News & Analysis as of

Congressional Review Act

Deadline expires for CRA resolution to override CFPB payday lending rule

by Ballard Spahr LLP on

The 60-day period during which the Senate could pass a resolution under the Congressional Review Act disapproving the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule) with only a simple majority...more

Alaska District Court Rejects Constitutional Challenge to the Use of the Congressional Review Act to Overturn a 2016 Department of...

On May 9, the U.S. District Court for the District of Alaska dismissed a challenge the constitutionality of the Congressional Review Act (CRA); the case is Center for Biological Diversity v. Zinke. While the District Court...more

The Weekly Hill Update

by BakerHostetler on

HEADLINES - Foreign policy figures lead the news again this week. Today, several senior White House officials will visit Israel to mark the opening of a new, relocated U.S. embassy in Jerusalem. ...more

Consumer financial services at a crossroads: CFPB structural changes

by White & Case LLP on

The appointment of Mick Mulvaney as CFPB Acting Director has led to significant changes to the Bureau’s structure and how it operates. Through a series of swift moves, Acting Director Mulvaney has brought in several...more

Consumer financial services at a crossroads: Small-dollar loans

by White & Case LLP on

Supervision - The CFPB has historically focused on how to address so-called "debt traps" associated with payday lending. After five years of research and public comments, the CFPB released its final rule regulating...more

Congress disapproves CFPB Bulletin concerning discretionary pricing by auto dealers

by Ballard Spahr LLP on

We previously reported that Congress might have the opportunity to disapprove the CFPB’s disparate impact theory of assignee liability for so-called auto dealer “markup” disparities because the CFPB Bulletin describing its...more

Consumer financial services at a crossroads: Auto finance

by White & Case LLP on

Supervision - The CFPB has previously targeted the auto finance industry, with a particular focus on indirect (dealer-arranged) auto lenders and unfair or abusive loan servicing practices. Notably, the CFPB issued rules...more

CRA Resolutions, Last RFI and Semiannual Report—With a Twist

In Consumer Financial Protection Bureau (CFPB) news, more resolutions have been filed under the Congressional Review Act (CRA) to overturn Bureau rules, and the last in a series of 12 Requests for Information (RFIs) was...more

Consumer financial services at a crossroads: Payment processing

by White & Case LLP on

Supervision - Prepaid Card Rule update - The CFPB finalized changes to its rule on prepaid cards (Prepaid Card Rule) in January 2018 and delayed its compliance date to April 2019. The amended rule preserves significant...more

Novel use of the Congressional Review Act to repeal CFPB Indirect Auto Lending Guidance

by Hogan Lovells on

On April 18, the Senate voted to repeal the Consumer Financial Protection Bureau's (CFPB) 2013 Guidance on Fair Lending Practices to Indirect Auto Lenders (2013 Guidance) using the Congressional Review Act (CRA). The vote was...more

Guidance v. Rule: Congressional Review Act Invalidation of Auto Lending Bulletin Shows this Distinction Makes a Big Difference

by Clark Hill PLC on

On April 18, 2018, the United States Senate exercised its authority under the Congressional Review Act (CRA) by repealing a longstanding “rule” issued as a guidance on March 21, 2013 (see CFPB Bulletin titled Indirect Auto...more

Senate Takes Steps to Repeal CFPB Indirect Auto Lending Guidance

by Goodwin on

On April 17, 2018, U.S. Senate Majority Leader Mitch McConnell (R-KY) announced that the Senate would seek to repeal the Consumer Financial Protection Bureau’s (CFPB’s) indirect auto lending guidance. The Senate passed a...more

Beltway Buzz - April, 2018 #3

Ring Recusal Request. On April 16, management attorney John Ring was sworn in as chair and fifth member of the National Labor Relations Board (NLRB). But before Ring even had an opportunity to learn where the coffee and...more

Mulvaney Issues Report Outlining Proposals to Reform CFPB

by BakerHostetler on

Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued its semiannual report (the “Report”) to the President and Congress. In the Report, Acting CFPB Director Mick Mulvaney proposes to significantly reform...more

A third bite at the apple: trade groups file lawsuit challenging CFPB payday loan rule

by Ballard Spahr LLP on

Two trade groups, the Consumer Financial Service Association of America, Ltd. and the Consumer Service Alliance of Texas, have filed a lawsuit against the CFPB in a Texas federal district court challenging the CFPB’s final...more

Senator Graham introduces CRA resolution to overturn CFPB payday loan rule; Mulvaney to testify on April 11 to House Financial...

by Ballard Spahr LLP on

The American Banker has reported that last week, Senator Lindsey Graham introduced a joint resolution under the Congressional Review Act (CRA) to override the CFPB’s final payday/auto title/high-rate installment loan rule...more

CRA resolution introduced to overturn CFPB auto finance guidance

by Ballard Spahr LLP on

Politico has reported that Republican Senator Jerry Moran has introduced a resolution under the Congressional Review Act (CRA) to overturn the CFPB’s 2013 auto finance guidance....more

Banking Regulators Signal Movement Away from Leveraged Lending Guidance

by White & Case LLP on

Recent remarks by the new Chairman of the Board of Governors of the Federal Reserve System ("FRB") and Comptroller at the Office of the Comptroller of the Currency ("OCC") signal that the federal banking agencies ("Agencies")...more

OCC Head Says Banks Need Not Comply with Leveraged Lending Guidance

by Ropes & Gray LLP on

The head of the Office of the Comptroller of the Currency (the “OCC”) announced at a conference in Las Vegas on Tuesday that banks no longer need to adhere to Leveraged Lending Guidance (the “Guidance”) when providing...more

FCC Net Neutrality Repeal Published in Federal Register, Triggering Deadlines for Challengers

by Kelley Drye & Warren LLP on

On Thursday, February 22, 2018, the Federal Communications Commission (FCC or Commission) published the Restoring Internet Freedom Order (the Order) in the Federal Register. As we previously discussed, the Order...more

Did The SEC Violate The APA In Publishing Its Statement And Guidance on Cybersecurity Disclosures?

by Allen Matkins on

The federal Administrative Procedure Act is both straightforward and general. It defines a "rule" as "the whole or a part of an agency statement of general or particular applicability and future effect designed to implement,...more

Indirect Auto Lending: GAO Opinion Sets Wheels in Motion for Regulatory Clarity

by Baker Donelson on

A recent finding by the U.S. Government Accountability Office (GAO) could have a significant impact on the indirect auto lending industry. Last month, the GAO issued an opinion declaring that a Consumer Financial Protection...more

A Look Back at Significant Developments in Class Action Law in 2017

From the standpoint of class action practice, 2017 was as important for what did not happen as for what did. Here are some of the highlights and lowlights of the 2017 class action scorecard, with a look forward to how the...more

Five Years Later: Five Takeaways From the Bulletin That Rocked the Auto Finance Industry

In 2013, the Consumer Financial Protection Bureau (CFPB) issued a bulletin on indirect auto lending that took the industry by storm. As we approach the five-year anniversary of the memo’s issuance, it’s valuable to reflect on...more

Blog: SEC Chair Discusses Completion Of Dodd-Frank Rulemaking Mandate

by Cooley LLP on

In a speech delivered by video to the Securities Regulation Institute in San Diego, SEC Chair Jay Clayton shed some light (but just a little) on the anticipated completion of the rulemaking mandates under Dodd-Frank.With...more

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