On August 27, 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) settled its first enforcement action based on alleged violations of its money transfer rules with Maxitransfers Corp. (Maxitransfers), a...more
The Consumer Financial Protection Bureau’s (CFPB or Bureau) Notice of Proposed Rule (NPR) is a dense 500-page document. In the NPR, the CFPB puts forth numerous proposals which seek to clarify numerous debt collection...more
Yesterday, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its long-awaited Notice of Proposed Rulemaking (NPR) for debt collection. These proposals precede a final rule, that will be known as Regulation F,...more
Consumer Financial Protection Bureau (CFPB or "the Bureau") Director, Kathleen L. Kraninger, spoke yesterday at the Bipartisan Policy Center regarding her outlined vision for the Bureau. ...more
Since Donald Trump took office the hot topic has been “deregulation”. However, contradicting this ideal are efforts by financial regulators to incorporate the use of financial technology by financial institutions and fintech...more
On Wednesday, July 25, 2018, a United States District Court Judge in the Northern District of Ohio ruled, after a four day jury trial, that the Bureau of Consumer Financial Protection (Bureau) failed to prove that an Ohio...more
In an ongoing, high-profile legal debate, court opinions on the constitutionality of the structure of the Bureau of Consumer Financial Protection (“Bureau”) – previously known as the Consumer Financial Protection Bureau...more
On April 18, 2018, the United States Senate exercised its authority under the Congressional Review Act (CRA) by repealing a longstanding “rule” issued as a guidance on March 21, 2013 (see CFPB Bulletin titled Indirect Auto...more
At a recent gathering of states attorneys general, Mike Mulvaney, Acting Director of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) indicated his preference that they take the lead on the enforcement of...more
Acting Director Mick Mulvaney’s decision to transition the Office of Fair Lending and Equal Opportunity (“OFLEO”) out of the Office of Supervision, Enforcement and Fair Lending (“SEFL”) does not eliminate or diminish the...more
The D.C. Circuit Court of Appeals issued its long awaited decision in PHH v. Consumer Financial Protection Bureau, holding by a 7-3 decision that the Consumer Financial Protection Bureau’s (CFPB or Bureau) single-Director...more
While the rest of the country was scattering for Thanksgiving celebrations, Richard Cordray, Director of the Consumer Financial Protection Bureau (CFPB or Bureau) since July 17, 2013, was quietly plotting his own...more
On Wednesday, November 15, 2017, Richard Cordray, the confirmed Director of the Consumer Financial Protection Bureau ("CFPB" or "Bureau") as of July 16, 2013, revealed that he will leave that position by the end of the month....more
Since coming into office in January of this year, Pennsylvania Attorney General ("AG" or "General") Josh Shapiro has wasted no time in rebuilding an office that had been riddled with scandal and inefficiencies. One top...more
On October 5, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its Final Rule for Payday, Vehicle Title and Certain High-Cost Installment Loans.
The Final Rule follows for the most part the Notice of...more
Just one hour after the Consumer Financial Protection Bureau (CFPB or Bureau) issued its Final Rule for Payday, Vehicle Title and Certain High-Cost Installment Loan (CFPB Rule), the Office of the Comptroller of the Currency...more
On Friday, August 25, 2017, a Federal District Court in the Northern District of Georgia took the extraordinary step of dismissing an enforcement action brought by the Consumer Financial Protection Bureau ("CFPB" or "Bureau")...more
The Consumer Financial Protection Bureau's ["CFPB" or "Bureau"] July 10, 2017 final rule on the use of arbitration clauses in consumer financial products and services demonstrated the Bureau's determination to carry through...more
On Thursday, June 8, 2017, during a public session of the Consumer Financial Protection Bureau's (CFPB) Consumer Advisory Board meeting, Director Richard Cordray announced that the CFPB was changing course on one key aspect...more
The Consumer Financial Protection Bureau (CFPB or Bureau) has launched a series of initiatives signaling that small business lending will be its next top priority.
Under 12 U.S.C. § 5481(12) of the Dodd-Frank Act, the...more
Since the birth of the Consumer Financial Protection Bureau ("CFPB" or "Bureau") well over 150 Consent Orders have been entered against every sector of the financial services industry. Many of these Consent Orders came with a...more
A federal district court judge for the District of North Dakota has granted a payment processor's motion to dismiss an enforcement action brought by the Consumer Financial Protection Bureau (CFPB or Bureau). This is one of a...more
The Consumer Financial Protection Bureau ("CFPB" or "Bureau") released findings of a survey (the "Survey") on consumer views on debt and the debt collection process. The Survey takes aim at not only third party debt...more
As the country emerges from the smoke of a bitter and downright ugly election cycle, there is much speculation about the canvas of the regulatory landscape. For the consumer financial services industry, the past eight years...more
In a groundbreaking decision on October 11, 2016, the D.C. Circuit held the structure of the Consumer Financial Protection Board (CFPB) unconstitutional. Citing the "CFPB's concentration of enormous power in a single,...more