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- Feed Preview Consumer Finance Monitor
CFPB and DOT Hosting Joint Hearing on Credit Card and Airline Rewards Programs
In furtherance of the Biden Administration’s “junk fee” agenda, on Thursday, May 9, 2024, the Consumer Financial Protection Bureau and the U.S. Department of Transportation will host a hea...
CFPB Files Cross-Motion for Summary Judgment in Texas Small Business Lending Rule Lawsuit
The CFPB (or “Bureau”) filed a cross-motion for summary judgment in the lawsuit regarding the small business lending data collection and reporting rule, also known as the 1071 rule based on ...
CFPB Takes Action Against BloomTech, Inc. for ISAs that Violate TILA, UDAAP, and the FTC’s Holder Rule
On April 17th, the CFPB issued a consent order to a for-profit training school alleging numerous violations of law related to its use if income share agreements (“ISAs”). According to the Bu...
Update on Petition to Review FTC’s CARS Rule
Petitioners in the challenge to the Federal Trade Commission’s (“FTC”) Combating Auto Retail Scams Rule (“CARS Rule”) filed their Petitioners’ Brief on March 15, 2004 in support of ...
https://www.consumerfinancemonitor.com/2024/04/26/update-on-petition-to-review-ftcs-cars-rule/
Further developments in Colorado rate exportation litigatio...“opt out” of its own interpretations of DIDMCA Section 525
As expected, the Colorado Attorney General and Colorado Uniform Consumer Credit Code Administrator filed their responsive brief in opposition to the plaintiffs’ motion for preliminary injuncti...
This week’s podcast episode: A close look at the Consumer...ee rule: Have cardholders been dealt a winning or losing hand?
Our special guest is Andrew Nigrinis of Legal Economics LLC and former CFPB enforcement economist. The CFPB’s final credit card late fee rule lowers the safe harbor late fee amount that card ...
CFPB seeks rehearing by Fifth Circuit panel of decision vac...th Circuit expedites briefing on preliminary injunction appeal
Last week ended with several new developments in the lawsuit challenging the CFPB’s final credit card late fee rule (Rule), both of which appear to reduce the likelihood that the Rule will be s...
This week’s podcast episode: An update on earned wage access products
Our special guest is Ian Moloney, Senior Vice President and Head of Policy and Regulatory Affairs with the American Fintech Council (AFC). After reviewing how EWA products are used by consumers...
Committee on judicial codes of conduct concludes recusal of...ed in lawsuit challenging final CFPB credit card late fee rule
The Committee on Codes of Conduct of the Judicial Conference of the United States (Committee) has unanimously concluded that Fifth Circuit Judge Willett is not required to recuse in the trade gro...
Washington state “true lender” law signed, effective June 6, 2024
After its passage by the Washington state legislature, Substitute Senate Bill (SSB) 6025 , the Washington “predatory loan prevention act”, was approved by Governor Jay Inslee on March 25, 202...