Have we seen the last of Mick Mulvaney as acting head of the Bureau of Consumer Financial Protection (CFPB or Bureau)? It looks as though the Senate will finally vote on Kathy Kraninger’s nomination as director. Other new...more
State attorneys general continue to fill the federal enforcement void, with the Pennsylvania attorney general soliciting redlining complaints and the attorney general in New York reaching a $65 million deal with a bank over...more
This week in news from the Bureau of Consumer Financial Protection (CFPB or Bureau), a Texas federal court granted a stay of the compliance deadline for the Payday, Vehicle Title and Certain High-Cost Installment Loans Rule,...more
The Bureau of Consumer Financial Protection (CFPB or Bureau) may have changed its name under Acting Director Mick Mulvaney, but its recent enforcement action against a small-dollar lender in Tennessee makes it look just like...more
To no one’s surprise, Bureau of Consumer Financial Protection (CFPB or Bureau) acting director Mick Mulvaney declared regulation by enforcement dead. In a speech to the Mortgage Bankers Association (MBA), he also hinted the...more
The Bureau of Consumer Financial Protection (CFPB or Bureau) continues in the news, as the CFPB released a report on credit invisibility, met with advisory groups for the first time this year and proposed a policy for its new...more
The latest news from the Bureau of Consumer Financial Protection (CFPB or Bureau) includes the first lawsuit filed under the leadership of Acting Director Mick Mulvaney, committee approval of his permanent replacement and the...more
A bank did not engage in age bias when it terminated an employee after learning that he had a prior conviction that disqualified him from employment, the U.S. Court of Appeals, Eighth Circuit has affirmed....more
All five federal banking regulators recently issued an interagency statement, explaining the role of supervisory guidance and describing the agencies’ approach to supervisory guidance....more
At this ten-year anniversary of the Sept. 15, 2008, failure of investment banking giant Lehman Brothers, it’s time to take stock. Not of Lehman, of course. But of the lessons learned and what we have failed to learn....more
In the latest Bureau of Consumer Financial Protection (CFPB or Bureau) news, the reported halt to Military Lending Act (MLA) examinations has created controversy, an amendment to the Gramm-Leach-Bliley Act (GLBA) annual...more
In state-specific news, Arizona opened its sandbox for fintech play, Lending Club revealed that Massachusetts is following in the footsteps of the Federal Trade Commission (FTC) and the Georgia attorney general reached a...more
The Bureau of Consumer Financial Protection (CFPB or Bureau) settled with a Minnesota-based bank for $30 million over the marketing and sale of its overdraft practices, and lost its suit against a law firm accused of...more
The kinder, gentler Bureau of Consumer Financial Protection (CFPB) has created a new office focused on emerging technology, announced a pair of consent orders that include minimal financial penalties, and continued to fend...more
The Federal Trade Commission (FTC) is seeking more power to protect consumers and promote competition. In testimony before Congress, the FTC chair and the associate director for the Division of Privacy and Identity Protection...more
With the July 11 announcement by Deputy Attorney General Rod Rosenstein of the new Department of Justice (DOJ) Task Force on Market Integrity and Consumer Fraud comes the obvious question: How will this task force affect the...more
In another news-heavy cycle, the Bureau of Consumer Financial Protection (CFPB) released a report on year-end credit card borrowing, dropped a potentially major RESPA-based investigation on co-marketing practices, and reached...more
The future of the Bureau of Consumer Financial Protection (CFPB) remains uncertain, as the nomination of a permanent director turned controversial, and a New York federal court ruled its structure unconstitutional. Will...more
Dismissing the CFPB from a suit it joined with the New York attorney general, a federal judge sitting in New York has ruled that the structure of the Bureau of Consumer Financial Protection (formerly known as the Consumer...more
As the President nominates the virtually unknown Kathy Kraninger as Director, the Acting Director gets a reprieve while taking a wrecking ball to the status quo at the agency formerly known as the CFPB....more
As the Consumer Financial Protection Bureau (CFPB or Bureau) withdraws from enforcement, activity continues in the courts and with certain other regulators. In Texas, a federal court denied a stay of the looming compliance...more
A putative class action plaintiff may not launch a new class action lawsuit after an earlier court denies class certification if the applicable statute of limitations has run, says the U.S. Supreme Court, in a unanimous...more
6/21/2018
/ Appeals ,
China Agritech Inc v Resh ,
Class Action ,
Class Certification ,
Class Members ,
Equitable Tolling ,
FRCP 23 ,
Putative Class Actions ,
Reversal ,
SCOTUS ,
Securities Fraud ,
Statute of Limitations ,
Subsequent Litigation
Just days after enactment of a partial Dodd-Frank rollback that included a substantial loosening of the Volcker Rule prohibitions against proprietary trading, the Federal Reserve Board of Governors kept the ball rolling with...more
A Minnesota community bank accused of redlining reached a deal with the Department of Justice (DOJ) with a promise to expand its presence and outreach in minority neighborhoods but pay no civil penalties. The settlement...more
With the long-awaited passage of Senate Bill 2155 by the House of Representatives on Tuesday, and the President’s signature two days later, financial institutions are beginning to breathe a major sigh of relief. And for many...more