On May 1, 2026, the CFPB finalized a revised Section 1071 rule under ECOA, narrowing covered institutions, products, and required data points from the 2023 Rule, with a single compliance date of Jan. 1, 2028. Financial institutions may wish to begin assessing coverage status and compliance readiness.
Continue Reading CFPB Final Rule Narrows Small Business Lending Data Collection Requirements
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 June 4, 2024, the CFPB released a circular cautioning companies against including unlawful or unenforceable terms and conditions in contracts for consumer financial products or services. The circular asserts that companies often embed unlawful or unenforceable terms in the fine print of their contracts, using this “fine print tactic” to deceive consumers into surrendering