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Director Cordray responds to letter from Senators seeking tailored rulemaking for community banks and credit unions

Last month, a bipartisan group of 70 Senators were signatories to a letter sent to Director Cordray urging the CFPB to “carefully tailor its regulations to match the unique nature of community banks and credit unions.” In...more

Democratic lawmakers urge adoption of CFPB arbitration proposal

A total of 102 Democratic lawmakers, consisting of 37 Democratic Senators joined by Independent Senator Bernie Sanders and 65 House members, have signed on to letters sent to Director Cordray expressing support for the CFPB’s...more

Senators Ask Banking Agencies to Outline FinTech Oversight

On July 21, 2016, Senators Sherrod Brown (D-Ohio) and Jeff Merkley (D-Ore.) sent a letter to the heads of five federal agencies requesting that they outline the steps they are taking to “ensure effective oversight” of the...more

Democratic Senators want stronger payday loan rule

A group of 27 Democratic Senators joined by Independent Senator Bernie Sanders have sent a letter to Director Cordray urging the CFPB to “strengthen” its proposed payday loan rule. The Senators take aim at the proposal’s...more

Even Members of Congress Are Confused by the FCC’s Latest Ruling

I was contemplating a monthly column given the confusion surrounding the FCC’s recent rulings. I guess I better make it weekly. Here’s this week’s episode....more

House approves FY 2017 appropriations bill containing curbs on CFPB authority

By a vote of 239-185, the House of Representatives has approved a fiscal year 2017 appropriations bill that contains various provisions intended to curb the CFPB’s authority. Those provisions would fund the CFPB through the...more

Text of Dodd-Frank replacement bill released

Last month, Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, released a summary of “The Financial CHOICE Act,” a bill to replace the Dodd-Frank Act. The summary indicated that the...more

House bill introduced to impose consumer complaints requirements on CFPB

Republican Congressman Matt Salmon has introduced a bill, the “CFPB Data Accountability Act ” (H.R. 5413), that would impose requirements on how the CFPB handles consumer complaints. The requirements include the following...more

House GOP Presents Dodd-Frank Substitute

House Financial Services Committee Chairman Jeb Hensarling (R-TX) yesterday released his legislative plan to repeal and replace the Dodd-Frank Wall Street Reform and Consumer Protection Act, which passed a Democrat-led...more

House appropriations bill amendment would delay enforcement of CFPB payday loan rule

According to a Politico report, the House Appropriations Committee has advanced a bipartisan amendment to the FY17 Financial Services and General Government Appropriations bill that would block the CFPB from enforcing a rule...more

Congressman Hensarling’s Dodd-Frank replacement bill to include CFPB reforms

Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee Chairman, released a summary of a bill to replace the Dodd-Frank Act.  The bill is entitled “The Financial CHOICE Act,” with “CHOICE”...more

House FY 2017 appropriations bill would curb CFPB authority, require another arbitration study

The fiscal year 2017 appropriations bill approved last week by the House Financial Services and General Government Appropriations Subcommittee of the House Appropriations Committee includes the following provisions intended...more

House Financial Services Committee Scrutinizes Basis of Proposed CFPB Arbitration Rule

On Wednesday May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the...more

House to hold May 18 hearing on CFPB’s proposed arbitration rule

On May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public...more

FCC Takes Narrowest Read of Congress’ Exemption to the TCPA for Federally Guaranteed Loans

Commentary on the Notice of Proposed Rule Making, Rules and Regulations Implementing the Telephone Consumer Protection Act of 1991, CG Docket No. 02-278, issued May 6, 2016. There was much ado about the Federal...more

House Financial Services Committee investigating CFPB arbitration rulemaking

On April 20, 2016, Congressman Sean Duffy sent a letter to Director Cordray indicating that the House Financial Services Committee is investigating “the examination and possible regulation by the [CFPB] of pre-dispute...more

House bill introduced to amend CFPB UDAAP authority

The Dodd-Frank Act gave the CFPB authority to regulate “unfair, deceptive, or abusive” acts or practices.  Republican Congressman Blaine Luetkemeyer has introduced the “Unfair or Deceptive Acts or Practices Uniformity Act,”...more

Congress Considers Changes to FCRA to Expand Consumer Credit Files and Limit Use of Credit Reports for Employment Decisions

The Fair Credit Reporting Act (FCRA) regulates consumer reporting agencies (CRAs) and the use of consumer reports. The FCRA’s stated purpose includes requiring CRAs to adopt reasonable procedures for meeting the needs of...more

Ninth Circuit Upholds Ruling in Favor of CFPB against Lawyer in Mortgage Relief Scam, Rejects Constitutional Challenge to Director...

The Ninth Circuit recently considered arguments relating to an enforcement action brought by the Consumer Financial Protection Bureau (CFPB) against a California attorney who was offering loan modification services. The CFPB...more

Ninth Circuit Rejects Director Cordray's Recess Appointment as Defense to CFPB Enforcement Action; Dissenting Judge Disagrees

Since it was filed in a California federal court in July 2012, we have been following Consumer Financial Protection Bureau (CFPB) v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by...more

CFPB Director Cordray Responds to Senator Corker Letter

The CFPB responded to a letter from Senator Corker (R. Tenn.) requesting the Bureau to release official guidance on what constitutes a technical error under the TILA/RESPA Integrated Disclosure (TRID) rule and possible...more

Pending California Legislation Threatens to Eviscerate Consumer and Employment Contractual Choice of Law and Venue Provisions

Out-of-state companies doing business in California would be well-advised to look closely at a new bill pending in the California State Legislature. If you are concerned about defending litigation cases in the most...more

SCRA Will Continue to Receive Regulatory Scrutiny

On March 22, 2016, the U.S. House of Representatives passed the Foreclosure Relief and Extension for Servicemembers Act of 2015. This bill was signed into law by President Obama on March 31, 2016. This follows the...more

Ninth Circuit rejects Director Cordray’s recess appointment as defense to CFPB enforcement action; dissenting judge disagrees

Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in...more

Senate Legislation to Regulate Small-Dollar Loans and Prepaid Cards

On April 7, 2016, Sen. Jeff Merkley (D-OR) introduced the “Stopping Abuse and Fraud in Electronic Lending Act of 2016,” or “SAFE Lending Act of 2016,” amending the Truth in Lending Act (“TILA”) and the Electronic Fund...more

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