On April 15, 2025, Judge Mark T. Pittman of the U.S. District Court for the Northern District of Texas entered an order and final judgment vacating the CFPB's credit card penalty fees rule (the Late Fee Rule). Judge Pittman's...more
4/23/2025
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Disclosure Requirements ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Judicial Authority ,
Late Fees ,
Regulatory Reform ,
Settlement ,
Vacated
CFPB Chief Legal Officer Mark Paoletta on April 16, 2025, issued the CFPB's latest staff memo outlining the agency's supervision and enforcement priorities. ...more
In a per curiam order, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit on April 11, 2025, partially stayed a preliminary injunction halting any attempt to dismantle the CFPB. Judges...more
4/15/2025
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Employee Rights ,
Employment Litigation ,
Federal Labor Laws ,
Government Agencies ,
Hiring & Firing ,
Judicial Authority ,
Pending Litigation ,
Preliminary Injunctions ,
Stays
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
The CFPB will begin the process of discontinuing regulatory "guidance" and instead enforce the Administrative Procedure Act's rulemaking process. In a pair of internal memos circulated to all divisions and offices within the...more
Among other significant rulemakings that the Consumer Financial Protection Bureau (CFPB) finalized in the waning days of the Biden Administration were 1) an overdraft fees final rule that applies to banks and credit unions...more
4/11/2025
/ Banking Sector ,
Big Tech ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Wallets ,
Final Rules ,
Financial Regulatory Reform ,
FinTech ,
Mobile Apps ,
Overdraft Fees ,
Overdraft Rule ,
Payment Systems ,
Popular ,
Proposed Legislation ,
Trump Administration ,
UDAAP
Full Senate consideration for Jonathan McKernan to become director of the Consumer Financial Protection Bureau (CFPB) is not officially scheduled but is expected to take place in May based on recent comments by Senate Banking...more
The Consumer Financial Protection Bureau (CFPB) has revealed its intention to make changes to the small business loan data collection and reporting rule (1071 Rule) in light of continued opposition from financial institutions...more
4/10/2025
/ Biden Administration ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Entities ,
Dodd-Frank ,
Financial Institutions ,
Lenders ,
Loans ,
New Legislation ,
Proposed Rules ,
Regulatory Reform ,
Rulemaking Process ,
Section 1071 ,
Small Business Loans
As previously reported by Holland & Knight, Judge Amy Jackson of the U.S. District Court for the District of Columbia on March 28, 2025, issued a preliminary injunction and ordered the Consumer Financial Protection Bureau...more
Business email compromise (BEC) fraud, driven by technology and increasing sophistication by criminal organizations, has become a major issue for both consumers and financial institutions. According to a September 2024...more
4/3/2025
/ Appeals ,
Corporate Liability ,
Credit Unions ,
Electronic Communications ,
Email ,
Financial Crimes ,
Financial Institutions ,
Financial Services Industry ,
Fraud ,
Liability ,
Phishing Scams ,
Privity of Contract ,
Scams ,
Uniform Commercial Code (UCC)
U.S. District Court Judge Amy Berman Jackson granted the plaintiffs' motion for preliminary injunction in NTEU v. Vought on March 28, 2025, primarily requiring the Consumer Financial Protection Bureau (CFPB) to reinstate all...more
4/1/2025
/ Administrative Procedure Act ,
Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
De Novo Standard of Review ,
Department of Justice (DOJ) ,
Government Agencies ,
Hiring & Firing ,
Involuntary Reduction in Force ,
Preliminary Injunctions ,
Trump Administration ,
Unions
Just two days before its Payday, Vehicle Title, and Certain High-Cost Installment Loans final rule was slated to go into effect (and eight years after it was finalized), the Consumer Financial Protection Bureau (CFPB)...more
U.S. Department of the Treasury Secretary Scott Bessent was appointed as acting director of the Consumer Financial Protection Bureau (CFPB or the Bureau) on Feb. 3, 2025. In his capacity as acting director, Bessent reportedly...more
2/27/2025
/ Administrative Procedure Act ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Dodd-Frank ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FDIC ,
Federal Reserve ,
Final Rules ,
OCC ,
Proposed Rules ,
Regulatory Reform ,
Regulatory Requirements ,
State Attorneys General
In the waning days of the Biden Administration, the Consumer Financial Protection Bureau (CFPB) on Jan. 10, 2025, issued a proposed interpretive rule that would provide a framework for determining when the Electronic Fund...more
1/23/2025
/ Biden Administration ,
Consumer Financial Protection Bureau (CFPB) ,
Cryptocurrency ,
Electronic Fund Transfer Act ,
Electronic Payment Transactions ,
Financial Institutions ,
FinTech ,
Regulation E ,
Regulatory Requirements ,
Stablecoins ,
Trump Administration
The Consumer Financial Protection Bureau (CFPB) on Dec. 3, 2024, issued its long-awaited proposed rule to amend Regulation V (Proposed Rule), which implements the Fair Credit Reporting Act (FCRA). If enacted, the CFPB's...more
12/10/2024
/ Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Data Brokers ,
De-Identification ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Proposed Rules ,
Regulation V ,
Sensitive Personal Information
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
11/26/2024
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Person ,
Digital Wallets ,
E-Commerce ,
Effective Date ,
Final Rules ,
Market Participants ,
Mobile Apps ,
Mobile Payments ,
Multi-Factor Test ,
Nonbank Firms ,
Regulatory Authority ,
Supervision
purred by increased online and mobile app shopping during the COVID-19 pandemic, the Buy Now, Pay Later (BNPL) market has experienced higher growth and popularity as an innovative consumer finance offering, particularly for...more
9/25/2024
/ Buy Now Pay Later (BNPL) ,
Chevron Deference ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Financial Services Industry ,
FinTech ,
Interpretive Rule ,
Policy Statement ,
Regulation Z ,
Truth in Lending Act (TILA)