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Chris Willis

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Chris is the co-leader of the Consumer Financial Services Regulatory practice at the firm. He advises financial services institutions facing state and federal government investigations and examinations, counseling them on compliance issues including UDAP/UDAAP, credit reporting, debt collection, and fair lending, and defending them in individual and class action lawsuits brought by consumers and enforcement actions brought by government agencies.

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Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) proposed a new rule aimed at banning certain contractual provisions in agreements for consumer financial products or services. The CFPB’s proposal targets certain terms and conditions sometimes found in so-called contracts of adhesion or standard-form contracts, including waivers of legal rights and protections, contract terms that limit free expression, and other terms that the CFPB believes undermine consumers’ rights and protections. The proposed rule also seeks to codify certain prohibitions under the Federal Trade Commission’s (FTC) Credit Practices Rule.

In the first episode of The Consumer Finance Podcast as the newly combined Troutman Pepper Locke, host Chris Willis is joined by Partners Tom Yoxall and Michael Lacy to discuss the strategic merger between Troutman Pepper and Locke Lord, which became effective on January 1. The episode explores the enhanced capabilities and expanded geographic reach of the combined firm, particularly in the consumer financial services and broader financial services sectors. Tune in to learn about the synergies, cultural alignment, and future goals of this financial services powerhouse.

This article was republished on insideARM on January 2, 2025.

This week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its semiannual regulatory agenda, outlining its planned rulemaking initiatives. This agenda includes a mix of rules in the pre-rulemaking, proposed rule, and final rule stages, covering a wide range of topics from medical debt reporting to financial data transparency. The CFPB releases regulatory agendas twice a year in voluntary conjunction with a broader initiative led by the Office of Budget and Management to publish a Unified Agenda of Regulatory and Deregulatory actions across the federal government.

On December 18, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a circular to “other law enforcement agencies,” urging them to take action against certain credit card practices. The CFPB highlights alleged legal violations by some credit card companies, particularly in relation to the devaluation of rewards points and the clarity of terms and conditions for earning and redeeming rewards.

Join host Chris Willis and guests Lori Sommerfield and Joseph Reilly in this episode of The Consumer Finance Podcast as they delve into the CFPB’s recent study on differential treatment in small business lending. Discover the methodology behind the study, its findings, and the implications for small business lenders. The discussion also covers the significance of the CFPB’s 1071 Small Business Data Collection Rule and its potential impact on the industry. Learn about the possible biases and limitations of the study, and explore the broader context of fair lending practices. This episode provides valuable insights for lenders and regulators alike, highlighting the importance of vigilance and proactive measures in ensuring fair treatment for all small business owners.

On December 16, the Consumer Financial Protection Bureau (CFPB or Bureau) released a special edition of its Supervisory Highlights, detailing a range of activities identified by CFPB examiners across the student loan origination and servicing markets. According to the Bureau, student loans represent the second-largest form of U.S. consumer debt at more than $1.7 trillion in total outstanding balances. The Bureau has been heavily focused on student lending issues for the past several years, and this latest special edition of Supervisory Highlights underlines that focus.

On December 12, the Consumer Financial Protection Bureau (CFPB or Bureau) announced the finalization of its rule addressing overdraft fees. The rule targets financial institutions with more than $10 billion in assets, imposing new restrictions and requirements on how these institutions manage and charge for overdraft services. However, with the upcoming change in administration, questions remain as to whether the final rule will ever take effect.

In this episode of The Consumer Finance Podcast, host Chris Willis, co-leader of Troutman Pepper’s Consumer Financial Services Regulatory practice, is joined by colleagues Mark Furletti, Stephen Piepgrass, Jesse Silverman, and James Stevens. Together, they delve into the anticipated regulatory landscape and legal needs for financial services companies under the upcoming Trump administration. The discussion covers the potential resurgence of new financial products, the impact on M&A activity, the role of state attorneys general, and the future of bank-fintech partnerships. Tune in to gain insights on how to strategically navigate the evolving regulatory environment and leverage opportunities in the financial sector.

On December 6, the Consumer Financial Protection Bureau (CFPB or Bureau) announced an order asserting supervisory authority over Google Payment Corp. (GPC), a subsidiary of Google LLC. This decision was based on alleged “risks to consumers” associated with GPC’s retired peer-to-peer (P2P) payment product. The CFPB’s order, however, does not assert that GPC violated any laws or engaged in wrongdoing. Instead, it relies on a relatively small number of unverified consumer complaints to justify future examinations, even though GPC stopped offering the product.

In a significant development in the ongoing litigation over the Consumer Financial Protection Bureau’s (CFPB or Bureau) Final Rule on credit card late fees, the U.S. District Court for the Northern District of Texas denied the CFPB’s motions to dismiss the Fort Worth Chamber of Commerce, transfer the case to the District of Columbia, and dissolve the preliminary injunction. This ruling follows the court’s earlier request for further briefing on the issue of associational standing, as discussed in our prior blog post, here.