News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Statutory Authority

Venable LLP

Cybersecurity Policymaking Post-Chevron

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On June 28, 2024, the Supreme Court issued its long-awaited decisions in Loper Bright Enterprises v. Raimondo and Relentless v. Department of Commerce. The opinions overturned the long-standing "Chevron doctrine," under which...more

Ballard Spahr LLP

CFPB encourages New York to ban unfair or abusive conduct

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On March 19, 2024, the Consumer Financial Protection Bureau (“CFPB”) published a blog touting letters it has sent to New York Governor Kathy Hochul, New York State Senate leaders, and New York State Assembly leaders to...more

Goodwin

Chamber of Commerce Sues CFPB To Eliminate or Enjoin $8 Late Fee Cap

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Last week, the U.S. Chamber of Commerce (Chamber) joined five other trade associations to sue the Consumer Financial Protection Bureau (CFPB) and its director Rohit Chopra in Texas Federal District Court, seeking a court...more

Ballard Spahr LLP

Consumer Advocates Petition CFPB to Undertake Rulemaking to Prohibit “Pre-dispute” Consumer Arbitration Clauses

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Earlier last week, a group of consumer advocate organizations filed a Petition for Rulemaking with the CFPB that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses...more

Goodwin

U.S. Chamber of Commerce Wins Summary Judgment in Challenge to CFPB’s Update to Its Examination Manual

Goodwin on

​​​​​​​On September 8, 2023, the United States District Court of the Eastern District of Texas granted plaintiff U.S. Chamber of Commerce’s (the “Chamber”) motion for summary judgment invalidating the Consumer Finance...more

Womble Bond Dickinson

PayPal Sues the CFPB Over the Prepaid Account Rule

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On Wednesday, PayPal sued the CFPB in federal district court in the District of Columbia claiming the Bureau's Prepaid Account Rule (“Rule”) is arbitrary and capricious and was issued in violation of the Administrative...more

Ballard Spahr LLP

State AGs criticize CFPB plans to end MLA exams

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Thirty state attorneys general, joined by the AGs of the District of Columbia, Puerto Rico, and the Virgin Islands, have sent a letter to CFPB Acting Director Mulvaney “to express our concern about recent reports that the...more

Ballard Spahr LLP

Democratic Senators Urge Mulvaney To Reconsider MLA Supervision Policy Change

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In response to reports that Acting CFPB Director Mick Mulvaney intends to dispense with routine supervisory examinations of creditors for violations of the Military Lending Act (MLA), Senate Democrats sent a joint letter...more

Ballard Spahr LLP

D.C. Circuit to hold Feb. 2 argument on CFPB authority to issue CID to college accrediting organization

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The D.C. Circuit will hear oral argument on February 2, 2017 on the CFPB’s appeal from the D.C. federal district court’s April 2016 ruling that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting...more

Morrison & Foerster LLP

CFPB Suffers First Official CID Challenge

On April 21, 2016, Judge Richard J. Leon of the United States District Court for the District of Columbia ruled on the first judicial challenge to the Consumer Financial Protection Bureau’s (“CFPB,” or “Bureau”) authority to...more

Holland & Knight LLP

Federal Court: CFPB Overstepped Jurisdiction in Issuing CID to For-Profit Colleges Accreditor

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Judge Richard J. Leon of the U.S. District Court for the District of Columbia on April 21, 2016, ruled that the Consumer Financial Protection Bureau (CFPB) did not have authority to issue a Civil Investigation Demand (CID) to...more

BakerHostetler

CFPB Cannot Force For-Profit College Group to Comply With Investigative Demand

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On April 21, the United States District Court for the District of Columbia ruled that due to a lack of authority under existing consumer protection laws, the Consumer Financial Protection Bureau (“CFPB”) cannot require a...more

Ballard Spahr LLP

CFPB lacked authority to issue CID issued to college accrediting organization, D.C. federal district court rules

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The D.C. federal district court has ruled that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting Council for Independent Colleges and Schools (ACICS) in August 2015....more

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