At an emergency hearing this morning in National Treasury Employees Union v. Vought, Judge Amy Berman Jackson once again halted the layoffs of over 1,000 employees at the Consumer Financial Protection Bureau (CFPB). The judge...more
4/21/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Employee Rights ,
Employment Litigation ,
Federal Labor Laws ,
Government Agencies ,
Hiring & Firing ,
Judicial Authority ,
Layoffs ,
Preliminary Injunctions ,
Regulatory Agencies ,
Stays ,
Trump Administration ,
Unions ,
Wrongful Termination
The Consumer Financial Protection Bureau (CFPB or Bureau) is undergoing significant changes as the Trump administration implements sweeping layoffs just days after revising the Bureau’s regulatory priorities. According to...more
4/18/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Employment Litigation ,
Federal Labor Laws ,
Hiring & Firing ,
Layoffs ,
Motion to Show Cause ,
Preliminary Injunctions ,
Regulatory Agencies ,
Regulatory Reform ,
Trump Administration ,
Unions ,
Voluntary Reduction in Force
This week, the Consumer Financial Protection Bureau (CFPB or Bureau) released a memo to staff outlining its new supervision and enforcement priorities for 2025....more
4/18/2025
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mortgages ,
Regulatory Reform ,
Regulatory Requirements ,
Supervisory Guidance ,
Trump Administration
On April 11, the U.S. Court of Appeals for the District of Columbia Circuit issued an order partially staying the district court’s preliminary injunction in the ongoing legal dispute between the National Treasury Employees...more
4/16/2025
/ Appeals ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Employment Litigation ,
Federal Labor Laws ,
Government Agencies ,
Hiring & Firing ,
Judicial Authority ,
Preliminary Injunctions ,
Regulatory Agencies ,
Statutory Violations ,
Stays ,
Trump Administration ,
Unions
The Consumer Financial Protection Bureau (CFPB or Bureau) agreed to vacate its controversial credit card late fee rule in a joint motion for entry of consent judgment filed in Chamber of Commerce of the United States of...more
4/16/2025
/ Administrative Procedure Act ,
CARD Act ,
Consent ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Judicial Authority ,
Late Fees ,
Penalties ,
Regulatory Requirements ,
Statutory Violations ,
Vacated
On April 9, the House of Representatives passed two Congressional Review Act (CRA) joint resolutions aimed at nullifying certain Consumer Financial Protection Bureau (CFPB) rules finalized in the final days of the...more
4/14/2025
/ Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Nullification ,
Overdraft Fees ,
Regulatory Reform ,
Regulatory Requirements
As federal agencies pull back on consumer protection regulations under the Trump administration, California is stepping up to fill the void. This shift was forecasted in January, when the Consumer Financial Protection Bureau...more
4/14/2025
/ Biden Administration ,
California ,
California Consumer Financial Protection Law (CCFPL) ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Reserve ,
Financial Institutions ,
New Legislation ,
Regulatory Reform ,
Trump Administration ,
UDAAP
On March 28, the Consumer Financial Protection Bureau (CFPB or Bureau) was ordered by the U.S. District Court for the District of Columbia to reinstate its employees and resume its operations. This decision comes after the...more
4/1/2025
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Employees ,
Employment Policies ,
Government Agencies ,
Hiring & Firing ,
Preliminary Injunctions ,
Regulatory Agencies ,
Regulatory Requirements ,
Stop Work Orders ,
Trump Administration ,
Unions
On March 14, the U.S. Court of Appeals for the Fourth Circuit issued a ruling addressing the obligations of furnishers under the Fair Credit Reporting Act (FCRA) to conduct reasonable investigations of disputed information,...more
On March 7, the Community Financial Services Association of America (CFSA) and the Consumer Service Alliance of Texas filed a petition for a writ of certiorari with the U.S. Supreme Court seeking to overturn a decision by the...more
3/17/2025
/ Administrative Interpretation ,
Appeals ,
Collins v Yellin ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Final Rules ,
Financial Services Industry ,
Judicial Review ,
Petition for Writ of Certiorari ,
Regulatory Reform ,
Removal For-Cause ,
Rulemaking Process ,
SCOTUS ,
Trump Administration
In a significant development in the credit card late fee rule litigation, the Consumer Financial Protection Bureau (CFPB) has filed a status report indicating that it is actively working towards a resolution. This update...more
In this final episode of our Year in Review series, Chris Willis is joined by colleagues David Anthony, Stefanie Jackman, and Jonathan Floyd to discuss the year in review and look ahead for debt collection. They provide...more
As discussed here, on February 9, the National Treasury Employees Union (NTEU), which includes members employed by the Consumer Financial Protection Bureau (CFPB or Bureau), filed a lawsuit in the District Court for the...more
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)
On February 11, President Donald Trump nominated Jonathan McKernan to be the new Director of the Consumer Financial Protection Bureau (CFPB or Bureau). If confirmed by the Senate, McKernan will replace Acting CFPB Director...more
2/13/2025
/ Administrative Appointments ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Nominations ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Reform ,
Trump Administration
In a dramatic series of events, the Consumer Financial Protection Bureau (CFPB or Bureau) has undergone leadership changes, signaling a significant shift in its regulatory approach. These changes began with the firing of...more
2/11/2025
/ Administrative Appointments ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Reform ,
Trump Administration
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
On February 4, Senators Bernie Sanders (I-Vt.) and Josh Hawley (R-Mo.) introduced bipartisan legislation aimed at immediately capping credit card interest rates at 10% for a period of five years. This initiative follows a...more
Hours before a scheduled hearing yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed an “Emergency Notice” in the U.S. Court of Appeals for the Fifth Circuit with respect to the ongoing litigation...more
2/4/2025
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
Enforcement Actions ,
Final Rules ,
Financial Services Industry ,
Lending ,
Regulatory Requirements ,
Rulemaking Process ,
Section 1071 ,
Small Business ,
Small Business Loans ,
UDAAP
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
Join host Kim Phan and special guests David Anthony, Stefanie Jackman, and Mark Furletti as they delve into the significant Fair Credit Reporting Act (FCRA) developments of 2024 and provide insights on what to expect in 2025....more
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
As discussed here, in February 2023, the Consumer Financial Protection Bureau (CFPB or Bureau) launched the auto finance data pilot and issued nine market monitoring orders to three banks, three finance companies, and three...more
1/27/2025
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Debt Collection ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
Lease Financing ,
Regulatory Requirements ,
Reporting Requirements ,
Repossess
Earlier this month, the Consumer Financial Protection Bureau (CFPB or Bureau) issued new policy statements regarding its Compliance Assistance Sandbox (CAS) and No-Action Letters (NAL) programs. ...more
1/24/2025
/ Competition ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Innovation ,
No-Action Letters ,
Regulatory Agenda ,
Regulatory Oversight ,
Sandbox ,
Supervision ,
Transparency