News & Analysis as of

CFPB Solicits Information On Registration System For Nonbanks

In a Request for Information (RFI) posted on the Federal Business Opportunity website last month, the Consumer Financial Protection Bureau (CFPB) solicited information from vendors so it can "better understand current,...more

CFPB solicits information on registration system for nonbanks

In a Request for Information (RFI) posted on the Federal Business Opportunity website last month, the CFPB solicited information from vendors so the CFPB can “better understand current, state-of-the-art capabilities and...more

Financial Services Weekly News - June 2016 #2

Regulatory Developments - CFPB Proposed Rule to Limit Payday Lending and Other High Cost Loans - On June 2, the Consumer Financial Protection Bureau (CFPB) proposed a rule designed to limit payday loans, auto title...more

Challenging a CFPB Civil Investigative Demand Can Be Done without Revealing a Company Is Being Investigated

One of the Consumer Financial Protection Bureau’s (CFPB) key investigative and enforcement tools is to issue Civil Investigative Demands (CIDs), a form of an administrative subpoena that requires the recipient to produce...more

PHH Wins Stay of $109M CFPB Enforcement Penalty

On August 5, 2015, PHH Corp. (“PHH”) won a stay of the $109M penalty handed down by Consumer Financial Protection Bureau (“CFPB”) director Rich Cordray. Cordray’s aggressive legal reasoning and the harsh penalties he imposed,...more

How might the Supreme Court’s decision in Perez v. MBA affect the CFPB?

The U.S. Supreme Court’s recent decision in Perez v. Mortgage Bankers Ass’n invalidated a significant line of D.C. Circuit case law known, after the leading case, as the Paralyzed Veterans doctrine. A case involving a series...more

‘Operation Choke Point’ under Fire

"Operation Choke Point," the coordinated multiagency federal effort to choke off banking services to alleged fraudsters (according to its defenders) or politically unpopular industries (according to its detractors), has come...more

CFPB's Arbitration Study—A Warning to Consumer Financial Service Companies

On December 12, 2013, the Consumer Financial Protection Bureau published its “Arbitration Study Preliminary Results,” mandated by Section 1028(a) of the Dodd-Frank Act (the “Study”). Unfortunately (and despite its statements...more

Dodd-Frank News: January 2013: Dodd-Frank Wall Street Reform And Consumer Protection Act Monthly Update

In This Issue: - RECENT CASES . Dodd-Frank Challenges Under the Administrative Procedure Act and Commodity Exchange Act . Preemption . Whistleblower Protection Under the Dodd-Frank Act . Arbitration...more

DOC Warns Financial Services Licensees And Can A Theory Be A Tautology?

Last April, the Consumer Financial Protection Bureau issued this Bulletin cautioning supervised banks and certain non-depository financial services companies that they must have “an effective process for managing the risks of...more

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