Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating... more +
The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating consumers about financial products and services, enforcing federal consumer financial laws and studying trends in consumer financial markets.     less -
News & Analysis as of

ABA highlights error in cost of credit calculation method used in CFPB’s proposed payday loan rule

At the meeting earlier this month of the American Bar Association’s Consumer Financial Services Committee in Carlsbad, CA, attention was given to an issue highlighted by the American Bankers Association in the comment letter...more

CFPB Continues to Expand Its Meaningful Involvement Requirements for Debt Collection Law Firms

The CFPB recently issued its third consent order involving a debt collection law firm and appears to be expanding its interpretation of “meaningful involvement”. The order, which was entered against two related debt...more

CFPB and Two States File Suit Against Student Loan Company Navient

The CFPB announced on Wednesday that it had filed a lawsuit against Navient Corporation, formerly part of Sallie Mae, and two of its subsidiaries for alleged “systematic” failures in student loan servicing. The complaint...more

CFPB Files Lawsuit Against Largest U.S. Student Loan Servicer Over Deceptive Practices

On January 18, 2017, the Consumer Financial Protection Bureau (CFPB) announced that it had filed a lawsuit in the U.S. District Court for the Middle District of Pennsylvania against a servicer of private and federal student...more

Trump Administration issues regulatory freeze; application to CFPB uncertain

On Inauguration Day, Reince Priebus, Assistant to the President and Chief of Staff, issued a “Memorandum for the Heads of Executive Departments and Agencies” with the subject line “Regulatory Freeze Pending Review” that...more

Student Loans: Departments of Treasury and Education Move to Simplify Income Driven Repayment Plans

Much of the regulatory focus for student lending has been directed toward Income Driven Repayment (IDR) plans in recent months. The first student loan related move in 2017 by the Departments of Education and Treasury is no...more

The Last of Obama-Era CFPB Enforcement?

Making the most of its enforcement powers before the new administration takes over, and likely concerned that its days as a stand-alone bureau may be coming to an end, the Consumer Financial Protection Bureau (CFPB) took...more

How Does The CFPB Actually Litigate?

At the risk of kicking the CFPB while it’s down, a question worth asking is: how does it actually litigate once a “covered person”[1] decides to resist? Setting aside the noteworthy PHH case, the vast majority of enforcement...more

Financial regulation in 2017: Europe and the US

The result of the UK referendum on its EU membership and the outcome of the US Presidential elections of 2016 have laid the ground for 2017 to be a year of transition for both Europe and the United States. As transitions are...more

CFPB Continues Its Focus on Medical Debt

Last week, the Consumer Financial Protection Bureau (CFPB) announced a consent order with two debt collection law firms specializing in medical debt. This action is similar to prior CFPB enforcement actions taken against debt...more

Court reported to reject request of plaintiffs in another case challenging CFPB’s constitutionality for consolidation with PHH

According to a Law360 report, the D.C. federal district court has denied the request of the plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew, et al. to consolidate their case with PHH on appeal to the...more

Financial Services Weekly News - January 2017 #2

Editor's Note - In This Issue.The SEC and FINRA released their examination priorities for 2017; the SEC’s Division of Investment Management issued an interpretative letter that would permit brokers to charge their own...more

Your Daily Dose of Financial News

On the heels of Deutsche Bank’s $7.2 billion deal, Credit Suisse has finalized the terms of its own MBS-related settlement. The Swiss bank will pay $5.3 billion to resolve claims that it misled investors about the standards...more

Stage Set for Ninth Circuit to Weigh in on “True Lender” Test

On January 3, 2017, the Central District of California issued an order in CFPB v. CashCall, Inc., No. 2:15-cv-07522 (C.D. Cal.) allowing the defendants to request an interlocutory appeal of its August 31, 2016, decision...more

CFPB previews company portal update

The CFPB has released an overview of an updated online company portal for viewing and responding to consumer complaints that it plans to launch in early 2017. The overview is intended to serve “only as a first glance at...more

Democratic leadership plans to oppose change in CFPB structure

As Inauguration Day approaches, the rhetoric about the CFPB’s future continues to heat up.  American Banker reported that, on a conference call with reporters earlier this week, Senate Minority Leader Charles Schumer stated...more

Federal district court certifies interlocutory appeal in CFPB lawsuit against CashCall

The California federal district court judge who is presiding over the CFPB’s lawsuit against CashCall and several related companies that funded, purchased, serviced, and collected online installment loans has granted the...more

Implementing a Compliant Successor in Interest Confirmation Process Will Pose Significant Challenges for Mortgage Servicers

Arguably the most significant element of the recent amendments to the existing mortgage servicing regulatory framework by the Consumer Financial Protection Bureau (CFPB) is the new structure that has been laid out for dealing...more

CFPB Issues First Ever Debt Collection Survey on Its Path to Regulating the Industry

The Consumer Financial Protection Bureau ("CFPB" or "Bureau") released findings of a survey (the "Survey") on consumer views on debt and the debt collection process. The Survey takes aim at not only third party debt...more

The Forgotten Face of Student Lending

Mention student loans and the face that comes immediately to mind is probably someone in their early twenties. A recent report from the CFPB sheds light on an overlooked segment of the student loan population – consumers 60...more

CFPB Consent Orders with Consumer Reporting Agencies Focus on Marketing Practices not Credit Reporting

Marketing practices remain at the forefront of CFPB activity as evidenced by two recent consent orders entered into with TransUnion and Equifax. The consent orders combine to require the CRAs to pay more than $17.6 million...more

Financial Regulatory Reform in the Trump Administration

Summary - With the inauguration of President-elect Trump less than a week away, there is considerable speculation regarding what legal changes are in store for the financial services industry in the next administration....more

Another view on Presidential authority to remove Director Cordray

As rumors swirl that President-elect Trump is planning to remove Director Cordray immediately after January 20th, conflicting views have emerged about his authority to do so before the appeal in PHH is resolved. We...more

D.C. Circuit grants PHH’s motion for leave to file supplemental response

Last Friday, the D.C. Circuit entered an order granting PHH’s motion for leave to file a supplemental response to the CFPB’s petition for rehearing en banc.  On December 22, PHH and the United States filed responses to the...more

2017 May Be an Eventful Year for Student Loan Industry

As expected, student loans were a major issue in 2016, as the presidential election brought the issue to the forefront and regulatory scrutiny continued to rise. 2017 is now upon us, and the CFPB wasted no time getting the...more

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