The Consumer Financial Protection Bureau (CFPB) released a data spotlight on the buy now, pay later (BNPL) market. Using data about the BNPL market for the years 2022 and 2023 from six large BNPL providers, the report describes trends and figures in BNPL market growth, borrower usage, late fees and charge‑offs. While there are different versions of the BNPL product, the report focuses on four-installment, …
Personal Financial Data Rights Interim Final Rule Expected Soon
The Consumer Financial Protection Bureau’s (CFPB) open banking rulemaking is at a pivotal moment. After the US District Court for the Eastern District of Kentucky enjoined enforcement of the CFPB’s Personal Financial Data Rights (PFDR) rule in October, the CFPB this week disclosed in a court filing that it will issue an interim final rule under Section 1033 of the Dodd-Frank Act. The CFPB recently …
DOJ Ends Disparate-Impact Liability Under Title VI, Narrowing Civil Rights Enforcement
On December 9, 2025, the US Department of Justice (DOJ) issued a final rule eliminating “disparate-impact” liability from its Title VI regulations. The final rule rescinds portions of DOJ’s Title VI regulations that allowed disparate-impact claims (i.e., challenges to neutral policies with disproportionate effects on protected groups) and aligns DOJ’s enforcement approach with the administration’s broader campaign to curtail disparate-impact liability across federal agencies. This …
State Attorneys General Step Up Oversight of BNPL Programs
A coalition of seven attorneys general recently requested information from six buy now, pay later (BNPL) providers to evaluate their BNPL programs and whether they comply with consumer protection laws. The coalition is comprised of attorneys general from California, Colorado, Connecticut, Illinois, Minnesota, North Carolina and Wisconsin, with Connecticut and North Carolina leading the inquiry. Company responses are due by December 31. The inquiry follows …
CFPB Seeks to Narrow Section 1071 Rule
The Consumer Financial Protection Bureau (CFPB) recently released a proposed rule to scale back the 2023 final small business lending data collection rule (2023 final rule). The proposed rule would significantly narrow the scope of the 2023 final rule by redefining “small business,” limiting the types of transactions and institutions covered by the rule, removing several discretionary data points, and replacing a tiered compliance schedule …
Revising Reg B: CFPB Proposes Changes to Disparate Impact, Discouragement and Special Purpose Credit
On Thursday, November 13, 2025, the Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking (NPRM) to amend provisions of Regulation B (12 CFR Part 1002), which implements the Equal Credit Opportunity Act (ECOA). The NPRM proposes to modify Regulation B by: Removing language supporting disparate-impact liability under the ECOA. Narrowing the prohibition on discouragement of applicants or prospective applicants. Establishing new standards …
CFPB Faces Uncertain Future as Funding Shortfall Looms
On November 10, the Consumer Financial Protection Bureau (CFPB) informed the US District Court for the District of Columbia that it expects to run out of funds in early 2026. The CFPB filed the Notice of Potential Lapse in the ongoing National Treasury Employees Union v. Vought lawsuit, in which the union representing CFPB employees is challenging the Trump administration’s efforts to shut down the agency. …
Court Enjoins CFPB’s Open Banking Rule Pending New Rulemaking
On October 29, 2025, the US District Court for the Eastern District of Kentucky issued a preliminary injunction that prevents the Consumer Financial Protection Bureau (CFPB) from enforcing its Personal Financial Data Rights (PFDR) final rule until the CFPB completes its new rulemaking. The injunction, therefore, halts compliance deadlines that would have required certain financial institutions to implement new data-sharing standards as early as June …
CFPB Rescinds Amendments to Confidentiality of Nonbank Supervisory Proceeding Outcomes
The Consumer Financial Protection Bureau (CFPB) announced a final rule that rescinds Biden-era amendments made to its procedures for supervisory designations of nonbanks. The amended rule reestablishes that decisions and orders in contested supervisory designation proceedings held pursuant to section 1024(b)(7) of the Consumer Financial Protection Act (CFPA) are confidential. This change effectively reinstates the confidentiality standard for supervisory designation proceedings first established in a …
CFPB Narrows Its Supervision of Nonbanks
The Consumer Financial Protection Bureau (CFPB) recently proposed a rule that would likely limit the nonbanks it supervises to those whose activities “pose a high likelihood of significant harm to consumers” in connection with offering or providing consumer financial products or services. The CFPB’s rule would more narrowly construe a provision of the Consumer Financial Protection Act that the CFPB has relied on to supervise …