Small Business Regulatory Enforcement Fairness Act

News & Analysis as of

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

CFPB: The Quarterly Review - July 2016

In This Issue: •The CFPB Speaks •Rulemaking •Debt Collection •Payday Lending •Mortgages •Upcoming in 2016 - In the second quarter of 2016, the CFPB continued its strong pace of activity, initiating two...more

CFPB to hold July 28 debt collection field hearing

The CFPB has announced that it will hold a field hearing about debt collection on July 28, 2016 in Sacramento, California. We expect the field hearing to coincide with the CFPB’s release of an outline of the proposals it is...more

CFPB Seeks to Expand Its Dominion Over Consumer Lending with Strict Proposed Rules

On June 2, 2016, the Consumer Financial Protection Bureau (CFPB) released a long-anticipated proposal pursuant to its authority under the Dodd-Frank Wall Street Reform and Consumer Protection Act to regulate the provision and...more

Mammoth CFPB Payday Rule Would Dramatically Change the Lending Marketplace

Originally published in "InsideArm" - June, 2016. In a 1300+ page proposal, exclusive of attachments, the Consumer Financial Protection Bureau (CFPB) laid out its plan June 2 to force a sweeping redesign of the...more

CFPB issues proposed payday/auto title/high-rate installment loan rule

As expected, the CFPB issued its proposed payday loan rule, in a release running 1,334 pages. The CFPB also issued a fact sheet summarizing the proposal. Once we complete our initial review of the proposal, we will issue a...more

CFPB Proposes Ban on Class-Action Limitations in Arbitration Agreements

On May 5, 2016, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) issued a long anticipated Notice of Proposed Rulemaking for arbitration agreements (the “Proposal”) that, if finalized as proposed, is...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

Chamber of Commerce suggests issues for CFPB to address at May 5 arbitration field hearing

The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness has sent a letter to Director Cordray suggesting a series of issues for Mr. Cordray to address in his prepared remarks at the CFPB’s field hearing on...more

CFPB Announces May 5 Field Hearing on Arbitration

The CFPB announced that it is holding a field hearing on May 5, 2016, in Albuquerque, New Mexico, on arbitration. Previously, CFPB field hearings have resulted in the announcement of proposed rules. We anticipate that this...more

CFPB to hold May 5 field hearing on arbitration

The CFPB has announced that it will hold a field hearing in Albuquerque, New Mexico about arbitration on May 5, 2016.  We expect the field hearing to coincide with the release of the CFPB’s proposed rule on the use of...more

Further delay of payday lending rule reported

According to Politico, “sources familiar with the discussions” have indicated that the CFPB will not issue a proposed rule for payday (and other small-dollar, high-rate) loans until later this Spring. In April 2015, the CFPB...more

Director Cordray reveals no change in CFPB’s approach to payday loans

In remarks earlier this week to the National Credit Union Association, Director Cordray discussed the proposals the CFPB is considering for small dollar loans. In March 2015, in anticipation of convening a SBREFA panel, the...more

Human Rights Watch issues report on debt buyers

A new report by Human Rights Watch (HRW) titled “Rubber Stamp Justice—US Courts, Debt Buying Corporations, and the Poor” is likely to find readers at the CFPB, which is expected to move closer early this year to...more

What’s Driving the 2016 Regulatory Agenda for Labor and Employment Regulations?

As President Barack Obama enters the final year of his term in office, his far-reaching regulatory agenda for 2016 is full of labor and employment proposals that have eluded his predecessors. "In Washington, no bad idea ever...more

FTC Unveils Nationwide Debt-Collection Enforcement Action

The Federal Trade Commission (FTC) on Wednesday announced that it would launch its first-ever coordinated, nationwide law enforcement effort targeting abusive and deceptive debt-collection practices. The initiative is known...more

Update on arbitration SBREFA panel

The CFPB has now taken two more significant steps towards issuing a proposed arbitration rule. On October 20, 2015, the CFPB convened its Small Business Regulatory Enforcement Fairness Act (SBREFA) panel to review the...more

Responding to Professor Sovern: how Dodd-Frank Section 1028 limits the CFPB’s power to regulate arbitration agreements

In a blog post earlier this week, Professor Jeff Sovern took issue with statements made by a legal expert that suggest an amendment to the Federal Arbitration Act would be necessary for the CFPB to ban class action waivers in...more

CFPB Announces Intent to Commence Arbitration Rulemaking

On October 7, the Consumer Financial Protection Bureau (CFPB) announced that it is considering two rulemaking proposals that would severely limit the use of pre-dispute arbitration clauses in consumer financial service...more

CFPB urged to consider “unintended consequences” of debt collection regulations

A new article by Todd Zywicki for the Mercatus Center at George Mason University urges the CFPB to consider the “unintended consequences” of new debt collection regulations and conduct a careful cost-benefit analysis before...more

CFPB Releases Outline of Proposals to Block Pre-Dispute Arbitration Agreements in Class Litigation

On October 7, 2015, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) released an outline of proposals under consideration to ban class action waivers in contracts for consumer financial products and services....more

No Surprise Here—CFPB Proposes to Significantly Curtail Arbitration Agreements

On October 7, 2015, the CFPB announced its proposals regarding arbitration agreements in consumer financial product contracts. In a move that has plaintiffs’ class action lawyers cheering, the CFPB proposes to require...more

CFPB schedules October 7 field hearing on arbitration; Alan Kaplinsky to represent industry

The CFPB has announced that it will hold a field hearing about arbitration in Denver, Colorado on October 7, 2015 and has asked Alan Kaplinsky, Practice Leader of Ballard Spahr’s Consumer Financial Services Group, to...more

Senator seeks GAO investigation of CFPB payday loan rulemaking

In a letter to the Government Accountability Office (GAO), Senator David Vitter questioned “the adequacy and thoroughness of the CFPB’s analysis of small business impacts” in connection with its payday lending rulemaking...more

Trade groups urge CFPB to solicit public comments on arbitration study

Five leading financial services industry trade groups have sent a letter to the CFPB urging it to solicit public comments on the final results of its arbitration study before deciding whether to initiate a rulemaking...more

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