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CFPB Finalizes Open Banking (Section 1033) Rule

On October 22nd, the Consumer Financial Protection Bureau ("CFPB") issued its final open banking rule, which implements section 1033 of the Dodd Frank Act ("Final Rule"). The Final Rule requires data providers, which includes...more

Explainer Things: Season 2 Episode 3

It has been a busy time for us at Explainer Things. Awards season is over, but the fintech regulatory drama is in midseason form. The star of this episode is of course the Supreme Court’s decision on the future of the CFPB....more

Explainer Things: Season 2 Episode 2

Spring has sprung here at Explainer Things. The Oscars have come and gone. We've set the clock forward an hour and watched as our NCAA tourney brackets all exploded. Next stop is summer vacation, when our team will be trying...more

Explainer Things: Season 2 Episode 1

Hard to believe 2024 marks 25 years since the Y2K panic. If Y2K means little to you, you're either too young or, like many of us at Explainer Things, you've blocked out the memories of end-of-times fearmongering and...more

Explainer Things: Episode 11

Typical legal newsletters might introduce a post-Thanksgiving edition with a line or two about gratitude for readers and clients. We at Explainer Things are certainly thankful for clients and readers alike, but we are far...more

Explainer Things: Episode 10

Our newsletter’s title is a nod to the semi-scary Netflix series Stranger Things. No surprise we are VERY excited about Halloween. You may notice that our regular pop culture references have gone horror-themed for this...more

Explainer Things: Episode 9

Fall is finally in the air as temperatures drop (in some parts of the country, at least) and football season is in full swing. We’ve previously avoided writing about football because our Explainer Things cast can’t agree on...more

Explainer Things: Episode 8

It’s been the summer of the pop star—with nonstop news of Taylor Swift and Beyonce selling out stadium after stadium. Don’t let it “break your soul” as you’re “shaking off” summer and sending the kids back to school. We hope...more

Explainer Things: Episode 7

It's the best of times and the worst of times for our pop-culture loving crew of consumer financial services lawyers. The movies are on a high with record box office receipts and stellar reviews for Barbie and Oppenheimer (or...more

Explainer Things: Episode 6

♫"Summertime and the living is easy"♫ or at least we hope it is for our growing readership. Our Explainer Things team is spicing up your consumer finance news with pop culture – Dua Lipa, The Big Lebowski, The Police, and The...more

Explainer Things: Episode 5

Extreme Makeover: Payments Edition? The CFPB's General Counsel, Seth Frotman, spoke to the Innovative Payments Association at its conference this month highlighting three "areas of concern" the agency has about the rapidly...more

Explainer Things: Episode 4

This season of Explainer Things is progressing nicely, don’t you think? We’ve introduced our recurring characters, like cryptocurrency, data privacy, and CFPB Director Rohit Chopra. We’ve established the tone – lighthearted...more

CFPB Issues New Policy Statement on Abusive Acts or Practices

On April 3rd, the Consumer Financial Protection Bureau issued a new Policy Statement ("Policy") providing an analytical framework to identify "abusive" conduct. This is the second time the CFPB has issued a Policy Statement...more

CFPB Proposes Non-Bank Registration System for Reporting of Enforcement Orders

On December 12th, the CFPB proposed to establish a registration system to catalog regulatory actions involving non-bank providers of consumer financial products and services brought by federal and state regulators.  The...more

Consumer Regulators' Role in Biden Administration's Framework on Digital Assets

Earlier this year, President Biden issued an Executive Order on Ensuring Responsible Development of Digital Assets ("Digital Assets EO"). The Digital Assets EO directed over 20 federal agencies to provide the Administration...more

CFPB Finalizes COVID-19 Amendments Regarding Foreclosure Protections for Borrowers

On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) issued a final rule to amend the mortgage servicing rules in Regulation X, which implements the Real Estate Settlement Procedures Act, to provide additional...more

CFPB Acting Director Uejio and FTC Acting Chairwoman Slaughter Issue Joint Statement on Preventing Illegal Evictions

On March 29, 2021, Consumer Financial Protection Bureau (CFPB) Acting Director Dave Uejio and Federal Trade Commission (FTC) Acting Chairwoman Rebecca Slaughter issued a joint statement regarding their agencies’ work to stop...more

CFPB Rescinds Temporary COVID Policy Statements

On April 1, 2021, the Consumer Financial Protection Bureau rescinded seven policy statements issued between March 26 through June 3, 2020 that provided temporary relief from certain regulatory obligations during the COVID-19...more

CFPB Encourages Financial Institutions And Debt Collectors To Permit Stimulus Payments To Reach Consumers

The Consumer Financial Protection Bureau this week urged financial institutions and debt collectors to allow federal stimulus payments to reach consumers. Although the CFPB did not issue any new requirements or specific...more

Impact of Supreme Court's Decision in "Seila Law, LLC v. CFPB"

On June 29, 2020, the Supreme Court resolved the ongoing dispute regarding the structure of the Consumer Financial Protection Bureau (CFPB) in Seila Law LLC v. Consumer Financial Protection Bureau, 591 U.S. – (2020). In a 5-4...more

CFPB Issues Interim Final Rule on Loss Mitigation Options for Homeowners Impacted by the Pandemic

On June 23, 2020, the Consumer Financial Protection Bureau (CFPB) issued an interim final rule permitting mortgage servicers to offer certain loss mitigation options based on the evaluation of an incomplete loss mitigation...more

CFPB Issues Compliance Aid Regarding CARES Act Credit Reporting Provisions

On June 16, the Consumer Financial Protection Bureau (CFPB) issued a compliance guide clarifying the credit reporting protections provided by the Coronavirus Aid, Relief and Economic Security (CARES) Act....more

CFPB Provides Additional COVID-19 Guidance Regarding Remittance Transfers

On June 2, 2020, the Consumer Financial Protection Bureau (CFPB) provided additional guidance to remittance transfer providers regarding the Remittance Rule, subpart of Regulation E....more

CFPB and CSBS Provide Additional Guidance Regarding CARES Act Mortgage Forbearance

The Consumer Financial Protection Bureau and the Conference State Bank Supervisors issued joint guidance to mortgage servicers clarifying the forbearance provision of the Coronavirus Aid, Relief and Economic Security (CARES)...more

CFPB Issues Statement on Flexible Approach to Electronic Credit Card Disclosures

On June 3, 2020, the Consumer Financial Protection Bureau (CFPB) issued a statement announcing temporary supervisory and enforcement flexibility during the COVID-19 pandemic for credit card issuers regarding electronic...more

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