In the CFPB Playbook: No Lazy, Hazy Days of Summer
Financial Services attorney Eamonn Moran authored a Law360 article providing an update on Consumer Financial Protection Bureau (CFPB) oversight activity, including new rules and guidance, markets and research reports, and consumer advisories. As Mr. Moran notes, the U.S. Supreme Court's May 2024 decision upholding the bureau's funding structure seems to have spurred renewed enforcement efforts, as evidenced by two proposals: 1) a June 2024 proposed interpretive rule regulating offerings in the paycheck advance marketplace by deeming certain products marketed as "earned wage advances" or "earned wage access" products consumer loans subject to the Truth in Lending Act (TILA), and 2) a July 2024 proposed rule amending mortgage servicing regulations to expand borrower protections during the loss mitigation process. The author goes on to analyze non-rulemaking priorities, such as an ongoing initiative to combat junk fees, a report on costs associated with cash access, such as out-of-network ATM fees and cash-back fees, and a circular reminding financial institutions of the risk of violating the Electronic Fund Transfer Act by failing to provide proof of consumers' opt-in for overdraft services.