Tag Archives: CFPB

BCFP to Reconsider Payday Loan Rule

Today, the Bureau of Consumer Financial Protection issued a public statement of its intent to issue proposed rules in January 2019 to reconsider its final rule regarding payday, vehicle title, and certain high-cost installment loans, commonly referred to as the “payday loan rule,” and to address the rule’s compliance date.  The Bureau is currently planning … Continue Reading

BCFP Releases Fall 2018 Rulemaking Agenda

On October 17, 2018, the Bureau of Consumer Financial Protection (“BCFP” or the “Bureau”) announced the release of its Fall 2018 semiannual update of its rulemaking agenda, which is included in the Unified Agenda of Federal Regulatory and Deregulatory Actions (the “Unified Agenda”), published by the Office of Information and Regulatory Affairs (“OIRA”). The BCFP’s … Continue Reading

Banking Regulators Issue Joint Policy Statement Downplaying the Role of Supervisory Guidance in Enforcement

On September 11, 2018, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Bureau of Consumer Financial Protection (the “Bureau”, and, collectively, the “Agencies”) issued a statement “clarifying the role of supervisory guidance.” The release … Continue Reading

Arizona Fintech Sandbox Begins Accepting Applications

Arizona recently became the first state in the U.S. to create a “regulatory sandbox” program to facilitate the development of innovative financial products and services. Such products would either incorporate new or emerging technology or reimagine uses of existing technology. The program would exempt participants from certain state financial regulations, but not federal requirements. On … Continue Reading

BCFP Enters Consent Order with Hydra Group

On August 10, 2018, the Bureau of Consumer Financial Protection announced that a federal district court in the Western District of Missouri approved a consent order in a case against a set of twenty corporate entities and two individual principals (collectively, “Hydra Group”). The BCFP alleged violations of the Consumer Financial Protection Act of 2010 … Continue Reading

Bureau of Consumer Financial Protection Announces Participation in the Global Financial Innovation Network

The Bureau of Consumer Financial Protection announced earlier this week that it would join ten non-US financial regulators in an alliance, called the Global Financial Innovation Network (GFIN), to encourage the growth of fintech — and, potentially, create a “global sandbox” for financial innovation. The alliance was initially proposed, in February 2018, by the UK’s … Continue Reading

Fifth Circuit to Consider Constitutionality of the BCFP’s Structure

On July 2, 2018, All American Check Cashing, Inc., Mid-State Finance, Inc., and the president and owner of both companies (collectively, “All American”) filed a brief asking the U.S. Court of Appeals for the Fifth Circuit to find the Bureau of Consumer Financial Protection (“BCFP” or the “Bureau”) (formerly known as the CFPB) unconstitutionally structured … Continue Reading

Federal District Court Judge Declares Bureau Unconstitutional

On June 21, 2018, U.S. District Judge Loretta A. Preska (S.D.N.Y.) ruled that the structure of the Bureau of Consumer Financial Protection (the “Bureau”) was unconstitutional and, therefore, the Bureau lacked authority to bring claims under the Consumer Financial Protection Act (“CFPA”). The ruling rejected the D.C. Circuit’s en banc opinion in PHH that upheld … Continue Reading

Judge Denies Request to Stay Payday Rule Compliance Date

On June 12, 2018, a federal judge in the Western District of Texas denied a joint motion by the Bureau of Consumer Financial Protection (“Bureau”), the Community Financial Services Association of America, Ltd. (“Community Financial Services Association”) and the Consumer Alliance of Texas (“Consumer Alliance”), to stay the compliance date of the substantive provisions of … Continue Reading

FTC Files Comments with CFPB on CID Processes

On March 26, 2018, the staff of the Federal Trade Commission’s Bureau of Consumer Protection (“BCP”) filed a comment in response to the Consumer Financial Protection Bureau’s Request for Information on the procedures for issuing Civil Investigative Demands. In large part, the comment summarizes the BCP’s experience with its own CID program and highlights the … Continue Reading

CFPB Issues Request for Information on Its Consumer Financial Education Programs

On April 4, 2018, the Consumer Financial Protection Bureau (“CFPB”) released its latest Request for Information (“RFI”), which seeks comments on the “overall efficiency and effectiveness” of the CFPB’s consumer financial education programs. Generally, the CFPB is requesting comment on its focus on various topics, programs, and delivery channels and methods (presumably to identify if … Continue Reading

CFPB Issues RFI On Its Guidance and Implementation Support

On March 28, 2018, the Consumer Financial Protection Bureau (“CFPB”) issued a Request for Information (“RFI”) regarding the effectiveness and accessibility of its guidance materials and activities, including implementation support.  Specifically, the RFI asks for information about the following aspects of the CFPB’s methods of providing guidance to the public: Regulatory Inquiries Function: This function allows … Continue Reading

CFPB Issues Semi-Annual Report, Calls for Legislative Changes

On April 2, 2018, the Consumer Financial Protection Bureau issued its semi-annual report to Congress.  Along with the traditional review of Bureau activities for the 6-month period covered by the report, the report is most notable for the 4 legislative proposals offered by Acting Director Mulvaney in his introductory letter, each of which would serve … Continue Reading

House Financial Services Committee Approves Bill to Exclude Attorneys from FDCPA

This week, the House Financial Services Committee (the “Committee”) approved by a vote of 35-25 a bill introduced last month by Rep. Alex Mooney (R-WV) that would exclude from the definition of “debt collector” under the Fair Debt Collection Practices Act (“FDCPA”) law firms or licensed attorneys engaged in litigation activities to collect a debt, … Continue Reading

Regulators Issue Report on Activities to Combat Illegal Debt Collection Practices

Yesterday, the Consumer Financial Protection Bureau (“CFPB”) and Federal Trade Commission (“FTC”) issued a joint annual report to Congress on their activities in 2017 to combat illegal debt collection practices under the Fair Debt Collection Practices Act (“FDCPA”), for which the agencies share responsibilities. The report suggests that, even amidst other changes at the CFPB, … Continue Reading

CFPB Issues Request for Information on External Engagements

On February 21, 2018, the Consumer Financial Protection Bureau (the “Bureau” or “CFPB”) issued a Request for Information (“RFI”) seeking comments and information from the public regarding the Bureau’s public and non-public external engagements, including but not limited to field hearings, town halls, roundtables, and meetings of the Advisory Board and Councils.  The Bureau intends … 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

CFPB’s Fair Lending Office Stripped of Supervision and Enforcement Powers

The Consumer Financial Protection Bureau (the “Bureau” or “CFPB”) has made its first major organizational change under the leadership of Acting Director Mick Mulvaney. The Bureau moved the Office of Fair Lending and Equal Opportunity (the “Fair Lending Office”) inside the Office of the Director and stripped it of responsibility for enforcement and day-to-day oversight … Continue Reading

CFPB Issues Request for Information on Administrative Adjudications

On January 31, 2018, the Consumer Financial Protection Bureau (the “Bureau” or “CFPB”) issued a Request for Information (“RFI”) seeking comments and information from the public regarding the Bureau’s use of administrative adjudications.  The Bureau intends to use the comments received to inform deliberations as to whether and how to revise and update the Bureau’s … 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
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