Small Business Regulatory Enforcement Fairness Act

News & Analysis as of

Unified Republican Government Likely to Ax Dozens of Regulations

Next year will mark the first time in over a decade that Republicans will control both chambers of Congress and the White House. This has generated tremendous interest around the Congressional Review Act (CRA)—a rarely used...more

CFPB Fall 2016 rulemaking agenda published

The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more

Will the CFPB issue a final arbitration rule before Jan. 20?

Last week, the Wall Street Journal reported that the CFPB is pushing to finalize its arbitration rule before Donald Trump’s inauguration as President on January 20.  The comment period on the proposed rule closed on August...more

CFPB: The Quarterly Review, Q3 2016

White & Case’s Financial Institutions Advisory (FIA) practice is pleased to share its most recent quarterly newsletter on the Consumer Financial Protection Bureau’s ("CFPB” or "Bureau”) oversight of the consumer financial...more

SBA Office of Advocacy submits comment letter asking CFPB to reconsider payday loan proposal

The Small Business Administration’s Office of Advocacy has submitted a comment letter on the CFPB’s proposed payday loan rule that raises concerns about the proposal’s economic impact on small businesses and encourages the...more

CFPB Consumer Advisory Board to meet on Oct. 27

The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board (CAB) will be held on October 27, 2016. The notice indicates that the CAB will discuss student loan...more

Notice and Comment Like a Rock Star

Musicians know they’ve created a hit when thirty-somethings have known all the song’s words since middle school. Likewise, most consumer finance lawyers recall verbatim Regulation Z’s guidance to lenders that, “The annual...more

CFPBs Meeting with Community Bank Advisory Council Provides Insights into Upcoming Debt Collection Rules

Last week , the Consumer Financial Protection Bureau (CFPB) met with the Community Bank Advisory Council (CBAC) to discuss the CFPB’s July 28, 2016, outline of the proposed debt collection rules (Outline) intended to...more

CFPB Takes Next Step Toward Issuing Debt Collection Rules

The Consumer Financial Protection Bureau (CFPB) published an outline on July 28, 2016, of proposed debt collection rules intended to “drastically overhaul the debt collection market.” Pursuant to the Small Business Regulatory...more

Director Cordray Responds To Letter from Senators Seeking Tailored Rulemaking for Community Banks and Credit Unions

Last month, a bipartisan group of 70 senators were signatories to a letter sent to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray urging the CFPB to “carefully tailor its regulations to match the unique...more

SBA Office of Advocacy to host Sept. 14 roundtable on CFPB payday loan proposal

The Small Business Administration’s Office of Advocacy will host a roundtable in London, Kentucky on September 14, 2016 on the CFPB’s proposed payday loan rule. As the Office of Advocacy is an independent office within the...more

Debt collection SBREFA panel meets with SERs

It has been reported that the SBREFA panel for the CFPB’s debt collection rulemaking met last week with small entity representatives (SER).  In anticipation of convening the panel, the CFPB issued an outline of the proposals...more

CFPB’s proposal for collection of decedent debt: a misguided approach (Part II)

In my blog post yesterday, I shared my concerns regarding the potential consequences of the CFPB’s proposed 30-day hold on all collection contacts after the date of a consumer’s death. A 30-day holding period in which...more

CFPB’s proposal for collection of decedent debt: a misguided approach (Part I)

This blog post is the first of two on the proposals being considered by the CFPB regarding the collection of decedent debt. In tomorrow’s blog post, I will share my thoughts on the CFPB’s proposal to prohibit debt collector...more

GAO Issues Report on CFPB SBREFA Panels

The Government Accountability Office (GAO) has issued a report on the Consumer Financial Protection Bureau's (CFPB) use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process. The...more

CFPB Credit Union Advisory Council to meet Sept. 1

The CFPB has published a notice in the Federal Register announcing that a meeting of its Credit Union Advisory Council (CUAC) will be held on September 1, 2016. The notice indicates that the CUAC will discuss youth financial...more

GAO issues report on CFPB SBREFA panels

The Government Accountability Office has issued a report on the CFPB’s use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process. The report, “Observations from Small Business Review...more

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

CFPB Presents Significant 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

CFPB debt collection proposals would create problematic new substantiation standard

The debt collection proposals outlined by the CFPB for the SBREFA panel are driven in large part by the CFPB’s reliance on the data derived from its complaint portal and a consumer survey conducted by the Bureau over several...more

CFPB Considering Debt Collection Reform Proposals

On July 28, the Consumer Financial Protection Bureau (the CFPB) released a summary of proposals it is considering to reform debt collection practices. At the same time, it released a Study of Third Party Debt Collection...more

What You Need to Know Now About the CFPB’s Debt Collection Proposal

On July 28, 2016, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) issued its outline of proposals under consideration for the regulation of debt collection. This 117-page release, entitled “Small Business Review...more

CFPB Opts to Split Debt Collection Rulemaking Process

On July 28, 2016, the Consumer Financial Protection Bureau (“CFPB”) released a partial outline of debt collection proposals under consideration (“Proposals”), focusing on the third-party debt collection industry. Despite the...more

CFPB Previews Anticipated Debt Collection Regulations

The long-expected CFPB summary of new rule proposals for third-party debt collectors would have major implications not only for the debt collectors themselves, but also for the banks and other financial institutions doing...more

The CFPB's Overhaul of Debt Collection Regulation

Yesterday, the CFPB continued its march towards the overhaul of debt collection regulation by releasing its proposals for a new rule. An Advance Notice of Proposed Rulemaking (ANPR) back in November 2013 signaled a lot of...more

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