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.
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.
On October 31, the U.S. Court of Appeals for the Fifth Circuit Court of Appeals granted the appellants’ motion to expedite the appeal in Texas Bankers Association v. Consumer Financial Protection Bureau (CFPB). The suit brought by several trade associations challenges the CFPB’s Final Rule under § 1071 of the Dodd-Frank Act, the “Small Business Lending Data Collection Rule” (Final Rule). The court scheduled oral argument for February 3, 2025. However, in that same order, the court denied appellants’ motion for a temporary stay of the Final Rule’s compliance dates, stating that the motion for a stay pending appeal “remained pending.” This means that the compliance dates set forth in the CFPB’s Interim Final Rule remain for now, with the earliest date for the largest lenders being July 18, 2025.
In this episode of Payments Pros, host Josh McBeain is joined by Caleb Rosenberg, a member of the firm’s Consumer Financial Services practice group, to discuss the complexities of business-to-business payments and the increasing state law requirements associated with them.
On September 18, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a set of frequently asked questions (FAQs) providing guidance on applying Regulation Z requirements to Pay-in-Four Buy Now, Pay Later (BNPL) products accessed through digital user accounts (DUAs). These FAQs follow the Bureau’s interpretive rule issued in May of this year, subjecting BNPL transactions to provisions of Regulation Z applicable to “credit cards.”
Yesterday, the U.S. District Court for the Southern District of Texas granted the Consumer Financial Protection Bureau’s (CFPB or Bureau) motion for summary judgment on all Administrative Procedure Act (APA) challenges brought by several trade associations to the CFPB’s Final Rule under § 1071 of the Dodd-Frank Act, the “Small Business Lending Data Collection Rule” (Final Rule).
In this special crossover episode of The Consumer Finance Podcast and the Payments Pros Podcast, Chris Willis and Josh McBeain are joined by colleagues Mark Furletti and Jason Cover to delve into the CFPB’s Payday Loan Rule, which is set to become effective again following a Supreme Court decision. The discussion unpacks the broad scope of the rule, extending beyond traditional payday loans to include various financial products. The episode highlights the complexities of compliance, the nuances of the rule’s definitions, and the critical steps lenders must take before the March 30, 2025, compliance deadline. Don’t miss this insightful conversation on navigating the revived regulatory landscape.
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed interpretive rule opining that earned wage access (EWA) products — whether provided through employer partnerships or marketed directly to borrowers — are subject to Truth in Lending Act (TILA) and Regulation Z requirements. The proposed rule’s broad definitions and aggressive stance on fees and tips as finance charges conflict with many state laws and could lead to litigation.
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed a brief in the U.S. District Court for the Northern District of Texas in support of its motion to dissolve the preliminary injunction that has stayed the implementation of its credit card late fee rule. Concurrently, the Bureau also filed a notice of supplemental authority in support of their motion to dismiss or transfer on the grounds that the Fort Worth Chamber of Commerce does not have associational standing to bring the suit. Within hours, the court issued an order requiring further briefing on the issue of associational standing.
In this special crossover episode of The Consumer Finance Podcast and Payments Pros Podcast, Chris Willis and Josh McBeain interview two colleagues who delve into the Consumer Financial Protection Bureau’s (CFPB) recent interpretive rule that classifies buy now, pay later (BNPL) transactions as credit cards. Mark Furletti and Jason Cover explore the implications of this rule under Regulation Z, including the introduction of the term “digital user account” and its impact on BNPL providers. The discussion covers the regulatory requirements, potential challenges for compliance, and the broader legal context, including the possible effects of the Loper Bright case on administrative interpretations. With a July 30 compliance deadline looming, the episode provides critical insights for industry stakeholders navigating this significant regulatory shift.