Rohit Chopra will be nominated as the next Director of the Consumer Financial Protection Bureau (CFPB or Bureau). We break down below some of the more immediate impacts of a Chopra-helmed CFPB....more
On November 12, 2020, the California Department of Financial Protection and Innovation (DFPI) (until recently called the Department of Business Oversight) entered into a consent order with Allup Finance LLC (Allup) finding...more
On October 30, 2020, the Consumer Financial Protection Bureau (CFPB or Bureau) released the first part of its long-awaited final Debt Collection Rule, which substantially updates and modernizes Regulation F, the implementing...more
The Consumer Financial Protection Bureau (CFPB, or the Bureau) has announced major changes to its organizational structure, placing enforcement operations under the effective control of supervision. If finalized, this will be...more
Will consumers gain better-defined insights into their own financial records? Yes, says the Consumer Financial Protection Bureau (CFPB or Bureau), which issued an advance notice of proposed rulemaking (ANPR) concerning...more
In a significant action, the Consumer Financial Protection Bureau (CFPB) has abruptly rescinded a 2015 compliance bulletin concerning marketing services agreements (MSAs) while also issuing RESPA Section 8 (referral fee...more
California is poised to enact broad new legislation creating an entirely revamped financial protection regimen, including a powerful new Department of Financial Protection and Innovation (DFPI). In this article, we provide...more
In a potentially critical new development, the Consumer Financial Protection Bureau (CFPB or Bureau) will now impose what it characterizes as independent “peer review” on certain of its more important internal research. Will...more
In carrying out its statutory mandate, the CFPB has released a Request for Information (RFI) relating to the CARD Act, seeking information on two fronts.
What happened -
The Consumer Financial Protection Bureau (the CFPB...more
On July 28, the Consumer Financial Protection Bureau (CFPB) issued a Request for Information (RFI) seeking industry input on the future of the Equal Credit Opportunity Act (ECOA) and Regulation B. While fair lending...more
8/18/2020
/ Artificial Intelligence ,
Bostock v Clayton County Georgia ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Limited English Proficiency (LEP) ,
Loan Officer ,
Machine Learning ,
Regulation B ,
Request For Information ,
Texas Dept of Housing v Inclusive Communities ,
UDAAP
New York may soon be joining California in requiring consumer-like disclosures on commercial financing transactions. On July 23, 2020, the New York State legislature passed SB 5470 (S.5470/A.10118-A), which closely follows...more
On July 7, the CFPB issued its long-awaited final rule (the 2020 Final Rule) amending the regulations that govern payday loans, vehicle title loans and certain high-cost installment loans. As expected, the CFPB revoked the...more
In a long-awaited ruling, the Supreme Court in Seila Law has ruled, in a 5-4 decision, that the structure of the Consumer Financial Protection Bureau is unconstitutional in that it limits the ability of the President to fire...more
What happened -
On June 16, 2020, the Bureau of Consumer Financial Protection (CFPB) released a Compliance Aid in the form of ten FAQs (FAQs) on consumer reporting related to the CARES Act and the COVID-19 pandemic. The...more
On May 29, 2020, the Office of the Comptroller of the Currency (OCC) issued its final rule affirming the “valid when made” doctrine for national banks and federal savings associations. Adopted as proposed, the final rule...more
As the profound impacts of COVID-19 become ever clearer, the Consumer Financial Protection Bureau (CFPB) continues its recent increase in activity in this space with a new statement and set of frequently asked questions...more
While predicting the enforcement priorities of the financial regulators has always been more of an art than a science, the current circumstances—including a pandemic, a presidential election and a Supreme Court case hanging...more
With many banks and credit unions electing to limit Paycheck Protection Program (PPP) loans to existing customers, many nonbank lenders are scrambling to fill the gap and take part in the $349 billion program prior to the end...more
Aiming to encourage financial institutions to accommodate borrowers affected by COVID-19, federal and state regulators issued an interagency statement on loan modifications.
The statement recognized the “unique and...more
Proposing a specific limit on debt collectors but also providing a safe harbor for compliance, the Consumer Financial Protection Bureau (CFPB) has issued proposed regulations that would allow debt collectors to contact...more
3/12/2020
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Debt Collectors ,
Dodd-Frank ,
FDCPA ,
NPRM ,
Proposed Regulation ,
Public Comment ,
Time-Barred Debt
Democratic legislators and consumer groups heavily criticized the Consumer Financial Protection Bureau (CFPB or Bureau) for a number of recent moves. We explain these developments below....more
The House Financial Services Committee held the first of a two-part hearing titled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.”
For the first...more
Comments on the Office of the Comptroller of the Currency’s (OCC) proposed “Madden fix” regulation are in.
What Happened -
There were 61 comments filed by the usual suspects: trade and consumer groups, state agencies,...more
2/10/2020
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Lenders ,
Dodd-Frank ,
FDIC ,
Financial Services Industry ,
Litigation Strategies ,
Madden v Midland Funding ,
National Bank Act ,
Non-Bank Lenders ,
OCC
Twenty-three state regulators have now reached a deal with a prominent online payments processor to address that company’s insufficient disclosures on its platform. We explain why that matters to you....more
Or perhaps savant? As the Consumer Financial Protection Bureau (CFPB or Bureau) prepares for the most significant challenge to its existence, Director Kathy Kraninger maintained her independent streak this past week, refusing...more