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CFPB Issues New Supervisory Highlights Report

On July 26, 2023, the Consumer Financial Protection Bureau (CFPB) released a Supervisory Highlights report covering findings from its examinations completed between July 2022 and March 2023 (the Report), which found, among other violations, several instances of unfair, deceptive, and abusive acts or practices related to auto lending, and illegal…

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FTC Approves Consent Order with Payment Card Network Operator for EFTA Violations

On May 30, 2023, the Federal Trade Commission (FTC) announced that it had finalized a consent order with one of the nation’s largest credit and debit card providers in an administrative action regarding alleged violations of the Electronic Funds Transfer Act (EFTA), as amended, 15 U.S.C. § 1693o-2, and its implementing regulation,…

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CFPB Proposes Rule That Nonbanks Must Publicly Register with CFPB When They Use Certain Terms and Conditions in Form Contracts

On January 11, 2023 the Consumer Financial Protection Bureau (CFPB) proposed a rule (“Proposed Rule”) that would require “most nonbanks subject to the Bureau’s supervisory authority” to “register annually in [a] system” that is created and operated by the CFPB when their form contracts “use certain terms or conditions that…

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CFPB Proposes Rule That Nonbanks Subject to Certain Public Orders Must Publicly Register with CFPB As a Means of Detecting “Repeat Offenders”

On December 12, 2022, the Consumer Financial Protection Bureau (“CFPB”) proposed a rule (“Proposed Rule”) that would require non-bank financial institutions to register with the CFPB when they become subject to certain final public orders by a Federal, State, or local government agency in connection with the offering or provision…

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Pennsylvania AG Sues Lead Generators For Deceptive Ads

On November 2, 2022, the Pennsylvania Office of Attorney General filed a lawsuit in federal court alleging that a group of companies offering lead generation services violated the Telemarketing Sales Rule (“TSR”), 16 C.F.R. Part 310, and Pennsylvania consumer protection law, 73 P.S. §§ 201-3 and 201-4, by engaging in…

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CFPB and DOJ Order Mortgage Company to Pay Over $22 Million for Advertising and Marketing Discrimination

On July 27, 2022, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) filed a complaint and proposed consent order in a federal district court alleging that a mortgage company intentionally discriminated against families living in majority-minority neighborhoods around Philadelphia in violation of the Fair Housing Act…

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DOJ Settles with Social Media Company to Resolve Fair Lending and Discriminatory Advertising Allegations

On June 21, 2022, the U.S. Department of Justice (DOJ) filed a complaint and settlement agreement in federal court alleging that a social media company is in violation of the Fair Housing Act (FHA), 42 U.S.C. §§ 3601-3619, for employing tools that allow advertisers of housing-related services to exclude certain…

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FDIC Issues Final Rule on False Advertising, Misrepresentation of Insured Status, and Misuse of the FDIC’s Name or Logo

On May 17, 2022, the Federal Deposit Insurance Corporation (FDIC) announced its adoption of a final rule implementing Section 18(a)(4) of the Federal Deposit Insurance Act, which prohibits  any person from misusing the FDIC’s name or logo to misrepresent their deposit insurance status.  The final rule establishes the process by…

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CFPB Sues TransUnion and Senior Executive for Violating Law Enforcement Order Prohibiting Deceptive Marketing

On April 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in federal court against TransUnion, two of its subsidiaries, and its longtime executive for failing to implement requirements of the CFPB’s 2017 law enforcement  order to TransUnion, and for violating Regulation V, which…

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CFPB Proposes Rule to Assist Survivors of Human Trafficking in Obtaining Credit

On April 7, 2022, the Consumer Financial Protection Bureau (CFPB) announced it is proposing a rule that would assist survivors of human trafficking in achieving financial independence.  The proposed rule would aid survivors of human trafficking seeking to open bank accounts, access credit, and gain employment, by preventing credit reporting…

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California DFPI Issues Guidance to Financial Institutions Regarding Russia Sanctions

On March 4, 2022, the California Department of Financial Protection and Innovation (DFPI) issued a reminder to its financial institution licensees regarding their obligations in light of the Russian invasion of Ukraine:  comply with U.S. sanctions on Russia, and employ safeguards to protect against attempts to use virtual currency transfers…

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CFPB Encourages Consumers To “Hold Accountable” Consumer Reporting Companies By Filing Disputes and FCRA Lawsuits

On January 27, 2022, the Consumer Financial Protection Bureau (CFPB) published its updated annual list of consumer reporting companies for the purpose of encouraging consumers to seek access to their files, and sue if they believe there is a Fair Credit Reporting Act (FCRA) violation.  The CFPB’s press release announcing the…

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Emory Law Journal Reports New Studies That Authors Claim Show Racial Inequities in Lender Advertisements

A new essay published in the Emory Law Journal argues that two empirical studies of advertising by certain banks and payday lenders in Houston, Texas indicate that payday lenders steer African Americans and Latinos to their products, while banks market primarily to white consumers.  The authors suggest that, consistent with…

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CFPB Finalizes Amendments to Regulation X to Protect Borrowers Against Forthcoming Increase In COVID-19 Foreclosures

On June 28, 2021, the Consumer Financial Protection Bureau (CFPB) finalized amendments to the implementing regulation of the Real Estate Settlement Procedures Act (RESPA), Regulation X, which would establish temporary protections for mortgage borrowers as the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and various Federal and State…

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CFPB Seeks to Hold Mortgage Servicers Accountable, and Establish New Mechanisms for Protecting Borrowers, Against Forthcoming Increase In COVID-19 Foreclosures

This month the Consumer Financial Protection Bureau (CFPB) doubled-down on its earlier warning that the end of 2021 could see widespread foreclosures as COVID-19-related protections expire, by issuing guidance to mortgage servicers, and a notice of proposed rulemaking, regarding actions mortgage servicers can take to deal with the onslaught.  On…

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