Or perhaps savant? As the Consumer Financial Protection Bureau (CFPB or Bureau) prepares for the most significant challenge to its existence, Director Kathy Kraninger maintained her independent streak this past week, refusing...more
Washington Legislature Resumes Consideration of the Washington Privacy Act -
On January 14, a new version of the proposed Washington Privacy Act, Senate Bill 6281, was introduced in the state Senate. Similar to last year’s...more
The Consumer Financial Protection Bureau (CFPB or Bureau) today issued an important policy statement on how it intends to apply the “abusiveness” standard in supervision and enforcement matters....more
Potentially redefining the nature of a “loan,” the California Department of Business Oversight (DBO) is pursuing multiple enforcement efforts against certain financing vehicles that have long been recognized as exempt from...more
Joining Pennsylvania, California looks to be the next state to create a state version of the federal Consumer Financial Protection Bureau. And with recent pronouncements from New York that may place greater authority with its...more
Renewed Vitality but Self-Inflicted Wounds on Constitutionality -
The Consumer Financial Protection Bureau (CFPB or Bureau) had an active 2019, and we review the most significant stories here. Likewise, we discuss the...more
To close out a busier-than-expected 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) held a workshop in conjunction with the Federal Trade Commission (FTC); published additional guidance under the TILA-RESPA...more
In a cautionary tale for banks, the U.S. Court of Appeals, Eleventh Circuit held that a plaintiff could move forward with his Fair Credit Reporting Act (FCRA) suit after a national bank allegedly failed to investigate a...more
As 2019 nears an end, the Consumer Financial Protection Bureau (CFPB or Bureau) has remained busy, challenging a class action settlement in Maryland, seeking public comment on the TRID disclosure rule, releasing its latest...more
In the latest student lending happenings, a group of state attorneys general wrote to the Department of Education seeking confirmation of student loan discharge relief to thousands of borrowers, while a consumer group filed...more
In recent Consumer Financial Protection Bureau (CFPB) news, the CFPB notched a $59 million victory in Wisconsin federal court, settled an enforcement action on employment background screening and published an interpretive...more
A new bill introduced in both houses of Congress would extend the Military Lending Act’s (MLA’s) 36 percent per annum interest rate cap to all consumer borrowers, not just military service members. The change would affect all...more
In addition to providing for the establishment of public banks, the recent California legislative session resulted in the passage of a significant bill capping interest rates on certain types of loans....more
Oversight of student loan servicing remains top of mind for state regulators, with new regulations taking effect in New York, California, Colorado and Maine, and with several other states considering similar measures.
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The Consumer Financial Protection Bureau (CFPB) is moving forward with new enforcement initiatives even as it concedes its structure is unconstitutional. We discuss the latest developments.
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The Conference of State Bank Supervisors (CSBS) has proposed legislation for adoption by the states in an effort to streamline and make uniform requirements for money service businesses (MSBs)....more
While the battle over the constitutionality of the Consumer Financial Protection Bureau moves to the U.S. Supreme Court, the Bureau continues with its daily work, releasing a final Home Mortgage Disclosure Act (HMDA) rule,...more
Is the CFPB putting its own prior conduct at risk? Over the last few weeks at the Consumer Financial Protection Bureau (CFPB or Bureau), Director Kathleen Kraninger herself declared the structure of the CFPB unconstitutional,...more
In Consumer Financial Protection Bureau (CFPB) news, the CFPB published its Summer 2019 supervisory highlights, and focused on auto loan originations, credit card account management, debt collection, credit furnishing and...more
Siding with six consumers who filed suit asserting violations of state usury laws against online lenders, the U.S. Court of Appeals for the Eleventh Circuit has affirmed a decision by the U.S. District Court for the Southern...more
The Consumer Financial Protection Bureau (CFPB) reached a pair of settlement agreements, the first with a debt collector and the second in its first enforcement action based on alleged violations of the Remittance Transfer...more
California nonbank consumer lenders are moving away from small-dollar short-term payday loans and are, instead, embracing longer-term installment loans with amounts over $2,500 to avoid interest rate caps, according to the...more
In Consumer Financial Protection Bureau (CFPB or Bureau) news, the battle over its constitutionality continues in a New York federal court, the Bureau announced more enforcement activity, student lending remained a hot-button...more
On July 31, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a third update to its TILA-RESPA Integrated Disclosure (TRID) FAQs, providing new questions and answers regarding giving loan estimates to...more
In another busy stretch for the Consumer Financial Protection Bureau (CFPB or Bureau), lawmakers reached out to the Bureau and the Department of Education (DOE) regarding protections for student borrowers, while the CFPB and...more