Latest Publications

Share:

CFPB News: Bureau Opens Inquiry Into Buy Now, Pay Later (BNPL) Credit

On December 16, 2021, the Consumer Financial Protection Bureau (Bureau, or CFPB) announced a “market monitoring” inquiry into “buy now, pay later” (BNPL) credit offered by five companies. In this alert, we explain the CFPB’s...more

Beyond Big Tech: CFPB’s Payments Data Obsession May Broadly Target Third-Party Data Purchasers

In late October, the Consumer Financial Protection Bureau (CFPB) sent a shot across the bow at Big Tech’s use of consumer payments data. While much of the industry has focused on the impact on Big Tech, some lenders, lead...more

Hunstein II: 11th Circuit Doubles Down on Dubious Conclusion That Mail Vendor Usage Violates FDCPA

In a surprise to many, an arguably rogue panel of the U.S. Court of Appeals for the Eleventh Circuit has now reaffirmed its earlier decision from Hunstein v. Preferred Collection, 994 F.3d 1341, holding that (1) a plaintiff...more

Maine Adopts Legislation Aimed at Bank-Model Lending

For at least the past 20 years, Maine has capped interest rates for most closed-end unsecured loans at 30% for loans of $2,000 or less, and at 18% on loans of $4,000 or more. See, e.g., 9-A M.R.S.A. Sec. 2-401....more

Fair Lending: HUD to Reinstate Lower Bar for Proving Disparate Impact

On June 25, the Department of Housing and Urban Development (HUD) published in the Federal Register a proposal to rescind its own 2020 disparate impact rule (2020 Rule). In its place, HUD is proposing to recodify and restore...more

SCOTUS Deals Blow to Federal Court Plaintiffs with Statutory Violations But No Discernible Damages

The U.S. Supreme Court held on June 25 in TransUnion LLC v. Ramirez that plaintiffs lack Article III standing to pursue claims in federal court in the absence of a concrete injury-in-fact (i.e., actual economic damages or...more

OCC Hits the Brakes on Crypto and Fintech: What Next?

When Michael Hsu became acting U.S. Comptroller of the Currency earlier this month, banking industry experts predicted a shift away from the aggressive innovation pushed by fintech-friendly Brian Brooks, who resigned as the...more

Consumer Mortgages: Why the CFPB’s QM Rule Compliance Delay Isn’t Quite What It Seems

As proposed back in March, the Consumer Financial Protection Bureau (CFPB or Bureau) has now formally delayed the mandatory compliance date for the new general qualified mortgage (QM) rule to October 1, 2022, effective June...more

[Webinar] Hot Issues for Debt Collection in 2021: What Both Third-Party and First-Party Debt Collectors Need to Know About the...

While federal and state regulators have long focused on debt collection practices, new CFPB leadership, increased state regulatory powers, the COVID-19 pandemic and other factors will not only make it harder for third-party...more

Why the Supreme Court’s Unanimous FTC Decision Changes Everything

The Supreme Court has just made it significantly more difficult for the Federal Trade Commission (FTC) to obtain monetary relief in enforcement actions, terminating a practice the FTC has engaged in for decades to exact...more

CFPB Rescinds Policy Statements That Provided Flexibility During the COVID-19 Crisis

Another day, another major pronouncement from the Consumer Financial Protection Bureau (CFPB or Bureau), which just took two important actions. First, it rescinded seven different policy statements that offered flexibility to...more

Regulation by Blog or Press Release?

CFPB Acting Director Warns of Enforcement on ‘Ability to Repay’ and Residential Evictions - In two recent communications, the Consumer Financial Protection Bureau (CFPB or Bureau) acting director is signaling that the...more

Is the CFPB’s Rescission of ‘Abusiveness’ Policy Statement Bad for Both Industry and Consumers?

Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) just reversed course on the standard for abusive practices established under prior CFPB leadership. In this short report, we refresh you on the prior formal...more

CFPB Expands ECOA Prohibited Bases to Include Sexual Orientation and Gender Identity

On March 9, 2021, the Consumer Financial Protection Bureau (CFPB or Bureau) issued an Interpretive Rule that the prohibitions against sex discrimination in the Equal Credit Opportunity Act (ECOA) and Regulation B encompass...more

CFPB Codifies Limited Role of Supervisory Guidance Into Final Rule: What Next?

In one of many last-minute actions likely to be challenged by Democrats, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule “codifying” the September 2018 Interagency Statement (2018 Statement)....more

CFPB News: How Warren Protégé Chopra Will Impact Consumer Financial Protection

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

Illinois Legislature Passes 36% Interest Rate Cap for Consumer Loans

The Illinois legislature has passed a new law setting an interest rate cap of 36% on most consumer loans. What Happened - Under the new bill, “a lender shall not contract for or receive charges exceeding a 36% annual...more

California Financial News: Enhanced DFPI Prepares to Flex Its Muscles

As we previously reported, the newly established California Department of Financial Protection and Innovation (DFPI) starts the new year with greatly enhanced powers, and it is making sure consumers, industry and the general...more

CFPB Taskforce Issues Report Setting High-Level Agenda and Priorities

The Consumer Financial Protection Bureau (CFPB) released its long-awaited two-volume Taskforce Report on Consumer Financial Law (the Report) as expected last week, following a yearlong effort. While advisory in nature, it is...more

CFPB Releases Final Debt Collection Rule, Part 1

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

CFPB Enforcement: How the Latest Changes Impact Covered Entities

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

CFPB Announces Rulemaking on Consumer Access to Financial Records

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

COVID-19 Emergency Powers: MI Supreme Court Places Many Remotely Notarized Mortgage Loans at Risk

A recent ruling by the Michigan Supreme Court nullifying hundreds of emergency orders by Michigan Governor Gretchen Whitmer may have profound implications for those mortgage loans closed in reliance on the expanded remote...more

RESPA: CFPB Issues FAQs, Rescinds 2015 Marketing Services Agreements Guidance

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’s Expansive New Financial Protection Agency: What You Need to Know Right Now

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

180 Results
 / 
View per page
Page: of 8

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide