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Joint Trade Associations Reject the CFPB’s “Discrimination-Unfairness” Theory

In a June 28 letter to Director Chopra and accompanying White Paper and press release, the ABA, CBA, ICBA, and the U.S. Chamber of Commerce have called on the Consumer Financial Protection Bureau (CFPB or Bureau) to rescind...more

CFPB’s SBREFA Outline on Automated Valuation Models Rekindles Debate over Disparate Impact Liability under the ECOA

Section 1473(q) of the Dodd-Frank Act (now codified at 12 U.S.C. § 3354(q)) amended the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (“FIRREA”) to instruct the CFPB, Fed, OCC, FDIC, NCUA, and FHFA...more

Update Regarding the BrightSpeed Payment Processor Case

On January 18, after approximately fourteen months of settlement negotiations, the CFPB announced that it secured a settlement agreement with BrightSpeed Solutions, Inc., a third-party payment processor that had ceased...more

Update Regarding the CFPB’s Buy Now, Pay Later Orders

In a prior post, we reported that the language used in orders recently issued by the CFPB to leading Buy Now, Pay Later (“BNPL”) providers suggested that the CFPB intends to use the information it collects to build...more

Is the CFPB using its market monitoring orders to build enforcement cases?

As we previously noted, on October 21, the CFPB issued orders to six large technology firms seeking information about their payment product business plans (the “October 21 Orders”). According to the Bureau, the purpose of...more

Did the CFPB Follow PRA Requirements in Issuing its Big Tech Orders?

On October 21, the CFPB issued a series of orders to “collect information on the business practices of large technology companies operating payments systems in the United States.”...more

Third Party Payment Processors as ‘Covered Persons’: A Return to CFPB Regulation by Enforcement?

A&B ABstract: The CFPB has recently asserted extraordinary authority to make any payment processor monitor the activities of any merchant for which it processes payments, even if that merchant does not provide consumer...more

An Ominous Development in CFPB Supervision

A&B ABstract: The CFPB’s Bulletin 2021-01 released on March 31, 2021 announced changes to the Bureaus type of communications.  Does this bulletin suggest a desire of the CFPB to use the examination process for purposes that...more

Could President Biden Appoint an Acting CFPB Director Under the FVRA? Not if He Fires Director Kraninger First

Our Financial Services & Products Group explores the case law and academic research surrounding the implications of a President removing a Senate-confirmed department head before the end of their term....more

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