Will the Consumer Financial Protection Bureau’s (CFPB) recently promulgated open banking rule survive under the new Congress and incoming presidential administration? Two upcoming proceedings may hold the answer....more
The Consumer Financial Protection Bureau (CFPB) finalized its “open banking” rule in late 2024. As required by Section 1033 of the Consumer Financial Protection Act, the CFPB promulgated the rule to require certain financial...more
The Seventh Circuit recently issued one of the first appellate decisions to apply the US Supreme Court’s decision in Loper Bright Enterprises v. Raimondo, 144 S. Ct. 2244 (2024). In Loper Bright, the Supreme Court ended...more
8/12/2024
/ Chevron Deference ,
Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Discrimination ,
ECOA ,
Financial Services Industry ,
Government Agencies ,
Loper Bright Enterprises v Raimondo ,
Mortgage Lenders ,
Reasonable Interpretations ,
Regulatory Authority ,
SCOTUS ,
Statutory Interpretation
The financial services and banking industry landscape continues to evolve in the face of new and emerging technologies. This phenomenon is especially prevalent in the sharing of consumer data between financial institutions...more
6/21/2024
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Privacy Rights ,
Customer Information ,
Data Collection ,
Data Security ,
E-Commerce ,
Financial Institutions ,
Financial Services Industry ,
Information Sharing ,
Open Banking ,
Regulatory Agenda ,
Third-Party
On 16 May 2024, in a much-anticipated decision, the US Supreme Court held the funding mechanism for the Consumer Financial Protection Bureau (CFPB) is constitutional. The decision, Consumer Financial Protection Bureau v....more
In late 2023, the Consumer Financial Protection Bureau (CFPB) proposed a rule that would subject nonbank fintech companies to the CFPB’s authority. The CFPB articulated that it intends the rule to “level the playing field”...more
On 3 October 2023, the Court heard argument in Consumer Financial Protection Bureau v. Community Financial Services Association, Ltd., No. 22-448. In the matter, the Consumer Financial Protection Bureau (CFPB) challenges the...more
The CFPB’s Proposed Rule to Improve its No-Action Letter Program and to Establish a Regulatory Sandbox -
Introduction -
In December of 2018, the Senate confirmed Kathy Kraninger as the second Director of the Consumer...more
The Consumer Financial Protection Bureau (“CFPB”) recently took the next step toward promulgating regulations under the Fair Debt Collection Practices Act (“FDCPA”) by releasing its “Outline of Proposals under Consideration...more
The Ninth Circuit recently construed the Fair Debt Collection Practices Act (“FDCPA”) provision that requires a debt collector to send a validation-of-debt notice within five days of “the initial communication” with a...more
On June 2, 2016, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) proposed a new rule under its authority to supervise and regulate certain payday, auto title, and other high-cost installment loans (the “Proposed...more
Last month, the New York Department of Financial Services (“DFS”) finalized a regulation with a number of novel requirements affecting debt collection (including servicing delinquent loans) in New York. Previously, debt...more