Consumer Finance Monitor Podcast Episode: A Debate About The Need, If Any, For a Federal Charter for Non-Banks Engaged in the Payments Business
Consumer Finance Monitor Podcast Episode: A Close Look at the Consumer Financial Protection Bureau’s Proposal to Supervise Large Nonbank Providers of Digital Wallets and Payment Apps
In The Cross-Hairs? Protecting Your Company Against Consumer Financial Protection Bureau Investigations and Investors' Mortgage Buyback Claims
On April 11, 2025, the Consumer Financial Protection Bureau (CFPB) announced that it will not prioritize enforcement or supervisory actions against nonbank entities that miss upcoming registration deadlines under its Nonbank...more
In connection with its regulation titled Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders (the Nonbank Registration Regulation), the CFPB announced on April 11, 2025, that it "will not prioritize...more
On April 9, the House of Representatives passed two resolutions that it received from the Senate, overturning two CFPB rules from the Biden administration. The House considered S.J. Res. 18, disapproving the CFPB’s final rule...more
Financial technology — or fintech — companies will continue to receive increased regulatory scrutiny in 2025. The latter half of 2024 saw a rise in regulatory guidance and enforcement activity relating to fintechs and the...more
Using the Congressional Review Act, the Senate has voted to nullify a CFPB final rule that would subject large cash apps to the bureau’s supervision....more
With the currently revolving door of directors at the federal Consumer Financial Protection Bureau (CFPB)—which may soon be on its fourth director in 2025 alone—and an order issued by Acting CFPB Director Russell Vought to...more
On January 16, 2025, the CFPB announced that it issued a stipulation and consent order against the Company, to resolve allegations that the Company violated the CFPA, the EFTA, and Regulation E....more
On January 8, the CFPB announced its intent to pursue rulemaking that would allow the agency to oversee nonbank personal loan lender. The announcement came in response to a petition filed in September 2022 by the Consumer...more
The Consumer Financial Protection Bureau (CFPB) has issued a new rule addressing its supervision of large nonbank companies offering US consumers certain digital funds transfer services and payment wallets and apps....more
The latest edition of the Payments Docket, our roundup of key litigation and enforcement involving the payments industry, features why the CFPB’s open banking rule is under fire, a convenience fee that steals your lunch...more
On November 21, the Consumer Financial Protection Bureau (CFPB) finalized a rule to supervise nonbank companies that offer digital wallets and payment apps. The rule allows the CFPB to supervise and examine nonbank companies...more
The CFPB has adopted a final rule to extend its oversight to the largest nonbank providers of digital consumer payment applications, including those that enable transfers from deposit accounts held at banks and other insured...more
The Consumer Financial Protection Bureau (CFPB) on Nov. 21, 2024, issued a final rule to supervise larger nonbank companies that offer "general-use digital consumer payment applications" such as digital wallets, payment apps...more
What Happened? On October 3, 2024, the CFPB released a Nonbank Registration: Orders Rule Coverage Chart (the “Chart”) that summarizes how an entity that is subject to an order may determine if it must register that order...more
It may be a familiar role for legal and compliance teams to advise on and implement compliance decisions related to registrations, but that doesn't mean the upcoming deadlines for complying with the first-of-its-kind CFPB...more
The CFPB has scheduled two sessions to provide a preview of its nonbank enforcement order registry. The virtual-only discussions are scheduled for September 30 and October 9. Both sessions will feature the same content....more
On September 13, the CFPB filed a complaint against a nonbank corporation and its CEO, alleging that the company engaged in deceptive and abusive acts through misleading advertising and unjustified, exorbitant fees related to...more
Rep. Andy Ogles, R-Tenn., on August 30, 2024 introduced in the House of Representatives a resolution under the Congressional Review Act (CRA) that would nullify the CFPB’s final nonbank registry rule....more
As previously reported, in June 2024 the CFPB issued a final rule creating a Nonbank Enforcement Order Registry. The rule is effective on September 16, 2024, with registrations available beginning on October 16, 2024 pursuant...more
The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its semi-annual regulatory agenda, outlining its planned rulemaking initiatives. The CFPB releases regulatory agendas twice a year in voluntary...more
On July 11, the Seventh Circuit held that the Equal Credit Opportunity Act, 15 U.S.C. § 1691 et seq. (ECOA) authorizes the imposition of liability for the discouragement of prospective applicants. See CFPB v. Townstone...more
California Attorney General (AG) Rob Bonta, along with a coalition of AGs, has submitted a letter to the Consumer Financial Protection Bureau (CFPB) regarding a proposed final rule. This rule aims to establish a registry of...more
On June 3, 2024, the Consumer Financial Protection Bureau (CFPB) issued the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule (“the Final Rule”)....more
On May 18, 2024, the CFPB filed a proposed stipulated final judgment and order with the Company to resolve allegations that the Company violated a 2019 CFPB consent order, HMDA, its implementing Regulation C, and the CFPA....more
On June 18, 2024, the Consumer Financial Protection Bureau (CFPB) announced that it has filed a proposed order that would require a Florida-based nonbank mortgage loan originator to pay a $3.95 million penalty for allegedly...more