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Federal Trade Commission (FTC) Financial Services Industry Consumer Financial Protection Act (CFPA)

Wiley Rein LLP

Wiley Consumer Protection Download (October 29, 2024)

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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

Wiley Rein LLP

Wiley Consumer Protection Download (October 15, 2024)

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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

Goodwin

Double Clicking on Innovation in Consumer Finance: Responsible Use of AI

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Artificial intelligence (AI) is becoming ubiquitous across sectors, and the financial services industry is no exception. With the rise of AI, there is also an increase in scrutiny by regulators over its use....more

Cooley LLP

CFPB Warns That Confidentiality Agreements May Violate Employee Whistleblower Protections

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On July 24, 2024, the Consumer Financial Protection Bureau (CFPB) issued a circular explaining that confidentiality or nondisclosure agreements may chill whistleblowing activity and therefore violate the CFPB’s whistleblower...more

Perkins Coie

CFPB Issues New Report Examining Financial and Privacy Risks to Consumers in Video Gaming Marketplaces: What Now?

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On April 4, 2024, the Consumer Financial Protection Bureau (CFPB) issued a new report, titled “Banking in Video Games and Virtual Worlds” (Report), that examines the growth of financial transactions in online video games and...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - April 2024 # 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

Ballard Spahr LLP

CFPB Press Release and Circular cite “abusive” steering practices in connection with comparison-shopping tools and lead generators

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On February 29, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued Consumer Financial Protection Circular 2024-01, Preferencing and steering practices by digital intermediaries for consumer financial products or...more

Troutman Pepper

CFPB Warns Digital Comparison-Shopping Operators and Lead Generators That Steering Consumers Could Violate the CFPA, But Fails to...

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Can digital comparison-shopping operators or lead generators violate the Consumer Financial Protection Act (CFPA) by preferencing products or services based on financial benefit? According to today’s guidance issued by the...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - February 2024 # 4

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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

Husch Blackwell LLP

A Closer Look at New York's Proposed Abusiveness Prohibition

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In January, New York Governor Kathy Hochul introduced a budget bill that proposed the headline-grabbing Buy Now Pay Later licensing regime. Less attention has been given to another proposed provision: adding a prohibition on...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: The CARS Rule: What You Need To Know About the Federal Trade Commission’s Final Motor...

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Our special guest is Richard (“Rick”) Hackett, former Assistant CFPB Director responsible for auto finance regulation and presently a member of the Board of F&I Sentinel, which supports lender compliance in the auto finance...more

Goodwin

2023 Year in Review: Student Lending

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Welcome to the Student Lending chapter of our annual report Consumer Financial Services 2023 Year in Review. Looking Ahead to 2024 - The CFPB will likely continue to focus on junk fees, nontransparent and other...more

Hudson Cook, LLP

CFPB Bites of the Month - 2023 Annual Review - Auto

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In this article, we share a timeline of our monthly "bites" for 2023 applicable to the auto finance industry. We think it's safe to say that the auto finance industry was top of mind to the CFPB. ...more

Wiley Rein LLP

Wiley Consumer Protection Download (January 8, 2024)

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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

Ballard Spahr LLP

New York enacts new requirements for subscription auto-renewals and credit card surcharge pricing

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On December 13, 2023, New York Governor Hochul signed two laws, which aim to protect consumers from (1) unwanted subscriptions by requiring notice to consumers for upcoming automatic renewals with clear instructions for...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: The Biden Admin “Junk Fees” Initiative Continues: What the Latest Actions Mean for the...

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This two-part podcast repurposes our most recent webinar on the latest salvo of actions in the Biden Administration’s initiative directed at combatting so-called “junk fees.” Launched in January 2022, the initiative shows no...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

Ballard Spahr LLP

FTC announces settlement with operator of personal finance mobile app alleged to have used “dark patterns” in connection with...

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The Federal Trade Commission recently announced that it has entered into a settlement with Bridge It, Inc. (“Brigit”), the operator of a personal finance mobile application, to resolve the FTC’s allegations that Brigit...more

Cozen O'Connor

CFPB Proposes Supervisory Powers over Large Providers of Digital Wallets and Payment Apps

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The CFPB proposed a new rule that would give it supervisory powers over larger participants in the market for general-use digital consumer payment apps, such as digital wallets and person-to-person payment apps....more

Eversheds Sutherland (US) LLP

CFPB previews consumer data portability rule meant to accelerate US open banking adoption

On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued an advance notice of proposed rulemaking (ANPR) with respect to a new consumer financial data portability rule mandated by Section 1033 of the...more

Ballard Spahr LLP

CFPB and FTC announce settlements with TransUnion

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The CFPB and FTC announced last week that they had entered into a settlement with Trans Union LLC (TU LLC) to resolve a lawsuit filed jointly in a Colorado federal district court by the agencies alleging that TU LLC and its...more

Venable LLP

A Fall of Fees: CFPB and FTC Announce New Efforts to Fight Alleged “Junk Fees”

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Large banks and credit unions must provide certain information to customers free of charge, such as account balances, transaction history, and fees, according to an advisory opinion issued by the Consumer Financial Protection...more

Troutman Pepper

Troutman Pepper Weekly Consumer Financial Services Newsletter - September 2023 # 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 Finance Services industry over the past week...more

Ballard Spahr LLP

CFPB announces settlement with nation’s largest credit repair organizations

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The CFPB announced this week that it has entered into a proposed settlement of a lawsuit it filed in 2019 in Utah federal district court against a group of defendants who constitute the largest credit repair organizations in...more

Ballard Spahr LLP

Townstone Mortgage files brief with Seventh Circuit in CFPB appeal from district court ruling that ECOA only applies to applicants

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Townstone Mortgage (Townstone) has filed its brief in the CFPB’s appeal to the U.S. Court of Appeals for the Seventh Circuit from the district court’s decision in the CFPB’s enforcement action against Townstone. In the...more

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