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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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In this special solo episode of The Consumer Finance Podcast, Chris Willis provides an important update on the Consumer Financial Protection Bureau’s (CFPB) new small business lending data collection and reporting final rule — the Section 1071 Final Rule. In October, a Texas federal court entered a nationwide injunction covering all small business lenders, essentially saying that both the implementation and enforcement of the 1071 rule would be stayed pending the outcome of the Supreme Court’s decision in the Community Financial Services Association case. Chris addresses the timing of the injunction, its impact on small business lenders, including the “free look” period for lender to voluntarily collect 1071 data, and what small business lenders can do to prepare for the potential lifting of the injunction after the Supreme Court’s decision.

On December 20, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) filed a complaint in a Texas federal court against Colony Ridge Development, LLC (Colony Ridge), its affiliates, and Loan Originator Services, a Texas mortgage company, for allegedly operating an illegal land sales scheme and targeting tens of thousands of Hispanic borrowers with false statements and predatory loans. Specifically, the complaint alleges Colony Ridge sells flood-prone land without water, sewer, or electrical infrastructure, and that the company sets borrowers up with loans they cannot afford. The complaint alleges that defendants engaged in unlawful discrimination by targeting Hispanics in violation of the Equal Credit Opportunity Act (ECOA) and the Fair Housing Act (FHA). In addition, the complaint alleges violation of the Dodd-Frank Act’s prohibition on unfair, deceptive or abusive acts or practices (UDAAP), and a variety of violations of the Interstate Land Sales Full Disclosure Act.

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Kim Phan, a partner in our firm’s Privacy + Cyber practice, to discuss the Securities and Exchange Commission’s new cyber risk management and incident disclosure rules for publicly traded companies. The rules, already in effect, detail the information a public company must report following a cybersecurity incident and the timeline for reporting. Chris and Kim also discuss the ongoing reporting obligations for a public company related to a cyber incident after the initial reporting phase, how the rules apply when cyber incidents involve a third party’s system, and if the SEC has struck the right balance between informing investors versus the possibility of educating hackers on a company’s cybersecurity defenses. They also address the rule’s new requirement for annual disclosures about a company’s cybersecurity risk management, strategy, and governance.

On December 19th, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a report highlighting consumers’ experiences with overdraft and nonsufficient funds (NSF) fees. The report found that roughly a quarter of consumers are still being charged these fees despite the CFPB’s hostility towards so called “junk fees,” which has led many banks and credit unions to eliminate such fees. The report further found that many consumers who were charged overdraft and NSF fees had access to an alternative asserted to be cheaper by the CFPB, such as available credit on a credit card.

The Consumer Financial Protection Bureau (CFPB or Bureau) released its 14th annual report to Congress in fulfillment of its requirements under the Credit Card Accountability Responsibility and Disclosure (CARD) Act. For the report, the CFPB reviewed information available on college websites on the financial products offered directly to students or jointly marketed to students with third-party providers. According to the CFPB, its research showed that college-sponsored financial products have higher fees and less favorable terms and conditions compared to typical market products.

In this special crossover episode with Regulatory Oversight podcast, Ashley Taylor is joined by Kim Phan and Kristen Eastman to discuss the Consumer Financial Protection Bureau’s (CFPB) proposed Rule 1033, also known as the Personal Financial Digital Rights rule. This rule, part of the Dodd-Frank Act, aims to restrict the sale or misuse of consumer data. It focuses on entities subject to the Truth in Lending Act (TILA) and Regulation Z, such as depository institutions, credit card companies, and payment processors. The rule requires these entities to make financial records available both to consumers and their authorized third parties.

On December 12, the Federal Trade Commission (FTC) published the long-awaited regulation specific to motor vehicle dealers to address concerns of consumer deception in the sales process (Final Rule). We covered the proposed rule, introduced in June 2022, in a blog post here and podcast here. In a 3-0 vote, the FTC approved the issuance of the Final Rule, which will be published in the Federal Register in the coming weeks.

In this special joint episode of Payments Pros and The Consumer Finance Podcast, Carlin McCrory, Keith Barnett, James Kim, and Chris Willis discuss the Consumer Financial Protection Bureau’s (CFPB) proposed larger participant rule for consumer payments providers.

Please join us for a special cross-over episode of FCRA Focus and The Consumer Finance Podcast, where Troutman Pepper Partners Chris Willis, Dave Gettings, Kim Phan, and Ron Raether look at the latest developments in the CFPB’s FCRA rulemaking process. Topics include:

As discussed here, this summer, Representative Roger Williams (R-Texas) and Senator John Kennedy (R-La.) introduced identical Congressional Review Act (CRA) resolutions in the U.S. House and Senate (H.J. Res. 66 and S. J. Res. 32, respectively) disapproving the Consumer Financial Protection Bureau’s (CFPB or Bureau) implementation of the small business data collection and reporting final rule under § 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Final Rule). Under the Congressional Review Act (CRA), a rule promulgated by an administrative agency “shall not take effect (or continue), if the Congress enacts a joint resolution of disapproval.” On October 18, by a bipartisan vote of 53-44, the Senate approved its resolution. On November 29, the House likewise passed a resolution of disapproval by a vote of 221-202.