News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Consumer Financial Products

Hudson Cook, LLP

Despite Noble Intentions, Va. Usury Bill Is Bad For Consumers

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In the last few years, state legislatures have enacted legislation to curtail online bank lending in response to advocacy efforts by consumer activists. Such programs, in which nonbank financial technology companies...more

Orrick, Herrington & Sutcliffe LLP

District Court magistrate judge recommends rejecting a trade association’s challenge to CFPB’s Section 1071 data rule

On February 17, the U.S. District Court for the Southern District of Florida’s Magistrate Judge Eduardo I. Sanchez recommended rejecting a trade association’s challenge to the CFPB’s Section 1071 small business lending data...more

Orrick, Herrington & Sutcliffe LLP

Court grants fintech’s motion to compel discovery after CFPB loses bid to stay case

On February 13, the U.S. District Court for the Central District of California sided with a defendant, a fintech company, who filed a motion to compel discovery against the CFPB. As previously covered by InfoBytes, the CFPB...more

Sheppard Mullin Richter & Hampton LLP

California Governor Appoints New DFPI Commissioner

On February 7, California Governor Gavin Newsom announced the appointment of Khalil “KC” Mohseni as the new Commissioner of the California Department of Financial Protection and Innovation (DFPI). Mohseni has been serving as...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – February 2025 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Ballard Spahr LLP

Federal Judge Issues Order Prohibiting Massive Layoffs, Budget Cuts at CFPB Pending Ruling on Motion for Preliminary Injunction

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A federal judge has issued an order temporarily prohibiting the Trump Administration from imposing mass layoffs and budget cuts at the CFPB....more

Troutman Pepper Locke

2024 Consumer Financial Services Year in Review and A Look Ahead

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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

Ballard Spahr LLP

City of Baltimore and National Treasury Employees Union file separate suits to keep the CFPB funded and operating

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Accusing the CFPB of planning to use its funding mechanism to abolish the agency, the mayor and the city council of Baltimore (the “City of Baltimore”) and the Economic Action Maryland Fund (the “Economic Fund”), a nonprofit...more

McGlinchey Stafford

FTC’s CARS Rule Vacated — What Finance Companies Need to Know

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In a procedural decision, the U.S. Court of Appeals for the Fifth Circuit vacated the CARS Rule (officially, the Combatting Auto Retail Scams Trade Regulation Rule, sometimes known as the Vehicle Shopping Rule) which was...more

Orrick, Herrington & Sutcliffe LLP

CFPB will reportedly continue to update Average Prime Offer Rate tables

On February 11, it was reported that, despite the temporary halt in the CFPB’s operations, the Bureau’s tables for the Average Prime Offer Rate (APOR) will continue to be updated weekly by the CFPB. A Bureau spokesperson...more

Ballard Spahr LLP

Congressional Democrats accuse Trump Administration of ‘incursion’ at the CFPB

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More than 185 Democrats in the House and Senate are urging Trump Administration officials to restore the enforcement and supervisory powers of the CFPB....more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: The Fall of The CFPB, The Rise of The State AG

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In this episode of the Consumer Finance Monitor Podcast, Ballard Spahr partners Mike Kilgarriff and Joseph Schuster break down the seismic shifts in consumer financial regulation following the dramatic changes at the CFPB....more

Holland & Knight LLP

Changes at the CFPB Under the Trump Administration

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In this episode of his "Clearly Conspicuous" podcast series, consumer protection attorney Anthony DiResta explores the future of the Consumer Financial Protection Bureau (CFPB) under the Trump Administration. He discusses an...more

Orrick, Herrington & Sutcliffe LLP

Q&A: Will States Take the Lead in Consumer Protection?

On Saturday, February 1, Rohit Chopra was dismissed as Director of the Consumer Financial Protection Bureau (CFPB), with Secretary Scott Bessent appointed as Acting Director that same day. The following weekend, Office of...more

Troutman Pepper Locke

Deposit Account Litigation: Highlights From 2024 and What to Expect in 2025 — The Consumer Finance Podcast

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In this episode of The Consumer Finance Podcast, Chris Willis is joined by Mary Zinsner and Heryka Knoespel, partners in Troutman Pepper Locke’s Consumer Financial Services Practice Group, to discuss the latest in deposit...more

Ballard Spahr LLP

Senators Sanders, Hawley introduce legislation to cap credit card interest rates at 10%

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Sens. Bernie Sanders, I-Vt. and Josh Hawley, R-Mo. have introduced bipartisan legislation that could cap credit card interest rates at 10%....more

Ballard Spahr LLP

State authorities stepping up consumer protection efforts

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In the wake of recent federal directives diminishing the Consumer Financial Protection Bureau (CFPB), state authorities are increasingly stepping in to uphold consumer protections. Michigan Attorney General Dana Nessel has...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – February 2025 # 2

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Shipkevich PLLC

Rapid Changes at the CFPB: Speculation, Uncertainty, and the Future of Consumer Protection

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The Consumer Financial Protection Bureau (CFPB) has been a focal point for both regulatory oversight and political debate arguably since its inception. Created in 2010 as a response to the financial crisis, the CFPB is still...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Alan Kaplinsky’s “Fireside Chat” with Matthew J. Platkin, New Jersey Attorney General

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Today’s podcast show is a repurposing of Alan Kaplinsky’s “fireside chat” with Matthew J. Platkin, the New Jersey Attorney General, which was the first half of a webinar we produced on January 17, 2025. That webinar was Part...more

Hudson Cook, LLP

CFPB Bites of the Month - 2024 Annual Review - Fintech

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In this article, we share a timeline of our monthly "bites" for 2024 applicable to companies in FinTech. The Consumer Financial Protection Bureau was on a tear in the months leading up to the election and the inauguration of...more

Troutman Pepper Locke

New Leadership and Dramatic Changes at the CFPB: Future of the Bureau Uncertain

Troutman Pepper Locke on

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

Ballard Spahr LLP

CFPB revokes EWA advisory opinion

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The CFPB rescinded an advisory opinion that had described how one particular type of “earned wage” product did not involve the offering or extension of “credit” as that term is defined in the Truth in Lending Act and...more

Ballard Spahr LLP

House Republicans may start Congressional Review Act process to nullify overdraft rule

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House Republicans appear ready to start the Congressional Review Act (CRA) process to attempt to repeal the Biden Administration’s controversial overdraft rule....more

Troutman Pepper Locke

New York Issues Proposed Regulations About Overdraft Fees

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Given the future uncertainty of the Consumer Financial Protection Bureau’s (CFPB) efforts to regulate bank overdraft fees, New York’s Department of Financial Services (DFS) has stepped in to fill a perceived gap. The DFS...more

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