transaction fees that...more

Morgan Lewis

CFPB Expands ‘Junk Fee’ Crackdown to Mortgage Closing Costs

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Following a recent call for consumer input, the Consumer Financial Protection Bureau (CFPB) announced it will launch a formal public inquiry into so-called “junk fees” that the Bureau claims may be increasing mortgage closing...more

Cozen O'Connor

The State AG Report – 5.16.2024

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: • CFPB Reports “Doom Loops” and Other Harmful Practices in...more

Orrick, Herrington & Sutcliffe LLP

CFPB reports that complex pricing leads to higher consumer costs

On April 30, the CFPB published a report titled Price Complexity in Laboratory Markets indicating that consumers may pay higher prices for products with complex pricing structures. The report drew on experiments conducted in...more

Cozen O'Connor

The State AG Report – 5.2.2024

Cozen O'Connor on

Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •Florida AG Takes the Field Against Atlantic Coast...more

Cooley LLP

CFPB Reports on Recent Mortgage Servicing Examination Findings, Continues to Highlight ‘Junk’ Fees

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On April 24, 2024, the Consumer Financial Protection Bureau (CFPB) published a new edition of its Supervisory Highlights focused on findings from recent mortgage servicing examinations. Although the report’s publication...more

Orrick, Herrington & Sutcliffe LLP

Read the Actual Report: CFPB Supervisory Highlights Report Suggests That “Illegal Junk Fees” Are Not a Widespread Problem in...

On April 24, the CFPB  issued a press release entitled “CFPB Takes Action to Stop Illegal Junk Fees in Mortgage Servicing,” which touts its latest Supervisory Highlights report on mortgage servicing....more

Wiley Rein LLP

Wiley Consumer Protection Download (April 16, 2024)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Cozen O'Connor

The State AG Report – 4.4.2024

Cozen O'Connor on

Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •Republican AGs Take Another Bite at the Apple in...more

Cozen O'Connor

The State AG Report – 3.28.2024

Cozen O'Connor on

Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •DOJ and State AGs Attempt to Take a Bite Out of Apple - ...more

Orrick, Herrington & Sutcliffe LLP

White House targets “junk fees” in higher education with several new initiatives

On March 15, the White House issued a fact sheet on proposed measures aimed at curbing or eliminating alleged “junk fees” in higher education, citing that it found college students incurred “billions in fees” when having to...more

Hogan Lovells

The Biden Administration and State Attorneys General continue to take aim at eliminating “junk fees”

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In his recent State of the Union address, President Biden echoed his administration's commitment to tackling "junk and hidden fees," defined as charges to consumers providing little to no value and preventing clear...more

McGlinchey Stafford

CFPB’s So-Called “Junk Fees” Revolution Targets Residential Mortgage Loan Closing Costs

McGlinchey Stafford on

On March 8, 2024, the Consumer Financial Protection Bureau (CFPB) announced it was seeking public input on so-called “junk fees” incurred as part of the closing process for residential mortgage loans. The residential...more

McGlinchey Stafford

“Junk Fee” Revolution Continues: CFPB Issues Final Rule Limiting Late Fees on Credit Cards

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Tuesday, the Consumer Financial Protection Bureau (CFPB) issued a Final Rule capping most credit card late fees at $8. The CFPB believes its new rule may save consumers more than $10 billion a year in late fee charges for an...more

Cozen O'Connor

Show Me the Money: AG Bonta Warns California Small Banks and Credit Unions Against Surprise Fees

Cozen O'Connor on

California AG Rob Bonta issued letters to small banks and credit unions warning that overdraft and returned deposited item fees likely violate the state’s Unfair Competition Law and the federal Consumer Financial Protection...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: The Biden Admin “Junk Fees” Initiative Continues: What the Latest Actions Mean for the...

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This two-part podcast repurposes our most recent webinar on the latest salvo of actions in the Biden Administration’s initiative directed at combatting so-called “junk fees.” Launched in January 2022, the initiative shows no...more

Latham & Watkins LLP

US and States Target Deceptive “Junk Fees” and “Drip Pricing”

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On October 11, 2023, the FTC issued a Notice of Proposed Rulemaking and Request for Public Comment titled “Trade Regulation Rule on Unfair or Deceptive Fees” (the Proposed Rule). The FTC said the Proposed Rule “would prohibit...more

Wiley Rein LLP

Wiley Consumer Protection Download (October 31, 2023)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

McGlinchey Stafford

Junk Fee Supervisory and Enforcement Activity Targets Auto Servicers

McGlinchey Stafford on

For almost two years, the Consumer Financial Protection Bureau (CFPB) has made combating so-called junk fees an agency priority, bringing multiple enforcement actions, undertaking supervisory activity, and collaborating with...more

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