On December 3, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule for public comment aimed at amending Regulation V, which implements the Fair Credit Reporting Act (FCRA). The proposed rule seeks to redefine (and, in some cases, rewrite) key terms and provisions within the FCRA, particularly focusing on the activities of purported “data brokers.”
In this episode of FCRA Focus, hosts Kim Phan and Dave Gettings welcome Mark Furletti, co-leader of Troutman Pepper’s Consumer Financial Services Regulatory practice. Mark shares his extensive knowledge on the Fair Credit Reporting Act (FCRA) and provides practical advice on how companies, especially fintechs, can operate without becoming a consumer reporting agency (CRA) under the FCRA. The discussion delves into the intricate definitions within the FCRA, common pitfalls, and best practices. Tune in to learn how to navigate the regulatory landscape and mitigate risks associated with consumer report information. Don’t miss this insightful conversation packed with tips and real-world examples.
On November 12, the U.S. Court of Appeals for the Fifth Circuit denied a request from Community Financial Services Association of America (CFSA) and the Consumer Services Alliance of Texas to reopen their legal challenge against the Consumer Financial Protection Bureau’s (CFPB) payday loan rule. This decision effectively clears the path for the rule to be implemented.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Troutman Pepper Partner Mark Furletti, and special guest John Sun, CEO and co-founder of SpringLabs. The discussion delves into the transformative possibilities of artificial intelligence (AI) in the financial services sector, and covers the basics of AI, its current applications, and future potential. The conversation highlights how AI, particularly generative pre-trained models, can revolutionize complaint management, enhance regulatory compliance, and improve operational efficiency. Tune in to understand how AI is reshaping the landscape of consumer financial services and what lies ahead.
The Federal Communications Commission (FCC) has announced new effective dates for amendments to rules under the Telephone Consumer Protection Act (TCPA) aimed at strengthening consumer protections against robocalls and robotexts. These amendments, published on March 5, 2024, will take effect on April 11, 2025.
In this episode of The Consumer Finance Podcast, Chris Willis is joined by Partners Mark Furletti and Jason Cover to delve into the CFPB’s recent interpretive rule that classifies buy now, pay later (BNPL) products as credit cards under Regulation Z. The discussion unpacks the controversy surrounding this rule, the subsequent FAQs released by the CFPB, and the broader implications for the BNPL industry. The episode explores the challenges and ambiguities posed by the rule, potential compliance strategies, and the likelihood of legal challenges. Tune in for an insightful analysis of one of the year’s most debated regulatory developments in consumer finance.
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.”
In this special crossover episode of Payments Pros and The Consumer Finance Podcast, Carlin McCrory, Keith Barnett, and Chris Willis are joined by Jason Cover and Mark Furletti to discuss the Consumer Financial Protection Bureau’s (CFPB) proposed interpretive rule on earned wage access (EWA) products. EWA allows employees to access wages they have earned before payday, with two main models: employer-integrated and direct-to-consumer. The conversation explores the differences between EWA and payday lending, emphasizing that EWA typically does not involve finance charges or obligations to repay.
In this special crossover episode of Payments Pros and The Consumer Finance Podcast, Carlin McCrory, Keith Barnett, and Chris Willis are joined by Jason Cover and Mark Furletti to discuss the Consumer Financial Protection Bureau’s (CFPB) proposed interpretive rule on earned wage access (EWA) products. EWA allows employees to access wages they have earned before payday, with two main models: employer-integrated and direct-to-consumer. The conversation explores the differences between EWA and payday lending, emphasizing that EWA typically does not involve finance charges or obligations to repay.
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.