Insights / eventsInsights
Insights / events

Presentation

Regulatory Trends to Watch Out for in Consumer Finance

Read Time: 1 min

Member James Sandy and Of Counsel Katherine Romano Schnack will discuss “Regulatory Trends to Watch Out for in Consumer Finance” in a Knowledge Webcasts webinar on January 26, 2023. Key discussion topics include the latest trends and developments in consumer finance, enforcement against “junk fees” and “dark patterns,” CFPB expansion over digital assets and privacy, and what lies ahead in 2023.

Consumer financial service regulators have been actively expanding their reach and authority over financial institutions, nonbank partners, and service providers over an increasing number of business practices. Since much of this expansion is accomplished without formal rulemaking, it is important for financial service companies to stay on top of the informal agency guidance and actions. Jim and Kat will discuss the latest regulatory trends and developments and what to watch for in 2023 from agencies, including the Consumer Financial Protection Bureau (CFPB), Federal Trade Commission (FTC), and Office of the Comptroller of the Currency (OCC). They will also discuss notable enforcement actions and litigation in these regulatory areas.

Learn more.

Insights

Alert

What Mortgage Servicers Need to Know About CFPB’s Junk Fees Update

March 24, 2023

In early March 2023, the Consumer Financial Protection Bureau (CFPB) issued a special edition of its Supervisory Highlights that focused exclusively on “junk fees” uncovered in various supervisory examinations in various industries, including mortgage servicing. This continued focus on junk fees is unsurprising given the priorities of the Biden Administration to curb the use of fees charged to consumers for goods and services.

Alert

Taking the Case: SCOTUS to Decide Constitutionality of CFPB

February 27, 2023

Today, the Supreme Court of the United States granted the petitions for writs of certiorari filed in CFPB et. al. v. Com. Fin. Services Assn., where a panel of the United States Court of Appeals for the Fifth Circuit ruled that the Consumer Financial Protection Bureau (CFPB)’s funding mechanism is unconstitutional, and ultimately invalidated the payday lending rule at issue in that case. The Community Financial Services case is the latest in a long line of challenges to the Bureau itself that could have a wide ranging impact on businesses and entities subject to the CFPB’s authority.  

Event

Litigation Strategies for FinTechs: Where Do We Stand?

March 1, 2023

Please join McGlinchey for a private, client-only discussion of handling FinTech litigation. The Chair of McGlinchey’s FinTech practice, Robert Savoie, will interview Megan Ben’Ary and Joe Apatov, two partners who handle individual and class action litigation matters for FinTechs nationwide, along with partner Aaron Kouhoupt, who advises FinTechs on compliance and the development of processes to address litigation concerns.

Alert

CFPB Proposes Databases Highlighting UDAAP Judgments, Form Contract Provisions

February 15, 2023

Continuing its trend of aggressive oversight over financial institutions, the CFPB has recently announced proposals to create two publicly accessible databases that, it says, will highlight alleged bad actors, identify systemic unfair and deceptive acts and practices (UDAAP), and increase market transparency and regulatory oversight. This article provides an overview of each proposed registry alongMore

Deep Dive into Consumer Finance

Podcast: Data Privacy and Info Security in Finance: The Lay of the Land

February 8, 2023

In the age of big data, it's more important than ever to understand your obligations relating to your customers’ private information. Information can be utilized by bad actors in a variety of ways that can be harmful to both you and your consumers.

Published Article

FTC Issues New Health Products Compliance Guidance

January 30, 2023

The Federal Trade Commission (FTC) has issued a new Health Products Compliance Guidance document to provide guidance to businesses on how to ensure that claims about the benefits and safety of health-related products are truthful, not misleading, and supported by science.

Deep Dive into Consumer Finance

Introduction: A Deep Dive into Privacy

January 27, 2023

The world of cybersecurity and privacy have grown exponentially in recent years, both on the federal and state level. A pandemic-driven shift to remote has increased social media interaction, and electronic communication with state and federal governments increasingly focused on big data and the use and sharing of consumer information.

Published Article

CFPB zeros in on Servicemembers Civil Relief Act

July 26, 2022

Continuing a recent trend of highlighting potential unfair and deceptive acts or practices (UDAAP) within the auto loan servicing industry, the Consumer Financial Protection Bureau (CFPB) recently issued a new blog post focusing on the Servicemembers Civil Relief Act (SCRA). Auto loan servicers and dealerships may want to review their SCRA policies and procedures to ensure they comply with the law and provide the requisite protection for active military members prior to repossessing collateral.  

Published Article

CFPB Report Is A Warning To Consumer Debt Collectors

May 12, 2022

On April 15, the Consumer Financial Protection Bureau issued its annual report on the Fair Debt Collection Practices Act. The report not only looks back at the number and type of debt collection complaints the bureau received in 2021, but also identifies specific debt collection activities that the bureau targeted in the past year.

Published Article

CFPB eyes unfair, deceptive acts: Technology and repossessions

April 5, 2022

The CFPB highlighted several areas of concern in automobile lending in its recent blog post titled “Rising car prices means more auto loan debt.” Technology and its impact on consumers, particularly when it comes to how the use of technology may “disproportionally impact certain communities,” was a primary focus of this bulletin.