RD Legal Funding has filed an answer to the complaint in the lawsuit filed against it by the CFPB and New York Attorney General (NYAG)....more
7/27/2018
/ Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Actions ,
Financial Services Industry ,
Motion to Dismiss ,
RD Legal Funding ,
Removal For-Cause ,
Single Director ,
Title X ,
UDAAP ,
Unfair or Deceptive Trade Practices
This week, these three bills were passed by the House Financial Services Committee. The first two bills were passed by unanimous votes and the third bill was passed by a vote of 34-22....more
7/26/2018
/ Digital Currency ,
Federal Agency Taskforce ,
Financial Services Committee ,
Financial Services Industry ,
Industry Examinations ,
Legislative Agendas ,
Mortgages ,
Proposed Legislation ,
Regulatory Oversight ,
Regulatory Requirements ,
Third-Party Service Provider ,
Truth in Lending Act (TILA) ,
Vendors
Yesterday, the Senate Banking Committee held a hearing on President Trump’s nomination of Kathy Kraninger to serve as CFPB Director. Although the hearing also included the President’s nomination of Kimberly Reed to serve as...more
The CFPB announced last Friday that it had entered into a consent order with National Credit Adjusters, LLC (NCA), a privately-held company that owns several debt collection companies, and NCA’s former CEO and part-owner...more
A fifth amicus brief has been filed in support of All American Check Cashing and the other appellants in their interlocutory appeal to the U.S. Court of Appeals for the Fifth Circuit of the district court’s ruling upholding...more
7/16/2018
/ Amicus Briefs ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Interlocutory Appeals ,
Payday Loans ,
Removal For-Cause ,
Single Director ,
UDAAP ,
Unfair or Deceptive Trade Practices
Three more amicus briefs have been filed in support of All American Check Cashing and the other appellants in their interlocutory appeal to the U.S. Court of Appeals for the Fifth Circuit of the district court’s ruling...more
7/10/2018
/ Administrative Proceedings ,
Amicus Briefs ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Interlocutory Appeals ,
Payday Loans ,
Separation of Powers ,
UDAAP ,
Unfair or Deceptive Trade Practices
A group of 21 state attorneys general have sent a letter to the Senate majority and minority leaders as well as to the chairman and ranking member of the Senate Banking Committee urging them to reject H.R. 3299 (“Protecting...more
7/6/2018
/ Attorney General ,
Debt Buyers ,
Financial Services Industry ,
Interest Rates ,
Legislative Agendas ,
Madden v Midland Funding ,
National Bank Act ,
Preemption ,
Proposed Legislation ,
True Lender ,
Usury
Comptroller of the Currency Joseph Otting appeared before the House Financial Services Committee yesterday and before the Senate Banking Committee yesterday....more
6/15/2018
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Community Reinvestment Act ,
Consumer Lenders ,
Financial Services Committee ,
Financial Services Industry ,
FinTech ,
Madden v Midland Funding ,
OCC ,
Regulatory Oversight ,
Rulemaking Process ,
Special Purpose National Bank Charter
Republican Congressman Blaine Luetkemeyer, a member of the House Financial Services Committee, has sent letters to six agencies asking them to issue and publish statements concerning the effect and use of “agency...more
A group of 15 Democratic state attorneys general have submitted a letter responding to the CFPB’s request for information seeking comment on potential changes to the CFPB’s practices for the public reporting of consumer...more
Comptroller of the Currency Joseph Otting is scheduled to make two appearances before Congress next week.
On Wednesday, June 13, 2018, he is scheduled to appear before the House Financial Services Committee at a hearing...more
On June 6, 2018, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing entitled “Improving Transparency and Accountability at the Bureau of Consumer Financial...more
The National Credit Union Administration has published a notice in the Federal Register proposing to amend the NCUA’s general lending rule to provide federal credit unions (FCU) with a second option for offering “payday...more
The CFPB has issued a new report, “Complaint snapshot: Debt collection,” which provides complaint data as of April 1, 2018. The report represents the CFPB’s first complaint report since Mick Mulvaney was appointed Acting...more
Colorado has enacted groundbreaking privacy and cybersecurity legislation that will require covered entities to implement and maintain reasonable security procedures, dispose of documents containing confidential information...more
Thursday afternoon, President Trump signed the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act) into law. The Act was passed by the House on Tuesday by a vote of 258 to 159 and by the Senate on March...more
A group of 35 Democratic Senators have sent a letter to Mick Mulvaney and Leandra English urging the CFPB to continue to publicly disclose consumer complaint information....more
In addition to the CFPB’s Spring 2018 rulemaking agenda that we have already blogged about, the Spring 2018 rulemaking agendas of several other federal agencies contain some items of interest to consumer financial services...more
5/18/2018
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Arbitration Agreements ,
Borrower Defense Rule ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Lenders ,
Financial Services Industry ,
NCUA ,
OCC ,
Regulatory Oversight ,
Regulatory Standards ,
Rulemaking Process
The CFPB’s Spring 2018 rulemaking agenda has been published by the Office of Information and Regulatory Affairs (OIRA) as part of its Spring 2018 Unified Agenda of Federal Regulatory and Deregulatory Actions. ...more
A group of 16 Democratic state attorneys general have sent a letter to the CFPB in response to its Request for Information Regarding Bureau Civil Investigative Demands and Associated Processes. ...more
The CFPB has published a notice in the Federal Register announcing two public subcommittee meetings of its Consumer Advisory Board that will take place by conference call. ...more
The CFPB has published a Federal Register notice announcing that a meeting of its Academic Research Council (ARC) will be held in Washington, D.C. on May 2, 2018. Under former Director Cordray’s leadership, behavioral...more
In remarks earlier this week at an American Bankers Association conference, CFPB Acting Director Mick Mulvaney is reported to have strongly criticized the CFPB’s policy of publicly disclosing consumer complaint information...more
4/26/2018
/ Comment Period ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
Policy Statement ,
Public Disclosure ,
Regulatory Oversight ,
Regulatory Standards ,
Request For Information
The U.S. Court of Appeals for the Fifth Circuit has agreed to hear an interlocutory appeal challenging the CFPB’s constitutionality requested by the defendants in a lawsuit filed by the CFPB in 2016 that alleges the...more
4/26/2018
/ Appeals ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Interlocutory Appeals ,
Payday Loans ,
Removal For-Cause ,
Single Director ,
UDAAP ,
Unfair or Deceptive Trade Practices
The CFPB has issued a request for information that seeks comment on its handling of consumer complaints and inquiries. ...more