CFPB: ANPR Issued to Define Larger Participants of the International Money Transfer Market
The Consumer Financial Protection Bureau (CFPB) is seeking information to assist it in considering whether to propose a rule to amend the test to define larger participants in the international money transfer market established by the Bureau’s Defining Larger Participants of the International Money Transfer Market Final Rule published on September 9, 2014 (International Money…
CFPB: Rescission Proposed for Rule Requiring Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders
The Consumer Financial Protection Bureau (CFPB) is proposing to rescind its rule requiring certain types of nonbank covered persons subject to certain final public orders obtained or issued by a government agency in connection with the offering or provision of a consumer financial product or service to report the existence of the orders and related…
CFPB: ANPR Issued to Define Larger Participants of the Consumer Reporting Market
The Consumer Financial Protection Bureau (CFPB) is seeking information to assist it in considering whether to propose a rule to amend the test to define larger participants in the consumer reporting market established by the Bureau’s Defining Larger Participants of the Consumer Reporting Market Final Rule published on July 20, 2012 (Consumer Reporting Larger Participant…
CFPB: Report Issued on the Buy Now, Pay Later Market
The market for buy now, pay later (BNPL) credit, typically a four-payment loan with no interest used by consumers to make retail purchases, continued to expand between 2019 and 2023. Using data provided by six large BNPL companies, the CFPB examined trends in the BNPL market for calendar years 2019 to 2023. The report includes…
CFPB: Agency’s Supervision Division Releases New “Humility Pledge”
Today, the CFPB made changes to how the Supervision Division conducts exams. Previously, under the leadership of Director Chopra and Biden’s Director of Supervision Lorelei Salas, a former Soros activist who was put on leave in February 2025, this division was the weaponized arm of the CFPB. Under President Trump and Director Vought’s leadership, that…
CFPB: Small Business Lending Data Collection Proposed Rule Issued to Revise Section 1071 Requirements
The Consumer Financial Protection Bureau (CFPB or Bureau) proposes revisions to certain provisions of Regulation B, subpart B, implementing changes to the Equal Credit Opportunity Act made by section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Bureau is reconsidering coverage of certain credit transactions and financial institutions; the small business…
ICBA: Statement on CFPB’s New Proposal to Implement Section 1071 Small-Business Reporting Requirements
Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s updated Consumer Financial Protection Bureau proposed rule to implement Section 1071 small-business reporting requirements. “ICBA and the nation’s community bankers commend the administration for making needed improvements to the CFPB’s 1071 rule to help mitigate the negative impact of…
ABA: Statement on CFPB’s Section 1071 Reproposal
“We applaud the CFPB for addressing serious flaws in its previous Section 1071 rulemaking, which exceeded the Bureau’s legal authority and constrained banks’ ability to make small business loans that are so essential to economic growth. This is one of many recent regulatory reforms advanced by the CFPB that will unleash America’s banks, allowing them…
CFPB: Agency Notifies Court it Cannot Lawfully Draw Funds from the Federal Reserve
Today, the Consumer Financial Protection Bureau (CFPB) filed a notice informing the court in NTEU v. Vought that the Department of Justice’s Office of Legal Counsel (OLC) has determined that the Bureau may not legally request funds at this time from the Federal Reserve under Dodd-Frank. OLC made this conclusion on the basis that the Federal Reserve…
ABA: Statement Issued on Court Ruling to Halt Compliance and Enforcement of CFPB Data Sharing Rule
“The U.S. District Court’s decision to stay compliance with the Consumer Financial Protection Bureau’s Section 1033 rule affirms the serious concerns raised by ABA and other stakeholders regarding the rule’s legal foundation, scope and impact on consumer privacy and data security. The court’s decision provides a necessary pause for the Bureau to engage meaningfully with…