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Financial Institutions Consumer Financial Protection Bureau (CFPB) Enforcement

Harris Beach PLLC

CFPB’s Circular 2024-05: Overdraft Services and Their Place in Regulation E’s Opt-In Regime

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The Consumer Financial Protection Bureau (CFPB) recently issued Circular 2024-05 (Circular). The CFPB considered whether financial institutions could violate the law by charging fees for providing overdraft services without...more

Woods Rogers

CFPB Warns Employee Confidentiality Agreements May Violate Whistleblower Protections

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The Consumer Financial Protection Bureau (CFPB) recently issued the Consumer Financial Protection Circular 2024-04 warning financial institutions that broad employee confidentiality agreements may violate the whistleblower...more

Sheppard Mullin Richter & Hampton LLP

Fed Cracks Down on Utah Bank for Alleged Compliance Failures with $44 Million Fine

On a July 19, the Federal Reserve Board announced it has issued a consent order against a Utah-based bank and its parent company for engaging in unfair and deceptive acts and practices in violation of Section 5(a)(1) of the...more

Davis Wright Tremaine LLP

Banking and Consumer Regulatory Digest - February 2024 - 3

Editor's Note: The following newsletter provides a roundup summarizing enforcement actions, guidance, rulemakings, and other public statements taken by a federal and/or state financial services regulatory agency, specifically...more

Davis Wright Tremaine LLP

First Impressions on CFPB's Proposed Open Banking Rule: Considerations for Key Stakeholders

On October 19, 2023, the Consumer Financial Protection Bureau (CFPB) released its long-awaited "Required Rulemaking on Personal Financial Data Rights" (Proposed Rule) for public comment. The Proposed Rule was issued under...more

Ballard Spahr LLP

Consumer Finance Podcast Monitor Episode: The Consumer Financial Protection Bureau’s Final Section 1071 Rule on Small Business...

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At the end of March 2023, the CFPB issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and...more

Moore & Van Allen PLLC

LEGAL ALERT Re: Consumer Financial Protection Bureau’s Small Business Lending Data Collection under the Equal Credit Opportunity...

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The Consumer Financial Protection Bureau (the “CFPB”) has published a final rule implementing the requirements of Section 1071 of the Dodd-Frank Act (the “Final Rule”), which mandated data collection on certain credit...more

Dechert LLP

DOJ Expands Cryptocurrency Enforcement with Formation of Prosecutors Network

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In response to President Biden’s March 9, 2022 Executive Order on digital assets, the DOJ announced the formation of a new network of prosecutors tasked with becoming specialists in investigating and prosecuting alleged...more

Bradley Arant Boult Cummings LLP

Prosecution Of NY Lender Marks Shift In PPP Enforcement

Until recently government enforcement and regulatory scrutiny of fraud and other misconduct relating to COVID-19 relief programs were generally limited to end recipients of the relief. These efforts have mostly been...more

Sheppard Mullin Richter & Hampton LLP

CFPB Takes Aim at Prepaid Card Providers Distributing Government Benefits

On February 15, the CFPB released Bulletin 2022-02 to reiterate the prohibition in the Electronic Fund Transfer Act (EFTA) that financial companies with government benefit contracts may not require consumers to establish an...more

Perkins Coie

The Consumer Financial Protection Bureau Celebrates 10-Year Anniversary

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On July 21, Acting Director Dave Uejio celebrated the 10-year anniversary of the Consumer Financial Protection Bureau (CFPB) by giving prepared remarks highlighting the CFPB’s activities over the past 10 years in enforcement,...more

Manatt, Phelps & Phillips, LLP

CFPB Issues Policy Statement on Abusive Acts or Practices

The Consumer Financial Protection Bureau (CFPB or Bureau) today issued an important policy statement on how it intends to apply the “abusiveness” standard in supervision and enforcement matters....more

Goodwin

Financial Services Weekly News - October 2016 #3

Goodwin on

Editor's Note - Another Cybersecurity Proposal. On the heels of the New York State Department of Financial Services (NYDFS) issuing its proposed regulation that would require banks and insurance companies to institute...more

Davis Wright Tremaine LLP

The CFPB and the Business of Insurance: An Analysis of the Scope of CFPB’s Authority Over Insurance Sales

In 2014, the Bureau of Consumer financial Protection (CFPB) issued an enforcement order against a bank and its service provider for allegedly misleading sales of insurance. That order was based on the CFPB’s power to prohibit...more

Ballard Spahr LLP

OIG seeks improved CFPB approach for notifying prudential regulators of violations by smaller financial institutions

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The Office of Inspector General for the Fed/CFPB has sent a memorandum to the CFPB, the subject of which is “The CFPB Can Enhance Its Process for Notifying Prudential Regulators of Potential Material Violations.” The memo...more

Williams Mullen

State AGs and Regulators Step Up UDAAP Enforcement

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Dodd-Frank created the Consumer Financial Protection Bureau (“CFPB”) and granted that federal agency significant powers to regulate financial institutions. But Dodd-Frank also empowers state regulators to enforce the new...more

Bilzin Sumberg

In The Cross-Hairs? Protecting Your Company Against Consumer Financial Protection Bureau Investigations and Investors' Mortgage...

Bilzin Sumberg on

Watch an in-depth webinar presented by Litigation Partner Philip R. Stein, about the Consumer Financial Protection Bureau's attempts to expand its jurisdiction and authority over consumer finance companies and financial...more

Ballard Spahr LLP

The CFPB Stretches ECOA Past the Breaking Point with Auto Finance

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In a story released last night, Carter Dougherty at Bloomberg reports that the CFPB has warned “at least four banks” that it may take enforcement action against them under ECOA, alleging that a “policy” of “allowing” dealers...more

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