The American Bankers Association (ABA) has issued a new white paper, “Effective Agency Guidance: Examining Bank Regulators’ Guidance Practices,” that is intended to help agencies issue guidance that complies with legal...more
2/15/2024
/ Administrative Procedure Act ,
American Bankers Association ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Guidance ,
Notice and Comment ,
White Papers
On January 17, 2024, the U.S. Supreme Court heard oral argument in the two cases in which the question presented is whether the Court should overrule its 1984 decision in Chevron, U.S.A., Inc. v. Nat. Res. Def. Council, Inc. ...more
1/23/2024
/ Administrative Procedure Act ,
Article III ,
Chevron Deference ,
Chevron v NRDC ,
Financial Services Industry ,
Loper Bright Enterprises v Raimondo ,
Magnuson-Stevens Act (MSA) ,
National Marine Fisheries Service ,
Oral Argument ,
Regulatory Requirements ,
Relentless Inc v US Department of Commerce ,
SCOTUS ,
Standing ,
Statutory Interpretation ,
Vessels
Last week, by a vote of 221-202, the House of Representatives voted to approve S.J. 32, the resolution introduced under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071...more
12/6/2023
/ Administrative Procedure Act ,
Biden Administration ,
Congressional Review Act ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Payday Lending Rule ,
Presidential Veto ,
Regulatory Requirements ,
SCOTUS ,
Section 1071 ,
Small Business ,
Small Business Loans
The U.S. Supreme Court has scheduled oral argument for January 17, 2024 in the two cases in which the question presented is whether the Court should overrule its 1984 decision in Chevron, U.S.A., Inc. v. Nat. Res. Def....more
11/29/2023
/ Administrative Procedure Act ,
Article III ,
Certiorari ,
Chevron Deference ,
Chevron v NRDC ,
Fifth Amendment ,
Financial Services Industry ,
Loper Bright Enterprises v Raimondo ,
Magnuson-Stevens Act (MSA) ,
National Marine Fisheries Service ,
Oral Argument ,
Regulatory Requirements ,
Relentless Inc v US Department of Commerce ,
SCOTUS ,
Vessels
The Texas federal district court hearing the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule) has issued an order that preliminarily enjoins the CFPB from...more
10/31/2023
/ Administrative Procedure Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Dodd-Frank ,
Federal Funding ,
Financial Institutions ,
Financial Services Industry ,
Preliminary Injunctions ,
SCOTUS ,
Section 1071 ,
Small Business ,
Small Business Loans
As we predicted long ago, on Friday, September 8, 2023, the Federal District Court for the Eastern District of Texas vacated the changes made in March 2022 to the CFPB’s Exam Manual. On that date, the CFPB purported to use...more
9/13/2023
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Discriminatory Lending Practices ,
ECOA ,
Examination Procedures ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Authority ,
Statutory Violations ,
UDAAP ,
Unfair or Deceptive Trade Practices
The U.S. Chamber of Commerce, joined by six other trade groups, filed a lawsuit on September 28, 2022 in a Texas federal district court against the CFPB challenging the CFPB’s recent update to the Unfair, Deceptive, or...more
9/8/2023
/ Administrative Procedure Act ,
Arbitrary and Capricious ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Discriminatory Lending Practices ,
Dodd-Frank ,
Federal Reserve ,
Financial Services Industry ,
FTC Act ,
Regulatory Agencies ,
Regulatory Authority ,
UDAAP
This past Thursday, August 31, another preliminary injunction motion was filed in the Texas lawsuit challenging the CFPB’s small business lending rule (Rule). The latest motion was filed by XL Funding, LLC d/b/a Axle...more
9/6/2023
/ Administrative Agencies ,
Administrative Authority ,
Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Final Rules ,
Financial Services Industry ,
Intervenors ,
Preliminary Injunctions ,
Small Business Loans
The Kentucky banks and Kentucky trade association that filed a lawsuit in a Kentucky federal district court challenging the CFPB’s final small business lending rule (Rule) have filed a motion for a preliminary injunction. ...more
8/24/2023
/ Administrative Procedure Act ,
American Bankers Association ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
First Amendment ,
Preliminary Injunctions ,
SCOTUS ,
Small Business Loans
A Texas credit union and two credit union trade associations have been granted leave to intervene in the lawsuit challenging the CFPB’s final small business lending rule (Rule) that is pending in a Texas federal district...more
8/16/2023
/ Administrative Procedure Act ,
American Bankers Association ,
Community Financial Services Association ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Federal Funding ,
Final Rules ,
Financial Services Industry ,
First Amendment ,
SCOTUS ,
Small Business Loans
Last week, we published a blog post urging the CFPB to agree to extend the relief granted by the Texas federal district court in the lawsuit challenging the CFPB’s final small business lending rule (Rule) to all entities...more
Sixteen amicus briefs have been filed with the U.S. Supreme Court in support of the position of the Community Financial Services Association of America (CFSA) that the Court should affirm the Fifth Circuit panel decision in...more
7/13/2023
/ Administrative Agencies ,
Administrative Procedure Act ,
Amicus Briefs ,
CFPB v Community Financial Services Association of America ,
Community Financial Services Association ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Funding ,
Financial Services Industry ,
Motion for Leave ,
SCOTUS ,
State Attorneys General
The U.S. Chamber of Commerce has filed a motion for summary judgment in its lawsuit filed in September 2022 against the CFPB challenging the CFPB’s recent update to the Unfair, Deceptive, or Abusive Acts or Practices (UDAAP)...more
The New York Department of Financial Services (DFS) has filed its opening brief with the Second Circuit in the OCC’s appeal from the district court’s final judgment in DFS’s lawsuit challenging the OCC’s issuance of special...more
7/30/2020
/ Administrative Procedure Act ,
Bank Holding Company Act ,
Banking Sector ,
Depository Institutions ,
Federal Deposit Insurance Act ,
Federal Reserve ,
FinTech ,
Injury-in-Fact ,
Money Transmitter ,
National Bank Act ,
National Bank Charters ,
NYDFS ,
OCC ,
Special Purpose National Bank Charter
The CFPB has filed a cross-motion for summary judgment in the lawsuit filed by the California Reinvestment Coalition, the National Association for Latino Community Asset Builders, and two individual small business owners...more
11/14/2019
/ Administrative Procedure Act ,
Affirmative Defenses ,
Consumer Financial Protection Bureau (CFPB) ,
Cross Motions ,
Financial Services Industry ,
Regulatory Oversight ,
Rulemaking Process ,
SBREFA ,
Section 1071 ,
Standing ,
Statute of Limitations ,
Summary Judgment
The CFPB has filed an answer in the lawsuit filed in May 2019 in a California federal district court by the California Reinvestment Coalition, the National Association for Latino Community Asset Builders, and two individual...more
7/25/2019
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Data Management ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
Minority-Owned Businesses ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
Women-Owned Businesses
The National Association for Latino Community Asset Builders (NALCAB) and two individual small business owners have joined the lawsuit filed against the CFPB in May 2019 by the California Reinvestment Coalition in a...more
A Texas federal court has denied the motion for reconsideration filed by the trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule)....more
8/9/2018
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Services Industry ,
Internet Lenders ,
Motion for Reconsideration ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Rulemaking Process
The four consumer advocacy groups that filed an amicus brief opposing the joint motion filed by the CFPB and two trade groups seeking a stay of the compliance date for the CFPB’s final payday/auto title/high-rate installment...more
6/26/2018
/ Administrative Procedure Act ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Internet Lenders ,
Motion for Leave ,
Motion for Reconsideration ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Oversight ,
Title Loans
The CFPB has filed a response in support of the motion for reconsideration filed by the trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule)....more
As promised previously, here are further details on the lawsuit filed by industry groups against the CFPB to overturn the final arbitration rule. The complaint largely mirrors our heavy criticism of the rule. ...more
10/17/2017
/ Administrative Procedure Act ,
Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Constitutional Challenges ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
I recently blogged about the rumor I heard from a reliable source that the CFPB will issue a final arbitration rule by the end of July. That rumor appears to be gaining traction, with a major industry trade group telling its...more
Two industry trade associations whose members sell homeowners insurance have been granted leave to file an amended complaint in their lawsuit challenging the Fair Housing Act (FHA) disparate impact rule (Rule) adopted by the...more
In a June 2014 alert, we discussed Community Financial Services Association vs. Federal Deposit Insurance Corporation, a payday loan industry suit challenging on various grounds certain supervisory and interpretive statements...more
9/30/2015
/ Administrative Procedure Act ,
Banking Sector ,
Banks ,
Choke Point ,
Consumer Financial Products ,
Consumer Lenders ,
Department of Justice (DOJ) ,
FDIC ,
Financial Institutions ,
Motion to Dismiss ,
Payday Loans ,
Subject Matter Jurisdiction
The U.S. Supreme Court decided in Perez v. Mortgage Bankers Association that federal agencies are not required to use the Administrative Procedure Act's (APA) notice and comment procedures when issuing or making changes to...more