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The Consumer Financial Protection Bureau (CFPB or Bureau) recently released its semi-annual regulatory agenda, outlining its planned rulemaking initiatives. 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. This agenda includes a mix of rules in the pre-rulemaking, proposed rule, and final rule stages, covering a wide range of topics from mortgage closing costs to financial data transparency. The CFPB has not yet posted a blog or issued a press release about the agenda.

Continue Reading Highlights from the CFPB’s Spring 2024 Semi-Annual Regulatory Agenda

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.

Continue Reading CFPB Says Earned Wage Access Products Are Subject to the Truth in Lending Act

In this inaugural episode of Moving the Metal, Troutman Pepper attorneys Brooke Conkle and Chris Capurso examine the major requirements of the FTC’s proposed CARS Rule. After a refresher on the rule’s requirements, Brooke and Chris discuss the current status of the litigation surrounding the rule, including a discussion of the briefs and data submitted by the FTC and the trade groups fighting the rule. Tune in as Brooke and Chris look under the hood to examine the FTC’s fine print and where the rule currently stands in the courts, helping your auto finance company avoid regulatory pitfalls.

Continue Reading The CARS Rule

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 Weekly Consumer Financial Services Newsletter – July 2, 2024

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 Weekly Consumer Financial Services Newsletter – June 25, 2024

On May 30, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a request for information (Request) regarding alleged “junk fees” in closing costs charged by mortgage lenders and related settlement service providers. The Bureau is accepting public comments until August 2, 2024.

Continue Reading CFPB Probing Alleged “Junk Fees” in Mortgage Closing Costs

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 Weekly Consumer Financial Services Newsletter – May 29, 2024

On May 2, the U.S. Department of Housing and Urban Development (HUD) released two sets of guidance addressing the applicability of the Fair Housing Act (FHA) to two areas where, in the agency’s view, algorithmic processes and artificial intelligence (AI) pose particular concerns: tenant screening and advertising of housing opportunities through online platforms that use targeted ads. The purpose of HUD’s guidance is to make housing providers, tenant screening companies, advertisers, and online platforms aware that the FHA applies to tenant screening and housing advertising, including when algorithms and AI are used to perform those functions.

Continue Reading HUD Issues Guidance on Applicability of the Fair Housing Act to Tenant Screening and Housing-Related Advertising That Relies Upon Algorithms and AI

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 Weekly Consumer Financial Services Newsletter – May 14, 2024

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 Weekly Consumer Financial Services Newsletter – April 29, 2024