On June 29, 2020, the Supreme Court of the United States ("Supreme Court") ruled that the single-director leadership structure of the Consumer Financial Protection Bureau ("CFPB" or "Bureau") violates the separation of powers...more
7/13/2020
/ Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Removal At-Will ,
Removal For-Cause ,
Reversal ,
SCOTUS ,
Seila Law LLC v Consumer Financial Protection Bureau ,
Separation of Powers ,
Severability Doctrine ,
Single Director
The New York Department of Financial Services ("NYDFS") and the French Autorité de Contrôle Prudentiel et de Résolution ("ACPR") signed a Memorandum of Understanding ("MOU") to position New York and France as innovation hubs...more
6/26/2020
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Regulatory Reform ,
Financial Services Industry ,
FinCEN ,
FinTech ,
France ,
Memorandum of Understanding ,
NYDFS ,
Regulatory Oversight ,
Regulatory Standards
On May 20, 2020, the Federal Reserve Board (“FRB”), the Federal Deposit Insurance Corporation (“FDIC”), the Office of the Comptroller of the Currency (“OCC”), and the National Credit Union Administration (“NCUA”) (together,...more
In response to the global COVID-19 crisis, US federal financial regulators are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US and global...more
In response to the global COVID-19 crisis, US federal financial regulators are taking important actions that affect US and non-US financial institutions, other financial services providers, consumers, and the US and global...more
4/22/2020
/ Appraisal ,
Borrower Protection Programs ,
Consumer Financial Protection Bureau (CFPB) ,
Coronavirus/COVID-19 ,
Deferred Action ,
FDIC ,
FHFA ,
Financial Services Industry ,
FRB ,
HMDA ,
NCUA ,
OCC ,
Paycheck Protection Program (PPP) ,
Real Estate Transactions ,
Relief Measures ,
Temporary Regulations
The CFPB continued to be active in the consumer payments space in 2018, while the Federal Reserve and market participants considered the future of payment processing, including the development of faster payment systems....more
3/15/2019
/ Anti-Money Laundering ,
Anticompetitive Behavior ,
Blockchain ,
California Consumer Privacy Act (CCPA) ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Data Privacy ,
Data Security ,
EFTA ,
Enforcement Actions ,
EU ,
Fair Access to Credit ,
Federal Reserve ,
Federal Trade Commission (FTC) ,
FinTech ,
FRB ,
General Data Protection Regulation (GDPR) ,
Merchants ,
Ohio v American Express ,
Payment Processors ,
Popular ,
Prepaid Payment Products ,
Public Comment ,
Regulation CC ,
Regulation Z ,
Remittance Transfer Rule ,
SCOTUS ,
Sherman Act ,
Truth in Lending Act (TILA)
The CFPB has traditionally not prioritized marketplace lenders in its supervisory and enforcement efforts. As a result, state regulators have increasingly sought to fill any perceived voids left by the Bureau....more
3/14/2019
/ Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
FDIC ,
Federal Trade Commission (FTC) ,
Financial Regulatory Agencies ,
FinTech ,
GLBA Privacy ,
Loans ,
NYDFS ,
OCC ,
Online Marketplace Lending ,
RICO ,
State Attorneys General ,
State Regulators ,
Trump Administration
In 2018, the CFPB continued to pay attention to the auto finance industry, with a particular focus on indirect (dealer-arranged) auto lenders and unfair or abusive loan servicing practices....more
3/11/2019
/ Abusive Acts ,
Automotive Industry ,
Automotive Loans ,
Car Dealerships ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
ECOA ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
FinTech ,
Loan Origination Funds ,
Loan Servicing ,
State Attorneys General ,
Trump Administration ,
Truth in Lending Act (TILA) ,
UDAAP ,
Unfair or Deceptive Trade Practices
In 2018, the CFPB shifted away from student lending supervision and enforcement. We anticipate this trend to continue in the year to come, with states seeking to fill any voids left by the Bureau....more
3/9/2019
/ Congressional Investigations & Hearings ,
Consumer Complaint Management ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Department of Education ,
Director Mulvaney ,
Enforcement Statistics ,
Federal Trade Commission (FTC) ,
FinTech ,
Loan Servicing ,
Ombudsman ,
Political Parties ,
Popular ,
Preemption ,
State Attorneys General ,
State Legislatures ,
Student Loans ,
Students ,
Trump Administration
In February 2019, the CFPB released the highly anticipated revamp of its Payday Rule, reinforcing its more lenient attitude towards payday lenders. In light of the Bureau’s softer touch, as well as similar developments at the...more
3/7/2019
/ Ballot Measures ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Creditors ,
Director Kraninger ,
Director Mulvaney ,
Enforcement Actions ,
Federal Bank Regulatory Agencies ,
Federal Trade Commission (FTC) ,
FinTech ,
FTC Act ,
High-Interest Loans ,
Interest Rate Caps ,
Lenders ,
Military Lending Act ,
Payday Lending Rule ,
Payday Loans ,
Political Parties ,
Rescission ,
Small Loans ,
State and Local Government ,
State Attorneys General ,
Subprime Loans ,
Trump Administration ,
Underwriting ,
Usury
In 2018, the CFPB issued multiple rules, and Congress passed legislation, to clarify, revise and update the regulatory framework applicable to the home mortgage origination and servicing market....more
3/6/2019
/ Amended Regulation ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Department of Justice (DOJ) ,
Department of Veterans Affairs ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
False Claims Act (FCA) ,
FinTech ,
GAO ,
HMDA ,
Lenders ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
OCC ,
Popular ,
RESPA ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA) ,
Unduly Burdensome
During his tenure, former CFPB Acting Director Mick Mulvaney brought significant changes to the Bureau’s structure and operations. As the new CFPB Director, Kathy Kraninger will have the benefit of a full five-year term to...more
3/5/2019
/ Administrative Priority ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Director Kraninger ,
Director Mulvaney ,
Enforcement Actions ,
Fair Lending ,
FDCPA ,
Financial Services Committee ,
Payday Lending Rule ,
PHH Corp. v CFPB ,
Political Parties ,
Student Loans ,
Trump Administration ,
UDAAP