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Republicans renew efforts to repeal Section 1071

Republicans on Capitol Hill are seeking to repeal a section of the Dodd-Frank Act that requires financial institutions to report information contained in loan applications submitted by women-owned, minority-owned and...more

Fifth Circuit Court of Appeals strikes down FTC CARS Rule

The Fifth Circuit Court of Appeals has struck down the FTC’s controversial CARS Rule, saying that the commission violated its own procedural rules by failing to issue an Advance Notice of Proposed Rulemaking (“ANPRM”) before...more

CFPB, National Collegiate Student Loan Trusts resolve case that Supreme Court declined to consider

The CFPB and the National Collegiate Student Loan Trusts—a group of fifteen securitization trusts that acquire, pool, and securitize student loans—have entered into a proposed final consent judgment that, if approved, would...more

CFPB, DoJ take action in redlining cases

The CFPB has taken action against the Draper & Kramer Mortgage Corp. (DKMC) based on allegations of discriminatory lending activities that, according to the CFPB, discouraged homebuyers from applying to the company for home...more

Consumer Finance Monitor Podcast Episode: The CFPB's Proposed Data Broker Rule [Video]

In today's episode, we discuss the CFPB’s recent proposed data broker rule—a proposal that would greatly expand the reach of the Fair Credit Reporting Act. On December 3, the CFPB issued a proposed rule promoted as one that...more

Consumer Finance Monitor Podcast Episode: The Impact of the Election on the CFPB: What to Expect on Key Regulatory Issues During... [Video]

Today’s podcast episode is part two of our December 16th webinar, where we discussed the impact of the election on CFPB rulemaking. Part one consisted of a “fireside chat” with David Silberman, who held several senior-level...more

CFPB re-establishes regulatory sandbox, no-action letter programs

In an effort to foster innovation in financial services, the CFPB is reinstituting its programs that allow companies to obtain regulatory safe harbors through no-action letters and sandboxes to test new products and services....more

Court grants partial injunction for National Banks and Federal Savings Associations in the lawsuit challenging the Illinois...

In a 37 page order, Chief Judge Virginia M. Kendall in the Northern District of Illinois determined that the Illinois Bankers Association, American Bankers Association, America’s Credit Unions, and Illinois Credit Union...more

CFPB issues medical debt rule; regulation immediately challenged in federal court

The CFPB has issued its  final rule that will prohibit the inclusion of medical debts in credit reports lenders use to make credit decisions and that will also generally prohibit lenders from using medical debt information in...more

Federal Judge issues injunction against student loan servicer Superior Servicing

A federal judge has issued a temporary injunction against Superior Servicing and its operator Dennise Merdjanian, following FTC allegations that the company claimed to be affiliated with the Department of Education, collected...more

Justice Department files amended complaint against cash advance company Dave Inc. and its CEO

The Justice Department is asking a federal court to issue a permanent injunction against cash advance firm Dave Inc. and its CEO Jason Wilk, alleging that the company uses misleading marketing tactics to deceive consumers...more

CFPB says examiners have uncovered a variety of illegal practices in student loan markets

CFPB examiners have identified a variety of illegal practices across student loan markets, the bureau said, in a special edition [add the link here] of its Supervisory Highlights. The report covers alleged violations related...more

CFPB sends circular to law enforcement agencies highlighting credit card reward programs that fail to deliver

Some credit card companies operating rewards programs may be violating the law by failing to provide promised rewards, the CFPB said, in a circular to law enforcement agencies....more

CFPB Student Loan Ombudsman: servicer errors plague student loan program

The CFPB’s Student Loan Ombudsman has released his annual report, again emphasizing complaint volume without investigating all complaints, suggesting that states should acquiesce when the Department of Education promulgates...more

Federal Judge refuses to lift injunction blocking CFPB credit card late fee rule

A Texas federal judge has refused to lift the preliminary injunction blocking the CFPB’s enforcement of its final rule that would require larger credit card issuers to lower their late fees to $8 and that would also permit...more

DOJ and CFPB Remind Institutions of Rate Protections for Servicemembers

The Servicemember Civil Relief Act limits the amount of interest that may be charged on certain financial obligations that were incurred before military service began to no more than 6% percent per year, including most fees...more

Rocket Mortgage Turns the Table on HUD

As previously reported, this summer the U.S. Department of Housing and Urban Development (HUD) filed a housing discrimination charge under the Fair Housing Act against an appraisal company, individual appraiser, appraisal...more

Sen. Scott: CFPB ignoring call to pause rulemaking until Trump takes office

Senate Banking Committee ranking Republican Sen. Tim Scott, R-S.C. said on December 11 that unlike several other regulators, the CFPB is ignoring his call to pause rulemaking until the Trump Administration takes office....more

CFPB proposes FCRA rule with potential implications far beyond the stated focus on data brokers

The CFPB has proposed a rule that it promotes as ensuring that Fair Credit Reporting Act (FCRA) protections are applied to sensitive consumer information that the statute was designed to protect, including information sold by...more

CFPB Issues Matched Pair Testing Report on Small Business Lending

The CFPB recently issued a report entitled Matched-Pair Testing in Small Business Lending Markets that summarizes results of small business lending matched pair testing that it conducted in conjunction with the U.S....more

CFPB to hold two virtual sessions to answer questions about Nonbank Registry Rule

The CFPB will hold two virtual sessions later this month to answer questions about its Nonbank Enforcement Action Registry rule. The rule, issued in June 2024, will require certain nonbank entities to register certain covered...more

CFPB issues final rule amending Regulation Z CARD Act, HOEPA and QM dollar amounts

The CFPB has issued a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z under the Truth in Lending Act (TILA) that implement the CARD Act, Home Ownership and Equity...more

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