The FTC has launched a dedicated FinTech page on its website where it has assembled FinTech-related materials....more
The FTC has released the final agenda for its June 11, 2019 workshop that will examine consumer protection issues related to the online event ticket marketplace....more
The CFPB has published its Spring 2019 rulemaking agenda as part of the Spring 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB). ...more
5/24/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Deregulation ,
Director Kraninger ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
HMDA ,
Minority-Owned Businesses ,
OMB ,
PACE ,
Payday Lending Rule ,
Regulatory Agenda ,
Rulemaking Process ,
Women-Owned Businesses
Dan Smith, who serves as Assistant Director for the CFPB’s Office of Financial Institutions and Business Liaison, will be leaving the Bureau in June. ...more
According to American Banker, Kristen Donoghue, who has served as the CFPB’s Assistant Director of Enforcement since November 2017, has resigned. ...more
The California Reinvestment Coalition has filed a lawsuit against the CFPB in a California federal district court seeking a declaration that the CFPB’s failure to issue regulations implementing Section 1071 of the Dodd-Frank...more
5/23/2019
/ Administrative Procedure Act ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Data Management ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
HMDA ,
Minority-Owned Businesses ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
Small Business ,
Women-Owned Businesses
The CFPB’s proposed debt collection rules were published in Tuesday's Federal Register....more
CFPB Director Kraninger has announced that Brian Johnson will serve as the Bureau’s Deputy Director. Mr. Johnson first joined the Bureau in December 2017 as Senior Advisor to the Director and was named Principal Policy...more
The CFPB has issued a plan for the periodic review of its rules that have a significant economic impact upon a substantial number of small business entities. It also announced that it was launching the first such review,...more
Last week, the House Financial Services Committee established two task forces, one on financial technology and the other on artificial intelligence. Both task forces were established pursuant to resolutions adopted by...more
The CFPB has filed a complaint in Utah federal district court against a related group of companies that provide credit repair services for alleged violations of the Telemarketing Sales Rule (TSR) and the Consumer Financial...more
On April 2, Alan Kaplinsky, who leads our Consumer Financial Services Group, testified before the Senate Judiciary Committee at its “Arbitration in America” hearing.
Subsequent to the hearing, Alan received a letter from...more
The CFPB has announced that it will hold a symposia series “exploring consumer protections in today’s dynamic financial services marketplace.” Director Kraninger revealed the Bureau’s plans to hold the symposia series in her...more
In remarks yesterday at the Bipartisan Policy Center (BPC), CFPB Director Kathy Kraninger outlined how she plans to use the various “tools” available to the CFPB. ...more
A payment processor and its individual owner have entered into a settlement with the FTC to settle charges that they violated a 2009 federal district court order that required them to review and monitor their merchant clients...more
A memorandum issued by the Office of Management and Budget entitled “Guidance on Compliance with the Congressional Review Act” imposes a new review process on final rules issued by the CFPB and other independent regulatory...more
CFPB Director Kraninger is scheduled to give public remarks at a Bipartisan Policy Center program scheduled for April 17, 2019 at 10 a.m. in Washington, D.C. ...more
At the end of last month, the U.S. Supreme Court heard oral argument in Kisor v. Wilkie, a case in which the question before the Court is whether it should overrule a line of cases instructing courts to defer to an agency’s...more
4/11/2019
/ Administrative Agencies ,
Ambiguous ,
Appeals ,
Auer Deference ,
Denial of Benefits ,
Environmental Litigation ,
Judicial Review ,
Kisor v Wilkie ,
Reasonable Interpretations ,
Retroactive Application ,
SCOTUS ,
Veterans' Benefits
The Federal Financial Institutions Examination Council (FFIEC) announced that CFPB Director Kathy Kraninger became the Chairman of the FFIEC on April 1, 2019. Ms. Kraninger is the first CFPB Director to serve as FFIEC...more
On March 28, 2019, the House Financial Services Committee passed H.R. 1500, the Consumers First Act, by a 34-26 vote. The bill is intended to reverse various actions taken by Mick Mulvaney during his tenure as CFPB Acting...more
Alan Kaplinsky, who leads our Consumer Financial Services Group, has been invited to testify before the Senate Judiciary Committee tomorrow, April 2....more
A group of 24 Democratic state attorneys general and the D.C. attorney general have submitted a comment letter to the CFPB setting forth their opposition to the CFPB’s proposal to delay the compliance date for the...more
3/22/2019
/ Ability-to-Repay ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Services Industry ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Regulatory Agenda ,
Rulemaking Process ,
Title Loans ,
UDAAP
Like his FY 2018 and FY 2019 budgets, President Trump’s FY 2020 budget would make the CFPB subject to the regular Congressional appropriations process....more
Director Kraninger was sharply criticized by Democrats at today’s hearing on the Bureau’s semi-annual report held by the Senate Banking Committee....more
3/13/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Director Kraninger ,
Dodd-Frank ,
Financial Regulatory Agencies ,
Financial Services Committee ,
Financial Services Industry ,
Military Lending Act ,
Regulatory Oversight ,
Rulemaking Process ,
Senate Banking Committee
The FTC and CFPB have reauthorized their memorandum of understanding. According to the FTC’s press release, “the agreement reflects the ongoing coordination between the two agencies under the terms of the Consumer Financial...more