Eitan Levisohn

Eitan Levisohn

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GAO Finds that the CFPB’s 2013 Bulletin on Indirect Auto Lending is a Rule for Purposes of the Congressional Review Act.

On December 5, 2017, the U.S. Government Accountability Office (“GAO”) issued a letter finding that the Consumer Financial Protection Bureau’s March 21, 2013 Bulletin on Indirect Auto Lending and Compliance with the Equal Credit Opportunity Act is a “rule” for the purposes of the Congressional Review Act (“CRA”), and therefore should have been submitted to … Continue Reading

CFPB Acting Director Institutes Suspension of Data Collection, Reveals Plans to Bring in More Political Appointees, and Announces Review of Pending Enforcement Matters

Acting CFPB Director Mick Mulvaney made three important announcements this week.  First, on December 4, he announced a suspension of the agency’s collection of consumers’ personal information due to concerns about cybersecurity. Mulvaney, who said he is taking data security “very, very seriously” according to The Wall Street Journal report (paywall), explained that the Bureau … Continue Reading

CFPB Sues Tribal-Affiliated Online Loan Servicer for Collecting on Allegedly Void Loans

On November 16, 2017, the CFPB filed suit in Montana federal court against Think Finance for activities connected to its tribal-affiliated internet lending business.  Think Finance worked with lenders owned by Native American tribes to offer small-dollar loans to consumers that the Bureau alleges are void under state law.  This suit came on the same … Continue Reading

CFPB Requests Information Related to Consumers’ Access to Free Credit Scores

On November 13, 2017, the Consumer Financial Protection Bureau published two notices in the Federal Register seeking information related to consumers’ access to free credit scores.  These notices highlight the Bureau’s continued focus on credit scoring and consumer understanding of credit scores as a priority area for the CFPB. In the first notice, the CFPB’s … Continue Reading

Treasury Issues Regulatory Reform Recommendations for Banking Industry

On June 12, 2017, the U.S. Department of the Treasury released the first of a series of reports recommending regulatory reforms to the financial system consistent with President Trump’s Core Principles for Regulating the United States Financial System.  Treasury’s first report focuses on the regulatory framework governing the depository system.  Notably, a substantial portion of … Continue Reading

Texas District Court Rules that Notification of Purpose in CFPB CID Provides Fair Notice

On January 5, 2017, the Consumer Financial Protection Bureau (the “CFPB”) issued a civil investigative demand (“CID”) to The Source for Public Data, L.P. (“Public Data”), a company that collects personal information about consumers. The CID requested information to determine whether consumer reporting agencies, persons using consumer reports, or other persons have engaged or are … Continue Reading

Kokesh v. SEC and Implications for Consumer and Financial Regulatory Agencies

In its decision in Kokesh v. SEC, issued on Monday, June 5, 2017, the Supreme Court unanimously ruled that “disgorgement” of ill-gotten gains by the Securities and Exchange Commission (“SEC”) is a “penalty” within the meaning of 28 U.S.C. § 2462.  As a result, disgorgement is unavailable to the SEC in judicial proceedings involving conduct … Continue Reading

CHOICE Act 2.0: House Financial Services Committee Revises Regulatory Reform Bill

On April 19, 2017, the House Financial Services Committee released a new discussion draft of the Financial CHOICE Act, its comprehensive regulatory reform bill.  The Committee released the first version of the CHOICE Act in June 2016.  Buoyed by the election of a Republican president, and following several months of public and industry outreach, Committee … Continue Reading

FTC Enforcement Action Signals Possible Changes Coming In Unfairness Doctrine

On February 6, the FTC, along with the State of New Jersey, announced a settlement with TV-maker VIZIO related to VIZIO’s alleged data collection practices on millions of its ‘smart,’ network-connected TVs. According to the complaint, VIZIO collected information on consumers which it then shared with third parties, without sufficiently disclosing the data collection and … Continue Reading

CFPB, New York AG Accuse Settlement Funding Company of Engaging in Deceptive and Abusive Conduct Towards 9/11 First Responders, NFL Players

On February 7, 2017, the Consumer Financial Protection Bureau (“CFPB”) and the New York Attorney General filed a complaint in federal court accusing companies RD Legal Funding, LLC, RD Legal Finance, LLC, and RD Legal Funding Partners, LP (collectively, “RD Legal”) and their principal, Roni Dersovitz, of misleading consumers regarding advances made on payouts from … Continue Reading

In waning hours of Obama administration, CFPB files first litigation against depository institution

In what might prove to be one of Richard Cordray’s final acts as Director of the Consumer Financial Protection Bureau, the Bureau announced on Thursday that it was suing TCF National Bank, a $21 billion depository institution, in federal court for practices involving TCF’s overdraft program.  This enforcement action marks the first time the Bureau … Continue Reading
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