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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 crossover episode between Moving the Metal and The Consumer Finance Podcast, Brooke Conkle, Chris Capurso, and Chris Willis analyze the first 100 days of the second Trump administration, focusing on its impact on the auto-finance industry. They discuss the anticipated enforcement slowdown by the Consumer Financial Protection Bureau (CFPB), unexpected halts in supervisory activities, and leadership changes at the Federal Trade Commission and CFPB. The conversation highlights the administration’s focus on consumer fees, the evolving role of state regulators, and shifts in discrimination theories impacting compliance practices. This episode provides insights into strategic regulatory changes and offers guidance for navigating the complexities of the auto-finance sector in 2025.

Today, the Consumer Financial Protection Bureau (CFPB or Bureau) published in the Federal Register an interim final rule extending compliance dates for its 2023 small business lending rule under the Equal Credit Opportunity Act (Regulation B) (Final Rule) This extension comes in response to court orders in ongoing litigation, affecting the timeline for financial institutions to comply with data collection requirements for women-owned, minority-owned, and small businesses.

On June 12, the U.S. District Court for the Northern District of Illinois denied the joint motion by the Consumer Financial Protection Bureau (CFPB or Bureau) and Townstone Financial, Inc. to vacate the Stipulated Final Judgment and Order previously entered in the CFPB’s enforcement action against the mortgage lender, calling the CFPB’s attempt to refund Townstone’s civil money penalty for alleged redlining practices “breathtaking.” This decision comes after allegations by the current CFPB of misconduct related to the case under former CFPB leadership.

In this special crossover episode between FCRA Focus and The Consumer Finance Podcast, Kim Phan, Dave Gettings, Chris Willis, and Cindy Hanson explore the recent withdrawal of Consumer Financial Protection Bureau (CFPB) guidance affecting the Fair Credit Reporting Act (FCRA). This episode provides a comprehensive analysis of how these changes impact key areas such as preemption, background screening, permissible purpose, artificial intelligence, and state attorneys general enforcement actions. The discussion highlights the implications for consumer reporting agencies, furnishers, end-users, and the broader regulatory landscape, offering valuable insights for professionals navigating these evolving challenges. Tune in to understand the potential shifts in compliance and enforcement.

In this special crossover episode between Moving the Metal and The Consumer Finance Podcast, Brooke Conkle, Chris Capurso, and Chris Willis analyze the first 100 days of the second Trump administration, focusing on its impact on the auto-finance industry. They discuss the anticipated enforcement slowdown by the Consumer Financial Protection Bureau (CFPB), unexpected halts in supervisory activities, and leadership changes at the Federal Trade Commission and CFPB. The conversation highlights the administration’s focus on consumer fees, the evolving role of state regulators, and shifts in discrimination theories impacting compliance practices. This episode provides insights into strategic regulatory changes and offers guidance for navigating the complexities of the auto-finance sector in 2025.

In this special crossover episode between FCRA Focus and The Consumer Finance Podcast, Kim Phan, Dave Gettings, Chris Willis, and Cindy Hanson explore the recent withdrawal of Consumer Financial Protection Bureau (CFPB) guidance affecting the Fair Credit Reporting Act (FCRA). This episode provides a comprehensive analysis of how these changes impact key areas such as preemption, background screening, permissible purpose, artificial intelligence, and state attorneys general enforcement actions. The discussion highlights the implications for consumer reporting agencies, furnishers, end-users, and the broader regulatory landscape, offering valuable insights for professionals navigating these evolving challenges. Tune in to understand the potential shifts in compliance and enforcement.

Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) submitted several regulatory proposals to the Office of Management and Budget (OMB) for review. Among the rules under consideration are those related to loan originator (LO) compensation and discretionary mortgage servicing, governed by the Truth in Lending Act (Regulation Z) and the Real Estate Settlement Procedures Act (Regulation X). Additionally, the CFPB is reviewing its “larger participant” rules, which define the scope of its supervisory authority over major players in the debt collection and consumer credit reporting sectors. These rules, currently in “prerule” status, are under scrutiny by the OMB.

In this crossover episode of The Consumer Finance Podcast and Payments Pros, Chris Willis, Jason Cover, and Taylor Gess unravel the often-confused distinctions between loans and credit sales in the first installment of our Point-of-Sale Finance Series. This episode sheds light on the regulatory nuances that impact the delivery of financial products. From the historical backdrop of Retail Installment Sales Acts to the modern-day challenges of terminology, the conversation offers a comprehensive overview of the pros and cons of retail installment contracts and direct loans. Whether you’re a seasoned professional or new to consumer finance, this discussion will enhance your understanding of these pivotal financial structures.

In this episode of The Consumer Finance Podcast, Chris Willis is joined by Jason Cover to introduce an upcoming special series focused on point-of-sale finance, a rapidly evolving sector in consumer financial services. This teaser provides a sneak peek into increasingly popular topics that will be discussed throughout the series, including innovative point-of-sale finance solutions such as payment methods beyond traditional credit and debit cards, in addition to a diverse range of products and the dynamic interactions between fintech lenders, financial institutions, and merchants. The series will also explore foundational concepts and specific models across various industries, such as home improvements and medical financing, setting the stage for a deep dive into the transformative impact of point-of-sale finance on consumer transactions.

In this episode of The Consumer Finance Podcast, Chris Willis and Lori Sommerfield discuss the Consumer Financial Protection Bureau’s (CFPB) recent withdrawal of more than 60 pieces of informal guidance, focusing on those related to fair lending and unfair, deceptive, or abusive acts or practices (UDAAP) issues. This conversation highlights key pieces of guidance that have been rescinded, including those concerning adverse action notices and abusive practices, in addition to insights on how these developments might influence the CFPB’s enforcement priorities moving forward. This episode is part of a series across multiple podcasts from our Consumer Financial Services practice regarding the recent CFPB advisory withdrawals, and their impact in various areas.