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Noreika-Cordray Dispute Escalates as Senate Nears Vote on CFPB Arbitration Rule

Since last summer, Acting U.S. Comptroller of the Currency Keith A. Noreika and CFPB Director Richard Cordray have exchanged polar-opposite views on whether the CFPB’s final arbitration rule should be repealed....more

More details on finance industry’s CFPB arbitration rule lawsuit

As promised previously, here are further details on the lawsuit filed by industry groups against the CFPB to overturn the final arbitration rule.  The complaint largely mirrors our heavy criticism of the rule. ...more

Earlier deadline for Senate to pass CRA resolution to override CFPB arbitration rule

In a recent blog post, we estimated that, as a practical matter, November 16 was the last day on which the Senate could pass a resolution of disapproval under the Congressional Review Act to override the CFPB arbitration...more

CFPB Issues Final Payday/Auto Title/High-Rate Installment Loan Rule

The Consumer Financial Protection Bureau (CFPB) issued its final payday loan rule last week in a release running 1,690 pages. Lenders covered by the rule include nonbank entities as well as banks and credit unions....more

What is the deadline for the Senate to pass a CRA resolution to override the CFPB’s arbitration rule?

Despite the filing of a lawsuit last Friday by a number of industry trade groups seeking to block implementation of the CFPB’s arbitration rule, we remain hopeful that the Senate will pass a resolution of disapproval under...more

Finance Industry Files Lawsuit to Overturn CFPB Arbitration Rule

The U.S. Chamber of Commerce, American Bankers Association, the Consumer Bankers Association, Financial Services Roundtable, American Financial Services Association, Texas Association of Business, Texas Bankers Association,...more

In A Stunning Rebuke To CFPB, OCC Finds Arbitration Rule Will Significantly Increase Cost Of Consumer Credit

In a September 20 report, the Office of the Comptroller of the Currency (OCC) seriously undermined the integrity and completeness of the CFPB’s empirical study of consumer arbitration that purports to be the foundation for...more

CFPB Issues Arbitration Rule Small Entity Compliance Guide

The CFPB has issued a small entity compliance guide for its arbitration rule.  The rule became effective on September 18, and compliance with the rule is required with regard to pre-dispute arbitration agreements entered into...more

Protection of servicemembers, Equifax data breach provide mistaken justifications for CFPB arbitration rule

In a mistaken attempt to justify the CFPB’s arbitration rule, supporters are pointing to the need to protect the rights of military servicemembers and the recent Equifax data breach. On September 20, Democratic Senator Jack...more

TCF National Bank obtains dismissal of CFPB’s Regulation E claims in overdraft services lawsuit

This past January, the CFPB filed a lawsuit against TCF National Bank in Minnesota federal district court that alleged that the bank, in connection with offering overdraft services, violated the Consumer Financial Protection...more

Professor Sovern Disagrees with Senator Warren and Concedes that Consumers Do Well in Arbitration But Raises Another Red Herring

Professor Jeff Sovern has responded to our recent blog, “Senator Warren’s Numbers Don’t Add Up,” with a blog of his own. He does not contest the main point of our blog, which was that Senator Warren’s claim that consumers...more

Senator Warren’s Numbers Don’t Add Up

In a press release issued earlier this week, Senator Elizabeth Warren argued that the CFPB’s arbitration rule should not be repealed under the Congressional Review Act because consumers recovered “in only 9 percent of the...more

ETA To Hold Annual Fintech Policy Forum

The Electronic Transactions Association (ETA) will hold its Annual FinTech Policy Forum on September 14, 2017 at Google’s DC offices.  ...more

Upcoming Programs On CFPB Arbitration Rule

In July, the CFPB issued its Final Arbitration Rule on the use of arbitration provisions in consumer financial services products and services.  I will be participating in two upcoming programs related to the Rule....more

NAFCU-Hosted Credit Union Conference

The National Association of Federally-Insured Credit Unions (NAFCU) is hosting its annual conference in Washington, D.C. today through September 13....more

9/12/2017  /  Banks , Credit Unions

Senate Committee On Banking, Housing, And Urban Affairs To Hold Fintech Hearing

On September 12, 2018 at 10:00am EDT, The Senate Committee on Banking, Housing, and Urban Affairs will hold an open session hearing entitled “Examining the Fintech Landscape.” ...more

Equifax And The CFPB Arbitration Rule: A Tempest In A Teapot

The recent data breach disclosure by Equifax raised an outcry from consumer advocates trying to link the data breach to the Consumer Financial Protection Bureau’s (CFPB) final arbitration rule. They are portraying this...more

Director Cordray praises his work at CFPB at Cincinnati AFL-CIO Labor Day picnic but does not resign and launch his campaign for...

Ever since it was announced that Richard Cordray would be delivering a speech at the annual Cincinnati AFL-CIO Labor Day picnic, there was wide speculation that he would use that occasion to launch his campaign to run for...more

Issuance of Part I of CFPB Debt Collection Rule is imminent

Much attention has been devoted to the issuance very soon of the CFPB’s small-dollar lending rule. I thought that once that rule was issued, Richard Cordray would soon thereafter resign as Director to return to Ohio to run...more

Dancer's Claims Against Club Not Subject to Arbitration Clause, Third Circuit Rules

Employers should take note of a recent ruling by the U.S. Court of Appeals for the Third Circuit in a case involving the arbitration clause in an independent contractor agreement....more

"Modest" Overstatements of Amount Due and Interest Rate Actionable Under FDCPA, Ninth Circuit Rules

A debt-collection law firm's overstatements in a state court complaint of $3,000 in the principal amount due and 0.315 percent in the interest rate were actionable under the Fair Debt Collection Practices Act (FDCPA) as...more

CFPB may narrow coverage of final payday loan rule

According to a Wall Street Journal article published this past weekend, “people familiar with the matter” are reporting that the CFPB’s final payday loan rule will be narrower in its coverage than the CFPB’s proposed rule....more

Another sign that Richard Cordray will resign soon, perhaps next week?

We have previously blogged about two upcoming events that have led to speculation that Richard Cordray is about to resign as Director of the CFPB. The first event is a speech he is giving in Cincinnati, Ohio at a Labor Day...more

Director Cordray’s Op-Ed Disregards Many Inconvenient Facts

In an op-ed published in today’s New York Times, CFPB Director Richard Cordray argues against congressional repeal of the agency’s final arbitration rule by “correcting the record.” He contends that the CFPB’s March 2015...more

Alleged FCRA Violation Sufficiently Concrete for Article III Standing, Ninth Circuit Holds in Spokeo II

On remand from the U.S. Supreme Court, the U.S. Court of Appeals for the Ninth Circuit has held in Spokeo v. Robins that an alleged Fair Credit Reporting Act (FCRA) violation was sufficiently concrete to support Article III...more

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