In February 2023, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced an auto finance data pilot, where it ordered nine large auto lenders to provide information about their auto lending portfolios....more
8/27/2024
/ Automotive Industry ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lenders ,
OMB ,
Regulatory Agenda
We have previously blogged about how targets of CFPB enforcement actions have asserted that the actions must be dismissed because the investigations were conducted and the lawsuits were brought and are being prosecuted with...more
8/26/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Consumer Lenders ,
Data Collection ,
Dodd-Frank ,
Enforcement Actions ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Motion to Amend ,
Preliminary Injunctions ,
SCOTUS ,
Section 1071 ,
Small Business
On August 19, 2024, the CFPB filed its reply brief in support of the CFPB’s motion to dismiss Plaintiff Fort Worth Chamber of Commerce (Fort Worth Chamber) for lack of standing and, if granted, transfer the case to the...more
8/21/2024
/ Article III ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Motion to Dismiss ,
Regulatory Agenda ,
Standing ,
Venue
We recently reported that on August 15, 2024 Solo Funding, Inc. (“Solo”) filed a motion to dismiss in its entirety an enforcement complaint brought by the CFPB against Solo (a company that facilitates peer-to-peer small...more
The Introduction to the Complaint which was filed by the CFPB on May 17, 2024 against Solo Funding, Inc. in the United States District Court for the Central District of California – Western Division Los Angeles (Judge R. Gary...more
8/19/2024
/ Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Earned Wage Access ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loans ,
Online Marketplace Lending ,
Proposed Rules ,
Regulation Z ,
Regulatory Violations ,
Truth in Lending Act (TILA)
On August 8, 2024, the CFPB filed its Appellant Brief with the Fifth Circuit, appealing the September 2023 decision by the Federal District Court for the Eastern District of Texas that vacated the March 2022 changes to the...more
On August 12, 2024, the plaintiffs filed their brief in opposition to the CFPB’s motion to dismiss Plaintiff Fort Worth Chamber of Commerce (Fort Worth Chamber) for lack of standing and if granted, transfer the case to the...more
8/14/2024
/ Article III ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Dismiss ,
Motion to Dissolve ,
Motion to Transfer ,
Preliminary Injunctions ,
Proposed Rules ,
Regulatory Agenda ,
Standing
The plaintiffs challenging the CFPB payday lending rule should not be entitled to an en banc rehearing because the issues they cite already have become final and the time for rehearing has lapsed, the CFPB said last week...more
8/13/2024
/ Administrative Procedure Act ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Dodd-Frank ,
En Banc Review ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Payday Lending Rule ,
Payday Loans ,
SCOTUS ,
UDAAP
On August 8, 2024, the plaintiffs filed their brief in opposition to the CFPB’s motion to dissolve the preliminary injunction in the lawsuit challenging the CFPB’s credit card late fee final rule (“Rule”). In their brief, the...more
8/13/2024
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Collection ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Dismiss ,
Motion to Dissolve ,
Preliminary Injunctions ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Authority ,
Truth in Lending Act (TILA)
CFPB Director Rohit Chopra on Thursday defended his agency’s proposed rule to prohibit the listing of medical debt on credit reports, contending that such debts are not a fair indication of a person’s financial health....more
8/12/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Debt Collection ,
Debt Collectors ,
Fair Credit Reporting Act (FCRA) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Healthcare ,
Lenders ,
Medical Debt ,
Proposed Rules
We have previously blogged about an enforcement action brought on July 12, 2022 by the CFPB against Populus Financial Group, Inc., d/b/a ACE Cash Express, Inc. in Federal District Court for the Northern District of Texas...more
8/7/2024
/ Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Enforcement Actions ,
Federal Funding ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Loan Agreements ,
Motion to Dismiss ,
OFR ,
Payment Plans ,
Regulatory Agenda ,
Stays ,
Unfair or Deceptive Trade Practices
On July 29, 2024, the CFPB filed a motion to dismiss the Fort Worth Chamber of Commerce as a Plaintiff for lack of standing and if granted, transfer the case to a the Federal District Court for D.C. In its brief, the CFPB...more
7/31/2024
/ Article III ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Dismiss ,
Motion to Transfer ,
Preliminary Injunctions ,
Proposed Rules ,
Regulatory Agenda ,
Standing
Part 1 – The CFPB has no authority to investigate or sue Acima because, under Dodd-Frank and the appropriations Clause of the Constitution, it may only be funded out of combined earnings of the Federal Reserve System and...more
7/31/2024
/ Administrative Agencies ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Due Process ,
Federal Funding ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Authority ,
Rent-to-Own Companies
Congress must adjust to the demise of the Chevron Deference doctrine by drastically improving its regulatory expertise, witnesses told a House Committee on July 23....more
On July 18, 2024, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) proposed an interpretive rule that states (1) EWA products fall under the definition of “credit” under the Truth in Lending Act (“TILA”) and...more
7/25/2024
/ Buy Now Pay Later (BNPL) ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interpretive Rule ,
Loans ,
Payday Loans ,
Regulation Z ,
Truth in Lending Act (TILA) ,
Wage and Hour ,
Wages
We recently reported that on July 18 the CFPB, upon remand from the Fifth Circuit, re-filed its notice of supplemental authority in support of its motion to dismiss or transfer the case, motion to dissolve the preliminary...more
7/24/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Dismiss ,
Motion to Dissolve ,
Preliminary Injunctions ,
Proposed Rules ,
Regulatory Agenda ,
Standing
The Fifth Circuit Court of Appeals has set oral arguments for Oct. 7 in the challenge of the Federal Trade Commission’s Combating Auto Retail Scams Rule (“CARS Rule”). The petition, filed on January 5, 2024 by the National...more
7/23/2024
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Car Dealerships ,
CARS Rule ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Motor Vehicles ,
Oral Argument ,
Unfair or Deceptive Trade Practices
On July 17, Acting Comptroller of the Currency Michael Hsu delivered prepared remarks before the Exchequer Club entitled “Size, Complexity, and Polarization in Banking.”...more
7/22/2024
/ Bank of America ,
Banks ,
Cantero v Bank of America NA ,
Chevron Deference ,
Comptroller ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Electronic Fund Transfer Act ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS
On July 18, 2024, in the lawsuit challenging the CFPB’s credit card late fee rule (Rule), the CFPB refiled its notice of supplemental authority in support of its motion to dismiss or transfer the case, motion to dissolve the...more
7/19/2024
/ Administrative Procedure Act ,
CARD Act ,
Chevron Deference ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Dissolve ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda ,
Supplemental Authority ,
Truth in Lending Act (TILA)
A Florida law that prohibits federal and state depository institutions conducting business in the state from denying services based on religion or political beliefs and activities went into effect on July 1....more
7/18/2024
/ Banks ,
Consumer Financial Products ,
Discriminatory Lending Practices ,
Financial Institutions ,
Financial Regulatory Agencies ,
Financial Regulatory Reform ,
Financial Services Industry ,
Florida ,
New Legislation ,
Religious Beliefs ,
Religious Discrimination ,
Unfair or Deceptive Trade Practices
On July 11, 2024, the CFPB filed its unopposed Motion for the Immediate Issuance of the Mandate, the CFPB stated that they do not intend to seek a rehearing before the same panel or en banc and requested the Fifth Circuit to...more
7/16/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda
On July 11, 2024, the CFPB filed Respondent’s Motion for the Immediate Issuance of the Mandate. In the motion, the CFPB states that they do not plan to seek a rehearing before the same Fifth Circuit or En Banc and requests...more
7/15/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Collection ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Dissolve ,
Preliminary Injunctions ,
Regulatory Agenda ,
Writ of Mandamus
In the same 2023 bill (House Bill 23-1229) that included Colorado’s DIDMCA opt-out**, Colorado adopted a statute excepting certain “general-purpose credit cards”, as defined, from the state’s limitations on finance charges...more
6/28/2024
/ Banks ,
Colorado ,
Consumer Financial Products ,
Credit Cards ,
DIDMCA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Interest Rates ,
Loans ,
Opt-Outs ,
Truth in Lending Act (TILA)
On June 14, the CFPB announced that its payday lending rule would become effective on March 30, 2025. However, the CFPB ignored the possibility of further litigation in CFSA v. CFPB, the case challenging the payday lending...more
6/24/2024
/ 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 ,
Consumer Lenders ,
Financial Regulatory Reform ,
Financial Services Industry ,
Payday Lending Rule ,
Payday Loans ,
Rulemaking Process ,
UDAAP
On June 19, 2024, the Fifth Circuit dissolved the district court’s order transferring the case challenging the CFPB’s credit card late fee rule. In granting the writ of mandamus filed by the plaintiff trade associations...more
6/20/2024
/ Administrative Procedure Act ,
CARD Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Collection ,
Federal Funding ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions