News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Finance Charges

Davis Wright Tremaine LLP

CFPB Takes Aim at Earned Wage Access Products as Regulated Loans

The Consumer Financial Protection Bureau (CFPB) proposed an interpretive rule that would extend Truth in Lending Act (TILA) and Regulation Z (Reg Z) compliance requirements to many existing earned wage access (EWA) products....more

Morrison & Foerster LLP

CFPB Subjects Certain BNPL Products to Credit Card Requirements

On May 22, 2024, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule indicating that certain Buy Now, Pay Later (BNPL) products are subject to certain provisions of Regulation Z that apply to credit...more

Ballard Spahr LLP

CFPB reported to be planning to unveil overdraft regulations before year-end

Ballard Spahr LLP on

Last week, Bloomberg Law reported that “Consumer Financial Protection Bureau officials have privately told industry executives that the regulator will likely unveil its long-awaited plan to crack down [on overdraft fees] in...more

Buchalter

CFPB Proposed Regulatory Activity Agenda Released, Focuses on Limitations on Bank and Credit Card Fees, Small Business Lending...

Buchalter on

The Office of Information and Regulatory Affairs in the Office of Management and Budget has released the Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions (Agenda) reports on the actions administrative agencies...more

Ballard Spahr LLP

CFPB enters into consent order with small-dollar lender to settle alleged TILA and UDAAP violations arising from finance charge...

Ballard Spahr LLP on

The CFPB announced last week that it has entered into a consent order with Triton Management Group, Inc., a small-dollar lender, to settle the CFPB’s allegations that Triton had violated the Truth in Lending Act and the...more

Ballard Spahr LLP

CFPB and Virginia AG settle claims against pawnbroker for alleged TILA/CFPA/VA law violations

Ballard Spahr LLP on

The CFPB and the Virginia Attorney General announced that they had entered into a proposed consent order with  Woodbridge Coins and Jewelry Exchange, Inc., a Virginia-based pawnbroker, to settle a lawsuit filed in a Virginia...more

Ballard Spahr LLP

CFPB files lawsuit against pawnbroker for alleged TILA and CFPA violations

Ballard Spahr LLP on

The CFPB announced that it filed a lawsuit in a Virginia federal district court against B&B Pawnbrokers, Inc., for alleged violations of the Truth in Lending Act and the Consumer Financial Protection Act in connection with...more

Manatt, Phelps & Phillips, LLP

CFPB Orders "Buy Here, Pay Here" Auto Dealer to Pay $800,000 for "Abusive" Financing Schemes

Why it matters - Continuing to keep a close eye on the auto lending industry, the Consumer Financial Protection Bureau (CFPB) ordered a "Buy Here, Pay Here" car dealer to pay $700,000 in restitution to customers, with a...more

Morrison & Foerster LLP

Department of Defense Adopts Significant Changes to Its Military Lending Act Regulations

On July 22, 2015, the Department of Defense (DOD) published sweeping changes to its rules that implement the Military Lending Act (MLA). The amended rules significantly expand the scope of the MLA provisions by covering both...more

Ballard Spahr LLP

CFPB files enforcement action against for-profit education company over alleged predatory lending tactics

Ballard Spahr LLP on

After hinting for months that it intends to use its enforcement powers to police lending in the higher education arena, the CFPB dropped the hammer on ITT Educational Services, filing suit against the for-profit college over...more

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