On May 16, 2024, the United States Supreme Court issued its long-awaited opinion in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., holding that the CFPB’s unique funding...more
On April 24, 2024, the Consumer Financial Protection Bureau (CFPB) continued its assault on fees in the consumer finance industry. In its most recent edition of Supervisory Highlights, the CFPB reported that mortgage...more
5/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgage Servicing Rules ,
Supervisory Highlights ,
Unfair or Deceptive Trade Practices
On October 19, the Consumer Financial Protection Bureau (CFPB) issued its highly anticipated notice of proposed rulemaking to implement Section 1033 of the Dodd-Frank Act. The Personal Financial Data Rights Rule would require...more
11/8/2023
/ Comment Period ,
Consumer Data Requests ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Management ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
NPRM ,
Open Banking
On March 30, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require lenders to...more
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
The Consumer Financial Protection Bureau is finally moving forward with rulemaking under Section 1071 of the Dodd-Frank Act, which will require “financial institutions” to collect, maintain and report to the CFPB data on...more
6/28/2021
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Disparate Impact ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Regulatory Requirements ,
Reporting Requirements ,
SBREFA ,
Section 1071 ,
Small Business ,
Women-Owned Businesses
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
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
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
As expected, the attorneys general of three large states have sued to block the “Madden fix” rule recently adopted by the Office of the Comptroller of the Currency (OCC). The lawsuit ensures that the uncertainty surrounding...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
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
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
The Consumer Financial Protection Bureau (CFPB or Bureau) today issued an important policy statement on how it intends to apply the “abusiveness” standard in supervision and enforcement matters....more
The Consumer Financial Protection Bureau (CFPB) is moving forward with new enforcement initiatives even as it concedes its structure is unconstitutional. We discuss the latest developments.
...more