Republicans on Capitol Hill are seeking to repeal a section of the Dodd-Frank Act that requires financial institutions to report information contained in loan applications submitted by women-owned, minority-owned and...more
2/6/2025
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Equal Access to Credit ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
LGBTQ ,
Loans ,
Proposed Legislation ,
Regulatory Agenda ,
Regulatory Reform ,
Reporting Requirements ,
Section 1071 ,
Small Business ,
Small Business Loans
The Fifth Circuit Court of Appeals has struck down the FTC’s controversial CARS Rule, saying that the commission violated its own procedural rules by failing to issue an Advance Notice of Proposed Rulemaking (“ANPRM”) before...more
2/5/2025
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Appeals ,
Automotive Industry ,
Car Dealerships ,
CARS Rule ,
Dodd-Frank ,
Federal Trade Commission (FTC) ,
Final Rules ,
FTC Act ,
Motor Vehicles ,
Rulemaking Process ,
Unfair or Deceptive Trade Practices
Today’s podcast episode is part two of our December 16th webinar, where we discussed the impact of the election on CFPB rulemaking. Part one consisted of a “fireside chat” with David Silberman, who held several senior-level...more
The CFPB recently issued a report entitled Matched-Pair Testing in Small Business Lending Markets that summarizes results of small business lending matched pair testing that it conducted in conjunction with the U.S....more
12/9/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Monitoring ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Regulatory Oversight ,
Section 1071 ,
Small Business ,
Small Business Loans
Today’s podcast episode is a re-purposing of a webinar we recorded on November 12, 2024. Our special guests for that webinar were Colin Carr, Vice-President of Congressional affairs at the Consumer Bankers Association and Ian...more
On August 22, 2024, the CFPB filed its reply brief in support of its motion to dissolve the preliminary injunction and lift the stay of the CFPB’s credit card late fee final rule (“Rule”) in the lawsuit challenging the Rule....more
8/28/2024
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Consumer Lenders ,
Credit Cards ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Dismiss ,
Motion to Dissolve ,
Preliminary Injunctions ,
Regulatory Agenda ,
Standing ,
Truth in Lending Act (TILA)
In a surprising quick turn of events, on remand from SCOTUS, the 9th Circuit, on August 23, 2024, issued its unanimous unpublished panel opinion in Kivett v. Flagstar Bank, FSB (Kivett II) in which it essentially re-affirmed...more
8/28/2024
/ Amicus Briefs ,
Bank of America ,
Cantero v Bank of America NA ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
Flagstar Bank NA v Kivett ,
Mortgages ,
National Bank Act ,
OCC ,
Preemption ,
Regulatory Agenda ,
SCOTUS
In February 2023, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced an auto finance data pilot, where it ordered nine large auto lenders to provide information about their auto lending portfolios....more
8/27/2024
/ Automotive Industry ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Lenders ,
OMB ,
Regulatory Agenda
On July 30, 2024, Heights Finance Holding Co. f/k/a Southern Management Corporation and a group of its wholly-owned, state-licensed subsidiaries (collectively, “Southern”) filed a motion for judgment on the pleadings (the...more
8/15/2024
/ Administrative Procedure Act ,
Borrowers ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Judgment on the Pleadings ,
Statute of Limitations ,
UDAAP
The plaintiffs challenging the CFPB payday lending rule should not be entitled to an en banc rehearing because the issues they cite already have become final and the time for rehearing has lapsed, the CFPB said last week...more
8/13/2024
/ Administrative Procedure Act ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Dodd-Frank ,
En Banc Review ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Payday Lending Rule ,
Payday Loans ,
SCOTUS ,
UDAAP
On August 8, 2024, the plaintiffs filed their brief in opposition to the CFPB’s motion to dissolve the preliminary injunction in the lawsuit challenging the CFPB’s credit card late fee final rule (“Rule”). In their brief, the...more
8/13/2024
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Collection ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Dismiss ,
Motion to Dissolve ,
Preliminary Injunctions ,
Proposed Rules ,
Regulatory Agenda ,
Regulatory Authority ,
Truth in Lending Act (TILA)
On July 19, we blogged about comments Acting Comptroller Hsu made before the Exchequer Club on July 17 particularly his decision to review prior OCC preemption determinations in light of the Supreme Court’s recent opinion in...more
8/7/2024
/ Cantero v Bank of America NA ,
Consumer Financial Products ,
Dodd-Frank ,
Financial Services Industry ,
Interest Rates ,
Mortgage Escrow Account ,
National Bank Act ,
New Regulations ,
OCC ,
Preemption ,
SCOTUS ,
State Banks
On July 17, Acting Comptroller of the Currency Michael Hsu delivered prepared remarks before the Exchequer Club entitled “Size, Complexity, and Polarization in Banking.”...more
7/22/2024
/ Bank of America ,
Banks ,
Cantero v Bank of America NA ,
Chevron Deference ,
Comptroller ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Electronic Fund Transfer Act ,
FDCPA ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
National Bank Act ,
OCC ,
Preemption ,
SCOTUS
The CFPB issued its final rule, titled the Registry of Nonbank Covered Persons Subject to Certain Agency and Court Orders Final Rule, on June 3, 2024. The rule will require certain nonbank entities to register certain covered...more
6/5/2024
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Enforcement Actions ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Nonbank Firms ,
Regulatory Agenda ,
Reporting Requirements
On May 30, 2024, in a unanimous decision, the Supreme Court reversed Cantero v. Bank of America, N.A., and remanded it back to the Second Circuit and instructed the appellate court to analyze whether New York’s law requiring...more
6/3/2024
/ Bank of America ,
Cantero v Bank of America NA ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
Interest Rates ,
National Bank Act ,
Preemption ,
Remand ,
Reversal ,
SCOTUS
On May 20, 2004, the Federal Trade Commission (“FTC”) sent its annual report to the Consumer Financial Protection Bureau (“CFPB”) highlighting its enforcement actions and initiatives in 2023 under the Truth in Lending Act...more
5/30/2024
/ Annual Reports ,
CARS Rule ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Leasing Act (CLA) ,
Consumer Lenders ,
Dodd-Frank ,
Electronic Fund Transfer Act ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
FTC Act ,
Late Fees ,
Proposed Amendments ,
Proposed Rules ,
Regulation Z ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
The CFPB (or “Bureau”) filed a cross-motion for summary judgment in the lawsuit regarding the small business lending data collection and reporting rule, also known as the 1071 rule based on the Dodd-Frank section that...more
4/29/2024
/ Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Data Collection ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Motion for Summary Judgment ,
SCOTUS ,
Section 1071 ,
Small Business
Just two days after the CFPB issued its final credit card late fee rule (Rule) last week, a lawsuit was filed in a Texas federal district court seeking to invalidate the Rule. The plaintiffs in the lawsuit are the Chamber of...more
3/14/2024
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Credit Cards ,
Dodd-Frank ,
Final Rules ,
Financial Services Industry ,
Late Fees ,
Oral Argument ,
Preliminary Injunctions ,
Safe Harbors ,
SCOTUS ,
Truth in Lending Act (TILA)
The plaintiffs and intervenors in the lawsuit filed in a Texas federal district court challenging the CFPB’s final small business lending rule implementing Section 1071 of Dodd-Frank (Rule) have filed a consolidated motion...more
3/8/2024
/ Administrative Procedure Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Data Collection ,
Dodd-Frank ,
Fair Lending ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
SCOTUS ,
Section 1071 ,
Small Business
The CFPB has released a supervisory order which establishes that the CFPB has supervisory authority over World Acceptance Corp. (WAC) based on the CFPB’s conclusion that it has reasonable cause to determine that WAC “is...more
The oral argument in Cantero v. Bank of America, N.A. will be heard on Tuesday, February 27 before the US Supreme Court. The Court recently granted the unopposed motion of the Solicitor General to participate in the oral...more
2/27/2024
/ Bank of America ,
Banks ,
Cantero v Bank of America NA ,
Dodd-Frank ,
Federal v State Law Application ,
Financial Services Industry ,
Interest Rates ,
Mortgage Escrow Account ,
National Bank Act ,
OCC ,
Oral Argument ,
Preemption ,
SCOTUS ,
Solicitor General ,
Statutory Violations
The CFPB recently published a notice in the Federal Register indicating that it is seeking approval from the Office of Management and Budget (OMB) for the collection of additional auto finance data pursuant to its authority...more
Patrick McHenry, the Republican Chair of the House Financial Services Committee, and two other Republican Committee members have sent a letter to Director Chopra regarding the CFPB’s proposed rule to supervise nonbank...more
2/6/2024
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Digital Assets ,
Digital Wallets ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Mobile Payments ,
Nonbank Firms ,
Proposed Rules
On January 24, 2024, a week after issuing its proposed rulemaking for overdraft services, the Consumer Financial Protection Bureau (“CFPB”) issued its proposed rulemaking on non-sufficient funds (NSF) fees....more
1/29/2024
/ ATMs ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Act ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Insufficient Funds ,
Late Fees ,
Overdraft Fees ,
Proposed Rules ,
Regulatory Agenda ,
Rulemaking Process
Bank of America, N.A. has filed its merits brief in Cantero v. Bank of America, N.A., the case currently before the U.S. Supreme Court dealing with the scope of national bank preemption. The petitioners must file their reply...more
1/29/2024
/ Amicus Briefs ,
Bank of America ,
Cantero v Bank of America NA ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Escrow Accounts ,
Financial Services Industry ,
Mortgages ,
National Bank Act ,
OCC ,
Oral Argument ,
Preemption ,
SCOTUS