Last Friday, the Consumer Financial Protection Bureau (CFPB or Bureau) released its Supplemental Notice of Proposed Rulemaking (SNPR) for time-barred debt disclosures. ...more
Both the departure of Richard Cordray at the Consumer Financial Protection Bureau (CFPB) and the Trump Administration’s priority to ease regulatory burden spurred speculation that the states would fill the void as the...more
Federal courts continue to struggle with defining an “automatic telephone dialing system” (ATDS) under the federal Telephone Consumer Protection Act (TCPA). ...more
On August 27, 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) settled its first enforcement action based on alleged violations of its money transfer rules with Maxitransfers Corp. (Maxitransfers), a...more
The Consumer Financial Protection Bureau’s (CFPB or Bureau) Notice of Proposed Rule (NPR) is a dense 500-page document. In the NPR, the CFPB puts forth numerous proposals which seek to clarify numerous debt collection...more
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its long-awaited Notice of Proposed Rulemaking (NPR) for debt collection. These proposals precede a final rule, that will be known as Regulation F,...more
On April 30, 2018, the Office of the Comptroller of the Currency (OCC) opened a 45-day public comment period on a proposed Innovation Pilot Program (the Program). The OCC, like the Consumer Financial Protection Bureau and the...more
Consumer Financial Protection Bureau (CFPB or "the Bureau") Director, Kathleen L. Kraninger, spoke yesterday at the Bipartisan Policy Center regarding her outlined vision for the Bureau. ...more
The Fair Debt Collections Practices Act (FDCPA or Act) is an archaic consumer protection statute. Well-intentioned when enacted in 1977, unlike fine wine the FDCPA has not aged gracefully....more
Since Donald Trump took office the hot topic has been “deregulation”. However, contradicting this ideal are efforts by financial regulators to incorporate the use of financial technology by financial institutions and fintech...more
The prudential regulators, including the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and Office of the Comptroller of the Currency...more
For two years the Office of the Comptroller of the Currency (“OCC”) solicited comments on how it can support responsible innovation in the financial services industry in order to meet the evolving needs of the consumers,...more
On February 3, 2017, President Trump issued Executive Order 13772 (“EO”), stating that “It shall be the policy of my Administration to regulate the United States financial system in a manner consistent with the following...more
On Wednesday, July 25, 2018, a United States District Court Judge in the Northern District of Ohio ruled, after a four day jury trial, that the Bureau of Consumer Financial Protection (Bureau) failed to prove that an Ohio...more
In an ongoing, high-profile legal debate, court opinions on the constitutionality of the structure of the Bureau of Consumer Financial Protection (“Bureau”) – previously known as the Consumer Financial Protection Bureau...more
On May 23, 2018, the Office of the Comptroller of the Currency (“OCC”) issued a bulletin, titled “Description: Core Lending Principles for Short-Term, Small-Dollar Installment Lending” (the “Bulletin”), outlining the OCC’s...more
For more than two years, the Office of the Comptroller of the Currency (“OCC”) has studied the regulatory impacts of innovations in financial technology. In March, 2016 it published a white paper regarding innovation in the...more
On April 18, 2018, the United States Senate exercised its authority under the Congressional Review Act (CRA) by repealing a longstanding “rule” issued as a guidance on March 21, 2013 (see CFPB Bulletin titled Indirect Auto...more
The dual banking system in the United States has been criticized because it is cumbersome and often results in more than one financial regulator having oversight over a bank or thrift. The virtue of the dual banking system,...more
At a recent gathering of states attorneys general, Mike Mulvaney, Acting Director of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) indicated his preference that they take the lead on the enforcement of...more
On Friday, March 16, 2018, the United States Court of Appeals for the District of Columbia (D.C. Circuit) issued its long awaited ruling in the case of ACA International, et al (ACA) v. Federal Communications Commission (FCC)...more
Acting Director Mick Mulvaney’s decision to transition the Office of Fair Lending and Equal Opportunity (“OFLEO”) out of the Office of Supervision, Enforcement and Fair Lending (“SEFL”) does not eliminate or diminish the...more
The D.C. Circuit Court of Appeals issued its long awaited decision in PHH v. Consumer Financial Protection Bureau, holding by a 7-3 decision that the Consumer Financial Protection Bureau’s (CFPB or Bureau) single-Director...more
While the rest of the country was scattering for Thanksgiving celebrations, Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB or Bureau) since July 17, 2013, was quietly plotting his own...more
On Wednesday, November 15, 2017, Richard Cordray, the confirmed Director of the Consumer Financial Protection Bureau ("CFPB" or "Bureau") as of July 16, 2013, revealed that he will leave that position by the end of the month....more