The CFPB and the Federal Housing Finance Agency (FHFA) have announced a new joint initiative, the “Borrower Protection Program.” The initiative is intended to enable the agencies to share mortgage servicing information...more
Our webinar yesterday, “Consumer Financial Regulatory and Litigation Fallout from the COVID-19 Crisis,” in which we were joined by special guest speakers Richard Cordray, former CFPB Director, and John Roddy, Partner at...more
The CFPB has published a request for information (RFI) in today’s Federal Register seeking comments and information to assist its Taskforce on Federal Consumer Financial Law. Comments on the RFI must be received by June 1,...more
A three judge panel of the U.S. Court of Appeals for the Fourth Circuit (Fourth Circuit) recently held in Baehrs v. The Creig Northrop Team et al that although the plaintiffs had alleged a violation of the Real Estate...more
CFPB Director Kathy Kraninger is scheduled to appear before the Senate Banking Committee today, March 10, at hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” ...more
3/10/2020
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Director Kraninger ,
Financial Services Industry ,
Payday Lending Rule ,
Payday Loans ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Oversight
On March 10, 2020, the CFPB will host a day-long event entitled, “Evolutions in Consumer Debt Relief.” The event will explore options for consumers facing unmanageable unsecured debt and limited credit options....more
Former CFPB Senior Counsel for Enforcement Strategy Chris Peterson, who is currently a Professor at the University of Utah S.J. Quinney College of Law, has announced his candidacy for Utah Governor. Chris also currently...more
The CFPB announced that it will hold a symposium on consumer access to financial records and Section 1033 of the Dodd-Frank Act on February 26, 2020. The event will be webcast on the Bureau’s website....more
2/20/2020
/ Consumer Data Requests ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Data Management ,
Director Kraninger ,
Dodd-Frank ,
Financial Services Industry ,
Personal Data ,
Regulatory Oversight ,
Request For Information
The U.S. Supreme Court entered an order last Friday that divides and enlarges the time for oral argument in Seila Law, which is scheduled for March 3. ...more
2/18/2020
/ Article III ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Executive Authority ,
Jurisdiction ,
Litigation Strategies ,
Oral Argument ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Single Director
David Silberman, who has served as the CFPB’s Associate Director for Research, Markets, and Regulations since 2011, announced that he has left the agency to become a part-time senior advisor to both the Center for Responsible...more
On March 10, 2020, the CFPB will host a day-long event, “Evolutions in Consumer Debt Relief.” The event will explore options for consumers facing unmanageable unsecured debt and limited credit options. ...more
The CFPB has issued its Fall 2019 Semi-Annual Report to Congress covering the period April 1, 2019 through September 30, 2019. ...more
2/6/2020
/ Ability-to-Repay ,
Annual Reports ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Director Kraninger ,
ECOA ,
Enforcement Actions ,
Fair Lending ,
Financial Services Committee ,
Financial Services Industry ,
Regulatory Agencies ,
Regulatory Oversight ,
Senate Banking Committee
On Wednesday, February 5, the House Financial Services Committee will hold the first part of a two-part hearing on “rent-a-bank” structures. The hearing is titled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to...more
2/3/2020
/ Ability-to-Repay ,
Banks ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Protection Laws ,
Director Kraninger ,
Fair Lending ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Interest Rate Caps ,
Loans ,
Madden v Midland Funding ,
OCC ,
Payday Loans ,
Popular ,
Testimony
The CFPB announced that the following individuals have joined its executive team:
Susan M. Bernard will serve as Assistant Director for Regulations in the Research, Markets and Regulation Division. Before joining the...more
Seila Law has filed a motion with the U.S. Supreme Court requesting an enlargement of the time allocated for oral argument (scheduled for March 3) and a division of the time to accommodate “the unusual circumstances for oral...more
1/23/2020
/ Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Executive Authority ,
Litigation Strategies ,
Oral Argument ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Single Director
The New York Department of Financial Services has announced that Leandra English, who formerly served as CFPB Deputy Director, has joined the NYDFS executive team as Special Policy Advisor. ...more
The CFPB has published a notice in the Federal Register announcing that it is seeking applications for membership on its Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic...more
1/16/2020
/ Advisory Committee ,
Community Banks ,
Community Development ,
Consumer Advisory Board ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Debt Collection ,
Debt Collectors ,
Debt Relief ,
Debt-Relief Industry ,
Fair Lending ,
Federal Register ,
Financial Services Industry ,
Membership Interest ,
Mortgages
The CFPB has announced the initial four members of its Taskforce on Federal Consumer Financial Law. This past October, the Bureau announced its plans to establish the Taskforce to examine ways to harmonize and modernize...more
The House Financial Services Committee has announced that it will hold the following hearings this month:
On January 14, the Subcommittee on Consumer Protection and Financial Institutions will hold a hearing entitled, “The...more
1/6/2020
/ Banks ,
Community Reinvestment Act ,
Congressional Investigations & Hearings ,
FDIC ,
Financial Services Committee ,
Financial Services Industry ,
FinTech ,
Interest Rate Caps ,
Interest Rates ,
Madden v Midland Funding ,
Mobile Payments ,
OCC ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process
The CFPB has issued its annual report on TILA, EFTA, and the CARD Act which covers activity in 2016 and 2017. The report provides brief summaries of the 2016 and 2017 enforcement actions brought by the CFPB and other federal...more
12/27/2019
/ Annual Reports ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
EFTA ,
Electronic Fund Transfer Act ,
Enforcement Actions ,
FFIEC ,
Regulation E ,
Regulation Z ,
Truth in Lending Act (TILA)
House Financial Services Committee Chairwoman Maxine Waters has sent a letter to CFPB Director Kraninger raising questions about the potential appointment of Thomas G. Ward as CFPB’s Assistant Director for Enforcement.
...more
On December 12–13, 2019, the CFPB hosted its fourth research conference on consumer finance. The goal of the conference, as described by the CFPB, was “to connect the core community of researchers and policymakers with the...more
Last week, the CFPB Ombudsman’s Office released its eighth annual report covering the Office’s activities during fiscal year 2019. The Ombudsman’s Office is intended to serve as an independent, impartial, and confidential...more
The U.S. Supreme Court has scheduled oral argument in Seila Law on March 3, 2020.
The question presented in Seila Law’s petition is whether the CFPB’s single-director-removable-only-for-cause structure violates the...more
12/6/2019
/ Certiorari ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Executive Authority ,
Oral Argument ,
Removal For-Cause ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Severability Doctrine ,
Single Director
In CFPB and People of the State of New York v. RD Legal, the CFPB and NYAG appealed to the Second Circuit from the district court’s decision holding the CFPB’s structure is unconstitutional and striking all of Title 10 of...more