On April 16, 2025, the CFPB’s Chief Legal Officer, Mark R. Paoletta, issued a memorandum to CFPB staff that sets out the agency’s 2025 supervision and enforcement priorities.
Continue Reading CFPB Memo Details Less Oversight on Fintechs, Shift to State-Led Enforcement
On March 27, 2025, the Federal Trade Commission (FTC) filed a lawsuit and proposed settlement order resolving claims against Cleo AI, a fintech that operates a personal finance mobile banking application through which it offers consumers instant or same-day cash advances.
Continue Reading FTC Alleges Fintech Cleo AI Deceived Consumers
On Feb. 11, 2025, President Trump nominated Jonathan McKernan to be the next director of the Consumer Financial Protection Bureau (CFPB). If confirmed by the Senate, McKernan would replace Russell Vought, who President Trump designated as acting director of the CFPB on Feb. 7, 2025, a day after Vought was confirmed as the director of
On Nov. 6, 2024, the Federal Trade Commission (FTC) released an administrative complaint and accepted a proposed consent order resolving claims against GGL Projects, Inc., an AI-enabled customer review platform that does business as Sitejabber. The FTC alleges that Sitejabber provides its ecommerce clients with the ability to (a) collect ratings and reviews from consumers
On Nov. 6, 2024, the Federal Trade Commission (FTC) released an administrative complaint and accepted a proposed consent order resolving claims against GGL Projects, Inc., an AI-enabled customer review platform that does business as Sitejabber. The FTC alleges that Sitejabber provides its ecommerce clients with the ability to (a) collect ratings and reviews from consumers
On Nov. 18, 2024, the Federal Deposit Insurance Corporation (FDIC) announced a 45-day extension to the public comment period for its proposed rule making (Proposed Rule) that would establish new recordkeeping requirements and related compliance obligations for insured depository institutions that offer certain “custodial deposit accounts with transactional features.”
As we detailed in a prior
On Nov. 12, 2024, the Consumer Financial Protection Bureau (CFPB) released a report examining federal and state privacy protections for consumers’ financial data. In the report, the CFPB “critiques” the privacy protections available under the Gramm-Leach-Bliley Act (GLBA) and the Fair Credit Reporting Act (FCRA), asserting that the federal framework has “limitations.” The CFPB then
On Nov. 12, 2024, the Consumer Financial Protection Bureau (CFPB) released a report examining federal and state privacy protections for consumers’ financial data. In the report, the CFPB “critiques” the privacy protections available under the Gramm-Leach-Bliley Act (GLBA) and the Fair Credit Reporting Act (FCRA), asserting that the federal framework has “limitations.” The CFPB then
On Nov. 5, 2024, the Federal Trade Commission (FTC) filed a lawsuit against Dave, Inc., a U.S. fintech company that offers short-term cash advances through a mobile banking application. The FTC alleges that Dave uses misleading marketing to deceive consumers about the amount of its cash advances, charges consumers undisclosed fees, and charges so-called “tips”
On Oct. 22, 2024, the CFPB issued a final rule that will require covered financial institutions to provide consumers and authorized third parties with access and portability options for their financial data. The CFPB’s final rule, called the “Personal Financial Data Rights Rule,” implements Section 1033 of Title X of the Dodd-Frank Act, a to-date