On January 10, 2025, in the waning days of the Biden Administration, the Consumer Financial Protection Bureau issued a Request for Information Regarding the Collection, Use, and Monetization of Consumer Payment and Other...more
On June 3, 2024, the Consumer Financial Protection Bureau imposed a new set of regulatory obligations on nondepository consumer-financial companies that are subject to court or administrative orders enforcing federal or state...more
On April 17, 2024, the Consumer Financial Protection Bureau entered an order against BloomTech Inc., which does business as the Bloom Institute of Technology, and its CEO, Austen Allred, for mischaracterizing BloomTech’s...more
Yesterday, the Consumer Financial Protection Bureau updated its process for designating a nonbank for supervision. Initially issued in 2013, the revised rule specifically establishes the CFPB’s procedures in determining...more
On October 11, 2023, President Biden, Federal Trade Commission (FTC) Chair Lina Khan, and Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra announced the latest developments in the government’s efforts to...more
The Massachusetts Attorney General (AG) is increasing its enforcement in the motor-vehicle-repossession space. In a January 17, 2023, Assurance of Discontinuance (AOD), the AG stated that it is “conducting an investigation”...more
Much has been written about the Consumer Financial Protection Bureau’s recent “Policy Statement on Abusive Acts or Practices,” in which the Bureau analyzed the prohibition on abusive conduct in the Consumer Financial...more
Federal Student Aid’s Office of Enforcement announced a “secret shoppers” program as one of many tools to evaluate a college or university’s recruitment, enrollment, financial aid and other practices. The secret shoppers...more
The Consumer Financial Protection Bureau’s recent guidance regarding withholding transcripts from students with debts revealed that the CFPB is using a broad definition of “private education loan” that may apply to the...more
Fintech lender Opportunity Financial (“OppFi”) and the Department of Financial Protection and Innovation (“DFPI”), California’s financial-services regulator, filed dueling claims as they battle over state efforts to enjoin...more
On April 25, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it will begin examining nonbank “covered persons” that it has determined pose risks to consumers. The CFPB has had this authority since its...more
On March 9, 2022, President Biden signed an Executive Order on Ensuring Responsible Development of Digital Assets (“Executive Order”) to mobilize the federal government to develop a strategy for digital assets, intending to...more