Last week ended with several new developments in the lawsuit challenging the CFPB’s final credit card late fee rule (Rule), both of which appear to reduce the likelihood that the Rule will be stayed before its May 14...more
4/23/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Preliminary Injunctions ,
Truth in Lending Act (TILA)
The Committee on Codes of Conduct of the Judicial Conference of the United States (Committee) has unanimously concluded that Fifth Circuit Judge Willett is not required to recuse in the trade group plaintiffs’ appeal in their...more
4/18/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Jurisdiction ,
Late Fees ,
Preliminary Injunctions ,
Recusal
Our special guest is Ian Moloney, Senior Vice President and Head of Policy and Regulatory Affairs with the American Fintech Council (AFC). After reviewing how EWA products are used by consumers and the differences between...more
Last Wednesday, the U.S. District Court for the District of Columbia terminated on its docket the case challenging the CFPB’s final credit card late fee rule (Rule) which had been transferred to D.D.C. by the Texas federal...more
In connection with the petition to ban pre-dispute consumer arbitration agreements pending before the Consumer Financial Protection Bureau (CFPB) and a recent Senate Judiciary Committee hearing on “forced arbitration,”...more
4/16/2024
/ Arbitration ,
Arbitration Agreements ,
Class Action ,
Congressional Investigations & Hearings ,
Congressional Review Act ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Industry ,
Regulatory Agenda ,
Rulemaking Process
Our special guest is David Pommerehn, SVP, General Counsel, Head of Regulatory Affairs at the Consumer Bankers Association. In January 2024, the CFPB proposed two new rules: one restricting overdraft fees and the other...more
Monday, the Texas federal district court entered an order reopening the case challenging the CFPB’s final credit card late fee rule (Rule) which it had transferred to the U.S. District Court for the District of Columbia and...more
4/10/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Recusal ,
Regulatory Agenda
Last Friday, a divided panel of the U.S. Court of Appeals for the Fifth Circuit vacated the district court’s order transferring the case challenging the CFPB’s final credit card late fee rule (Rule) to the U.S. District Court...more
4/9/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda ,
Writ of Mandamus
The U.S. Court of Appeals has extended until 5 p.m. CT today its administrative stay of the district court’s order transferring the case to the U.S. District Court for the District of Columbia. This is the Fifth Circuit’s...more
4/5/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Jurisdiction ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda ,
Stays ,
Writ of Mandamus
Last week ended with an intense flurry of activity in the lawsuit challenging the CFPB’s final credit card late fee rule (Rule). The flurry followed the plaintiffs’ March 25 filing of a Notice of Appeal after the district...more
On March 26, 2024, the plaintiffs in the lawsuit challenging the CFPB’s final credit card late fee rule (“Final Rule”) filed a Notice Regarding Their Emergency Motion for Injunction Pending Appeal and Administrative Stay in...more
3/28/2024
/ Appeals ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Litigation Strategies ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda ,
Truth in Lending Act (TILA)
Our special guest is Jeff Sovern, Professor at the University of Maryland Francis King Carey School of Law. In March 2022, the CFPB announced that it had revised its exam manual to instruct its examiners to apply the...more
The Texas federal district court hearing the lawsuit challenging the CFPB’s final credit card late fee rule (Rule) issued an order today setting April 2 as the date for a hearing on the plaintiffs’ motion for a preliminary...more
On March 20, 2024, the court forcefully denied the motion for expedited consideration of plaintiff’s preliminary injunction motion in the lawsuit challenging the Consumer Financial Bureau’s (“CFPB”) final credit card late fee...more
3/22/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda ,
Truth in Lending Act (TILA)
This week, the CFPB filed a notice with the Texas federal district court stating that it intends to move to transfer the lawsuit challenging the CFPB’s final credit card late fee rule (Rule). The notice was filed pursuant to...more
3/21/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda
New Federal Communications Commission TCPA rules will mean big changes for businesses, particularly comparison shopping websites, lead generators, and other companies that regularly contact consumers via phone or text...more
The federal district court judge to whom the lawsuit challenging the CFPB’s final credit card late fee rule (Rule) was reassigned entered an order this week questioning whether the Fort Worth Division of the Northern District...more
3/20/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda ,
Truth in Lending Act (TILA)
The Consumer Financial Protection Bureau (“CFPB”) filed an opposition brief (the “Opposition”) on Tuesday in response to a request by plaintiff trade groups to enjoin the CFPB’s final credit card late fee rule (the “Final...more
3/18/2024
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Federal Student Loans ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Health and Essential Rights (HERO) Act ,
Late Fees ,
Motion To Enjoin ,
Preliminary Injunctions ,
Truth in Lending Act (TILA)
Just two days after the CFPB issued its final credit card late fee rule (Rule) last week, a lawsuit was filed in a Texas federal district court seeking to invalidate the Rule. The plaintiffs in the lawsuit are the Chamber of...more
3/14/2024
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Credit Cards ,
Dodd-Frank ,
Final Rules ,
Financial Services Industry ,
Late Fees ,
Oral Argument ,
Preliminary Injunctions ,
Safe Harbors ,
SCOTUS ,
Truth in Lending Act (TILA)
On March 5, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final credit card late fee rule (the “Final Rule”). The timing for publication of the final rule was widely perceived as coordinated with the...more
3/12/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Notice of Proposed Rulemaking (NOPR) ,
NPRM ,
Preliminary Injunctions ,
Proposed Rules ,
Regulation Z ,
Regulatory Agenda
The CFPB has released a supervisory order which establishes that the CFPB has supervisory authority over World Acceptance Corp. (WAC) based on the CFPB’s conclusion that it has reasonable cause to determine that WAC “is...more
Our special guest is Brad Blower, Principal and Founder of Inclusive-Partners LLC, and author of a recent blog post titled “The CFPB Has An Opportunity to Greatly Advance the Ethical and Non-Discriminatory Use of AI in...more
Our special guest is Richard (“Rick”) Hackett, former Assistant CFPB Director responsible for auto finance regulation and presently a member of the Board of F&I Sentinel, which supports lender compliance in the auto finance...more
Our special guest is Richard (“Rick”) Hackett, former Assistant CFPB Director responsible for auto finance regulation and presently a member of the Board of F&I Sentinel, which supports lender compliance in the auto finance...more
The American Bankers Association (ABA) has issued a new white paper, “Effective Agency Guidance: Examining Bank Regulators’ Guidance Practices,” that is intended to help agencies issue guidance that complies with legal...more
2/15/2024
/ Administrative Procedure Act ,
American Bankers Association ,
Consumer Financial Protection Bureau (CFPB) ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Guidance ,
Notice and Comment ,
White Papers