Consistent with expectations for lighter regulation under the Trump administration, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) indicated in a March 26, 2025 court filing that it intends to revoke an Interpretative Rule it issued in May 2024 that
Consumer Financial Services Review
News and Analysis Related to Consumer Financial Services, Litigation, and Enforcement
The Consumer Financial Services Review, published by Mayer Brown, focuses on legal developments and regulatory issues affecting consumer financial services. It covers topics such as state and federal lending laws, interest rate exportation, licensing requirements for lenders and loan arrangers, mortgage origination standards including automated valuation models, and consumer protection statutes like the California CARS Act. The blog also addresses regulatory proposals and rulemakings impacting reverse mortgage programs and secondary market issuers. It provides updates on litigation, compliance challenges, and legislative changes relevant to banks, fintech companies, and other financial institutions engaged in consumer lending and credit transactions.
Latest from Consumer Financial Services Review - Page 3
CFPB Seeks to Vacate Townstone Redlining Settlement
In an unprecedented move, the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) Acting Director is seeking to vacate the Bureau’s settlement with Townstone Financial (“Townstone” or the “Company”), which was entered by the US District Court for the Northern District…
New York Proposes to License Buy-Now-Pay-Later Lenders
The New York legislature has introduced no fewer than three separate bills in 2025 to license and regulate the business activities of providers of buy-now-pay-later (“BNPL”) products. The first quarter of the year has seen the introduction of Senate Bill…
McKernan Testifies before Senate Committee amidst Rollback of CFPB Actions
Earlier today the Trump administration’s nominee to lead the Consumer Financial Protection Bureau (“CFPB” or “Bureau”), Jonathan McKernan, testified before the Senate Committee on Banking, Housing and Urban Affairs. McKernan was most recently a member of the Board of Directors…
New Issue of Licensing Link
Mayer Brown has published a new edition of Licensing Link, a periodic publication that will keep you informed on hot topics and new developments in state licensing laws, and provide practice tips and primers on important issues related to state…
Mayer Brown 2024 Consumer Financial Services Highlights
Mayer Brown serves as a trusted advisor to our clients in the consumer financial services industry, a role that we cherish and constantly strive to improve.
In this report, we provide a snapshot of our 2024 consumer financial services representative…
Update on Maryland Licensing for Loan Assignees
There were positive developments last week in connection with the recently announced licensing requirements for assignees of residential mortgage loans and installment loans in Maryland — a proposed legislative fix, an extended enforcement deadline, and a clarifying exception from the…
New Acting Director Installed at the CFPB
On Friday, the Trump administration installed Russell Vought, the recently-confirmed head of the Office of Management and Budget, as the new acting director of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”). Vought replaced Scott Bessent who served as the…
1071 Small Business Data Collection Rule Stayed (Again)
As we reported earlier this week, the CFPB’s new Acting Director and Treasury Secretary, Scott Bessent, has directed Bureau employees not to make any filings or appearances in litigation, other than to seek a pause in the proceedings. This directive…
Acting Director Installed at CFPB: What to Expect in the Months Ahead
Yesterday, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) announced that Scott Bessent, the recently confirmed Treasury secretary, is now the acting director of the Bureau. The announcement comes after the Trump administration fired former Director Rohit Chopra over the…