News & Analysis as of

Civil Investigation Demand Banking Sector Consumer Financial Protection Bureau (CFPB)

Hudson Cook, LLP

"OVER THE LINE!"  Where Banking and Gaming Intersect, the CFPB Has Something to Say.

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The line between virtual and reality is getting thinner. Gamers pay gaming companies real currency for virtual in-game currency to buy skins, create the world they want to live in (virtually), or purchase loot that aid in...more

Orrick, Herrington & Sutcliffe LLP

CFPB denies small-dollar lender’s request to set aside CID

The CFPB recently denied a lender’s request to set aside or modify a civil investigative demand (CID) issued in January related to its short-term and small-dollar lending practices. The lender’s redacted petition asserted...more

Sheppard Mullin Richter & Hampton LLP

CFPB Opts Not to Take Action Against Banking App

Ahead of an upcoming merger between a digital banking platform and a special purpose acquisition company, both parties disclosed in a regulatory filing last week that the platform received a Civil Investigative Demand (“CID”)...more

Orrick - Finance 20/20

CFPB Changes Policy Regarding Civil Investigative Demands

On April 23, the Consumer Financial Protection Bureau (CFPB) announced changes to its current policies regarding Civil Investigative Demands (CIDs). ...more

Ballard Spahr LLP

FTC files comments on CFPB’s CID RFI

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The FTC has filed comments on the CFPB’s Request for Information regarding its civil investigative demands and investigational hearings. ...more

Ballard Spahr LLP

CFPB seeks comment on its guidance and implementation support

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The CFPB has issued a request for information that seeks comment on its guidance and implementation support. Comments on the RFI must be received on or before 90 days after the date the RFI is published in the Federal...more

Ballard Spahr LLP

CFPB seeks comment on adopted regulations

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The CFPB has issued a request for information that seeks comment on its adopted regulations and new rulemaking authorities....more

Ballard Spahr LLP

CFPB seeks comment on rulemaking processes

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The CFPB has issued a request for information that seeks comment on its rulemaking processes.  Comments on the RFI must be received no later than 90 days after it is published in the Federal Register, which the CFPB expects...more

Goodwin

Signs of Change at the CFPB

Goodwin on

On January 16 and 17, 2018, the Consumer Financial Protection Bureau (CFPB) released two statements signaling that yet more change is on the horizon for the agency. Close on the heels of similar announcements regarding...more

Ballard Spahr LLP

CFPB Requests Comments on its CID Process

Ballard Spahr LLP on

On January 26, 2018, the CFPB published a “Request for Information Regarding Bureau Civil Investigative Demands and Associated Processes” (“Request”) in the Federal Register. ...more

Ballard Spahr LLP

Mulvaney outlines new CFPB governing philosophy

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Mick Mulvaney, President Trump’s appointee as CFPB Acting Director, plans to make the CFPB’s practices of “pushing the envelope” and “rulemaking by enforcement” things of the past. ...more

Bradley Arant Boult Cummings LLP

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

Ballard Spahr LLP

CFPB to issue RFIs seeking feedback on its activities

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

Ballard Spahr LLP

CFPB opposes petition for certiorari filed by tribal lenders in Ninth Circuit case

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The CFPB has filed a brief opposing the petition for certiorari filed by two tribally-affiliated lenders seeking U.S. Supreme Court review of the Ninth Circuit’s decision in CFPB v. Great Plains Lending, LLC, et al. In that...more

Ballard Spahr LLP

CFPB “Can Improve” Recordkeeping and Notifications of Purpose in Civil Investigative Demands, OIG Finds

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On September 20, 2017, the Federal Reserve’s Office of Inspector General (“OIG”) issued a report on the CFPB’s process for issuing Civil Investigative Demands (“CID”). The OIG found that the CFPB “generally complied” with...more

Ballard Spahr LLP

CFPB files contempt motion for failure to comply with CIDs

Ballard Spahr LLP on

The CFPB is asking a Michigan federal district court to hold two companies in contempt for failing to comply with civil investigative demands. While the CFPB has filed numerous petitions to enforce a CID, the contempt motion...more

Kilpatrick

Trump Administration Sets Forth Recommendations for Consumer Finance Regulatory Reform

Kilpatrick on

On June 12, the U.S. Department of the Treasury released a comprehensive report setting forth the Trump Administration’s vision for regulatory reform in the banking sector. Specifically, this report focuses on the depository...more

Ballard Spahr LLP

Treasury report on U.S. financial system recommends significant CFPB reforms

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The report issued earlier this week by the U.S. Treasury Department to President Trump in response to his February 2017 Executive Order 13772, “A Financial System That Creates Economic Opportunities-Banks and Credit Unions,”...more

Ballard Spahr LLP

Central District of California Upholds the Constitutionality of the CFPB and Enforces a CID

Ballard Spahr LLP on

Adding to the growing body of cases disputing the CFPB’s authority to issue civil investigative demands (“CID”), a U.S. district court judge in the Central District of California, on May 17, rejected multiple challenges and...more

Troutman Pepper

D.C. Circuit Rebukes CFPB in Civil Investigative Demand Enforcement Decision

Troutman Pepper on

On April 21, the U.S. Court of Appeals for the District of Columbia Circuit issued an opinion in CFPB v. Accrediting Council for Independent Colleges & Schools, affirming a decision by the D.C. district court to deny...more

Ballard Spahr LLP

OIG issues report on CFPB contract award controls; updated work plan includes evaluation of CFPB’s supervisory corrective action...

Ballard Spahr LLP on

The Office of Inspector General for the Fed and CFPB recently issued an audit report entitled “The CFPB Can Strengthen Contract Award Controls and Administrative Processes.” The objective of the OIG’s audit was to assess the...more

Ballard Spahr LLP

The Eastern District of Michigan Affirms the CFPB's Broad Authority to Issue Civil Investigative Demands

Ballard Spahr LLP on

A recent decision from the Eastern District of Michigan in CFPB v. Harbour Portfolio Advisors, LLC; National Asset Advisors, LLC; and National Asset Mortgage, LLC serves as a reminder that the Consumer Financial Protection...more

Ballard Spahr LLP

CFPB/NY AG lawsuit against RD Legal Funding may signal greater scrutiny of non-loan financial products such as merchant cash...

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The CFPB and the New York Attorney General this week filed an action against RD Legal Funding, LLC, two of its affiliates, and their principal (collectively, “RD”), alleging that a litigation settlement advance product...more

Ballard Spahr LLP

Ninth Circuit affirms tribal lenders subject to CFPB investigative demands

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The Ninth Circuit recently issued its opinion in CFPB v. Great Plains Lending, LLC, et al., in which three tribal-affiliated, for-profit lending companies (“Tribal Lenders”) challenged the authority of the CFPB to issue civil...more

Holland & Knight LLP

CFPB Affirms Its Authority to Serve Civil Investigative Demands - Companies That Transact Business with Financial Institutions...

Holland & Knight LLP on

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray rejected challenges to the CFPB's investigation powers and the Bureau's use of broadly worded civil investigative demands (CIDs). Director Cordray did so in...more

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