News & Analysis as of

Enforcement Guidance Consumer Financial Protection Bureau (CFPB)

Ballard Spahr LLP

CFPB planning significant staff increases; number of full-time enforcement attorneys to increase by 50%

Ballard Spahr LLP on

American Banker recently reported that the CFPB is planning to substantially increase the size of its staff, particularly its Enforcement Division staff....more

Venable LLP

Is Your New Year’s Resolution to Comply with Automatic Renewal Laws? If So, Look No Further

Venable LLP on

The law surrounding negative option and continuity programs continues to evolve rapidly. Feeling a bit overwhelmed with the latest developments? Below is what you need to know in light of new laws, new enforcement actions,...more

Orrick, Herrington & Sutcliffe LLP

CFPB says exam manual and general supervisory findings are nonbinding

On January 9, the CFPB released a blog post, What new supervised institutions need to know about working with the CFPB, discussing what institutions can expect from a supervisory relationship with the Bureau. ...more

Cadwalader, Wickersham & Taft LLP

CFPB Will Begin Using UDAAP Authority to Address Discrimination in Wide Array of Consumer Financial Products

On March 16, the Consumer Financial Protection Bureau (CFPB) announced that it would begin examining financial institutions for discriminatory practices under its authority to prohibit unfair, deceptive, or abusive acts or...more

Alston & Bird

Is the CFPB using its market monitoring orders to build enforcement cases?

Alston & Bird on

As we previously noted, on October 21, the CFPB issued orders to six large technology firms seeking information about their payment product business plans (the “October 21 Orders”). According to the Bureau, the purpose of...more

Goodwin

CFPB, Banking Agencies, and State Regulators Warn of Increased Scrutiny on Mortgage Servicers

Goodwin on

The CFPB, federal banking agencies, and state regulators are returning to pre-pandemic norms with respect to enforcement and supervision of the mortgage servicing industry. On November 10, 2021, the Board of Governors of the...more

Manatt, Phelps & Phillips, LLP

Is the CFPB’s Rescission of ‘Abusiveness’ Policy Statement Bad for Both Industry and Consumers?

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

Morgan Lewis - All Things FinReg

Elections Have Consequences: Biden’s CFPB Leadership Rescinds Previous Administration Self-Fencing of Enforcement Authority

The Consumer Financial Protection Bureau (CFPB or Bureau) issued a Statement of Policy (Statement) on March 8 making it clear that going forward it will exercise its full authority to penalize covered persons found to have...more

Morgan Lewis

CFPB’s New Acting Director Signals Significant Shifts in Agency Direction, Policies, and Priorities

Morgan Lewis on

Shortly after the inauguration of President Joe Biden on January 20, former Consumer Financial Protection Bureau (CFPB or Bureau) Director Kathleen Kraninger submitted her resignation. Soon after that, the president announced...more

Morgan Lewis

Consumer Financial Protection Outlook

Morgan Lewis on

With only weeks until the US presidential administration changes hands, companies and consumers alike are anticipating what a Biden presidency will mean for consumer financial protection and for the Consumer Financial...more

Cozen O'Connor

The Race for the White House 2020: State AG Responses to a Trump or Biden Victory

Cozen O'Connor on

President Trump and former Vice President Biden have laid out sharply contrasting visions for the future of the country in their 2020 race for the White House. The winner’s vision and agenda will impact virtually every facet...more

Goodwin

Financial Services Weekly Roundup: The CFPB Digs Into “Seasoned” Qualified Mortgages

Goodwin on

In the News. The Consumer Financial Protection Bureau (CFPB) issued a notice of proposed rulemaking to create a new category of “seasoned” qualified mortgages; the Securities and Exchange Commission’s (SEC) Office of...more

Cadwalader, Wickersham & Taft LLP

COVID-19 Update: CFPB Announces New Supervisory and Enforcement Priorities in Light of COVID-19 Pandemic

On July 16, 2020, the Consumer Financial Protection Bureau (“CFPB”) hosted a webinar outlining, for the first time, the CFPB’s supervisory and enforcement priorities in light of the coronavirus pandemic....more

Ballard Spahr LLP

State AGs Send Warning To Nationwide CRAs And Furnishers Regarding FCRA Enforcement

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Twenty-one state attorneys general and the District of Columbia attorney general have sent a letter to the three nationwide consumer reporting agencies (CRAs) “to remind them” of their legal obligations under federal and...more

Ballard Spahr LLP

CFPB issues policy statement on remittance transfer disclosures during COVID-19 pandemic

Ballard Spahr LLP on

The CFPB has issued a policy statement regarding its approach to supervision and enforcement of remittance transfers during the COVID-19 pandemic....more

Ballard Spahr LLP

CFPB Postpones Certain Data Collections and Issues Guidance on Examinations, Supervision and Enforcement Approach During COVID-19...

Ballard Spahr LLP on

On March 26, the CFPB issued three policy statements designed to provide flexibility to banks and financial services companies to allow them to focus on responding to customers in need during the COVID-19 pandemic....more

Jones Day

The CFPB's Policy Statement Concerning the Meaning of "Abusiveness"

Jones Day on

The Situation: For the past 10 years, regulated entities and others have sought more definition concerning the nature and scope of claims the Consumer Financial Protection Bureau ("CFPB") might bring alleging "abusive"...more

Smith Debnam Narron Drake Saintsing & Myers,...

Bureau Sheds Light on its Abusive Acts or Practices Standard in New Statement of Policy

The CFPB has issued a Statement of Policy which seeks to “convey and foster greater certainty above the meaning of abusiveness” and provide a framework for its exercise of supervisory and enforcement authority as to abusive...more

Bradley Arant Boult Cummings LLP

CFPB’s New Policy on Abusive Practices Promises a “Common Sense” Approach to Enforcement

Last week, the CFPB released a long-anticipated policy statement clarifying the agency’s enforcement standard for “abusive acts or practices.” According to an agency press release, the CFPB’s new standard offers a...more

Morgan Lewis

CFPB Issues Long-Anticipated Framework for ‘Abusive’ Acts and Practices Supervision and Enforcement

Morgan Lewis on

In an effort to promote compliance and certainty, the Consumer Financial Protection Bureau (CFPB or Bureau) on January 24 issued an often promised and much anticipated policy statement regarding how it intends to apply the...more

Ballard Spahr LLP

Leader of PA AG’s Consumer Financial Protection Unit describes active agenda in Ballard Spahr webinar

Ballard Spahr LLP on

Nicholas Smyth, Assistant Director of the Pennsylvania Attorney General’s Bureau of Consumer Protection, was our guest speaker for a webinar yesterday.  Formerly a CFPB enforcement attorney, Nick was appointed by PA Attorney...more

Ballard Spahr LLP

Kraninger sets tone for vigorous enforcement agenda in decisions on five petitions to modify or set aside CFPB CIDs

Ballard Spahr LLP on

Consumer advocates have heavily criticized Director Kraninger and former Acting Director Mick Mulvaney for taking a much less aggressive attitude towards enforcement than former Director Cordray. ...more

Poyner Spruill LLP

Indirect Auto Lending Anti-Discrimination Regulation Meets the Congressional Review Act

Poyner Spruill LLP on

With the stroke of a pen, President Trump nullified the 2013 informal guidance on “Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act” (Guidance) issued by the Consumer Financial Protection Bureau...more

Foley & Lardner LLP

Five Key Takeaways From the D.C. Circuit’s PHH Decision

Foley & Lardner LLP on

The legal challenge by PHH Corp. (PHH) to a June 4, 2015, decision by the director of the Consumer Financial Protection Bureau (Bureau) in connection with the Bureau’s enforcement proceeding against PHH has captivated the...more

Davis Wright Tremaine LLP

Integrating UDAAP Concerns into Compliance Management Systems

DWT’s Payments Team participated in the ABA Consumer Financial Services Committee’s Winter Meeting in Park City, Utah last week. Andrew Owens delivered a presentation on advertising and issuing credit online during the...more

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