Archives: CFPB

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CFPB Introduces New Strategic Plan under Acting Director Mulvaney

Yesterday, the CFPB released a new Strategic Plan for fiscal years 2018 to 2022.  The new Plan is a further demonstration of Acting Director Mulvaney’s efforts to reshape the Bureau.  As the Acting Director says in the message that prefaces the Plan, “if there is one way to summarize the strategic changes occurring at the … Continue Reading

CFPB Issues Request for Information on Enforcement Processes

On February 7, 2018, the Consumer Financial Protection Bureau issued a Request for Information (“RFI”) seeking comments and information from the public regarding the Bureau’s enforcement processes. The RFI seeks public input on “how best to achieve meaningful burden reduction or other improvement” to the Bureau’s enforcement processes “while continuing to meet the Bureau’s statutory … Continue Reading

D.C. Circuit Holds CFPB Structure Constitutional in PHH v. CFPB Reversal

Today, the D.C. Circuit Court of Appeals, sitting en banc, held that the structure of the CFPB is constitutional, overturning an earlier ruling by a panel of the Court that would have allowed the President to fire the CFPB director at will.  The Court’s decision, finding that the Bureau’s structure is protected by well-established precedent … Continue Reading

CFPB Issues Request For Information on Civil Investigative Demands

On January 24, 2018, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) published a Request for Information (“RFI”) on its civil investigative demand (“CID”) process. This is the first in a series of planned RFIs on the Bureau’s activities. In the RFI, the CFPB recognizes that “responding to a CID can impose burdens on … Continue Reading

Mulvaney Outlines “New Mission” for the CFPB in Email to Bureau Staff

Yesterday afternoon, Acting Director Mulvaney sent an email to the entire CFPB staff in which he drew a sharp contrast with the views of his predecessor, Director Richard Cordray, and outlined a new direction  for the Bureau. In explaining how “things would be different” at the Bureau, Acting Director Mulvaney  criticized the agency’s aggressive approach … Continue Reading

CFPB Dismisses Suit Against Tribal Lenders

In a surprising turn of events, the CFPB on Thursday dismissed its ongoing litigation against Golden Valley Lending, Inc., Silver Cloud Financial, Inc., Mountain Summit Financial, Inc., and Majestic Lake Financial, Inc.  The Bureau’s case was predicated on a controversial theory that turned alleged violations of state law into alleged violations of the Dodd-Frank Act, … Continue Reading

CFPB Releases Credit Card Report

On December 27, 2017, the CFPB released its biennial report on the state of the credit card market. The CFPB’s report found the market to be stable and growing steadily. In particular, the Bureau found that the cost of credit card credit to consumers remains stable overall, in terms of both total costs and the … Continue Reading

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

Kristen Donoghue Appointed As New CFPB Enforcement Chief

The Consumer Financial Protection Bureau announced today that Kristen Donoghue would be appointed as its new Assistant Director of Enforcement, effective next Friday, November 17. As we explained in an earlier post, Anthony Alexis, the former head of enforcement, announced his intention to step down from his position upon appointment of his successor.  Donoghue is … Continue Reading

CFPB Director Cordray Delivers Remarks at Consumer Advisory Board Meeting

On November 2, 2017, Consumer Financial Protection Bureau (“CFPB” or “Bureau”) Director Richard Cordray delivered remarks at a meeting of the Consumer Advisory Board in Tampa, Florida. Director Cordray’s remarks touched on the following issues: Reverse Mortgages: Noting that Florida is home to millions of senior Americans, Director Cordray discussed reverse mortgages, a financial product … Continue Reading

CFPB Issues Principles for Consumer-Authorized Access of Financial Data

On October 18, 2017, the Consumer Financial Protection Bureau issued “Consumer Protection Principles” for protecting consumers’ interests in the context of consumer-authorized data sharing and aggregation. The principles are related to the Request for Information that the Bureau issued in connection with section 1033 of the Dodd-Frank Act late last year. The Consumer Protection Principles … Continue Reading

CFPB Releases Draft Strategic Plan for FY 2018–2022

On October 18, 2017, the Consumer Financial Protection Bureau published a draft Strategic Plan for FY 2018–2022 and invited comment by November 18, 2017. The draft is organized around four overarching goals: Prevent financial harm to consumers while promoting good practices that work for consumers, responsible providers, and the economy as a whole. Empower consumers … Continue Reading

CFPB Head of Enforcement to Step Down

On October 13, 2017, the Consumer Financial Protection Bureau announced the upcoming departure of its enforcement chief, Assistant Director of Enforcement Anthony “Tony” Alexis. Assistant Director Alexis has been with the CFPB since 2012, and in a statement (paywall) to The Wall Street Journal, CFPB Director Richard Cordray described him as “my strong right arm.” … Continue Reading

CFPB Finalizes Payday Lending Rule

On October 5, 2017, the CFPB finalized its long-awaited rule on payday, vehicle title, and certain high-cost installment loans, commonly referred to as the “payday lending rule.” The final rule places ability-to-repay requirements on lenders making covered short-term loans and covered longer-term balloon-payment loans. For all covered loans, and for certain longer-term installment loans, the … Continue Reading

Industry Coalition Challenges CFPB Arbitration Rule in Court

On September 29, 2017, a coalition of bank and trade associations filed a federal court challenge to the Consumer Financial Protection Bureau’s (“CFPB” or the “Bureau”) arbitration rule. The industry group plaintiffs allege that the arbitration rule is illegal on four grounds, including that the CFPB’s actions are unconstitutional, and that the Bureau violated the … Continue Reading

CFPB Releases Results of Survey on U.S. Consumer Financial Well-Being

On September 26, 2017, the Consumer Financial Protection Bureau (“CFPB”) released the results of its first national survey regarding the financial well-being of both specific groups of U.S. consumers and the population as a whole.  Designed as a component of the CFPB’s strategy for improving consumer financial capability, the National Financial Well-Being Survey was conducted … Continue Reading

The CFPB Finalizes Amendments to ECOA Regulations and Seeks Public Comment on HMDA Policy Guidance

On September 20, 2017, the Consumer Financial Protection Agency (“CFPB”) announced final amendments to Regulation B, which implements the Equal Credit Opportunity Act (“ECOA”), to provide flexibility and clarity to mortgage lenders regarding the collection and retention of information about the ethnicity, sex, and race of certain mortgage applicants.  The CFPB also issued proposed policy … Continue Reading

Federal Court Takes Expansive View of CFPB Statute of Limitations, Limits Restitution

On September 8, 2017, the U.S. District Court for the Northern District of California entered an order granting a civil penalty and injunctive relief in a CFPB case against mortgage loan servicer Nationwide Biweekly Administration, Inc. (“Nationwide”), its wholly-owned subsidiary Loan Payment Administration, and the principal of Nationwide. In its suit, the CFPB alleged that the … Continue Reading
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