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Administrative Procedure Act Payday Loans Consumer Financial Protection Bureau (CFPB)

Ballard Spahr LLP

CFPB: Payday Plaintiffs Not Entitled to En Banc Rehearing

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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

Ballard Spahr LLP

Update on CFPB payday lending rule: “it ain’t over ‘till it’s over”

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On June 14, the CFPB announced that its payday lending rule would become effective on  March 30, 2025.  However, the CFPB ignored the possibility of further litigation in CFSA v. CFPB, the case challenging the payday lending...more

Venable LLP

C[FPB] You Later? Agency’s Future Hangs in the Balance After Oral Argument

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On October 3, the Supreme Court heard oral argument in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Limited, where the Court is reviewing the Fifth Circuit’s opinion that struck...more

Hudson Cook, LLP

U.S. Supreme Court Hears Oral Argument on Whether CFPB's Funding Mechanism Is Constitutional

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On October 3, 2023, the U.S. Supreme Court heard oral argument in Consumer Financial Protection Bureau v. Community Financial Services Association of America. At issue is the constitutionality of the CFPB's funding structure,...more

Ballard Spahr LLP

CFPB files reply in support of its cross-motion for summary judgment and continues to oppose delay of compliance date for payments...

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The CFPB has filed its reply in support of its cross-motion for summary judgment in the lawsuit filed by two industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment...more

Ballard Spahr LLP

CFPB moves for summary judgment and opposes trade groups’ summary judgment motion in Texas lawsuit challenging CFPB payday loan...

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The CFPB has filed its combined cross-motion for summary judgment and opposition to the plaintiffs’ motion for summary judgment in the lawsuit filed by industry trade groups challenging the CFPB’s final rule on Payday,...more

Ballard Spahr LLP

Trade groups file summary judgment motion in Texas lawsuit challenging CFPB payday loan rule

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The industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) have filed a motion for summary judgment. The motion follows the filing of an Amended...more

Ballard Spahr LLP

Trade Groups File Amended Complaint In Texas Lawsuit Challenging CFPB Payday Loan Rule

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On August 28, 2020, the industry trade groups challenging the CFPB’s final Rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule) filed their Amended Complaint in accordance with the briefing...more

Ballard Spahr LLP

Supreme Court Invalidates DHS Rescission Of DACA Program: Implications For Payday Lenders

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In an opinion authored by Chief Justice Roberts (the “DACA Opinion”), the Supreme Court has concluded that the rescission of the DACA program by the U.S. Department of Homeland Security (DHS) was arbitrary and capricious and...more

Ballard Spahr LLP

Sen. Sherrod Brown Joins Consumer Groups in Applying Pressure to Encourage CFPB to Seek Lifting of Stay of the Compliance Date for...

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On August 14, 2019, Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio) wrote a letter imploring Consumer Financial Protection Bureau Director Kathy Kraninger to implement the payments provisions of the 2017 Payday...more

Ballard Spahr LLP

Court denies motion for reconsideration filed by plaintiffs in industry lawsuit challenging CFPB payday loan rule

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A Texas federal court has denied the motion for reconsideration filed by the trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule)....more

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Consumer advocacy groups ask to participate as amicus to oppose motion for reconsideration of plaintiffs in industry lawsuit...

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The four consumer advocacy groups that filed an amicus brief opposing the joint motion filed by the CFPB and two trade groups seeking a stay of the compliance date for the CFPB’s final payday/auto title/high-rate installment...more

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CFPB files response supporting motion for reconsideration of plaintiffs in industry lawsuit challenging CFPB payday loan rule

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The CFPB has filed a response in support of the motion for reconsideration filed by the trade groups challenging the CFPB’s final payday/auto title/high-rate installment loan rule (Payday Rule)....more

Ballard Spahr LLP

Senator Graham introduces CRA resolution to overturn CFPB payday loan rule; Mulvaney to testify on April 11 to House Financial...

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The American Banker has reported that last week, Senator Lindsey Graham introduced a joint resolution under the Congressional Review Act (CRA) to override the CFPB’s final payday/auto title/high-rate installment loan rule...more

Ballard Spahr LLP

What the D.C. Circuit decision vacating stay of EPA rule could mean for final CFPB arbitration and payday loan rules

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I recently blogged about the rumor I heard from a reliable source that the CFPB will issue a final arbitration rule by the end of July. That rumor appears to be gaining traction, with a major industry trade group telling its...more

Goodwin

Financial Services Weekly News - June 2016 #2

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Regulatory Developments - CFPB Proposed Rule to Limit Payday Lending and Other High Cost Loans - On June 2, the Consumer Financial Protection Bureau (CFPB) proposed a rule designed to limit payday loans, auto title...more

Ballard Spahr LLP

‘Operation Choke Point’ under Fire

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"Operation Choke Point," the coordinated multiagency federal effort to choke off banking services to alleged fraudsters (according to its defenders) or politically unpopular industries (according to its detractors), has come...more

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