Earned wage access (“EWA”) programs are financial products that allow workers to receive payment for wages they have already earned before their next scheduled payday. Many of these programs are integrated into their...more
8/7/2024
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Earned Wage Access ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Payday Loans ,
Payroll Advances ,
Regulation Z ,
Regulatory Agenda ,
Rulemaking Process ,
Truth in Lending Act (TILA) ,
Wage and Hour ,
Wages
To the likely surprise of providers of buy now, pay later (“BNPL”) financing, last week the Consumer Financial Protection Bureau (“CFPB”) issued an interpretive rule stating that BNPL products are actually “credit cards”...more
On May 16, 2024, the United States Supreme Court issued its long-awaited opinion in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., holding that the CFPB’s unique funding...more
On April 24, 2024, the Consumer Financial Protection Bureau (CFPB) continued its assault on fees in the consumer finance industry. In its most recent edition of Supervisory Highlights, the CFPB reported that mortgage...more
5/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Supervisory Highlights ,
Unfair or Deceptive Trade Practices
On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued a procedural rule revising its supervisory appeals process for the first time since 2015. This Rule makes several important changes...more
On October 19, the Consumer Financial Protection Bureau (CFPB) issued its highly anticipated notice of proposed rulemaking to implement Section 1033 of the Dodd-Frank Act. The Personal Financial Data Rights Rule would require...more
11/8/2023
/ Comment Period ,
Consumer Data Requests ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Management ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
NPRM ,
Open Banking
On September 8, 2023, the U.S. District Court for the Eastern District of Texas issued an opinion and order vacating a March 2022 anti-discrimination update to the UDAAP section of the Consumer Financial Protection Bureau’s...more
The Consumer Financial Protection Bureau’s (CFPB or Bureau) Summer 2023 Supervisory Highlights, which discusses key examination findings between July 2022 and March 2023, underscores the Bureau’s continuing aggressive...more
On March 30, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require lenders to...more
On January 4, 2023, the Consumer Financial Protection Bureau (“CFPB”) and New York Attorney General (“NYAG”) filed a complaint in the Southern District of New York against a Michigan-based subprime indirect auto lender...more
On November 16, 2022, the Consumer Financial Protection Bureau (Bureau) released its Fall 2022 Supervisory Highlights. The 32-page report discusses the Bureau’s key examination findings in the areas of auto servicing,...more
On October 19, 2022, the Fifth Circuit sent shock waves through the financial world, ruling that the Consumer Financial Protection Bureau’s (“CFPB” or the “Bureau”) independent funding structure violates the U.S....more
Since the beginning of the Biden Administration, the Consumer Financial Protection Bureau (CFPB) has announced its intention to significantly increase its enforcement activity and expand its reach through aggressive...more
4/8/2022
/ Antitrust Provisions ,
Board Members ,
Board of Directors ,
Competition ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Executives ,
Enforcement Actions ,
Financial Services Industry ,
Regulatory Authority ,
Risk Mitigation ,
Unfair or Deceptive Trade Practices ,
Webinars
While credit-related products have long been subject to the anti-discrimination requirements of the Equal Credit Opportunity Act (ECOA), providers of non-credit financial products, such as payments, credit reporting services,...more
3/21/2022
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Agreements ,
Discriminatory Lending Practices ,
Disparate Impact ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agenda ,
UDAAP
On January 20, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it will examine postsecondary schools’ “in-house” lending practices (the Announcement). ...more
On December 16, 2021, the Consumer Financial Protection Bureau (Bureau, or CFPB) announced a “market monitoring” inquiry into “buy now, pay later” (BNPL) credit offered by five companies. In this alert, we explain the CFPB’s...more
On October 19, 2021, the Consumer Financial Protection Bureau (CFPB or the “Bureau”) entered into its first consent order under new Director Rohit Chopra, finding that a service provider to state correctional departments...more
10/27/2021
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debit Cards ,
EFTA ,
Enforcement Actions ,
Financial Services Industry ,
Inmates ,
Prepaid Payment Products ,
Prisoners ,
Processing Fees ,
Statutory Violations ,
Unfair or Deceptive Trade Practices
With Medical Debt Hitting $140 Billion, Hospitals Are Taking Action. How Can You Maximize Collections While Minimizing Risks? Find Out at a New Manatt Webinar...
New research published in the Journal of the American...more
10/5/2021
/ Collection Agencies ,
Consumer Financial Protection Bureau (CFPB) ,
Continuing Legal Education ,
Debt Collection ,
Debt Collectors ,
Debtors ,
Disclosure Requirements ,
FDCPA ,
Fees ,
Health Care Providers ,
Hospitals ,
Medical Bills ,
Payment Plans ,
Regulation F ,
Truth in Lending Act (TILA) ,
Webinars
On June 25, the Department of Housing and Urban Development (HUD) published in the Federal Register a proposal to rescind its own 2020 disparate impact rule (2020 Rule). In its place, HUD is proposing to recodify and restore...more
6/30/2021
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
Disparate Impact ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
Housing Market ,
HUD ,
Public Comment ,
Regulatory Standards
The Consumer Financial Protection Bureau is finally moving forward with rulemaking under Section 1071 of the Dodd-Frank Act, which will require “financial institutions” to collect, maintain and report to the CFPB data on...more
6/28/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Disparate Impact ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Regulatory Requirements ,
Reporting Requirements ,
SBREFA ,
Section 1071 ,
Small Business ,
Women-Owned Businesses
While federal and state regulators have long focused on debt collection practices, new CFPB leadership, increased state regulatory powers, the COVID-19 pandemic and other factors will not only make it harder for third-party...more
5/11/2021
/ Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Continuing Legal Education ,
Debt Collection ,
Debt Collectors ,
Debtors ,
Enforcement ,
Registration Requirement ,
Rulemaking Process ,
UDAAP ,
Webinars
Another day, another major pronouncement from the Consumer Financial Protection Bureau (CFPB or Bureau), which just took two important actions. First, it rescinded seven different policy statements that offered flexibility to...more
Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) just reversed course on the standard for abusive practices established under prior CFPB leadership. In this short report, we refresh you on the prior formal...more
State and federal financial regulators increasingly are focused on protecting small businesses, as illustrated by recent enforcement efforts and new state laws regulating both traditional and innovative small-business finance...more
3/16/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Continuing Legal Education ,
Disclosure Requirements ,
Enforcement Actions ,
Fair Lending ,
Federal Trade Commission (FTC) ,
Financial Products ,
Financial Regulatory Agencies ,
Financial Services Industry ,
Regulatory Authority ,
Regulatory Requirements ,
Small Business ,
Small Business Loans ,
State Regulators ,
UDAAP ,
Webinars
On March 9, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an Interpretive Rule that the prohibitions against sex discrimination in the Equal Credit Opportunity Act (ECOA) and Regulation B encompass...more