Earlier this month, the Consumer Financial Protection Bureau (CFPB) resolved its long-running lawsuit against Navient Corporation. The enforcement action culminated in a $120 million settlement of which $100 million was in...more
With Loper Bright’s recent death blow to Chevron deference, some commentators have been predicting substantial constriction of the administrative state and the narrowing or limiting of the powers of federal regulators. For...more
7/25/2024
/ Chevron Deference ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Applicants ,
ECOA ,
EFTA ,
Loper Bright Enterprises v Raimondo ,
Mortgage Lenders ,
Race Discrimination ,
Regulation B ,
Regulatory Authority ,
RESPA ,
Statutory Interpretation
Here’s what you need to know:
1. The House Financial Services Committee formed a 12-member working group on Artificial Intelligence (AI). The group is tasked with exploring AI’s comprehensive impact on financial services so...more
One of the primary challenges with working in U.S. financial services is keeping up with the ever-changing federal and state regulatory landscape. Juggling the day-to-day fire drills while staying atop of regulatory changes...more
1/4/2024
/ Annual Percentage Rate (APR) ,
Anti-Discrimination Policies ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Data Security ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Services Industry ,
Late Fees ,
Loans ,
Regulatory Agenda ,
Small Business
On September 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued new guidance outlining lenders’ obligations under the Equal Credit Opportunity Act (ECOA) and Regulation B when using artificial intelligence (AI)...more
In a not-entirely-unexpected ruling, Judge J. Campbell Barker of the U.S. District Court for the Eastern District of Texas recently vacated the Consumer Financial Protection Bureau’s (CFPB) updated Unfair, Deceptive, or...more
The Consumer Financial Protection Bureau (CFPB) has been at the forefront of discussions surrounding the evolving role of data brokers in today’s digital economy. In particular, Director Rohit Chopra recently announced that...more
Minnesota has expanded its fair lending statute to prohibit discriminating against a person in the extension of credit or in the requirements of obtaining credit because of gender identity. Prior to this amendment, the...more
Perhaps not as prominent in the national news as another relatively high-profile balloon, in its latest effort to legislate and regulate by enforcement, the Consumer Financial Protection Bureau (CFPB), together with New...more
2/10/2023
/ Banks ,
Car Dealerships ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Financial Institutions ,
Installment Agreements ,
New York ,
Price Inflation ,
Regulation Z ,
State Attorneys General ,
UDAAP
On February 1, 2023, the Consumer Financial Protection Bureau (CFPB) published a proposed rule that, if implemented, would require most nonbanks subject to the CFPB’s supervisory authority, with limited exceptions, to submit...more
Without its typical fanfare, the CFPB has revealed a plan to propose a rule titled “Nonbank Registration – Terms and Conditions” in its “Agency Rule List - Fall 2022.” The description of the proposed rule is scant, a mere...more
Update: On September 29, 2022, the Consumer Financial Protection Bureau issued Supervisory Highlights Student Loan Servicing Special Edition, finding that blanket college and university policies of withholding transcripts...more
In the past, it has been common for an institution of higher education to withhold a student’s transcript when the student had outstanding liability to the school. Bankruptcy and various loan collection laws have long placed...more
On January 20, 2022, the Consumer Financial Protection Bureau (CFPB) announced new efforts to examine postsecondary schools’ institutional lending programs. Many colleges and universities offer in-house student loans,...more
Keypoint: As leadership at the CFPB shifts, responses to the CFPB’s Notice of Proposed Rulemaking to implement Section 1033 of the Dodd Frank Act looms.
More than a decade ago, the Dodd Frank Act created the Consumer...more
On January 28, 2021, privacy professionals around the world will celebrate Data Privacy Day. This year, we decided to mark the occasion by gathering our team’s thoughts and expectations on what we expect to be the biggest...more
1/28/2021
/ Biometric Information Privacy Act ,
California Consumer Privacy Act (CCPA) ,
California Privacy Rights Act (CPRA) ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
Data Collection ,
Data Privacy ,
Data Protection ,
Data Selling ,
Dodd-Frank ,
Facial Recognition Technology ,
FSA ,
Health Care Providers ,
Internet of Things ,
Popular ,
State and Local Government