News & Analysis as of

Consumer Financial Protection Bureau

The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating... more +
The Consumer Financial Protection Bureau is a United States federal agency established in 2010 as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Agency is responsible for educating consumers about financial products and services, enforcing federal consumer financial laws and studying trends in consumer financial markets.     less -

CFPB Announces Review of Agency’s Functions

by Morrison & Foerster LLP on

On January 17, 2018, the Consumer Financial Protection Bureau (CFPB or “Bureau”) announced that it soon will begin issuing a series of Requests for Information (RFIs) to “ensure the Bureau is fulfilling its proper and...more

NY AG Moves to Compel Debt Collector to Respond to Discovery Requests

by Goodwin on

?On January 17, the New York Attorney General (AG) filed a motion to compel a debt collection company and its owner to produce financial documents, business records, and other documents in a lawsuit alleging that the...more

Speak Up! The CFPB Wants Your Feedback

January 17th, the Consumer Financial Protection Bureau (CFPB) announced that it is seeking “evidence to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers.” The CFPB is expected to...more

Overturning the CFPB’s final payday loan rule by reopening rulemaking or CRA resolution

by Ballard Spahr LLP on

On December 1, 2018, three Democrat and three Republican members of the House of Representatives introduced a joint resolution under the Congressional Review Act (H.J. Res. 122) to override the CFPB’s final payday/auto...more

Mulvaney forgoes CFPB funding

by Ballard Spahr LLP on

Mick Mulvaney, President Trump’s appointee as CFPB Acting Director, has sent a letter to Fed Chair Janet Yellen “to inform [her] that for the Second Quarter of Fiscal Year 2018, the Bureau is requesting $0.” (emphasis...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Dow closed above 26k yesterday for the first time on what some are dubbing the FOMO rally or the “melt-up” market....more

CFPB defends judgment in enforcement action against biweekly mortgage payment companies

by Ballard Spahr LLP on

Despite the CFPB’s change in position after Mick Mulvaney’s appointment regarding the need for Nationwide Biweekly Administration to post a bond to stay execution of the $7.9 million judgment obtained by the CFPB, the CFPB...more

Financial Services Weekly News - January 2018 #2

by Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) announced that it would take another pass at the “Payday, Vehicle Title, and Certain High-Cost Installment Loans” (Payday Rule); the Financial...more

CFPB to issue RFIs seeking feedback on its activities

by Ballard Spahr LLP on

The CFPB announced that, in coming weeks, it plans to publish in the Federal Register a series of Requests for Information (RFIs) seeking comment on its enforcement, supervisory, rulemaking, market monitoring, and educational...more

Oral argument held in SDNY credit union lawsuit challenging Mulvaney appointment

by Ballard Spahr LLP on

The U.S. District Court for the Southern District of New York recently held oral argument regarding the pending motions in the Lower East Side People’s Federal Credit Union v. Trump and Mulvaney. ...more

English files emergency motion for expedited appeal

by Ballard Spahr LLP on

Leandra English has filed an emergency motion with the U.S. Court of Appeals for the D. C. Circuit requesting expedited briefing and oral argument in her appeal from the district court’s denial of her preliminary injunction...more

CFPB Acting Director Mulvaney Announces Call for Public Input Regarding CFPB Functions

On January 17, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it is soliciting public input “to ensure the Bureau is fulfilling its proper and appropriate functions to best protect consumers.” ...more

Trump Administration: 2017 Recap and 2018 Outlook

On January 20, 2017, businessman Donald J. Trump was sworn in as the 45th President of the United States following a contentious and unconventional 2016 presidential election. Republicans also successfully maintained control...more

D.C. Circuit To Hear Appeal In Fight To Control CFPB

by Seyfarth Shaw LLP on

Seyfarth Synopsis: A federal judge on Wednesday denied a request to remove Mick Mulvaney as the CFPB’s acting director, finding that the President has authority to appoint the acting director despite former CFPB Director...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

John Flannery’s been working hard to right the ship at GE, but the seas have turned choppy again this week on news that the company’s taking a $6.2 billion Q4 write-off “after conducting a review of the insurance portfolio...more

CFPB to reconsider final payday loan rule

by Ballard Spahr LLP on

The CFPB announced yesterday that it intends to engage in a rulemaking process to reconsider, pursuant to the Administrative Procedure Act, its final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the...more

A rule by any other name: What is a ‘rule’ subject to disapproval under the Congressional Review Act?

by Thompson Coburn LLP on

In addition to formal regulations, informal federal regulatory guidance has become commonplace in the world of banking law. The terms “guidance,” “bulletin,” “interagency statement,” “advisory letter,” “financial...more

Window on Washington - Vol. 2, Issue 2

by Clark Hill PLC on

Shutdown Watch: 4 Days. The government will run out of money on Friday if it does not pass another short-term spending bill. Last week it looked like Congress was close to negotiating a short-term continuing resolution that...more

Legal Issues Business Leaders Need to Know in 2018

by Arnall Golden Gregory LLP on

In recent years, the CFPB has struck fear into the C-suites of financial services companies. The agency was extraordinarily active in rulemaking that addresses every aspect of lending, prepaid cards and arbitration clauses in...more

Financial Services Quarterly Report - Fourth Quarter 2017: Trump Administration Unveils its Position on Financial Regulation...

by Dechert LLP on

During the Trump Administration’s first year in office, it has implemented major new policy approaches and engaged in significant reversals of Obama Administration policies in many areas. In contrast, the Administration to...more

CFPB Leadership Dispute: Impacts and Next Steps – An Update

by White & Case LLP on

On January 10, 2018, a federal judge denied Consumer Financial Protection Bureau (CFPB or Bureau) Deputy Director Leandra English's motion for a preliminary injunction to prevent (1) Mick Mulvaney from serving as CFPB Acting...more

Treasury to recommend CRA changes

by Ballard Spahr LLP on

According to a Wall Street Journal article, the Treasury Department expects to make recommendations in early 2018 for changing Community Reinvestment Act regulations....more

CFPB issues final rule to adjust civil penalties for inflation

by Ballard Spahr LLP on

The CFPB has published a final rule in the Federal Register to adjust for inflation the civil penalties within its jurisdiction. The adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990...more

English Appeals Court’s Denial of Her Preliminary Injunction Motion

by Ballard Spahr LLP on

Last week, Leandra English filed a notice of appeal with the D.C. District Court. She is appealing the Court’s denial of her preliminary injunction motion through which she sought to block Mick Mulvaney from serving as the...more

Court dismisses defendants’ counterclaims against CFPB for fees and expenses

by Ballard Spahr LLP on

A New York federal district court dismissed the counterclaims of the defendants in a CFPB enforcement action claiming that, pursuant to the Equal Access to Justice Act (EAJA), they were entitled to fees and expenses incurred....more

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