In this episode of the Consumer Finance Monitor Podcast, Ballard Spahr partners Mike Kilgarriff and Joseph Schuster break down the seismic shifts in consumer financial regulation following the dramatic changes at the CFPB. With the Bureau’s enforcement and supervisory activities on hold, state attorneys general are stepping in to fill the regulatory void.
The holiday splurge has passed — and now comes the holiday hangover?
The New York Federal Reserve detailed in its most recent report, “Household Debt and Credit,” that consumers loaded up on their credit cards in the fourth quarter of the year — which encompassed the holiday shopping season lasting through November and December. Card balances surged by $45 billion, even while delinquency rates are, per the Fed’s language, “elevated.”
Under the leadership of Andrew Ferguson, chairman of Federal Trade Commission, the agency could shift its focus from broad regulatory rule-making to targeted enforcement actions.
We are pleased to share our annual review of regulatory and legal developments in the consumer financial services industry. With active federal and state legislatures, consumer financial services providers faced a challenging 2024. Courts across the country issued rulings that will have immediate and lasting impacts on the industry.
More than 185 Democrats in the House and Senate are urging Trump Administration officials to restore the enforcement and supervisory powers of the CFPB.
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