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Consumer Finance Monitor Podcast Episode: The CFPB’s Registry of Nonbanks and Circular that Certain Contract Terms Violate Law [Video]

The CFPB recently issued yet another final rule the agency says will help deter violations of consumer protection laws. This rule requires certain nonbank entities to register with the CFPB upon becoming subject to any order...more

NCLC Asks CFPB to Consider Residential Leases as Credit for Specific Purposes

The National Consumer Law Center is asking the CFPB, by way of a petition, for rulemaking that is long on policy arguments but woefully short on legal support, as we note below, to define residential leases as “credit” under...more

In finding no National Bank Act Preemption, Ninth Circuit Ignores Supreme Court Directive in and Pays Lip Service to Cantero v....

In a surprising quick turn of events, on remand from SCOTUS, the 9th Circuit, on August 23, 2024, issued its unanimous unpublished panel opinion in Kivett v. Flagstar Bank, FSB (Kivett II) in which it essentially re-affirmed...more

Consumer groups show support of CFPB’s Auto Finance Data Pilot and urge the Bureau to expand its data collection

In February 2023, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced an auto finance data pilot, where it ordered nine large auto lenders to provide information about their auto lending portfolios....more

Trade Groups Call on FDIC to Withdraw Brokered Deposit NPRM

A group of 11 financial services associations is calling on the FDIC to withdraw its notice of proposed rulemaking intended to strengthen the prudential protections of the agency’s safety and soundness rule for brokered...more

Consumer Finance Monitor Podcast Episode: Why do Fintechs Want to Become Banks? [Video]

A great number of fintechs are contemplating owning a bank or obtaining a banking charter—either a national bank charter, a state bank charter or a special purpose charter. In this episode, we are joined by our special guest...more

CFPB files its reply brief in support of the CFPB’s motion to dismiss Plaintiff Fort Worth Chamber and transfer the case to D.D.C.

On August 19, 2024, the CFPB filed its reply brief in support of the CFPB’s motion to dismiss Plaintiff Fort Worth Chamber of Commerce (Fort Worth Chamber) for lack of standing and, if granted, transfer the case to the...more

CFPB to file amended complaint against Solo Funding, Inc. which will moot motion to dismiss based in part on CFPB’s unlawful...

We recently reported that on August 15, 2024 Solo Funding, Inc. (“Solo”) filed a motion to dismiss in its entirety an enforcement complaint brought by the CFPB against Solo (a company that facilitates peer-to-peer small...more

Consumer Finance Monitor Podcast Episode: Should Medical Debt Be Included in Creditworthiness Measures? [Video]

The CFPB and state regulators and legislators have medical debt in their crosshairs. In this episode, we’re joined by Chris Eastman, CEO of the Pendrick Group, a Cerberus portfolio company that specializes in financial...more

Lender Fights Back Against CFPB Lawsuit, Arguing Unconstitutional Delegation of Power and Other Constitutional Violations

On July 30, 2024, Heights Finance Holding Co. f/k/a Southern Management Corporation and a group of its wholly-owned, state-licensed subsidiaries (collectively, “Southern”) filed a motion for judgment on the pleadings (the...more

CFPB Appeals District Court’s Decision to Vacate Changes to UDAAP Exam Manual

On August 8, 2024, the CFPB filed its Appellant Brief with the Fifth Circuit, appealing the September 2023 decision by the Federal District Court for the Eastern District of Texas that vacated the March 2022 changes to the...more

CFPB to Issue Proposal to Make It Easier for Consumers to Reach ‘Real Person’ When Seeking Assistance

Many financial services providers would be required to allow consumers seeking assistance to be connected to a “real person” by clicking on one button, under a new Biden Administration “Time is Money” initiative....more

Plaintiffs oppose Colorado’s motion for a stay of the preliminary injunction in the Colorado opt-out litigation

Very soon, briefing by the parties in the 10th Circuit will commence with respect to Colorado’s appeal of a preliminary injunction entered by the Federal District Court for the District of Colorado. The District Court...more

CFPB: Payday Plaintiffs Not Entitled to En Banc Rehearing

The plaintiffs challenging the CFPB payday lending rule should not be entitled to an en banc rehearing because the issues they cite already have become final and the time for rehearing has lapsed, the CFPB said last week...more

Chopra Defends CFPB’s Medical Debt Proposed Rule

CFPB Director Rohit Chopra on Thursday defended his agency’s proposed rule to prohibit the listing of medical debt on credit reports, contending that such debts are not a fair indication of a person’s financial health....more

Tenth Circuit sets briefing schedule in appeal from preliminary injunction granted to trade groups with respect to Colorado...

We are following very closely this appeal to the 10th Circuit of the preliminary injunction issued by the Federal District Court for the District of Colorado to the plaintiffs (three trade groups) enjoining the Colorado...more

Consumer Finance Monitor Podcast Episode: Credit Card and Other Rewards Programs in the Crosshairs [Video]

Rewards programs drive consumer choice and activity in connection with credit cards and other financial services. The CFPB has reported the most important element by far that influences a consumer’s decision to apply for a...more

Acting Comptroller Hsu pressured to repeal preemption regs by Conference of State Bank Supervisors and consortium of consumer...

On July 19, we blogged about comments Acting Comptroller Hsu made before the Exchequer Club on July 17 particularly his decision to review prior OCC preemption determinations in light of the Supreme Court’s recent opinion in...more

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