Chris Willis

1 week ago | openlegalblogarchive.org | Chris Willis |Lori J. Sommerfield |Stefanie Jackman |Lane Page

On June 12, the U.S. District Court for the Northern District of Illinois denied the joint motion by the Consumer Financial Protection Bureau (CFPB or Bureau) and Townstone Financial, Inc.

1 month ago | openlegalblogarchive.org | Jason Cover |Mark J. Furletti |Chris Willis

New York has included a “Buy-Now-Pay-Later Act” as part of its broader budget legislation for the 2025-2026 fiscal year. Encapsulated in Article 14-B, the Act aims to regulate the burgeoning market of buy-now-pay-later (BNPL) lenders but has raised concerns by its overreach and seemingly unequal treatment of national and state banks.

1 month ago | openlegalblogarchive.org | Stefanie Jackman |Jesse Silverman |Lori J. Sommerfield |Chris Willis

On May 15, the Consumer Financial Protection Bureau (CFPB or Bureau) officially rescinded its May 2022 interpretive rule concerning the scope of state enforcement authority under § 1042 of the Consumer Financial Protection Act of 2010 (CFPA). According to the CFPB, this decision restores statutory limits on states’ authority and aligns enforcement actions with the original legislative intent of the CFPA.

1 month ago | openlegalblogarchive.org | Stefanie Jackman |Lori J. Sommerfield |Glen P. Trudel |Chris Willis

On May 9, the U.S. Senate Committee on Banking, Housing, and Urban Affairs announced that President Trump signed into law Chairman Tim Scott’s (R-SC) Congressional Review Act (CRA) resolution, effectively overturning the Biden-era Consumer Financial Protection Bureau (CFPB) rule on overdraft fees.

2 months ago | openlegalblogarchive.org | Stefanie Jackman |James Kim |Jesse Silverman |Lori J. Sommerfield |James Kim |Chris Willis

The Consumer Financial Protection Bureau (CFPB or Bureau) is undergoing significant changes as the Trump administration implements sweeping layoffs just days after revising the Bureau’s regulatory priorities. According to reports, approximately 1,400-1,500 employees have received reduction-in-force notices, leaving the CFPB with just over 200 personnel to carry out its regulatory activities.