Ballard Spahr Senior Counsel Alan S. Kaplinsky and Mark J. Levin, and David Sherwyn, Professor of Law at Cornell University’s School of Hotel Administration, today submitted lengthy comments to the Consumer Financial...more
11/15/2023
/ Arbitration ,
Arbitration Agreements ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
CRA ,
Federal Arbitration Act ,
Financial Institutions ,
Financial Services Industry ,
Notice and Comment ,
Proposed Regulation ,
Proposed Rules ,
Rulemaking Process
A memorandum issued by the Office of Management and Budget entitled “Guidance on Compliance with the Congressional Review Act” imposes a new review process on final rules issued by the CFPB and other independent regulatory...more
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
3/27/2018
/ Ability-to-Repay ,
Administrative Procedure Act ,
Automotive Loans ,
Banking Sector ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Joint Resolutions ,
Legislative Agendas ,
Legislative Committees ,
Online Marketplace Lending ,
Payday Loans ,
Regulatory Oversight ,
Title Loans
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
In May 2017, we blogged about press reports that the Government Accountability Office (GAO) had accepted a request from Senator Patrick Toomey for a determination concerning whether the CFPB Bulletin 2013-02, titled “Indirect...more
10/27/2017
/ Add-ons ,
Administrative Procedure Act ,
Automotive Loans ,
Banking Sector ,
CFPB Bulletins ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Lenders ,
Credit Reports ,
Debt Collection ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
GAO ,
Interagency Guidance ,
Interest Rates ,
Leveraged Lending ,
Regulation B ,
Regulatory Oversight
A report prepared by the Democratic staff of the House Financial Services Committee takes aim at Republicans for “attempt[ing] to ensure that the country reverts back to a big bank-oriented regulatory environment and to...more
7/27/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
A group of 11 trade associations have sent a letter to members of Congress expressing their “strong disapproval” of the CFPB’s final arbitration rule and urging Congress to pass the resolutions introduced in the House and...more
7/26/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
House and Senate Republicans announced yesterday that they are sponsoring Congressional Review Act resolutions to override the CFPB’s final arbitration rule, which was published in the Federal Register. ...more
7/21/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Federal Register ,
Financial Services Industry
State bankers associations from all 50 states and Puerto Rico have sent a letter to Senate Majority Leader Mitch McConnell and Senate Minority Leader Charles Schumer urging them to support efforts to override the CFPB’s final...more
7/18/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
This Wednesday, July 19, the U.S. Chamber’s Center for Capital Markets Competitiveness and U.S. Chamber Institute for Legal Reform will hold an event in Washington, D.C. entitled “CFPB’s Anti-Arbitration Rule: Analysis &...more
7/17/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
The CFPB’s final prepaid card rule has survived Republican efforts to nullify the rule under the Congressional Review Act (CRA). The CRA establishes a special set of procedures through which Congress can nullify final...more
As it has done for other CFPB rules, the CFPB has published a small entity compliance guide for its prepaid card rule. The final rule is generally effective on October 1, 2017. ...more
In a letter sent to Majority Leader McConnell and Minority Leader-elect Schumer, the Consumer Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National...more
12/13/2016
/ Banking Sector ,
Banks ,
Community Banks ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Financial Institutions ,
Financial Regulatory Reform ,
Proposed Legislation ,
Regulatory Oversight ,
Trump Administration