The U.S. Supreme Court has scheduled oral argument on October 3, 2023 in Community Financial Services Association of America Ltd. v. CFPB. In the case, CFSA has asked the Supreme Court to affirm the Fifth Circuit panel’s...more
7/21/2023
/ Amicus Briefs ,
Community Financial Services Association ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Federal Funding ,
Financial Services Industry ,
Oral Argument ,
Regulatory Agencies ,
Regulatory Oversight ,
SCOTUS
The Biden Administration has launched an initiative directed at combatting so-called “junk fees,” with the CFPB and FTC leading the Administration’s efforts. In Part II of this two-part episode, we first look at CFPB...more
The U.S. Court of Appeals for the Second Circuit has ruled that because “there is no bright-line rule that only purely factual or transcription errors are actionable under the [Fair Credit Reporting Act (FCRA)],” the FCRA...more
The Consumer Financial Protection Bureau, the California Department of Financial Protection and Innovation (CA DFPI), and ten state Attorneys General have filed a lawsuit against Prehired, LLC (Prehired) and two related...more
7/19/2023
/ California ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Financial Protection and Innovation (DFPI) ,
Enforcement Actions ,
FDCPA ,
Financial Services Industry ,
Income Share Agreements ,
Statutory Violations ,
Truth in Lending Act (TILA)
The CFPB has filed an amicus brief jointly with Maine’s Attorney General, Bureau of Financial Institutions, and Bureau of Consumer Credit Protection in the Maine Supreme Judicial Court in a case, Franklin Savings Bank v....more
Sixteen amicus briefs have been filed with the U.S. Supreme Court in support of the position of the Community Financial Services Association of America (CFSA) that the Court should affirm the Fifth Circuit panel decision in...more
7/13/2023
/ Administrative Agencies ,
Administrative Procedure Act ,
Amicus Briefs ,
CFPB v Community Financial Services Association of America ,
Community Financial Services Association ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Funding ,
Financial Services Industry ,
Motion for Leave ,
SCOTUS ,
State Attorneys General
Asserting that irreparable harms to their members “are piling up,” the U.S. Chamber of Commerce and the other plaintiffs have filed a motion for a status conference with the Texas federal district court hearing their lawsuit...more
The CFPB and the OCC announced that they have each entered into a consent order with Bank of America, N.A. for alleged violations arising from the Bank’s representment fee practices (“Fee Consent Orders”). The CFPB also...more
7/13/2023
/ Bank of America ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Deposit Accounts ,
Enforcement Actions ,
Financial Services Industry ,
OCC ,
Popular ,
Statutory Violations
The Biden Administration has launched an initiative directed at combatting so-called “junk fees,” with the CFPB and FTC leading the Administration’s efforts. In Part I of this two-part episode, we first discuss the various...more
In advance of a hearing scheduled for today on medical billing and collections in which the focus will be medical payment products such as medical credit cards and installment loans, the CFPB, jointly with the U.S. Department...more
A group of four Democratic members of the Senate Banking Committee, including Chairman Sherrod Brown, recently sent a letter to CFPB Director Chopra to express their concerns regarding the emergence of voice cloning...more
Community Financial Services Association of America (CFSA) has filed its brief with the U.S. Supreme Court in which it asks the Court to affirm the Fifth Circuit panel decision in CFSA v. CFPB. In that decision, the panel...more
The CFPB recently issued its annual fair lending report covering its fair lending activity in 2022....more
The CFPB has filed an amicus brief in the U.S. Court of Appeals for the Second Circuit in a private lawsuit brought by a group of eight Black and Hispanic plaintiffs who alleged that the named defendants, which included a...more
The FTC has filed an amicus brief in support of the CFPB’s appeal to the U.S. Court of Appeals for the Seventh Circuit from the district court’s decision in the CFPB’s enforcement action against Townstone Mortgage...more
The CFPB has filed its opposition to the motion seeking a preliminary injunction filed by the plaintiffs in the lawsuit challenging the validity of the CFPB’s final rule implementing Section 1071 of the Dodd-Frank Act (Rule)....more
6/22/2023
/ Administrative Authority ,
Administrative Procedure Act ,
American Bankers Association ,
Article III ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Dodd-Frank ,
Final Rules ,
Financial Services Industry ,
Preliminary Injunctions ,
SCOTUS ,
Section 1071 ,
Standing ,
Venue
The CFPB has filed its opening brief in its appeal to the U.S. Court of Appeals for the Seventh Circuit from the district court’s decision in the CFPB’s enforcement action against Townstone Mortgage (Townstone). In the case,...more
6/21/2023
/ Chevron Deference ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Financial Services Industry ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining
A unanimous panel of the U.S. Court of Appeals for the Eleventh Circuit has affirmed the district court’s order dismissing several defendants as sanctions for the CFPB’s continuation of “obstructionist conduct” in...more
6/15/2023
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
Depositions ,
Discovery ,
Discovery Disputes ,
Discovery Violations ,
FDCPA ,
FRCP 37(b) ,
Motion for Sanctions ,
Sanctions
The CFPB has released its Spring 2023 rulemaking agenda as part of the Spring 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions. The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates...more
6/15/2023
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Insufficient Funds ,
Overdraft Fees ,
Regulation Z ,
Rulemaking Process
Two joint resolutions under the Congressional Review Act (CRA) to override the CFPB’s final Section 1071 small business lending rule have been introduced by Republican members in the House. The resolutions are H.J. Res. 50...more
The CFPB announced at the end of last week that it had entered into a consent order with Phoenix Financial Services, LLC (Phoenix), a third-party debt collector that collects primarily past-due medical debts and furnishes...more
6/13/2023
/ Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
CRA ,
Debt Collection ,
Debt Collectors ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Services Industry ,
Medical Debt ,
Regulation V ,
Third-Party
The Federal Trade Commission has provided its annual report to the CFPB on its enforcement and related activities in 2022 regarding the Truth in Lending Act (TILA), Consumer Leasing Act (CLA), and Electronic Fund Transfer Act...more
6/13/2023
/ Annual Reports ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Leasing Act (CLA) ,
ECOA ,
EFTA ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Military Lending Act ,
Proposed Rules ,
Regulation E ,
Regulation M ,
Regulation Z ,
SCOTUS ,
Truth in Lending Act (TILA)
In a new “Issues spotlight” titled “Chatbots in consumer finance,” the CFPB discusses how chatbot technologies are being used by financial institutions and the limitations and risks of such technologies. The report, which is...more
The CFPB has published a document on its website that “communicates the extent to which the Equal Credit Opportunity Act (ECOA) and its implementing Regulation B apply with respect to franchises seeking credit to finance...more
The CFPB has issued an “Issue Spotlight” titled “Analysis of Deposit Insurance Coverage on Funds Stored Through Payment Apps.” The report was accompanied by a consumer advisory on payment apps....more