The CFPB recently announced that it has entered into a consent order with Lobel Financial Corporation, a company that purchases and services retail installment sales contracts (RISC) originated by subprime auto dealers, to...more
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
CFPB recently issued its Spring 2019 Semi-Annual Report to Congress covering the period October 1, 2018 through March 31, 2019.
The report represents the CFPB’s second semi-annual report under Director Kraninger’s...more
10/14/2019
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Committee ,
HMDA ,
Information Reports ,
Legislative Agendas ,
Proposed Legislation ,
Regulatory Agenda ,
Rulemaking Process
A motion to dismiss has been filed by the group of credit repair companies sued by the CFPB in Utah federal district court for alleged violations of the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act...more
7/25/2019
/ Client Referrals ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Financial Services Industry ,
Fraudulent Marketing ,
Illusory Contracts ,
Misrepresentation ,
Motion to Dismiss ,
Regulatory Violations ,
Removal For-Cause ,
Single Director ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
The CFPB announced that it has settled the lawsuit it filed in a California federal district court against Freedom Debt Relief (FDR) and its CEO for alleged violations of the Consumer Financial Protection Act (CFPA) and the...more
7/12/2019
/ Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Debt Settlement Services ,
Enforcement Actions ,
Final Judgment ,
Financial Services Industry ,
Regulatory Violations ,
Restitution ,
Stipulated Judgment ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
RD Legal Funding has filed its opening brief in the Second Circuit, where the CFPB and New York Attorney General filed appeals from the district court’s decision and RD Legal Funding filed a cross-appeal. The CFPB and the...more
6/18/2019
/ Assignment of Benefits (AOB) ,
Compensation & Benefits ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Industry ,
Financial Transactions ,
NFL ,
Purchase Agreement ,
RD Legal Funding ,
Removal For-Cause ,
Single Director ,
Title X
The CFPB has filed a complaint in Utah federal district court against a related group of companies that provide credit repair services for alleged violations of the Telemarketing Sales Rule (TSR) and the Consumer Financial...more
The FTC and CFPB have reauthorized their memorandum of understanding. According to the FTC’s press release, “the agreement reflects the ongoing coordination between the two agencies under the terms of the Consumer Financial...more
The CFPB announced that it has entered into a settlement with the owners of payday loan retail outlets that operated under the name “Cash Tyme” in seven states to resolve alleged violations of the Consumer Financial...more
2/7/2019
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
Gramm-Leach-Blilely Act ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Privacy Notice Rule ,
Regulation P ,
Regulation Z ,
Settlement Agreements ,
Truth in Lending Act (TILA)
At the end of last week, the CFPB announced that it had entered into a consent order with State Farm Bank, FSB to settle allegations that the Bank violated the Fair Credit Reporting Act...more
12/12/2018
/ Banks ,
Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Consumer Reports ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Regulation V ,
Regulatory Violations ,
State Farm
The CFPB announced that it has entered into a consent order with Cash Express, LLC to settle charges that the company engaged in deceptive and abusive acts or practices in violation of the Consumer Financial Protection Act...more
10/25/2018
/ Abusive Acts ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Financial Services Industry ,
Restitution ,
Small Lenders ,
Statute of Limitations ,
Time-Barred Debt ,
Unfair or Deceptive Trade Practices
The CFPB has filed a proposed Rule 54(b) judgment in the RD Legal Funding case. The proposed judgment provides that “for the reasons stated in the Court’s June 21, 2018 Order, (ECF No. 80), final judgment is hereby entered...more
The CFPB, in a decision and order signed by Acting Director Mulvaney, has denied the petition filed by Firstsource Advantage, LLC (Firstsource) to modify or set aside a civil investigative demand (CID) (Petition) that was...more
On July 25, Judge Preska entered an order setting deadlines for RD Legal Funding and the New York Attorney General (NYAG) to submit filings on jurisdictional issues and addressing other procedural matters....more
7/31/2018
/ Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Filing Deadlines ,
Jurisdiction ,
RD Legal Funding ,
Removal For-Cause ,
Single Director ,
Title X ,
UDAAP
RD Legal Funding has filed an answer to the complaint in the lawsuit filed against it by the CFPB and New York Attorney General (NYAG)....more
7/27/2018
/ Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Actions ,
Financial Services Industry ,
Motion to Dismiss ,
RD Legal Funding ,
Removal For-Cause ,
Single Director ,
Title X ,
UDAAP ,
Unfair or Deceptive Trade Practices
The U.S. Court of Appeals for the Fifth Circuit has agreed to hear an interlocutory appeal challenging the CFPB’s constitutionality requested by the defendants in a lawsuit filed by the CFPB in 2016 that alleges the...more
4/26/2018
/ Appeals ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Interlocutory Appeals ,
Payday Loans ,
Removal For-Cause ,
Single Director ,
UDAAP ,
Unfair or Deceptive Trade Practices
The D.C. Circuit will live stream the oral argument scheduled for April 12 in Leandra English’s appeal in her action seeking a declaration that she, rather than Mick Mulvaney, is the lawful CFPB Acting Director. Ms. English...more
Three amicus briefs have been filed in the U.S. Court of Appeals for the D.C. Circuit in support of President Trump and Mick Mulvaney, who are asking the D.C. Circuit to affirm the district court’s decision denying Leandra...more
3/8/2018
/ Administrative Agencies ,
Administrative Appointments ,
Amicus Briefs ,
Appointments Clause ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Federal Vacancies Reform Act ,
Preliminary Injunctions ,
Presidential Appointments ,
Trump Administration
Leandra English has filed her reply brief in her appeal of the district court’s denial of her preliminary injunction motion in her action seeking a declaration that she, rather than Mick Mulvaney, is the lawful CFPB Acting...more
In remarks yesterday at the winter meeting of the National Association of Attorneys General in Washington, D.C., Mick Mulvaney indicated that the CFPB will be looking to state attorneys general for “much more collaboration...more
3/1/2018
/ Attorney General ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Enforcement Actions ,
Financial Regulatory Reform ,
Policy Statement ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
State and Local Government
The Department of Justice has filed its opposition brief in Leandra English’s appeal of the district court’s denial of her preliminary injunction motion in her action seeking a declaration that she is the lawful Acting CFPB...more
Five amicus briefs have been filed in the U.S. Court of Appeals for the D.C. Circuit in support of Leandra English. Ms. English has appealed the district court’s denial of her preliminary injunction motion in her action...more
2/9/2018
/ Administrative Agencies ,
Administrative Appointments ,
Amicus Briefs ,
Appeals ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Federal Vacancies Reform Act ,
Preliminary Injunctions ,
Presidential Appointments ,
Trump Administration
The U.S. District Court for the Southern District of New York has dismissed for lack of Article III standing the lawsuit filed by a credit union challenging President Trump’s appointment of Mick Mulvaney as CFPB Acting...more
2/6/2018
/ Administrative Agencies ,
Administrative Appointments ,
Article III ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Federal Vacancies Reform Act ,
Financial Services Industry ,
HMDA ,
Motion to Dismiss ,
Oral Argument ,
Preliminary Injunctions ,
Presidential Appointments ,
Standing ,
Trump Administration
The DOJ has filed a response to the emergency motion filed by Leandra English with the U.S. Court of Appeals for the D. C. Circuit requesting expedited briefing and oral argument in her appeal from the district court’s denial...more
Leandra English has filed an emergency motion with the U.S. Court of Appeals for the D. C. Circuit requesting expedited briefing and oral argument in her appeal from the district court’s denial of her preliminary injunction...more
1/18/2018
/ Administrative Agencies ,
Administrative Appointments ,
Appeals ,
Appointments Clause ,
Banking Sector ,
Briefing Schedule ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Expedited Actions Process ,
Federal Vacancies Reform Act ,
Oral Argument ,
Preliminary Injunctions ,
Presidential Appointments ,
Trump Administration