A new proposal in California, Senate Bill 825 (SB 825), is intended to strengthen the enforcement authority of the state's Department of Financial Protection and Innovation (DFPI) by clarifying that it can take action against...more
For years, UK-based consumer finance and payments firms have viewed the U.S. regulatory landscape as complex, fragmented, and challenging when it comes to expansion. But 2025 may prove to be a turning point....more
The landscape of consumer financial services is shifting, driven by a broader deregulatory trend at the federal level. In this environment, companies must still address federal consumer financial law compliance and navigate a...more
3/4/2025
/ Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Privacy ,
Debt Collection ,
Deregulation ,
Fair Credit Reporting Act (FCRA) ,
State and Local Government ,
State Attorneys General ,
Truth in Lending Act (TILA) ,
UDAAP ,
Unfair or Deceptive Trade Practices
The Consumer Financial Protection Bureau (CFPB) has finalized the much-anticipated Personal Financial Data Rights Rule, 12 CFR 1033, a sweeping regulation that will have profound implications for data providers in the...more
On September 18, the CFPB issued a set of Frequently Asked Questions (FAQs) related to Buy Now, Pay Later (BNPL) products. These FAQs follow the CFPB's release of the 2024 BNPL Interpretive Rule (Interpretive Rule), which...more
A study in the Finance and Economics Discussion Series (FEDS) by the Federal Reserve Board on consumer lending found that financial technology (FinTech) lenders are able to take advantage of federal preemptions from state...more
Colorado has passed a law that amends the Colorado Uniform Consumer Credit Code (UCCC) to extend state interest rate limits on certain consumer loans made by out-of-state state-chartered banks, which caps rates at a maximum...more
6/30/2023
/ Banks ,
Consumer Financial Products ,
Consumer Lenders ,
Financial Services Industry ,
Interest Rates ,
Loans ,
National Bank Act ,
New Legislation ,
Opt-Outs ,
Preemption ,
Standard Chartered Bank ,
State Charters
The CFPB's latest regulatory agenda signals that it is considering rules to define larger participants in markets for consumer payments, to be published in July 2023. This action, if implemented, would represent a sea change...more
6/20/2023
/ Automotive Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Reporting Agencies ,
Debt Collectors ,
Dodd-Frank ,
Financial Services Industry ,
Market Participants ,
Money Services Business ,
Nonbank Firms ,
Payment Systems ,
Regulatory Agenda ,
Supervision ,
Technology Sector
The Consumer Financial Protection Bureau ("CFPB" or "Bureau") recently published a Small Entity Compliance Guide (the "Guide") regarding Section 1071 of the Dodd-Frank Act, which amended ECOA to require that financial...more
6/13/2023
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Covered Entities ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Final Rules ,
Financial Institutions ,
Lenders ,
Reporting Requirements ,
SBA ,
Small Business
The Consumer Financial Protection Bureau (CFPB) has moved to curb digital mortgage comparison-shopping platforms from receiving referral fees, issuing an advisory opinion that outlines how companies violate the Real Estate...more
2/10/2023
/ Advertising ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Digital Platforms ,
Financial Services Industry ,
Mobile Apps ,
Mortgages ,
NTIA ,
Online Platforms ,
Pay-To-Play ,
Referral Fees ,
RESPA
Under many federal and state laws, the owner or operator of a consumer financial services provider is responsible for complying with numerous statutes and regulations. The failure to comply with legal requirements can lead to...more
Anti-discrimination law applies to companies with black-box credit models using complex algorithms, according to a circular issued by the Consumer Financial Protection Bureau (CFPB) on May 26, 2022. According to the CFPB, the...more
6/16/2022
/ Adverse Action ,
Algorithms ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
ECOA ,
Emerging Technologies ,
Fair Lending ,
Financial Services Industry ,
Machine Learning ,
UDAAP ,
Whistleblowers
A federal district judge rejected states' challenge to the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corporation (FDIC) rules that the permissible interest rate for a loan is determined...more
The explosion in Buy-Now-Pay-Later (BNPL) has caught the eyes of lawmakers and regulators, who are taking a closer look at this booming industry.
BNPL payment offers allow consumers to purchase goods or services now and...more