When Rohit Chopra left the Consumer Financial Protection Bureau earlier this year, there was considerable speculation about what he would do next. In May, Governor Gavin Newsom provided the answer: Chopra would become the inaugural Secretary of California’s newly created
Consumer Finance Monitor
CFPB, Federal Agencies, State Agencies, and Attorneys General
Consumer Finance Monitor, published by Ballard Spahr LLP, focuses on developments in consumer financial services regulation and litigation. The blog covers topics such as regulatory actions and rulemaking by the Consumer Financial Protection Bureau (CFPB), including funding mechanisms, enforcement of consumer protection laws like the Fair Debt Collection Practices Act, and significant court cases affecting consumer finance. It also addresses issues related to mortgage servicing, small business lending, data privacy, and state versus federal regulatory conflicts. The blog provides updates on legislative and administrative developments impacting financial institutions, fintech companies, and consumers, with analysis of legal challenges and policy changes in the consumer finance sector.
Latest from Consumer Finance Monitor - Page 2
FDIC Proposes Rule to Establish Parity Between State and National Banks in Applying Host-State Laws
The FDIC has proposed a rule interpreting Section 24(j) of the Federal Deposit Insurance Act, enacted as part of The Riegle-Neal Interstate Branching and Banking Efficiency Act of 1994, to provide parity between out-of-State state and national banks insofar as…
Podcast Release: AI in Debt Collection: Opportunities, Risks, and the Importance of Data Governance
Artificial intelligence is rapidly transforming consumer financial services, and consumer debt collection is no exception. AI already is being used in a variety of first-party and third-party consumer debt collection activities, ranging from account scoring and communication strategies to payment-plan…
House Financial Services Committee Approves Legislation to Place CFPB Under Congressional Appropriations Process
The House Financial Services Committee on September 16 approved H.R. 10184, the Consumer Financial Protection Accountability and Reform Act of 2026, by a 28-21 vote. The legislation, sponsored by Rep. Andy Barr (R-Ky.), would make significant changes to the structure,…
House Financial Services Committee Advances DIDMCA Opt-Out Clarification Bill
On September 16, 2026, the House Financial Services Committee (Committee) approved H.R. 7866, the American Lending Fairness Act of 2026, legislation introduced by Rep. Warren Davidson (R-Ohio) and Rep. Andy Barr (R-KY) that would address the effect of state…
CSBS Releases Artificial Intelligence Supervisory Framework for State Examiners
The Conference of State Bank Supervisors (CSBS) on September 16, 2026 released an Artificial Intelligence Supervisory Framework designed to help state financial examiners identify and understand how the bank and non-bank institutions they regulate are using artificial intelligence, assess the…
Senate Banking Committee Advances Brian Johnson’s Nomination to Lead CFPB
The Senate Banking, Housing, and Urban Affairs Committee voted 13-11 along strict party lines on September 17 to advance Brian Johnson’s nomination to become Director of the Consumer Financial Protection Bureau (CFPB). The vote took place during an Executive Session…
The End of Shopping? Agentic AI and the Future of Consumer Financial Services Introduction
Artificial intelligence is rapidly moving from helping consumers make purchasing decisions to making those decisions for them. So-called “agentic AI” or “AI shopping agents” could search for financial products, compare prices and terms, negotiate with providers, open or close accounts,…
Banking Agencies Propose More Prescriptive Third-Party Risk Management Framework
Proposed guidance would require specific elements in bank policies and programs and could give added significance to FDIC’s proposed industry standard-setting organization
Executive Summary
The federal banking agencies have proposed new third-party risk management guidance that is more prescriptive than…
Senate Banking, Housing, and Urban Affairs Committee to Vote Tomorrow on Brian Johnson’s Nomination to Become Director of the CFPB
The Senate Banking, Housing, and Urban Affairs Committee (Committee) has scheduled an Executive Session for Thursday, September 17, 2026, at 10:00 a.m. in Dirksen Senate Office Building, Room 538. The agenda expressly includes:
- S. 4395, Terrorism Risk Insurance Program Reauthorization
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