Last week, the CFPB announced the appointment of new members to its advisory committees: Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research...more
The Federal Trade Commission recently provided its annual letter to the CFPB concerning its enforcement activities relating to compliance with Regulation Z (Truth in Lending Act), Regulation M (Consumer Leasing Act), and...more
6/18/2020
/ Annual Reports ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Leasing Act (CLA) ,
Dodd-Frank ,
EFTA ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Popular ,
Regulation E ,
Regulation M ,
Regulation Z ,
Truth in Lending Act (TILA)
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
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 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
The U.S. Supreme Court has set a briefing schedule in Seila Law, in which the questions before the court are whether the CFPB’s structure is constitutional and, if it is not, whether the court can sever the provision in the...more
The CFPB announced today that it will hold a symposium on Dodd-Frank Act Section 1071 on November 6, 2019. Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with...more
10/25/2019
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Applicants ,
Data Collection ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Equal Opportunities ,
Financial Regulatory Reform ,
Financial Services Industry ,
Gender Discrimination ,
Minority-Owned Businesses ,
Race Discrimination ,
Rulemaking Process ,
Small Business ,
Symposium ,
Women-Owned Businesses
The Consumer Bankers Association has sent a letter to the leadership of the House of Representatives urging the House to enact legislation that replaces the CFPB’s single director leadership structure with a five-person,...more
CFPB Director Kraninger was the sole witness at a House Financial Services Committee hearing thsi week on the Bureau’s Spring 2019 semi-annual report and at a Senate Banking Committee hearing yesterday on the report.
...more
10/18/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Director Kraninger ,
Dodd-Frank ,
Enforcement Actions ,
Financial Regulatory Agencies ,
Financial Services Committee ,
Financial Services Industry ,
Payday Loans ,
Regulatory Oversight ,
Rulemaking Process ,
Senate Banking Committee ,
UDAAP
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
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
Having announced in April 2018 that it would be holding a symposia series, the CFPB has now set a date for the first symposium of the series. The first symposium, to be held on June 25, 2019, will focus on the Dodd-Frank...more
The Federal Trade Commission recently provided its annual letter to the CFPB concerning its enforcement activities relating to compliance with Regulation Z (Truth in Lending Act), Regulation M (Consumer Leasing Act), and...more
6/11/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
EFTA ,
Enforcement Authority ,
Enforcement Statistics ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Regulation E ,
Regulation M ,
Regulation Z ,
Truth in Lending Act (TILA)
The CFPB has published its Spring 2019 rulemaking agenda as part of the Spring 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB). ...more
5/24/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Deregulation ,
Director Kraninger ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
HMDA ,
Minority-Owned Businesses ,
OMB ,
PACE ,
Payday Lending Rule ,
Regulatory Agenda ,
Rulemaking Process ,
Women-Owned Businesses
The California Reinvestment Coalition has filed a lawsuit against the CFPB in a California federal district court seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 of the Dodd-Frank...more
5/23/2019
/ Administrative Procedure Act ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Data Management ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
HMDA ,
Minority-Owned Businesses ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
Small Business ,
Women-Owned Businesses
The CFPB has announced that it will hold a symposia series “exploring consumer protections in today’s dynamic financial services marketplace.” Director Kraninger revealed the Bureau’s plans to hold the symposia series in her...more
Like his FY 2018 and FY 2019 budgets, President Trump’s FY 2020 budget would make the CFPB subject to the regular Congressional appropriations process....more
Director Kraninger was sharply criticized by Democrats at today’s hearing on the Bureau’s semi-annual report held by the Senate Banking Committee....more
3/13/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Director Kraninger ,
Dodd-Frank ,
Financial Regulatory Agencies ,
Financial Services Committee ,
Financial Services Industry ,
Military Lending Act ,
Regulatory Oversight ,
Rulemaking Process ,
Senate Banking Committee
Yesterday’s hearing on the CFPB held by the House Financial Services Committee highlighted the continuing partisan divide over the CFPB’s implementation of its consumer protection mission but with Democratic and Republican...more
3/8/2019
/ Ability-to-Repay ,
Administrative Authority ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Committee ,
Financial Services Industry ,
Military Lending Act ,
Payday Loans ,
Regulatory Agenda ,
Rulemaking Process
State National Bank of Big Spring (SNB) and the other petitioners for certiorari have filed a reply to the brief filed by the Department of Justice in which, despite agreeing with the petitioners that the CFPB’s structure is...more
CFPB Director Kathy Kraninger has sent an email to CFPB employees informing them of her decision to halt “all ongoing efforts to make changes to existing products and materials related to the name correction initiative.” ...more
Thursday afternoon, by a vote of 50-49, the Senate confirmed Kathy Kraninger as CFPB Director.
Pursuant to the Dodd-Frank Act, the CFPB Director has a five-year term. ...more
12/7/2018
/ Administrative Agencies ,
Administrative Appointments ,
Administrative Authority ,
Confirmation Proceedings ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Presidential Appointments ,
Removal For-Cause ,
Single Director ,
Trump Administration
The CFPB’s Fall 2018 rulemaking agenda has been published by the Office of Information and Regulatory Affairs (OIRA) as part of its Fall 2018 Unified Agenda of Federal Regulatory and Deregulatory Actions. (OIRA is part of...more
10/18/2018
/ Abusive Acts ,
Automotive Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reports ,
Debt Collection ,
Deregulation ,
Dodd-Frank ,
ECOA ,
HMDA ,
OIRA ,
Payday Lending Rule ,
Payday Loans ,
Regulation C ,
Regulation E ,
Regulatory Oversight ,
Regulatory Reform ,
Regulatory Requirements ,
Rulemaking Process ,
Title Loans