News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Non-Bank Lenders

Sheppard Mullin Richter & Hampton LLP

CFPB Reaches Settlement in Redlining Suit Against Nonbank Mortgage Lender

On November 1, the CFPB filed a proposed stipulated final order that would resolve the Bureau’s pending lawsuit in the Northern District of Illinois against a nonbank mortgage lender and broker for allegedly engaging in...more

Cozen O'Connor

Mortgage Lender to Pay $2.25 Million to Settle Alleged “Loan Churning” Practices Targeting Servicemembers and Veterans

Cozen O'Connor on

The CFPB reached a settlement with New Day Financial, LLC (NewDay), to resolve allegations that the non-bank mortgage lender violated the Consumer Financial Protection Act by misleading active-duty servicemembers and veterans...more

Saul Ewing LLP

CFPB Takes Action Against Fay Servicing for Alleged Violations of Mortgage Servicing Laws and Prior Enforcement Orders

Saul Ewing LLP on

On August 21, 2024, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against Fay Servicing, a nonbank mortgage servicer, for alleged violations of federal mortgage servicing laws and...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: The CFPB’s Registry of Nonbanks and Circular that Certain Contract Terms Violate Law

Ballard Spahr LLP on

The CFPB recently issued yet another final rule the agency says will help deter violations of consumer protection laws. This rule requires certain nonbank entities to register with the CFPB upon becoming subject to any order...more

Hinshaw & Culbertson - Consumer Crossroads

CFPB Publishes Filing Instructions for its New Nonbank Registry for Repeat Offenders

On August 23, the Consumer Financial Protection Bureau (CFPB) issued its Filing Instructions Guide ("Guide") for Nonbank Registration pursuant to its Registry of Nonbank Covered Persons Subject to Certain Agency and Court...more

Hudson Cook, LLP

[Webinar] Preparing for the New CFPB Enforcement Order Registry - June 27th, 2:00 pm ET

Hudson Cook, LLP on

Nonbank financial services companies with prior enforcement orders are preparing for the Consumer Financial Protection Bureau’s (CFPB) new Registry, which takes effect September 16. Nonbank consumer lenders, loan servicers,...more

Cozen O'Connor

The State AG Report – 6.20.2024

Cozen O'Connor on

Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: •GOP AGs Seek to Black Out FERC’s Electrical Transmission &...more

Cozen O'Connor

Democratic AGs Sign Up in Support of CFPB Registry Tracking Repeat Scammers

Cozen O'Connor on

A group of 10 Democratic AGs sent a letter to the CFPB supporting its final rule establishing a registry of nonbank financial firms that are subject to enforcement orders for violating consumer protection laws....more

Alston & Bird

CFPB Expands its Reach with Final Rule Establishing Nonbank Registry of Public Settlements, Consent Orders and Enforcement Actions

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What Happened? On June 3, 2024, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule (the Final Rule), a 486-page rule...more

Wiley Rein LLP

[Webinar] Decoding CFPB Examinations for Non-Bank Financial Firms - June 27th, 2:00 pm - 3:00 pm EDT

Wiley Rein LLP on

With the Consumer Financial Protection Bureau’s (CFPB) increased scrutiny of non-bank financial firms, understanding the CFPB’s examination process has become critical for supervised entities. Join us as we discuss the...more

Cozen O'Connor

The State AG Report – 6.6.2024

Cozen O'Connor on

Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: • Proposed Settlement Between AGs, DOJ, and NCAA Would...more

Sheppard Mullin Richter & Hampton LLP

CFPB Final Rule Establishes Registry for Violators of Consumer Finance Laws

On June 3, the CFPB issued its final rule codifying its “repeat offender registry.” The registry will require certain nonbank entities subject to agency or court orders issued in connection with the provision of a consumer...more

Shipkevich PLLC

CFPB to Begin Tracking Offenders through National Registry

Shipkevich PLLC on

The CFPB has issued a final rule to provide transparency and track certain covered nonbank offenders. On June 3, 2024, the CFPB introduced a significant regulatory measure known as the Registry of Nonbank Covered Persons...more

Brownstein Hyatt Farber Schreck

CFPB Publishes Final Nonbank Registry Rule

On June 3, the Consumer Financial Protection Bureau (CFPB) published a final rule to create a registry of nonbank companies that have entered into consent agreements or who have otherwise been found by the bureau to be in...more

Shipkevich PLLC

Credit Card Rewards Programs Oversight – The Next Notch in the CFPB’s Payments Space Regulatory Belt

Shipkevich PLLC on

In another move highlighting the Consumer Financial Protection Bureau's (the “Bureau” or “CFPB”) continued focus on the payments space, the CFPB has issued a new report finding consumers are encountering numerous problems...more

Wiley Rein LLP

Wiley Consumer Protection Download (April 30, 2024)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Husch Blackwell LLP

FDIC's Continued Focus on RESPA Section 8 Violations: What Bank and Non-Bank Lenders Should Know

Husch Blackwell LLP on

It is no secret that the Federal Deposit Insurance Corporation (FDIC) actively monitors its banks for compliance with Section 8 of the Real Estate Settlement Procedures Act (RESPA Section 8). However, in its March 2024...more

Orrick, Herrington & Sutcliffe LLP

RegFi Episode 29: The CFPB’s Expanding Supervisory Authority of Fintechs and Other Non-Banks

In our latest look at the CFPB’s expanding supervisory authority of fintechs and other non-bank financial service providers, RegFi cohosts Jerry Buckley and Sasha Leonhardt welcome fellow Orrick partner — and former deputy...more

Bradley Arant Boult Cummings LLP

CFPB Invokes “Dormant” Authority and Unveils First Public Supervisory Designation of a High-Risk Nonbank Installment Lender

Nearly two years ago, in April 2022, the CFPB issued a press release announcing its intent to start exercising its authority to examine non-bank financial services institutions that the CFPB has “reasonable cause to determine...more

Sheppard Mullin Richter & Hampton LLP

CFPB Issues Risk-Based Supervision Order Against Installment Lender

On February 23, the Consumer Financial Protection Bureau announced its first public decision designating a nonbank lender for supervision based on the institution’s potential risk to consumers....more

Ballard Spahr LLP

House members urge CFPB to define “risk to consumers” in procedural rule on risk-based supervisory authority

Ballard Spahr LLP on

A bi-partisan group of House members has sent a letter to CFPB Director Chopra to express concern about the CFPB’s rule setting forth its procedures for establishing supervisory authority over nonbanks engaged in conduct that...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Fintech

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to fintech. The Consumer Financial Protection Bureau (CFPB) and its director, Rohit Chopra, continued the agency's focus on the everyday consumer...more

Troutman Pepper

The Future of Digital Consumer Payment Applications: CFPB's Proposed Larger Participant Rule – The Consumer Finance Podcast and...

Troutman Pepper on

In this special joint episode of Payments Pros and The Consumer Finance Podcast, Carlin McCrory, Keith Barnett, James Kim, and Chris Willis discuss the Consumer Financial Protection Bureau's (CFPB) proposed larger participant...more

Alston & Bird

FSOC Approves Analytic Framework for Financial Stability Risks and Guidance on Nonbank Financial Company Designations

Alston & Bird on

A&B Abstract: On November 3, 2023 the Financial Stability Oversight Council (hereinafter “FSOC” or “Council”) unanimously approved final versions of: (1) the new Analytic Framework for Financial Stability Risk...more

Wiley Rein LLP

Wiley Consumer Protection Download (November 13, 2023)

Wiley Rein LLP on

Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

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