Consumer Financial Protection Bureau (CFPB)

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Arizona Attorney General Mark Brnovich released opinion No. 22-(R22-011), concluding earned wage access (EWA) products that are fully non-recourse and no-interest are not “consumer lender loans” under Arizona law. Thus, those who make, procure, or advertise EWA products are not required to be licensed as a “consumer lender” by Arizona’s Department of Insurance and Financial Institutions. The AG’s findings apply to EWA providers working with an employer as well as those working directly with an employee.

Combatting appraisal bias continues to be a top priority for the Consumer Financial Protection Bureau (CFPB), as recently emphasized by Deputy Director Zixta Q. Martinez during her remarks at the National Fair Housing Alliance event previewing the documentary Our America: Lowballed. Martinez stated that the CFPB has been actively working with the White House Property…

As discussed here, on October 19, 2022 the Fifth Circuit Court of Appeals in Community Financial Services Association of America Ltd. (CFSA) v. Consumer Financial Protection Bureau (CFPB) held that the CFPB’s funding mechanism violates the Appropriations Clause of the U.S. Constitution. The Fifth Circuit based its decision on the fact that, among other…

On January 11, the Consumer Financial Protection Bureau (CFPB) announced it reached a settlement with law firm Forster & Garbus, LLP in its lawsuit over alleged illegal debt collection practices. Specifically, the CFPB alleged that, from 2014 through 2016, fewer than a dozen attorneys filed more than 99,000 debt collection lawsuits, while having the requisite…

As forecasted in its 2022 Fall Rulemaking Agenda discussed here, today the Consumer Financial Protection Bureau (CFPB) published a proposed rule with request for public comments that would require certain nonbank covered entities, with limited exceptions, to submit information on terms and conditions in their form contracts that “seek to waive or limit…

As discussed here, on June 21, 2022, the United States Department of Justice (DOJ) filed a lawsuit and on June 27, 2022, obtained a settlement agreement with Meta Platforms Inc. (Meta previously known as Facebook) to resolve allegations that Meta’s housing advertising system discriminated against Facebook users in violation of the Fair Housing Act…

On Dec. 15, 2022, the Federal Financial Institutions Examination Council’s (FFIEC) Task Force on Consumer Compliance adopted revised examination procedures for the Fair Debt Collection Practices Act (FDCPA) and its implementing regulation, Regulation F.

The revised interagency procedures will apply to examinations conducted by FFIEC’s member regulators of their respective regulated institutions. FFIEC is composed…

On January 4, the Consumer Financial Protection Bureau (CFPB) issued its 2022 Fall Rulemaking Agenda containing pre-rule, proposed rule, and final rules under consideration. The CFPB releases regulatory agendas twice a year in voluntary conjunction with a broader initiative led by the Office of Budget and Management to publish a Unified Agenda of Regulatory and Deregulatory actions across the federal government. In the preamble to the Federal Register notice, the CFPB states that the information is current as of September 30, 2022 and identifies regulatory matters the CFPB “reasonably anticipates” having under consideration during the period from December 1, 2022, to November 30, 2023. The CFPB has not yet posted a blog or issued a press release about the agenda.

On January 3, the Consumer Financial Protection Bureau (CFPB) released its annual report detailing what it characterized as “improvements and deficiencies” in the nationwide consumer reporting agencies’ (NCRAs) responses to complaints. The Fair Credit Reporting Act (FCRA) requires the CFPB to submit this annual report to Congress. While in last year’s report, the CFPB said…

The attorney general of Massachusetts reached a settlement with a payment processing company that allegedly assisted a debt settlement company engaged in charging consumers premature and inflated fees.

In 2021, debt settlement company DMB Financial LLC entered into settlements with the Massachusetts AG and the Consumer Financial Protection Bureau (CFPB) over claims that it engaged…