On December 16, the Consumer Financial Protection Bureau (CFPB) issued orders to five companies offering buy now, pay later (BNPL) products. BNPL programs are designed to allow consumers to purchase goods and to defer payment...more
In a CFPB blog post from December 9, the CFPB stated that the FDIC Board of Directors (FDIC Board) had promulgated a request for information (RFI) regarding a review of the Bank Merger Act criteria for approving bank mergers...more
Nearly four years after the Consumer Financial Protection Bureau (CFPB) issued its final November 2017 "Payday, Vehicle Title, and Certain High-Cost Installment Loans" Rule (Payday Rule), we at long last have a compliance...more
On September 1, the Consumer Financial Protection Bureau (CFPB) issued a 900+ page notice of proposed rulemaking (NPRM) to implement the small business lending data collection requirements under Section 1071 of the Dodd-Frank...more
The California Consumer Financial Protection Law (CCFPL) went into effect on January 1. The CCFPL requires the Department of Financial Protection & Innovation (DFPI), formerly the Department of Business Oversight, to...more
On October 20, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Consumer...more
On September 15, 2020, after considerable delay and pursuant to a court settlement, the Consumer Financial Protection Bureau (CFPB) released its Outline of Proposals Under Consideration and Alternatives Considered for small...more
9/18/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Regulatory Requirements ,
Rulemaking Process ,
SBREFA ,
Section 1071 ,
Small Business ,
Women-Owned Businesses
On May 20, the OCC, the FDIC, the Federal Reserve Board and the National Credit Union Administration issued “Interagency Lending Principles for Offering Responsible Small-Dollar Loans.” ...more
Earlier last week, the Consumer Financial Protection Bureau issued an interpretive rule intended to “make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of...more
On February 14, the Office of the Comptroller of the Currency (OCC) terminated a longstanding cease-and-desist order against payday lender ACE Cash Express, Inc. ...more
Speculation about the future of the Consumer Financial Protection Bureau (CFPB) has been ever-present since Donald Trump’s victory in the 2016 Presidential election was first announced.
Originally published in Delaware...more
3/1/2018
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Dodd-Frank ,
Fair Lending ,
Financial Regulatory Reform ,
HMDA ,
Mission Statement ,
Policy Memorandums ,
Regulation C ,
Regulatory Agenda ,
Regulatory Oversight ,
UDAAP
While the court opinion on the constitutionality of the CFPB’s structure was long awaited, its decision related to RESPA affords the mortgage industry much-needed clarity. ...more
2/8/2018
/ Administrative Authority ,
Captive Insurance Company ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Insurance Industry ,
Mortgages ,
PHH Corp. v CFPB ,
Popular ,
Reinsurance ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statute of Limitations
On January 16, the CFPB announced plans to “reconsider” its newly minted regulation for Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Payday Rule)....more
On December 5, the Government Accountability Office (GAO) essentially invalidated the CFPB’s auto lending guidance by finding that it constitutes a “rule” for purposes of the Congressional Review Act (CRA)....more
On October 5, the CFPB issued it long-anticipated Payday, Vehicle Title, and Certain High-Cost Lending Rule covering certain short-term loans. The final regulation, published more than 15 months after it was proposed in June...more
One of two scenarios will likely occur in the near future at the CFPB. Either Director Richard Cordray will be fired by President Trump (for cause), or Cordray will resign to enter the 2018 Ohio gubernatorial race. If either...more
On July 10, the Consumer Financial Protection Bureau (CFPB) issued a final rule prohibiting a broad range of covered parties from including class action waivers in their pre-dispute arbitration agreements. The rule also...more
7/17/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
On April 21, the U.S. Court of Appeals for the District of Columbia Circuit issued an opinion in CFPB v. Accrediting Council for Independent Colleges & Schools, affirming a decision by the D.C. district court to deny...more
During this webinar, panelists will address whether a fintech company should apply, and what is involved in obtaining the proposed fintech OCC charter....more
1/9/2017
/ Banking Sector ,
Capital Requirements ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
FinTech ,
Fintech Charter ,
Government Investigations ,
Liquidity ,
OCC ,
Popular ,
Webinars
The compliance burdens being placed on institutions to monitor all aspects of product sales will require a substantial expansion of the types and scope of reporting that are done for product sales.
On November 28, the...more
While certainly a big blow to the Bureau, the court’s remedy did not go as far as some CFPB opponents would have liked.
In a blockbuster ruling on October 11, the U.S. Court of Appeals for the District of Columbia...more
10/13/2016
/ Administrative Proceedings ,
Article II ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Due Process ,
HUD ,
Insurance Industry ,
Kickbacks ,
Mortgage Insurance ,
Mortgages ,
PHH Corp. v CFPB ,
Popular ,
Referral Fees ,
Reinsurance ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statute of Limitations ,
Statutory Interpretation
The case provides an outline of issues to consider and structures to avoid in designing bank collaboration models in the future.
On August 31, in Consumer Financial Protection Bureau v. CashCall, Inc., the U.S....more
9/14/2016
/ Banking Sector ,
CashCall ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Home State Exception ,
Interest Rates ,
Internet Lenders ,
Native American Issues ,
Online Marketplace Lending ,
Payday Loans ,
Popular ,
Tribal Loans
The proposed rule raises troubling issues regarding the impact on some traditional bank products as well as some marketplace lending products.
The Consumer Financial Protection Bureau (CFPB or Bureau) released its...more
The CFPB’s actions are likely the first steps in identifying consumer issues with marketplace lenders.
The Consumer Financial Protection Bureau (CFPB or Bureau) is flexing its muscles once again, and this time the target...more
Even after the PayPal settlement, the definition of “abusive” remains as subjective and fact specific as ever.
On May 19, PayPal agreed to a $25 million settlement with the Consumer Financial Protection Bureau (CFPB or...more
6/18/2015
/ Abusive Acts ,
Civil Penalty Fund ,
Consumer Financial Protection Bureau (CFPB) ,
Deceptive Intent ,
Dodd-Frank ,
Failure To Disclose ,
PayPal ,
Redress Payments ,
Sprint ,
Telecommunications ,
UDAAP