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In this episode of Moving the Metal: The Auto Finance Podcast, Brooke Conkle and Chris Capurso explore the Consumer Financial Protection Bureau’s (CFPB) recent memo detailing its supervision and enforcement priorities for 2025. They discuss the implications for the auto finance industry, focusing on the CFPB’s expected – and unexpected – shifts for the year, including the Fair Credit Reporting Act and data furnishing issues, and the ongoing scrutiny of fees. Brooke and Chris analyze the impact of federalism on regulatory practices, highlighting the CFPB’s approach to state authority and joint examinations. They also examine the shift toward consumer remediation over penalties. Tune in to understand how these priorities might affect your business operations and compliance strategies in the coming years.

Continue Reading Under the Hood: Exploring the CFPB’s 2025 Focus

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.

Federal Activities

State Activities

Continue Reading Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – February 4, 2025

On January 30, the Consumer Financial Protection Bureau (CFPB or Bureau) released its updated list of consumer reporting companies for 2025. The list includes nationwide consumer reporting companies as well as several other companies that focus on specific market areas, consumer segments, and types of users. According to the CFPB, consumers can use the list to know about the kinds of personal financial information that is collected for credit and other consumer reports, request their consumer reporting data, dispute inaccuracies, and block access to their credit reporting data through security freezes. 

Continue Reading CFPB Updates List of Consumer Reporting Companies for 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.

Federal Activities  

State Activities

Continue Reading Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – January 28, 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.

Federal Activities  

State Activities

Continue Reading Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – January 21, 2025

Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its latest Supervisory Highlights report, focusing on the use of advanced technologies in credit scoring models. This edition of Supervisory Highlights concerns select examinations of institutions that use credit scoring models, including models built with advanced technology commonly marketed as AI/ML technology, when making credit decisions. The report repeated the CFPB’s previous statements that there is “no ‘advanced technology’ exception” to federal consumer protection laws (which, to our knowledge, no industry participant has suggested to exist) and asserted that financial institutions will need to improve their practices to ensure compliance with the Equal Credit Opportunity Act (ECOA) and Regulation B. This includes actively searching for less discriminatory alternatives, critically evaluating the use of alternative data, and rigorously testing and validating adverse action reasons.

Continue Reading CFPB Highlights Fair Lending Risks in Advanced Credit Scoring Models