The CFPB’s proposal, its first attempt to regulate cryptocurrencies and stablecoins, is unlikely to survive the administration change.

By Parag Patel, Adam Bruce Fovent, and Deric Behar

On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) issued a proposed interpretative rule that would extend the consumer protections of the Electronic Funds Transfer Act (EFTA) to certain stablecoin and other virtual currency accounts, video game accounts, and credit card rewards points accounts (the Proposed Interpretation).1 In issuing

A Republican Congress and the incoming Trump administration may employ the CRA to quickly overturn recent rules that faced heavy criticism from the financial services industry.

By Jenny Cieplak, Zachary Fallon, Arthur Long, Parag Patel, Barrie VanBrackle, Stephen Wink, and Deric Behar

Every four years in American politics is an opportunity to turn the tables on the party in power. But leading up to and following an election that shifts control of the government

The rule aims to reduce market concentration by guaranteeing consumer access to personal financial data, but faces strident criticism and immediate legal challenge.

By Arthur S. Long, Parag Patel, Barrie VanBrackle, Pia Naib, Mik Bushinski, and Deric Behar

On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) finalized the Personal Financial Data Rights rule (the Rule) under Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The Rule requires

Remittance service providers would need to update their disclosure statements under a narrowly tailored proposed amendment which aims to resolve issues more efficiently and save consumers time.

By Parag Patel, Barrie VanBrackle, and Deric Behar

On September 20, 2024, the Consumer Financial Protection Bureau (CFPB) proposed a rule amendment to disclosure requirements under the Electronic Fund Transfer Act (the Act) and Regulation E (the Act’s implementing regulation) for certain international money transfers, or remittances (the Proposal). The Proposal

Paycheck advance products that are deemed consumer loans under the CFPB’s new proposal would be subject to increased disclosure and regulatory protections.

By Parag Patel, Barrie VanBrackle, and Deric Behar

The Consumer Financial Protection Bureau (CFPB) recently proposed an interpretive rule titled “Consumer Credit Offered to Borrowers in Advance of Expected Receipt of Compensation for Work” (the Proposal). If finalized, the Proposal would designate “earned wage access” or “earned wage advance” products (EWAs) that require a fee as

Recent Supreme Court administrative law rulings change the power dynamic between the executive and the judiciary in critical areas of statutory interpretation, enforcement, and immunity from legal challenge.

By Jenny Cieplak, Arthur S. Long, Nima H. Mohebbi, Benjamin A. Naftalis, Marlon Q. Paz, Yvette D. ValdezStephen P. WinkDouglas K. Yatter, Adam Fovent, and Deric Behar

The 2023-2024 US Supreme Court session has concluded the term with a series of

The centralized repository would assist the CFPB and law enforcement in detecting patterns of misbehavior and recidivism adversely affecting consumers.

By Arthur S. Long, Barrie VanBrackle, and Deric Behar

On June 3, 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule (Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders) (the Rule) to track judicial and regulatory enforcement orders against nonbank financial firms, and to report on such orders in a publicly available registry.

The preliminary injunction was granted pursuant to Fifth Circuit precedent that the CFPB’s independent funding structure is unconstitutional.

By Barrie VanBrackle and Deric Behar

On May 10, 2024, the US District Court for the Northern District of Texas blocked the Consumer Financial Protection Bureau’s (CFPB) final rule (the Rule) amending Regulation Z to limit credit card late fees. The Rule was initially proposed in February 2023, finalized on March 5, 2024, and was set to go into effect on May 14, 2024.

The Rule aims to ensure that credit card late fees are “reasonable and proportional” to the costs that issuers incur in collecting late payments, as required by TILA. The Rule, however, faced immediate and intense criticism from market participants and trade groups representing banks and credit unions (for more information, see this Latham blog post).

The rule targets a statutory loophole that the CFPB asserts large credit card issuers exploited to exact excessive late fees from consumers.

By Barrie VanBrackle and Deric Behar

On March 5, 2024, the Consumer Financial Protection Bureau (CFPB) finalized a rule (the Rule) to amend Regulation Z, which implements the Truth in Lending Act (TILA) to limit credit card late fees. The Rule was initially proposed in February 2023 and was intended to go into effect in October 2023 (for

A recent bipartisan bill, if enacted, would particularly benefit small lenders and bank-fintech partnerships by promoting transparency, appellate rights, and examiner accountability.

By Arthur S. Long, Parag Patel, Barrie VanBrackle, Pia Naib, and Deric Behar

On December 14, 2023, a bipartisan group of senators introduced the Fair Audits and Inspections for Regulators’ Exams Act (FAIR Exams Act), which seeks to increase transparency in the bank examination process. The proposed legislation would require examining agencies to act quickly and transparently, while creating an independent review and appeals process under the Federal Financial Institutions Examination Council (FFIEC),[1] which would allow banks to seek independent review of material examiner findings.