On December 16, 2021, the Consumer Financial Protection Bureau (Bureau, or CFPB) announced a “market monitoring” inquiry into “buy now, pay later” (BNPL) credit offered by five companies. In this alert, we explain the CFPB’s...more
As proposed back in March, the Consumer Financial Protection Bureau (CFPB or Bureau) has now formally delayed the mandatory compliance date for the new general qualified mortgage (QM) rule to October 1, 2022, effective June...more
Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) just reversed course on the standard for abusive practices established under prior CFPB leadership. In this short report, we refresh you on the prior formal...more
Will consumers gain better-defined insights into their own financial records? Yes, says the Consumer Financial Protection Bureau (CFPB or Bureau), which issued an advance notice of proposed rulemaking (ANPR) concerning...more
California is poised to enact broad new legislation creating an entirely revamped financial protection regimen, including a powerful new Department of Financial Protection and Innovation (DFPI). In this article, we provide...more
In a potentially critical new development, the Consumer Financial Protection Bureau (CFPB or Bureau) will now impose what it characterizes as independent “peer review” on certain of its more important internal research. Will...more
In a long-awaited ruling, the Supreme Court in Seila Law has ruled, in a 5-4 decision, that the structure of the Consumer Financial Protection Bureau is unconstitutional in that it limits the ability of the President to fire...more
Proposing a specific limit on debt collectors but also providing a safe harbor for compliance, the Consumer Financial Protection Bureau (CFPB) has issued proposed regulations that would allow debt collectors to contact...more
3/12/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Debt Collectors ,
Dodd-Frank ,
FDCPA ,
NPRM ,
Proposed Regulation ,
Public Comment ,
Time-Barred Debt
In a settlement with a consumer advocacy group on a significant fair lending issue, the Consumer Financial Protection Bureau (CFPB) has agreed to restart long-stalled efforts to gather statutorily mandated data on lending to...more
3/10/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Reporting Requirements ,
Rulemaking Process ,
Section 1071 ,
Settlement Agreements ,
Small Business ,
Women-Owned Businesses
Comments on the Office of the Comptroller of the Currency’s (OCC) proposed “Madden fix” regulation are in.
What Happened -
There were 61 comments filed by the usual suspects: trade and consumer groups, state agencies,...more
2/10/2020
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Lenders ,
Dodd-Frank ,
FDIC ,
Financial Services Industry ,
Litigation Strategies ,
Madden v Midland Funding ,
National Bank Act ,
Non-Bank Lenders ,
OCC
Or perhaps savant? As the Consumer Financial Protection Bureau (CFPB or Bureau) prepares for the most significant challenge to its existence, Director Kathy Kraninger maintained her independent streak this past week, refusing...more
The Consumer Financial Protection Bureau (CFPB or Bureau) today issued an important policy statement on how it intends to apply the “abusiveness” standard in supervision and enforcement matters....more
Renewed Vitality but Self-Inflicted Wounds on Constitutionality -
The Consumer Financial Protection Bureau (CFPB or Bureau) had an active 2019, and we review the most significant stories here. Likewise, we discuss the...more
The Consumer Financial Protection Bureau (CFPB) is moving forward with new enforcement initiatives even as it concedes its structure is unconstitutional. We discuss the latest developments.
...more
It has been an unusually busy rule-making stretch for the consumer mortgage markets at the Consumer Financial Protection Bureau (CFPB or Bureau), marked by its issuance of an advanced notice of proposed rule-making (ANPR)...more
To no one’s surprise, Bureau of Consumer Financial Protection (CFPB or Bureau) acting director Mick Mulvaney declared regulation by enforcement dead. In a speech to the Mortgage Bankers Association (MBA), he also hinted the...more
As the Consumer Financial Protection Bureau (CFPB or Bureau) withdraws from enforcement, activity continues in the courts and with certain other regulators. In Texas, a federal court denied a stay of the looming compliance...more
Just days after enactment of a partial Dodd-Frank rollback that included a substantial loosening of the Volcker Rule prohibitions against proprietary trading, the Federal Reserve Board of Governors kept the ball rolling with...more
With the long-awaited passage of Senate Bill 2155 by the House of Representatives on Tuesday, and the President’s signature two days later, financial institutions are beginning to breathe a major sigh of relief. And for many...more
The Bureau of Consumer Financial Protection (CFPB or Bureau) has filed suit against the largest debt settlement services provider in the country, accusing the California-based entity of violating Dodd-Frank and the...more
With no progress in Congress repealing the Consumer Financial Protection Bureau’s (CFPB or Bureau) arbitration rule, a coalition of 18 organizations filed suit in Texas federal court seeking to halt implementation of the...more
By now you’ve heard that the Senate has killed the Consumer Financial Protection Bureau’s (CFPB’s) arbitration rule. Following on the heels of an earlier thumbs-down vote of the House of Representatives, the Senate voted by...more
Two new Consumer Financial Protection Bureau (CFPB) reports provide important insights into the CFPB’s and state regulators’ latest activities and enforcement targets....more
The Treasury Department, in the first of four reports to President Trump detailing its review of financial regulations and its recommendations about potential changes to the depository system, proposed major changes in the...more
On July 10, 2017, and to no one’s surprise, the Consumer Financial Protection Bureau (CFPB) announced a final rule that prevents banks and other covered providers of specified consumer financial products from incorporating or...more