To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week.
Florida Enacts New Debt Collection Legislation to Account for Modern Technologies — Makes Clear that Emails Are Not Prohibited Between 9:00 p.m. and 8:00 a.m.
On May 16, Florida Governor Ron DeSantis signed into law CS/CS/SB 232, aimed at refining debt collection practices within the state. Among other things, the amendment to the Florida Consumer Collection Practices Act clarifies that prohibited contact between the hours of 9:00 p.m. and 8:00 a.m. in debt collection does not include email communication because such contact is less invasive than telephone calls.
The Reversals Continue: CFPB Proposes Rescission of Supervisory Designation Amendments
On May 14, the Consumer Financial Protection Bureau (CFPB or Bureau) published a proposed rule to rescind amendments to its Procedures for Supervisory Designation Proceedings, originally adopted in 2022 and 2024. This proposal marks a significant shift in the Bureau’s approach to supervising nonbank entities. Public comments on the rescission will be accepted until June 13, 2025.
AAA Unveils Significant Revisions to Consumer Arbitration Rules
The American Arbitration Association (AAA) has announced revisions to its Consumer Arbitration Rules effective May 1, 2025. The revised rules can be found here and the AAA’s announcement of the rules here. Prior to amending the rules, AAA requested public comments on its proposed changes, soliciting ways to improve the rules while ensuring fairness to all participants in the arbitration process. Although not every rule was revised, there are some significant changes.
CFPB Withdraws Proposed FCRA Data Broker Rule
Today, the Consumer Financial Protection Bureau (CFPB or Bureau) filed its decision to withdraw the proposed rule titled “Protecting Americans from Harmful Data Broker Practices (Regulation V)” in the Federal Register. The rescission is scheduled to be published tomorrow. This withdrawal marks a significant shift in the Bureau’s approach to regulating data brokers and other updates to Regulation V under the Fair Credit Reporting Act (FCRA).
CFPB Proposes Rescission of Nonbank Registration Rule
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) released a proposed rule to rescind its previous regulation requiring nonbank entities to report certain agency and court orders to a Bureau registry.
President Trump Signs Congressional Review Act Resolution Overturning CFPB Overdraft Rule
On May 9, the U.S. Senate Committee on Banking, Housing, and Urban Affairs announced that President Trump signed into law Chairman Tim Scott’s (R-SC) Congressional Review Act (CRA) resolution, effectively overturning the Biden-era Consumer Financial Protection Bureau (CFPB) rule on overdraft fees. Chairman Scott, who spearheaded the effort, emphasized that the rule would have imposed detrimental price controls on overdraft services, potentially leading to more unbanked individuals and fewer consumer options.
Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – May 12, 2025
To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week.
CFPB Rescinds Dozens of Regulatory Guidance Documents in Major Regulatory Shift
Today, the Consumer Financial Protection Bureau (CFPB or Bureau) announced the withdrawal of 67 regulatory guidance documents, including interpretive rules, policy statements, and advisory opinions that have been issued since the Bureau’s inception in 2011. The withdrawn guidance documents impact most federal consumer protection laws, including the Consumer Financial Protection Act of 2010 (CFPA), Fair
Treasury Announces President Trump’s Intent to Nominate McKernan as Undersecretary of Domestic Finance
Today, the U.S. Department of the Treasury announced President Trump’s intent to nominate Jonathan McKernan as the Undersecretary of Domestic Finance. The press release states that McKernan’s continued service at Treasury “will ensure that his experience and expertise are best put to advancing the President’s America First agenda.”