The U.S. Chamber of Commerce, joined by six other trade groups, filed a lawsuit yesterday in a Texas federal district court against the CFPB challenging the CFPB’s recent update to the Unfair, Deceptive, or Abusive Acts or...more
The White House has announced the names of two Republicans who President Biden is nominating to serve as members of the FDIC Board of Directors....more
In a blog post published on July 30 on Consumer Law and Policy Blog, Professor Jeff Sovern discusses comments from CFPB officials that the Bureau will not use the disparate effects or impact test to determine if...more
In a recent consent order with a national bank, the CFPB found that the bank committed UDAAP violations in its process for handling garnishment orders and by including certain waiver language in its deposit account...more
In Wednesday’s edition of Consumer Law & Policy Blog, Professor Jeff Sovern laments that during Director Rohit Chopra’s recent testimony before the Senate Banking Committee and the House Financial Services Committee, neither...more
The CFPB has issued its Fall 2021 Semi-Annual Report to Congress covering the period April 1, 2021 through September 30, 2021. ...more
In opposing efforts by federal and state lawmakers to impose rate caps on small-dollar loans, industry representatives have pointed out the harm that a rate cap can create for consumers, particularly those with less than...more
Tomorrow, March 30, the House Financial Services Committee will hold a hearing, “The End of Overdraft Fees? Examining the Movement to Eliminate the Fees Costing Consumers Billions.”...more
Last week, the CFPB announced the appointment of new members to its Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research Council (ARC). Committee...more
On May 26, 2021, the House Financial Services Committee’s Subcommittee on Oversight and Investigations will hold a hearing, “Consumer Credit Reporting: Assessing Accuracy and Compliance.” The witnesses include representatives...more
On May 19, 2021, the House Financial Services Committee will hold a hearing, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” The scheduled...more
According to the Consumer Bankers Association, the Senate Banking Committee will hold a hearing on March 2, 2021 to consider President Biden’s nomination of Rohit Chopra to serve as CFPB Director. ...more
FDIC Chairman Jelena McWilliams recently stated that the FDIC is not contemplating a rulemaking “at this time” similar to the OCC’s proposed fair access rule issued last month....more
The OCC has issued a proposed rule that would establish standards that a bank must follow in fulfilling its obligation to provide fair access to financial services. Comments on the proposal are due by January 4, 2021....more
PLI’s 25th Annual Consumer Financial Services Institute will take place on December 7-8, 2020 by live webcast.
The Institute is considered the country’s premier consumer financial services CLE program and this year’s...more
The CFPB has issued a no-action letter (NAL) to a bank to facilitate the bank’s ability to offer a small-dollar loan product....more
The plaintiffs in Cohen v. Capital One Funding, LLC and Petersen v. Chase Card Funding, LLC have filed appeals with the Second Circuit from the decisions of two New York federal district courts that held the National Bank Act...more
The New York Department of Financial Services (DFS) has filed its opening brief with the Second Circuit in the OCC’s appeal from the district court’s final judgment in DFS’s lawsuit challenging the OCC’s issuance of special...more
7/30/2020
/ Administrative Procedure Act ,
Bank Holding Company Act ,
Banking Sector ,
Depository Institutions ,
Federal Deposit Insurance Act ,
Federal Reserve ,
FinTech ,
Injury-in-Fact ,
Money Transmitter ,
National Bank Act ,
National Bank Charters ,
NYDFS ,
OCC ,
Special Purpose National Bank Charter
Last week, the Connecticut Fair Housing Center, Inc. filed a complaint against Liberty Bank in Connecticut federal district court alleging that the Bank engaged in discriminatory mortgage lending in violation of the federal...more
10/9/2018
/ Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Lenders ,
Discriminatory Lending Practices ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Mortgages ,
Race Discrimination ,
Regulatory Standards
A unanimous three-judge panel of the U.S. Court of Appeals for the Ninth Circuit on Thursday handed the plaintiffs’ bar a resounding win. ...more
9/24/2018
/ Appeals ,
ATDS ,
Auto-Dialed Calls ,
Banking Sector ,
Financial Services Industry ,
Popular ,
Robocalling ,
Statutory Interpretation ,
TCPA ,
Telecommunications ,
Text Messages
The CFPB is proposing significant revisions to its “Policy to Encourage Trial Disclosure Programs” (TDP Policy), which sets forth the Bureau’s standards and procedures for exempting individual companies, on a case-by-case...more
9/14/2018
/ Banking Sector ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Disclosure Requirements ,
Dodd-Frank ,
Exemptions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Sandbox ,
Trial Disclosure Programs
A petition for certiorari was filed in the U.S. Supreme Court late last week by State National Bank of Big Spring (SNB) which, together with two D.C. area non-profit organizations that also joined in the petition, had brought...more
In a press release, the organizers of Varo Bank, N.A. announced they have been granted preliminary approval by the OCC of their application to form a de novo national bank, which they claim “put[s] Varo on track to become the...more
The CFPB has issued its twelfth Semi-Annual Report to the President and Congress covering the period April 1, 2017 through September 1, 2017....more
4/5/2018
/ Administrative Authority ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
FDCPA ,
Financial Regulatory Reform ,
HMDA ,
Payday Loans ,
Proposed Rules ,
Regulation CC ,
Regulatory Oversight ,
Restructuring ,
Single Director ,
Title Loans
A group of Democratic senators (joined by two independent Senators) has sent a letter to Leandra English and Mick Mulvaney urging them to abandon any efforts by the CFPB to reconsider its final payday/auto title/high-rate...more
3/30/2018
/ Ability-to-Repay ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Interest Rates ,
Online Marketplace Lending ,
Payday Loans ,
Title Loans ,
Unfair or Deceptive Trade Practices