To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more
2/19/2025
/ Administrative Procedure Act ,
CFTC ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Protection and Innovation (DFPI) ,
Dodd-Frank ,
Enforcement Actions ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
FinCEN ,
OCC ,
Regulatory Agenda ,
Regulatory Reform ,
Section 1071
We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more
2/17/2025
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Regulatory Agenda ,
Regulatory Requirements ,
TCPA ,
UDAAP ,
Uniform Commercial Code (UCC)
In a recent decision, the U.S. Court of Appeals for the Sixth Circuit affirmed the dismissal of federal claims brought by a mortgagee against Trinity Financial Services, LLC (Trinity) under the Fair Debt Collection Practices...more
2/17/2025
/ Appeals ,
Attorney's Fees ,
Consumer Financial Products ,
Debt Collection ,
Emotional Distress Damages ,
FDCPA ,
Financial Services Industry ,
Foreclosure ,
Mortgages ,
Standing ,
Statutory Violations ,
Summary Judgment
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more
2/12/2025
/ CFTC ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
Financial Regulatory Reform ,
Financial Services Industry ,
HUD ,
New Legislation ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Trump Administration
On February 4, the Federal Communications Commission (FCC) proposed a $4,492,500 fine against Telnyx LLC for allegedly allowing illegal robocalls on its network. The FCC’s Notice of Apparent Liability for Forfeiture (NAL)...more
The Consumer Financial Protection Bureau (CFPB or Bureau) requested and was granted a 90-day stay in the litigation involving trade associations Cornerstone Credit Union League (Cornerstone) and the Consumer Data Industry...more
2/10/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Reports ,
Debt Collection ,
Fair Credit Reporting Act (FCRA) ,
Final Rules ,
Financial Services Industry ,
Medical Debt ,
Preliminary Injunctions ,
Regulation V ,
Regulatory Requirements ,
Rulemaking Process ,
Stays
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more
2/5/2025
/ CARS Rule ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Assets ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
FinTech ,
Military Lending Act ,
Popular ,
Regulatory Agenda ,
Securities and Exchange Commission (SEC) ,
Servicemembers Civil Relief Act (SCRA) ,
U.S. Treasury ,
Unfair or Deceptive Trade Practices
On January 30, the Consumer Financial Protection Bureau (CFPB or Bureau) released its updated list of consumer reporting companies for 2025. The list includes nationwide consumer reporting companies as well as several other...more
2/4/2025
/ Consumer Credit Protection ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Consumer Reporting Agencies ,
Credit Reports ,
Data Privacy ,
Data Security ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Identity Theft ,
Reporting Requirements
In a significant and highly anticipated move, President Donald Trump has fired Rohit Chopra, the Director of the Consumer Financial Protection Bureau (CFPB or Bureau). Rohit Chopra, who had been serving as the Director of the...more
After two and a half years, Coinbase, Inc. (Coinbase) and other crypto market participants may finally get an answer for why the Securities and Exchange Commission (SEC) has declined to promulgate rules clarifying how and...more
2/4/2025
/ Administrative Procedure Act ,
Appeals ,
Coinbase ,
Corporate Counsel ,
Cryptocurrency ,
Digital Assets ,
Enforcement Actions ,
Financial Services Industry ,
Rulemaking Process ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
On January 29, the Consumer Financial Protection Bureau (CFPB or Bureau) released a report analyzing the auto lending market’s impact on servicemembers. ...more
2/3/2025
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt ,
Financial Services Industry ,
Interest Rates ,
Loans ,
Military Lending Act ,
Military Service Members ,
Servicemembers Civil Relief Act (SCRA)
This week, the U.S. Court of Appeals for the Seventh Circuit issued a decision reversing a summary judgment order in a Fair Debt Collection Practices Act (FDCPA) case. The court found that there were genuine issues of...more
1/31/2025
/ Appeals ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
Reporting Requirements ,
Summary Judgment ,
Unfair or Deceptive Trade Practices
Last week, the U.S. Court of Appeals for the Third Circuit issued an opinion denying class certification in a case under the Telephone Consumer Protection Act (TCPA) finding common issues did not predominate the individual...more
1/30/2025
/ Advertising ,
Appeals ,
Class Action ,
Class Certification ,
Constitutional Challenges ,
Data Privacy ,
First Amendment ,
Statutory Interpretation ,
TCPA ,
Telecommunications ,
Unsolicited Faxes
On January 27, a three-judge panel of the U.S. Court of Appeals for the Fourth Circuit issued a significant opinion holding that the Servicemembers Civil Relief Act (SCRA) does not prohibit the enforcement of arbitration...more
1/29/2025
/ Appeals ,
Arbitration ,
Arbitration Agreements ,
Class Action ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Dispute Resolution ,
Federal Arbitration Act ,
Financial Institutions ,
Financial Services Industry ,
Mandatory Arbitration ,
Military Lending Act ,
Servicemembers Civil Relief Act (SCRA)
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more
1/29/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Debt Collection ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Fraud ,
Medical Debt ,
Mortgages ,
Securities and Exchange Commission (SEC) ,
Securities Regulation
In a previous post, we discussed the oral arguments held on December 18, 2024, by the U.S. Court of Appeals for the Eleventh Circuit in the case of Insurance Marketing Coalition Limited (IMC) v. Federal Communications...more
1/27/2025
/ Consent ,
Enforcement Actions ,
FCC ,
Final Rules ,
Lead Generators ,
Regulatory Agenda ,
Regulatory Requirements ,
Robocalling ,
Stays ,
TCPA ,
Telecommunications ,
Telemarketing
In our previous post, we discussed the New York City Department of Consumer and Worker Protection’s (NYC DCWP) decision to delay the enforcement of the amended debt collection rules from December 1, 2024, to April 1, 2025....more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more
1/22/2025
/ Anti-Money Laundering ,
BSA/AML ,
Buy Now Pay Later (BNPL) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
COPPA ,
Cryptocurrency ,
Data Brokers ,
Data Privacy ,
EFTA ,
Federal Trade Commission (FTC) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Limited English Proficiency (LEP) ,
Mortgages
In this episode of the Crypto Exchange, Ethan Ostroff is joined by colleagues Pete Jeydel and Matt Orso to discuss a recent landmark decision from the Fifth Circuit regarding Tornado Cash. The court ruled that the Office of...more
On January 10, the Consumer Financial Protection Bureau (Bureau) issued a notice of proposed interpretive rule (Proposed Rule). The deadline for comments is March 31, 2025. The Proposed Rule would apply the Electronic Fund...more
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more
1/15/2025
/ CFTC ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Data Privacy ,
FCC ,
FDIC ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Privacy Laws
On January 8, the Consumer Financial Protection Bureau (CFPB) officially recognized Financial Data Exchange, Inc. (FDX) as the first standard-setting body under the Personal Financial Data Rights promulgated rule under...more
The Consumer Financial Protection Bureau (CFPB or Bureau) finalized a rule aimed at removing an estimated $49 billion in medical bills from the consumer reports of approximately 15 million Americans. This rule amends...more
1/9/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Consumer Reports ,
Credit Reports ,
Fair Credit Reporting Act (FCRA) ,
Final Rules ,
Financial Regulatory Reform ,
Healthcare ,
Medical Debt ,
Regulation V ,
Trade Associations
Recently, the Eastern District of Kentucky denied a motion to dismiss under the Fair Credit Reporting Act (FCRA) after finding the plaintiffs alleged sufficient facts to support a reasonable inference that credit reports were...more
1/8/2025
/ Class Action ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Credit Reports ,
Data Privacy ,
Data Security ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Lenders
Although Congress has neither formulated a regulatory framework for the digital asset industry nor anointed a federal regulatory agency as the de facto overseer of digital asset-related activities affecting interstate...more
1/8/2025
/ Bitcoin ,
Blockchain ,
CFTC ,
Commodities ,
Commodity Exchange Act (CEA) ,
Compliance ,
Cryptoassets ,
Cryptocurrency ,
Derivatives ,
Digital Assets ,
Enforcement Actions ,
Financial Regulatory Reform ,
FinTech ,
Regulatory Agenda