The U.S. Court of Appeals for the District of Columbia Circuit issued an order temporarily halting the Consumer Financial Protection Bureau’s (CFPB or Bureau) mass layoffs. The court granted an emergency motion to enforce or...more
4/30/2025
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Employment Litigation ,
Executive Orders ,
Government Agencies ,
Judicial Authority ,
Layoffs ,
Preliminary Injunctions ,
Trump Administration ,
Unions ,
Voluntary Reduction in Force
At an emergency hearing this morning in National Treasury Employees Union v. Vought, Judge Amy Berman Jackson once again halted the layoffs of over 1,000 employees at the Consumer Financial Protection Bureau (CFPB). The judge...more
4/21/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Employee Rights ,
Employment Litigation ,
Federal Labor Laws ,
Government Agencies ,
Hiring & Firing ,
Judicial Authority ,
Layoffs ,
Preliminary Injunctions ,
Regulatory Agencies ,
Stays ,
Trump Administration ,
Unions ,
Wrongful Termination
The Consumer Financial Protection Bureau (CFPB or Bureau) is undergoing significant changes as the Trump administration implements sweeping layoffs just days after revising the Bureau’s regulatory priorities. According to...more
4/18/2025
/ Consumer Financial Protection Bureau (CFPB) ,
Employment Litigation ,
Federal Labor Laws ,
Hiring & Firing ,
Layoffs ,
Motion to Show Cause ,
Preliminary Injunctions ,
Regulatory Agencies ,
Regulatory Reform ,
Trump Administration ,
Unions ,
Voluntary Reduction in Force
As federal agencies pull back on consumer protection regulations under the Trump administration, California is stepping up to fill the void. This shift was forecasted in January, when the Consumer Financial Protection Bureau...more
4/14/2025
/ Biden Administration ,
California ,
California Consumer Financial Protection Law (CCFPL) ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Reserve ,
Financial Institutions ,
New Legislation ,
Regulatory Reform ,
Trump Administration ,
UDAAP
In this episode of The Consumer Finance Podcast, Chris Willis is joined by colleagues Jesse Silverman and James Kim to discuss recent developments in New York's legislative efforts to strengthen its consumer financial...more
On March 28, the Consumer Financial Protection Bureau (CFPB or Bureau) was ordered by the U.S. District Court for the District of Columbia to reinstate its employees and resume its operations. This decision comes after the...more
4/1/2025
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Employees ,
Employment Policies ,
Government Agencies ,
Hiring & Firing ,
Preliminary Injunctions ,
Regulatory Agencies ,
Regulatory Requirements ,
Stop Work Orders ,
Trump Administration ,
Unions
In this special joint edition of the Crypto Exchange and the Consumer Finance Podcast, host Ethan Ostroff is joined by colleagues James Kim and Chris Willis to discuss the anticipated regulatory approaches to digital assets...more
In this special joint edition of the Crypto Exchange and the Consumer Finance Podcast, host Ethan Ostroff is joined by colleagues James Kim and Chris Willis to discuss the anticipated regulatory approaches to digital assets...more
In this special joint edition of the Consumer Finance Podcast and the Regulatory Oversight Podcast, host Chris Willis is joined by colleagues Stephen Piepgrass, James Kim, Jesse Silverman, and Lane Page to discuss the ongoing...more
In this special joint edition of the Consumer Finance Podcast and the Regulatory Oversight Podcast, host Chris Willis is joined by colleagues Stephen Piepgrass, James Kim, Jesse Silverman, and Lane Page to discuss the ongoing...more
As discussed here, on February 9, the National Treasury Employees Union (NTEU), which includes members employed by the Consumer Financial Protection Bureau (CFPB or Bureau), filed a lawsuit in the District Court for the...more
We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging...more
2/17/2025
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinTech ,
Regulatory Agenda ,
Regulatory Requirements ,
TCPA ,
UDAAP ,
Uniform Commercial Code (UCC)
On February 11, President Donald Trump nominated Jonathan McKernan to be the new Director of the Consumer Financial Protection Bureau (CFPB or Bureau). If confirmed by the Senate, McKernan will replace Acting CFPB Director...more
2/13/2025
/ Administrative Appointments ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement ,
FDIC ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Nominations ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Reform ,
Trump Administration
In a dramatic series of events, the Consumer Financial Protection Bureau (CFPB or Bureau) has undergone leadership changes, signaling a significant shift in its regulatory approach. These changes began with the firing of...more
2/11/2025
/ Administrative Appointments ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Reform ,
Trump Administration
Hours before a scheduled hearing yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) filed an “Emergency Notice” in the U.S. Court of Appeals for the Fifth Circuit with respect to the ongoing litigation...more
2/4/2025
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
Enforcement Actions ,
Final Rules ,
Financial Services Industry ,
Lending ,
Regulatory Requirements ,
Rulemaking Process ,
Section 1071 ,
Small Business ,
Small Business Loans ,
UDAAP
In a significant and highly anticipated move, President Donald Trump has fired Rohit Chopra, the Director of the Consumer Financial Protection Bureau (CFPB or Bureau). Rohit Chopra, who had been serving as the Director of the...more
In this episode of The Consumer Finance Podcast, host Chris Willis is joined by James Kim and Jesse Silverman, co-leaders of Troutman Pepper Locke’s fintech industry group. They discuss the current regulatory environment for...more
Earlier this month, the Consumer Financial Protection Bureau (CFPB or Bureau) issued new policy statements regarding its Compliance Assistance Sandbox (CAS) and No-Action Letters (NAL) programs. ...more
1/24/2025
/ Competition ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Innovation ,
No-Action Letters ,
Regulatory Agenda ,
Regulatory Oversight ,
Sandbox ,
Supervision ,
Transparency
As part of a flurry of last minute regulatory activity by the Biden administration’s Consumer Financial Protection Bureau (CFPB or Bureau), on January 15, the CFPB published an advisory opinion in the Federal Register...more
1/23/2025
/ Advisory Opinions ,
Biden Administration ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Earned Wage Access ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Payroll Deductions ,
Regulation Z ,
Regulatory Agenda ,
Truth in Lending Act (TILA)
UDAP has been controversial in the US in the past couple of years. Now that we have a new president and a new Congress, the use of UDAP may change....more
As the Consumer Financial Protection Bureau (CFPB or Bureau) anticipates a shift in its leadership with the incoming administration of President Trump, the Bureau has released a report titled “Strengthening State-Level...more
1/16/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Data Privacy ,
Enforcement Actions ,
Federal v State Law Application ,
Financial Regulatory Reform ,
Financial Services Industry ,
Hidden Fees ,
New Legislation ,
Regulatory Agenda ,
Trump Administration
On January 10, the Consumer Financial Protection Bureau (Bureau) issued a notice of proposed interpretive rule (Proposed Rule). The deadline for comments is March 31, 2025. The Proposed Rule would apply the Electronic Fund...more
This week, New York became the latest state to introduce legislation aimed at regulating Earned Wage Access (EWA) services. Assembly Bill 258 titled — “An Act to Amend the Banking Law, in Relation to Providing for Income...more
1/10/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Earned Wage Access ,
Financial Regulatory Reform ,
Financial Services Industry ,
New York ,
NYDFS ,
Proposed Legislation ,
Regulation Z ,
Regulatory Agenda ,
Truth in Lending Act (TILA) ,
Wages
On December 16, the Consumer Financial Protection Bureau (CFPB or Bureau) released a special edition of its Supervisory Highlights, detailing a range of activities identified by CFPB examiners across the student loan...more
This week, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its final rule on personal financial data rights, purportedly aimed at enhancing consumer control over their financial data and promoting competition...more
10/24/2024
/ Banks ,
Consumer Data Requests ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Management ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Open Banking