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Dodd-Frank Wall Street Reform and Consumer Protection Act › Consumer Financial Products › UDAAP

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Ballard Spahr LLP

Lender Fights Back Against CFPB Lawsuit, Arguing Unconstitutional Delegation of Power and Other Constitutional Violations

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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

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

Another target of CFPB enforcement action argues that lawsuit filed on August 23, 2023 must be dismissed because the CFPB lacked...

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We have recently blogged about two other actions in which this issue has been raised (one being a declaratory judgment action filed against the CFPB on July 23, 2024 in the E.D. Tex. and the other being an enforcement action...more

Hudson Cook, LLP

CFPB Bites of the Month - March 2024 - Here Comes the Sun and the CFPB

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In this month's article, we share some of our top "bites" covered during the March 2024 webinar. Bite 10: CFPB Issues Statement on Privacy and Personal Data - On February 28, 2024, the CFPB issued a statement on...more

Mayer Brown

Third Circuit Holds Securitization Trusts Can Be Subject to CFPB Enforcement Authority

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In a long-awaited decision, the Third Circuit handed the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) a victory in the National Collegiate Student Loan Trust litigation that could have wide-reaching implications...more

Alston & Bird

CFPB Touts 2023 Greatest Hits and Casts a Line for Enforcement Hires

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What Happened? Earlier this week, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) released a blog post touting its 2023 successes in safeguarding “household financial stability” through the levying of fines and...more

Troutman Pepper

CFPB and DOJ File Lawsuit Against Housing Developer/Lender Over Targeting Hispanic Borrowers with Alleged False Statements and...

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On December 20, the Consumer Financial Protection Bureau (CFPB) and U.S. Department of Justice (DOJ) filed a complaint in a Texas federal court against Colony Ridge Development, LLC (Colony Ridge), its affiliates, and Loan...more

Troutman Pepper

CFPB Report Highlights Consumer Experiences with Overdraft and NSF Fees

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On December 19th, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a report highlighting consumers’ experiences with overdraft and nonsufficient funds (NSF) fees. The report found that roughly a quarter of...more

Ballard Spahr LLP

CFPB appeals district court order granting summary judgment to plaintiffs in lawsuit challenging UDAAP exam manual

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On November 6, the CFPB filed a notice with the Texas federal district court that it is appealing to the Fifth Circuit the district court’s order granting summary judgment to a group of trade associations in their lawsuit...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

Jones Day

Federal Court Rejects CFPB's Novel Use of "Unfair, Deceptive, or Abusive Acts or Practices" Authority

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Ruling concludes "unfairness" authority under the Dodd-Frank Act does not cover discrimination. On September 8, 2023, a federal district court rejected the Consumer Financial Protection Bureau's ("CFPB") interpretation...more

Troutman Pepper

As Predicted, Texas Federal Court Holds CFPB Overstepped Its Authority With UDAAP Exam Manual Amendment

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On September 8, a federal court in the Eastern District of Texas granted summary judgment in favor of the U.S. Chamber of Commerce (Chamber) and several other trade associations, holding that the Consumer Financial Protection...more

Alston & Bird

Oh Snap! CFPB Sues Fintech Company under CFPA and TILA

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A&B Abstract: On July 19, 2023, the Consumer Financial Protection Bureau (CFPB) sued a Utah-based fintech company and several of its affiliates (the Company) for allegedly deceiving consumers and obscuring the terms of its...more

Eversheds Sutherland (US) LLP

CFPB issues policy statement on abusiveness with a focus on digital interaction

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On April 3, the CFPB issued a policy statement intended to provide “a framework to help federal and state enforcers identify when companies engage in abusive conduct.” Conduct violates the abusiveness standard when it either:...more

Hudson Cook, LLP

CFPB Bites of the Month - 2022 Annual Review - Credit Cards

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In this article, we share a timeline of our monthly "bites" for 2022 applicable to the credit card industry. As evidenced by the timeline, federal regulators (primarily the CFPB) are beginning to renew their focus on credit...more

Hudson Cook, LLP

CFPB Relies on Questionable Premise in Bulletin About Repossession

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In February, the Consumer Financial Protection Bureau issued a compliance bulletin to the vehicle finance industry to make sure that industry participants—including and especially servicers—remember the CFPB's authority to...more

BCLP

CFPB Redefines Discrimination in Financial Services with Updates to UDAAP Examination Manual

BCLP on

The Consumer Financial Protection Bureau (CFPB) materially altered the consumer protection landscape in the financial services industry through a series of revisions to its examination manual for unfair, deceptive and abusive...more

Jenner & Block

CFPB Adds “Discrimination” to its “Unfair, Deceptive, or Abusive Acts and Practices” (UDAAP) Examination Guidance

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On March 16, 2022, the Consumer Financial Protection Bureau (CFPB) announced its intent to address discrimination as an “unfair practice” under the Consumer Financial Protection Act (commonly known as Dodd-Frank)....more

WilmerHale

CFPB Announces Expansion of Unfairness Analysis to Address Discrimination

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On March 16, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) announced a significant expansion of its “anti-discrimination efforts to combat discriminatory practices across the board in consumer finance.” Under...more

Perkins Coie

CFPB Announces Expanded Anti-Discrimination Efforts Through UDAAP

Perkins Coie on

Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra warned consumer finance companies that he will be expanding the bureau’s anti-discrimination efforts “to combat discriminatory practices across the board in...more

Bradley Arant Boult Cummings LLP

The CFPB at 10 Years: A Look Back and a Look Ahead

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Over the years, we have followed actions of the Consumer Financial Protection Bureau (CFPB) and published information that can be found on our Financial Services Perspectives blog. Now that the 10-year anniversary of the CFPB...more

Butler Snow LLP

Avoid UDAAP Violations, Mistakes and Allegations

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In our last blog, we introduced you to the federal law known as the Dodd-Frank Act/UDAAP, which was enacted and is enforced to protect consumers of financial products or services from any claims, statements, or practices...more

Alston & Bird

Parsing the CFPB’s Recent Rescission of Its Abusiveness Policy Statement

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In another about-face after the change in the White House, the Consumer Financial Protection Bureau has reversed a year-old rule that came out of the Dodd–Frank Act. Our Financial Services & Products Group interprets the...more

Goodwin

CFPB Rescinds Short-Lived Guidance on Dodd-Frank’s Abusiveness Standard

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On March 11, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it is rescinding its January 2020 policy statement (the 2020 Policy) providing guidance into its enforcement of the “abusiveness” standard...more

Manatt, Phelps & Phillips, LLP

Is the CFPB’s Rescission of ‘Abusiveness’ Policy Statement Bad for Both Industry and Consumers?

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Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) just reversed course on the standard for abusive practices established under prior CFPB leadership. In this short report, we refresh you on the prior formal...more

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