The CFPB took another significant step towards issuing regulations to implement Section 1071 of the Dodd-Frank Act by releasing the final report of the small business review panel (Panel) on the proposals the Bureau is...more
12/30/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
SBREFA ,
Section 1071 ,
Small Business ,
Women-Owned Businesses
The industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed their combined opposition to the CFPB’s cross-motion for summary judgment and...more
Less than one month after hearing oral argument in RD Legal Funding, the U.S. Court of Appeals for the Second Circuit has issued a summary order affirming the district court’s holding that the Dodd-Frank Act’s...more
Last week, the U.S. Court of Appeals for the Second Circuit heard oral argument in RD Legal Funding. The three judge panel consisted of two members of the Second Circuit, Judge Denny Chin and Senior Judge Barrington Parker,...more
10/13/2020
/ Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Actions ,
FHFA ,
Ratification ,
Removal For-Cause ,
September 11th Victim Compensation Fund ,
Settlement Agreements ,
Single Director ,
State Law Claims ,
Time-Barred Claims ,
UDAAP ,
Usury
The CFPB has filed its second status report with the California federal district court as required by the Stipulated Settlement Agreement in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay in adopting...more
8/27/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Delays ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Regulatory Requirements ,
Reporting Requirements ,
SBREFA ,
Section 1071 ,
Settlement Agreements ,
Small Business ,
Women-Owned Businesses
On August 18, Judge Kenneth M. Karas of the Southern District of New York, granted the CFPB’s petition to enforce a civil investigative demand that it issued to the Law Offices of Crystal Moroney prior to the U.S. Supreme...more
The CFPB has announced that it plans to issue an advance notice of proposed rulemaking (ANPR) later this year on consumer-authorized access to financial records. The announcement was made concurrently with the Bureau’s...more
The CFPB has issued a ratification of “the large majority of its existing regulations” and certain other regulatory actions taken from January 4, 2012 through June 30, 2020 (Ratified Actions). ...more
By a five to four vote, the U.S. Supreme Court ruled this morning in Seila Law that the CFPB’s single-director-removable-for-cause leadership structure violates the separation of powers in the U.S. Constitution. Seven of the...more
The CFPB has entered into a consent order with three companies to settle the Bureau’s claims that the companies violated the Dodd-Frank UDAAP prohibition and the FCRA in connection with contracts for deeds that they issued...more
The CFPB has filed its first status report with the California federal district court as required by the Stipulated Settlement Agreement in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay in adopting...more
5/31/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Delays ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Regulatory Requirements ,
Reporting Requirements ,
SBREFA ,
Section 1071 ,
Settlement Agreements ,
Small Business ,
Women-Owned Businesses
At the end of last week, the CFPB announced that it was taking three steps consisting of implementing an advisory opinion program, updating its responsible business conduct bulletin, and proposing an award program for...more
3/10/2020
/ Advisory Opinions ,
Anti-Corruption ,
Business Conduct Standards ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Legislative Agendas ,
Proposed Legislation ,
Risk Assessment ,
Self-Reporting ,
Title X ,
Whistleblowers
On Tuesday March 3, the same day that the U.S. Supreme Court heard oral argument in Seila Law, the Fifth Circuit, in a 2-1 decision, ruled in All American Check Cashing that the CFPB’s structure is constitutional....more
3/6/2020
/ Administrative Proceedings ,
All American Check Cashing ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Authority ,
FHFA ,
Financial Services Industry ,
FSOC ,
PHH Corp. v CFPB ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Single Director
The U.S. Supreme Court heard oral argument yesterday morning in Seila Law. The two questions before the Court are whether the provision in Title X of the Dodd-Frank Act that only allows the President to remove the CFPB...more
3/4/2020
/ Certiorari ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Executive Authority ,
Oral Argument ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Severability Doctrine ,
Single Director ,
Title X
The CFPB has entered into a settlement to resolve the lawsuit filed against it in May 2019 seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 of the Dodd-Frank Act violates the...more
3/3/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Delays ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Regulatory Requirements ,
Reporting Requirements ,
SBREFA ,
Section 1071 ,
Settlement Agreements ,
Small Business ,
Women-Owned Businesses
Amicus briefs have been filed in the U.S. Supreme Court in support of Paul Clement, who was appointed amicus curiae by the Court to defend the Ninth Circuit’s ruling in Seila Law that the CFPB’s structure is constitutional. ...more
1/24/2020
/ Amicus Briefs ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Executive Authority ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Severability Doctrine ,
Single Director
Paul Clement, who was appointed amicus curiae by the U.S. Supreme Court to defend the Ninth Circuit’s ruling in Seila Law that the CFPB’s structure is constitutional, filed a brief with the Supreme Court this week in support...more
CFPB Director Kraninger has rejected the argument made by Equitable Acceptance Corp (EAC) that because the Bureau’s structure is unconstitutional, the civil investigative demand it received from the Bureau should be set aside...more
1/16/2020
/ Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Director Kraninger ,
Dodd-Frank ,
Enforcement Authority ,
Executive Authority ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Single Director ,
Unduly Burdensome
The orders released today by the U.S. Supreme Court from its January 10 conference did not include any orders regarding the petition for a writ of certiorari filed by the plaintiffs in Collins v. Mnuchin or the petition filed...more
1/13/2020
/ Administrative Proceedings ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
FHFA ,
HERA ,
Judicial Review ,
Petition for Writ of Certiorari ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Single Director
At its conference this Friday, January 10, the U.S. Supreme Court is expected to consider the petition for a writ of certiorari filed by the plaintiffs in Collins v. Mnuchin and the petition filed by the FHFA and Treasury...more
1/7/2020
/ Administrative Proceedings ,
Certiorari ,
Conservators ,
Constitutional Challenges ,
Dismissals ,
Dodd-Frank ,
En Banc Review ,
FHFA ,
GSE ,
Petition for Writ of Certiorari ,
Real Estate Market ,
Removal For-Cause ,
Reversal ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Shareholders ,
Single Director ,
Statutory Violations ,
U.S. Treasury
The first round of amicus briefs have been filed with the U.S. Supreme Court in Seila Law. All of the amici that take a position on the Bureau’s constitutionality agree with the position taken by both Seila Law and the CFPB...more
12/27/2019
/ Amicus Briefs ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Executive Authority ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Severability Doctrine ,
Single Director
Seila Law and the CFPB filed their briefs yesterday in the U.S. Supreme Court. Both briefs address the question presented in Seila Law’s certiorari petition, which is whether the CFPB’s...more
12/11/2019
/ Certiorari ,
Civil Investigation Demand ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Executive Authority ,
Motion to Remand ,
Motion to Vacate ,
Oral Argument ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Severability Doctrine ,
Single Director ,
Title X
The U.S. Supreme Court has denied the Petition for a Writ of Certiorari Before Judgment filed by All American Check Cashing.
In its petition, All American sought to have the Supreme Court hear its interlocutory appeal from...more
12/10/2019
/ Administrative Proceedings ,
All American Check Cashing ,
CashCall ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Denial of Certiorari ,
Dodd-Frank ,
Financial Services Industry ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Single Director ,
Title X
The CFPB has published its Fall 2019 rulemaking agenda as part of the Fall 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget....more
11/22/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
E-SIGN ,
Financial Services Industry ,
HMDA ,
Mortgage Loan Originators ,
PACE ,
Payday Lending Rule ,
Qualified Mortgage Rule ,
Regulatory Agenda ,
Request For Information ,
Rulemaking Process
As expected, the U.S. Supreme Court’s grant of Seila Law’s cert petition is impacting other cases in which the CFPB’s constitutionality has also been challenged. ...more
10/28/2019
/ CashCall ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry ,
Interest Rates ,
Oral Argument ,
Petition for Writ of Certiorari ,
RD Legal Funding ,
Removal For-Cause ,
SCOTUS ,
Separation of Powers ,
Single Director ,
True Lender ,
Unconscionable Contracts ,
Usury