CFPB Director Kathy Kraninger is scheduled to appear before the Senate Banking Committee today, March 10, at hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” ...more
3/10/2020
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Director Kraninger ,
Financial Services Industry ,
Payday Lending Rule ,
Payday Loans ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Oversight
On Wednesday, February 5, the House Financial Services Committee will hold the first part of a two-part hearing on “rent-a-bank” structures. The hearing is titled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to...more
2/3/2020
/ Ability-to-Repay ,
Banks ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Protection Laws ,
Director Kraninger ,
Fair Lending ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Interest Rate Caps ,
Loans ,
Madden v Midland Funding ,
OCC ,
Payday Loans ,
Popular ,
Testimony
On December 12–13, 2019, the CFPB hosted its fourth research conference on consumer finance. The goal of the conference, as described by the CFPB, was “to connect the core community of researchers and policymakers with the...more
CFPB Director Kraninger was the sole witness at a House Financial Services Committee hearing thsi week on the Bureau’s Spring 2019 semi-annual report and at a Senate Banking Committee hearing yesterday on the report.
...more
10/18/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Director Kraninger ,
Dodd-Frank ,
Enforcement Actions ,
Financial Regulatory Agencies ,
Financial Services Committee ,
Financial Services Industry ,
Payday Loans ,
Regulatory Oversight ,
Rulemaking Process ,
Senate Banking Committee ,
UDAAP
A group of 24 Democratic state attorneys general and the D.C. attorney general have submitted a comment letter to the CFPB setting forth their opposition to the CFPB’s proposal to delay the compliance date for the...more
3/22/2019
/ Ability-to-Repay ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Services Industry ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Regulatory Agenda ,
Rulemaking Process ,
Title Loans ,
UDAAP
Yesterday’s hearing on the CFPB held by the House Financial Services Committee highlighted the continuing partisan divide over the CFPB’s implementation of its consumer protection mission but with Democratic and Republican...more
3/8/2019
/ Ability-to-Repay ,
Administrative Authority ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Committee ,
Financial Services Industry ,
Military Lending Act ,
Payday Loans ,
Regulatory Agenda ,
Rulemaking Process
House Financial Services Committee Maxine Waters has announced a series of hearings for next month, including one entitled “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau” scheduled...more
The CFPB’s proposal to revise its final payday/auto title/high-rate installment loan rule to rescind the rule’s ability-to-repay (ATR) provisions in their entirety and its proposal to delay the compliance date for the ATR...more
2/14/2019
/ Ability-to-Repay ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Federal Register ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Agenda ,
Rulemaking Process ,
Title Loans
The CFPB announced that it has entered into a settlement with the owners of payday loan retail outlets that operated under the name “Cash Tyme” in seven states to resolve alleged violations of the Consumer Financial...more
2/7/2019
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
Gramm-Leach-Blilely Act ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Privacy Notice Rule ,
Regulation P ,
Regulation Z ,
Settlement Agreements ,
Truth in Lending Act (TILA)
Thirteen Republican Senators have sent a letter to FDIC Chairman Jelena McWilliams urging the FDIC to take action to ensure that lawful businesses are no longer at risk of adverse financial consequences as a result of...more
The CFPB’s Fall 2018 rulemaking agenda has been published by the Office of Information and Regulatory Affairs (OIRA) as part of its Fall 2018 Unified Agenda of Federal Regulatory and Deregulatory Actions. (OIRA is part of...more
10/18/2018
/ Abusive Acts ,
Automotive Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reports ,
Debt Collection ,
Deregulation ,
Dodd-Frank ,
ECOA ,
HMDA ,
OIRA ,
Payday Lending Rule ,
Payday Loans ,
Regulation C ,
Regulation E ,
Regulatory Oversight ,
Regulatory Reform ,
Regulatory Requirements ,
Rulemaking Process ,
Title Loans
The CFPB’s newly-released Summer 2018 edition of Supervisory Highlights represents the CFPB’s first Supervisory Highlights report covering supervisory activities conducted under Acting Director Mick Mulvaney’s leadership. ...more
9/12/2018
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Credit Cards ,
Debt Collection ,
ECOA ,
Financial Services Industry ,
Mortgage Servicers ,
Mortgages ,
Payday Loans ,
Regulatory Oversight ,
Small Business Loans ,
Supervisory Highlights ,
Title Loans ,
Transparency
The CFPB announced that it has settled a lawsuit that it filed in 2014 in a Missouri federal district court alleging that the defendants engaged in unlawful online payday lending schemes. ...more
A fifth amicus brief has been filed in support of All American Check Cashing and the other appellants in their interlocutory appeal to the U.S. Court of Appeals for the Fifth Circuit of the district court’s ruling upholding...more
7/16/2018
/ Amicus Briefs ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Interlocutory Appeals ,
Payday Loans ,
Removal For-Cause ,
Single Director ,
UDAAP ,
Unfair or Deceptive Trade Practices
Three more amicus briefs have been filed in support of All American Check Cashing and the other appellants in their interlocutory appeal to the U.S. Court of Appeals for the Fifth Circuit of the district court’s ruling...more
7/10/2018
/ Administrative Proceedings ,
Amicus Briefs ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Interlocutory Appeals ,
Payday Loans ,
Separation of Powers ,
UDAAP ,
Unfair or Deceptive Trade Practices
The National Credit Union Administration has published a notice in the Federal Register proposing to amend the NCUA’s general lending rule to provide federal credit unions (FCU) with a second option for offering “payday...more
The U.S. Court of Appeals for the Fifth Circuit has agreed to hear an interlocutory appeal challenging the CFPB’s constitutionality requested by the defendants in a lawsuit filed by the CFPB in 2016 that alleges the...more
4/26/2018
/ Appeals ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Interlocutory Appeals ,
Payday Loans ,
Removal For-Cause ,
Single Director ,
UDAAP ,
Unfair or Deceptive Trade Practices
The American Banker has reported that last week, Senator Lindsey Graham introduced a joint resolution under the Congressional Review Act (CRA) to override the CFPB’s final payday/auto title/high-rate installment loan rule...more
3/27/2018
/ Ability-to-Repay ,
Administrative Procedure Act ,
Automotive Loans ,
Banking Sector ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Joint Resolutions ,
Legislative Agendas ,
Legislative Committees ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Oversight ,
Title Loans
The following bills were passed by the House earlier this week:
The “Making Online Banking Initiation Legal and Easy (MOBILE) Act, H.R. 1457. Passed by a vote of 397-8, the MOBILE Act would allow a bank to scan and retain...more
2/1/2018
/ Banking Sector ,
Consumer Financial Products ,
Consumer Lenders ,
Federal Savings Associations ,
Financial Regulatory Reform ,
National Bank Charters ,
Online Marketplace Lending ,
Payday Loans ,
Preemption ,
Proposed Legislation ,
Self-Identification
We have previously blogged about reports that Mick Mulvaney, President Trump’s designee as CFPB Acting Director, has put a 30-day freeze on all regulatory action, CFPB hiring, and new enforcement cases. ...more
12/7/2017
/ Administrative Agencies ,
Administrative Appointments ,
Banking Sector ,
Civil Penalty Fund ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Enforcement Actions ,
Financial Regulatory Reform ,
Payday Loans ,
Personally Identifiable Information ,
Presidential Appointments ,
Regulatory Freeze ,
Trump Administration
The CFPB has filed a brief opposing the petition for certiorari filed by two tribally-affiliated lenders seeking U.S. Supreme Court review of the Ninth Circuit’s decision in CFPB v. Great Plains Lending, LLC, et al. In that...more
11/16/2017
/ Banking Sector ,
Certiorari ,
Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
Internet Lenders ,
Native American Issues ,
Online Marketplace Lending ,
Payday Loans ,
SCOTUS ,
Tribal Loans
The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board will be held in Tampa, Florida on November 2, 2017....more
Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more
10/13/2017
/ Banking Sector ,
Consumer Bankruptcy ,
Data Collection ,
Depository Institutions ,
Disclosure Requirements ,
Financial Services Committee ,
Financial Services Industry ,
Gramm-Leach-Blilely Act ,
HMDA ,
Interest Rates ,
Legislative Agendas ,
Madden v Midland Funding ,
Manufactured Housing ,
Mortgage Loan Originators ,
Non-Bank Lenders ,
Online Marketplace Lending ,
Operation Choke Point ,
Payday Loans ,
Privacy Notice Rule ,
Proposed Legislation ,
Risk Management ,
Truth in Lending Act (TILA)
Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more
10/10/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Disclosure Requirements ,
Financial Services Committee ,
Financial Services Industry ,
HMDA ,
Interest Rates ,
Loans ,
Madden v Midland Funding ,
Manufactured Housing ,
Mortgage Loan Originators ,
Mortgages ,
National Bank Act ,
Online Marketplace Lending ,
Payday Loans ,
Proposed Legislation ,
Regulatory Oversight ,
Threshold Requirements ,
Truth in Lending Act (TILA) ,
U.S. House
Based on a Law360 article reporting on an interview with Thomas Paul, the Acting Director of the FTC Bureau of Consumer Protection, it appears that under its new leadership, the FTC will take a less aggressive approach to...more