The CFPB recently submitted a proposed stipulated final order that would shut down a credit repair service and permanently enjoin it from “[a]dvertising, marketing, promoting, providing, offering for sale, selling, assisting...more
Adding to the growing body of cases disputing the CFPB’s authority to issue civil investigative demands (“CID”), a U.S. district court judge in the Central District of California, on May 17, rejected multiple challenges and...more
In a recent Bloomberg interview, Senate Majority Leader Mitch McConnell expressed skepticism about the Senate’s ability to pass meaningful Dodd-Frank reform. After months of inactivity, the House Financial CHOICE Act finally...more
Several individuals and organizations filed amicus briefs in support of the CFPB in the en banc rehearing in the PHH case. Among the amici is a brief filed by current and former members of Congress, including Chris Dodd and...more
4/4/2017
/ Administrative Proceedings ,
Amicus Briefs ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statutory Interpretation
Although the Trump Administration has largely been silent with respect to Dodd-Frank and the future of the CFPB, some members of Congress have been very active in proposing significant legislative changes. Several measures to...more
A recent decision from the Eastern District of Michigan in CFPB v. Harbour Portfolio Advisors, LLC; National Asset Advisors, LLC; and National Asset Mortgage, LLC serves as a reminder that the Consumer Financial Protection...more
A recent decision from the Eastern District of Michigan in CFPB v. Harbour Portfolio Advisors, LLC; National Asset Advisors, LLC; and National Asset Mortgage, LLC serves as a reminder that the CFPB’s authority to issue a...more
On Monday, Chairman Hensarling circulated a memorandum to the House Financial Service Committee Leadership Team suggesting key revisions to the CHOICE Act. It only addresses proposed changes to the CHOICE Act; several key...more
2/10/2017
/ Appropriation ,
Banking Sector ,
Capital Requirements ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
PHH Corp. v CFPB ,
Proposed Legislation ,
Regulatory Oversight ,
Removal For-Cause ,
Rulemaking Process ,
Single Director ,
Stress Tests ,
UDAAP
Early yesterday, the CFPB released the findings of its national debt collection consumer survey. Both the headline of the CFPB’s press release and Director Cordray’s remarks highlight the survey’s finding that “over...more
1/13/2017
/ Banking Sector ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
Federal Trade Commission (FTC) ,
Medical Debt ,
Regulatory Agenda ,
Surveys
In a recent case, the Central District of California held that the CFPB’s claims against a credit repair service under the Telemarketing Sales Rule (“TSR”) must meet Federal Rule of Civil Procedure 9(b)’s heightened pleading...more
The Ninth Circuit recently considered arguments relating to an enforcement action brought by the Consumer Financial Protection Bureau (CFPB) against a California attorney who was offering loan modification services. The CFPB...more
5/4/2016
/ Appointments Clause ,
Article II ,
Canning v NLRB ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Loan Modifications ,
Mortgages ,
NLRB ,
Popular ,
Recess Appointments ,
Regulation O ,
Richard Cordray ,
UDAAP