CFPB Says Certain Earned Wage Access Products Are Not Credit
CFPB Says Certain Earned Wage Access Products Are Not Credit On December 23, the CFPB issued an advisory opinion concluding that certain earned wage access (EWA) products fall outside the definition of credit under the Truth in Lending Act (TILA) and Regulation Z. In...
21 States Challenge CFPB Defunding Strategy in Federal Court
21 States Challenge CFPB Defunding Strategy in Federal Court A coalition of 21 states and the District of Columbia filed suit on Monday seeking to block what they describe as the Trump Administration’s unlawful defunding of the Consumer Financial Protection Bureau...
OCC Flags Debanking Practices at Nine Large Banks
OCC Flags Debanking Practices at Nine Large Banks Last week, the Office of the Comptroller of the Currency released preliminary findings from a supervisory review of “debanking” practices at nine of the largest national banks it oversees, concluding that the...
Senior CFPB Official Resigns, Citing No Path Forward for Enforcement Program
Senior CFPB Official Resigns, Citing No Path Forward for Enforcement Program The Consumer Financial Protection Bureau’s principal deputy enforcement director, Michael Salemi, announced his resignation last week, becoming the third enforcement leader to depart the...
State Attorneys General Press Major BNPL Firms for Lending Details
State Attorneys General Press Major BNPL Firms for Lending Details Seven state attorneys general last week launched a multistate inquiry into leading Buy Now, Pay Later (BNPL) lenders, sending formal inquiries to companies including Affirm, Klarna, PayPal, Afterpay,... CFPB Shifts Active Litigation to DOJ As Funding Runs Dry
CFPB Shifts Active Litigation to DOJ As Funding Runs Dry Last week, the Consumer Financial Protection Bureau (CFPB) announced it will transfer its remaining enforcement and litigation duties to the U.S. Department of Justice (DOJ) amid what it described as an imminent... Appeals Court Clears Way for Colorado to Enforce Interest Rate Caps on Out-of-State Loans
Appeals Court Clears Way for Colorado to Enforce Interest Rate Caps on Out-of-State Loans Last week, Colorado secured a major legal victory allowing the state to enforce its 36 percent interest rate cap on consumer loans made to residents, even when those loans... Trump Administration Says CFPB May No Longer Legally Request Funds from Federal Reserve, Setting Tentative Shutdown Date of Early 2026
Trump Administration Says CFPB May No Longer Legally Request Funds from Federal Reserve, Setting Tentative Shutdown Date of Early 2026 The Trump administration has officially determined that the Consumer Financial Protection Bureau (CFPB)’s current funding mechanism...
