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

CFPB Poised to Expand Regulation to Small Business Lending: Expect the Unexpected

Recent initiatives by the Consumer Financial Protection Bureau (“CFPB” or Bureau) to dramatically expand its regulation of small business lending present a confluence of concerns to industry participants. These initiatives...more

Marketplace Lending Update: Recent Developments Place Pressure on Industry

Following a spate of heightened regulatory, enforcement and legislative scrutiny, investor concerns around industry practices, and bad press, the marketplace lending industry is at a crossroad. Some companies will...more

Your daily dose of financial news The Brief – 5.25.16

It’s a week of big fat NOs so far, with Tribune emphatically turning down Gannett yesterday and Monsanto doing the same to Bayer and its massive all-cash $62 billion offer...more

CFPB Consumer Advisory Board to meet on June 9

The CFPB has published a notice in the Federal Register indicating that it will hold a meeting of its Consumer Advisory Board on June 9, 2016 in Little Rock, Arkansas.  The topics to be discussed at the meeting are “an auto...more

CFPB Release Report Critical of Auto Title Loans

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) issued a report on auto title loans. Auto title loans are small-dollar, high interest, loans that are generally used by borrowers to cover emergency expenses...more

SCOTUS decides FDCPA case

On May 16, 2016, the U.S. Supreme Court unanimously held in Sheriff v. Gillie that an independent contractor to the Ohio Attorney General (OAG) did not mislead consumers in violation of the Fair Debt Collection Practices Act...more

Comment period on CFPB proposed arbitration rule ends August 22

With the publication of the CFPB’s proposed arbitration rule in today’s Federal Register, the 90-day comment period is now running.  Comments on the proposal must be received on or before Monday, August 22, 2016....more

Penny Proof for Deposits: Federal Banking Regulators Issue Interagency Guidance Regarding Deposit Reconciliation Practices

On May 18, 2016, five federal banking agencies—the Board of Governors of the Federal Reserve System (“Board”), the Consumer Financial Protection Bureau (“CFPB”), the Federal Deposit Insurance Corporation (“FDIC”), the...more

CFPB releases Spring 2016 rulemaking agenda

The CFPB has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not reflect the CFPB’s release of its proposed...more

High Praise for WSJ Editorial, with a Small Caveat

A recent editorial in the Wall Street Journal is a “must read” for those who will be affected if the CFPB’s May 5, 2016 proposed rule banning class action waivers in consumer financial services arbitration agreements becomes...more

The Future Of CFPB Small Business Lending Regulation

In this article we highlight the role played by the Consumer Financial Protection Bureau in regulating small business lending. Broadly speaking, the bureau’s jurisdiction is limited to the marketplace for consumer financial...more

CFPB launches Spanish-language Twitter and Facebook accounts

The CFPB recently announced that it has launched official Spanish-language Twitter and Facebook accounts.  The CFPB previously launched a Spanish-language website and recently updated the translations on the “Ask CFPB”...more

Regulators Issue New Guidance on Expectations of Deposit Reconciliations: Beware of the UDAAP Implications

In response to a recent consent order against a depository institution and several other examinations of major banks, five federal financial regulators have issued an inter-agency guidance ensuring that depository...more

Banking Agencies Issue Deposit-Reconciliation Best Practices

Five federal regulators on Wednesday – the FDIC, the Fed, CFPB, NCUA, and OCC – issued an interagency guidance applicable to all FDIC-supervised financial institutions describing expectations for effective...more

Orrick's Financial Industry Week in Review

CFPB Proposes Prohibition on Mandatory Consumer Arbitration Clauses - On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) issued and sought comment on proposed rules prohibiting mandatory arbitration clauses...more

Arbitration Provisions Mauled by Consumer Watchdog

Companies offering payment services or financial products to consumers are facing a proposed rule from the CFPB that would prohibit class action waivers in binding pre-dispute arbitration agreements. Although the information...more

Cutting Through the Constitutionality Haze in the Battle Between PHH Corporation and the Consumer Financial Protection Bureau

So much has been written in recent weeks about the battle between PHH Corporation and the Consumer Financial Protection Bureau in the U.S. Court of Appeals for the D.C. Circuit. The panel heard oral argument on April 12,...more

CFPB to Announce Small-dollar Lending Rule on June 2

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Kansas City, Missouri, on June 2 regarding small-dollar lending, commonly referred to as payday lending. It is...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

Financial Regulators Explain Their Expectations for Deposit Reconciliation

This week, the Federal Reserve Board, CFPB, FDIC, NCUA and OCC issued guidance regarding the agencies' supervisory expectations for deposit reconciliation on consumer accounts. The agencies summarized their observations on...more

The CFPB’s auto title loan report: last step to a payday/title loan proposal?

The CFPB has issued a new report entitled “Single-Payment Vehicle Title Lending,” summarizing data on single-payment auto title loans. The latest report is the fourth report issued by the CFPB in connection with its...more

CFPB to Announce Small-dollar Lending Rule on June 2

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Kansas City, Missouri, on June 2 regarding small-dollar lending, commonly referred to as payday lending. It is...more

Congressman Luetkemeyer Proposes Bill to Eliminate “Abusive” in CFPB’s UDAAP Authority

Recently, Representative Blaine Luetkemeyer (R-MO) introduced H.R. 5112, the Unfair or Deceptive Acts or Practices Uniformity Act, to make the authority of the CFPB and FTC more consistent and similar, and to encourage...more

CFPB schedules June 2 field hearing on small dollar lending

The CFPB has announced that it will hold a field hearing on small dollar lending in Kansas City, Missouri on June 2, 2016. We anticipate the field hearing to coincide with the CFPB’s release of its proposed rule which is...more

CFPB issues guidance on deposit reconciliation practices

The CFPB and four other agencies have issued “Interagency Guidance Regarding Deposit Reconciliation Practices.”  The other agencies are the OCC, Fed, FDIC, and NCUA.  The guidance is intended to set forth the agencies’...more

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