News & Analysis as of

Preemption Consumer Financial Protection Bureau (CFPB)

Cadwalader, Wickersham & Taft LLP

Chevron Isn't Slowing CFPB Down, As They Issue a New Proposed Rule on Mortgage Servicing

On July 24th, the Consumer Financial Protection Bureau (CFPB) issued a new proposed rule “Streamlining Mortgage Servicing for Borrowers Experiencing Payment Difficulties”, with a comment period ending on September 9, 2024....more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: The U.S. Supreme Court’s Pending Ruling on National Bank Preemption: A Discussion of...

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On February 27, 2024, the U.S. Supreme Court heard oral argument in Cantero v. Bank of America, N.A., a case involving the effect of the Dodd-Frank Act on the scope of preemption under the National Bank Act (NBA). The...more

Goodwin

FinCEN Issues Initial Beneficial Ownership Information Reporting Guidance

Goodwin on

Regulatory Developments - FinCEN Issues Initial Beneficial Ownership Information Reporting Guidance - On March 24, FinCEN published guidance materials for the new beneficial ownership reporting requirements taking...more

Mayer Brown

The CFPB Sticks to Its Guns, Finding State Commercial Finance Disclosure Laws Not Preempted in Final Determination

Mayer Brown on

The US Consumer Financial Protection Bureau (CFPB) has finalized its December 2022 preliminary determination that commercial finance disclosure laws recently enacted in California, New York, Utah and Virginia are not...more

Orrick, Herrington & Sutcliffe LLP

CFPB: TILA does not preempt state laws on commercial financial disclosure

On March 28, the CFPB issued a determination that state disclosure laws covering lending to businesses in California, New York, Utah, and Virginia are not preempted by TILA. ...more

Troutman Pepper

CFPB Determines States’ Commercial Financing Disclosure Laws Are Not Preempted by TILA

Troutman Pepper on

As discussed here, on December 7, the Consumer Financial Protection Bureau (CFPB or Bureau) made a preliminary conclusion that New York’s Commercial Financing Law (the New York law) was not preempted by the Truth in Lending...more

Orrick, Herrington & Sutcliffe LLP

California: TILA does not preempt state laws on commercial financial disclosure

On January 20, California Attorney General Rob Bonta sent a comment letter to CFPB Director Rohit Chopra in response to a preliminary determination issued by the Bureau in December, which concluded that commercial financial...more

Troutman Pepper

California AG Agrees with CFPB’s Preliminary Preemption Determination, Urges Bureau to Further Narrow TILA Preemption

Troutman Pepper on

As discussed here, on December 7, 2022, the Consumer Financial Protection Bureau (CFPB or Bureau) made a preliminary conclusion that a New York commercial financing law was not preempted by the Truth in Lending Act (TILA)....more

Moore & Van Allen PLLC

States Look to Impose Financing Disclosure Requirements on Commercial Loans and the CFPB Considers Potential TILA Preemption...

Moore & Van Allen PLLC on

In December 2021, the Bureau of Consumer Financial Protection (or the “CFPB”) issued a notice and request for comment (the “Notice”) on its intention to make a preemption determination regarding the Truth in Lending Act...more

Mayer Brown

CFPB Preliminarily Determines State Commercial Financing Disclosure Laws Not Preempted by Truth in Lending Act

Mayer Brown on

Small business lenders hoping for federal intervention will be disappointed to learn that the Consumer Financial Protection Bureau (CFPB) has reached a preliminary determination that New York’s new commercial financing...more

Miles & Stockbridge P.C.

CFPB Considers Whether TILA Preempts State Commercial Finance Disclosure Laws, Requests Public Comment

A number of states have enacted laws requiring consumer-like disclosures in certain commercial financing transactions. These state statutes resemble the Truth in Lending Act (TILA) in certain respects but apply only to...more

Baker Donelson

CFPB Announces Preliminary TILA Preemption Determination Two Days Before California's Commercial Disclosure Laws Go Live

Baker Donelson on

On December 7, 2022, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Intent to Make Preemption Determination under the Truth in Lending Act (TILA) specifically regarding whether TILA preempts the New York...more

Goodwin

Federal Reserve Invites Public Comment on Proposed Principles for Large Banking Organizations to Manage Climate-Related Financial...

Goodwin on

Regulatory Developments - Federal Reserve Invites Public Comment on Proposed Principles for Large Banking Organizations to Manage Climate-Related Financial Risks - On December 2, the Federal Reserve announced that it...more

Troutman Pepper

Keeping Up With the Bureau Episode 2: FCRA Preemption Issues, Infringing State Laws, and the CFPB's Position

Troutman Pepper on

Please join Consumer Financial Services Partner Kim Phan and her guests and colleagues Alan Wingfield and David Anthony in the second episode of a special four-part series on recent developments with the Consumer Financial...more

Morrison & Foerster LLP

Financial Services Report - Spring 2021

Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

Goodwin

SEC Finalizes Reforms Under Investment Advisers Act

Goodwin on

In this Issue. The Securities and Exchange Commission (SEC) finalized reforms under the Investment Advisers Act to modernize rules that govern investment adviser advertisements and payments to solicitors, and published a risk...more

Ballard Spahr LLP

Third Circuit rules CFPB lawsuit against federal student loan servicer did not preclude PA AG’s parallel lawsuit, federal law did...

Ballard Spahr LLP on

The U.S. Court of Appeals for the Third Circuit ruled last week in Commonwealth of Pennsylvania v. Navient Corp. that the PA Attorney General could bring a parallel enforcement action against Navient, a servicer of federal...more

Williams Mullen

Marketing Practices and Consumer Protection Litigation: Pharma and Firearms - Who’s Next?

Williams Mullen on

State governments are getting creative with consumer protection laws in order to take a crack at industries that traditionally have concerned themselves primarily with industry-specific laws. A Virginia filing by the Attorney...more

White & Case LLP

Consumer financial services: The road ahead: Student loans

White & Case LLP on

In 2018, the CFPB shifted away from student lending supervision and enforcement. We anticipate this trend to continue in the year to come, with states seeking to fill any voids left by the Bureau....more

Robins Kaplan LLP

Your Daily Dose of Financial News

Robins Kaplan LLP on

We’ve been keeping tabs on the high-profile CEOs who have withdrawn from Saudi Arabia’s coming investment conference over the past few weeks. But pulling out the conference is very different from severing ties with the...more

Ballard Spahr LLP

House Financial Services Committee passes bill to ease restrictions on bank small-dollar loans

Ballard Spahr LLP on

Earlier this week, by a party-line 34-26 vote, the House Financial Services Committee passed H.R. 4861, a bill seemingly intended to ease restrictions on short-term, small-dollar loans made by depository institutions. ...more

Morrison & Foerster LLP

Financial Services Report - Spring 2017

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

Eversheds Sutherland (US) LLP

CFPB: Consider the Future Post-Obama

The election of Donald Trump and the new administration means a changed political reality for the Consumer Financial Protection Bureau (CFPB). The President-elect is expected to replace Director Richard Cordray as head of the...more

Stinson - Corporate & Securities Law Blog

CFPB Presents New Regulatory Requirements for Third-Party Debt Collectors

On July 28, 2016, the Consumer Financial Protection Bureau (CFPB) released an outline of proposals and alternatives under consideration for regulating debt collection practices. The outline’s release triggers the formation of...more

Baker Donelson

Reading the CFPB Amicus Tea Leaves

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Because the CFPB is still a young agency, having formed in 2011 pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank), the enforcement record of the Agency is somewhat limited, not by...more

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