A Word from Eamonn Moran, Senior Counsel at Norton Rose Fulbright

Before and after. The Supreme Court’s decision in CFPB v Community Financial Services Association ended the most serious legal challenge to the constitutionality and existence of the Dodd-Frank created consumer protection agency. The decision ends uncertainty as to the implementation of prior rulemakings and paves the way for many more that are in the pipeline. If there were concerns before the decision about the potential reach of the CFPB into every facet of finance and regulation, after the decision there is an imperative to understand the impact and magnitude of the growing number of rules, regulations, policy statements, and other guidance mechanisms for consumer facing institutions promulgated by the agency.

Norton Rose Fulbright has been closely monitoring developments in consumer finance since the inception of the CFPB. Our legal team has been actively engaging on issues concerning consumer financial services and products, regulatory, supervisory and enforcement matters, payments, fintech, cards, and more. Our new Consumer Finance Review newsletter is devoted to keeping you up to date on all consumer finance-related matters and to provide analysis on pressing regulatory issues that may affect you. You can subscribe to receive Consumer Finance Review monthly.

The practical reality is that the CFPB is in the midst of numerous ambitious, high-priority projects that will impact the entire financial marketplace. To name a few: the CFPB is scrutinizing all things they consider "junk fees." (A March final rule concerning credit card late fees comes after the issuance of two proposed rules concerning overdraft fees and non-sufficient funds ("NSF") fees.) But the CFPB has taken public steps on a broad range of deposit-related fees over the past two years including fees imposed by mortgage servicers. The CFPB is focusing on student loans and student loan servicing. The CFPB is taking action on financial and privacy risks in video gaming marketplaces - an early step toward engaging more broadly with technological developments and innovations. The CFPB is taking steps to police the intersection of health care and financial products, which, it says, is starting to increasingly resemble longstanding trends in higher education where there have been serious abuses in lending and financial products. Additionally, the CFPB is paying more attention to credit card rewards and airline frequent flyer miles programs. And based on the issuance of a procedural rule to update how the CFPB designates a nonbank for supervision, the CFPB is pursuing enforcement actions in this area as well.

This newsletter is made possible thanks to the Norton Rose Fulbright technology platform called US Regulatory Intelligence and by my financial services practice colleague Steven Lofchie.

Much more on the CFPB developments and what they mean for you is forthcoming and I look forward to keeping you updated.

Eamonn Moran