Effective May 12, the Consumer Financial Protection Bureau formally revoked 67 different guidance documents by publishing a notice in the Federal Register. The CFPB's action covers various guidance documents, interpretive...more
Effective May 12, 2025, the Consumer Financial Protection Bureau (CFPB) formally revoked 67 different guidance documents by publishing a notice in the Federal Register. The CFPB’s action covers various guidance documents,...more
With the 2024 election behind us and the 119th Congress now in session, the political climate has created an opportunity for meaningful statutory reforms of the federal consumer financial laws to become reality.
The 119th...more
2/6/2025
/ Administrative Procedure Act ,
Chevron Deference ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Financial Regulatory Reform ,
Loper Bright Enterprises v Raimondo ,
Mortgage Servicers ,
Regulatory Reform ,
RESPA ,
Rulemaking Process ,
SCOTUS
On September 12, 2024, the Consumer Financial Protection Bureau (CFPB) filed a stipulated proposed order in its suit against the student loan servicer Navient, formerly known as Sallie Mae. If entered, the order will resolve...more
On July 10, 2024, the Consumer Financial Protection Bureau (CFPB) released a proposal to amend the existing mortgage servicing rules in Regulation X. The substance of the proposal has attracted a lot of attention and...more
9/6/2024
/ Administrative Procedure Act ,
Chevron Deference ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Loper Bright Enterprises v Raimondo ,
Loss Mitigation ,
Proposed Amendments ,
Proposed Rules ,
RESPA ,
Risk Mitigation ,
Rulemaking Process ,
SCOTUS ,
West Virginia v EPA
On July 11, 2024, the United States Court of Appeals for the Seventh Circuit issued its highly anticipated decision in Consumer Financial Protection Bureau v. Townstone Financial, Inc., et al. In this pivotal decision, the...more
“Although there may be other constitutional checks on Congress’ authority to create and fund an administrative agency, specifying the source and purpose is all the control the Appropriations Clause requires.” With these...more
In October 2023, the CFPB issued an advisory opinion titled, “Consumer Information Requests to Large Banks and Credit Unions.” The upshot of the advisory opinion is that covered financial institutions responding to consumer...more
On September 19, the Consumer Financial Protection Bureau (CFPB) issued Circular 2023-03, which provides guidance as to how lenders must explain denials of applications of credit when the underwriting is based on artificial...more
Over the last year and a half, the Consumer Financial Protection Bureau (CFPB) has become increasingly interested in the origination, servicing, and collection of medical debt. The CFPB alone has published several pieces of...more
On July 7, the CFPB, Centers for Medicare & Medicaid Services (CMS), Department of Health & Human Services (HHS), and Department of the Treasury issued a formal request for information regarding forms of consumer-facing...more
Less than three years after the U.S. Supreme Court reviewed the CFPB’s appointment structure, the bureau again finds itself before the Court in what could prove the most consequential case for the financial services industry...more
On October 19, 2022, the Fifth Circuit Court of Appeals issued its opinion in Community Financial Services Association of America, et al. v. CFPB (CFSA v. CFPB) invalidating the CFPB’s Payday, Vehicle-Title, and Certain...more
10/21/2022
/ Appeals ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
En Banc Review ,
Payday Loans ,
Petition for Writ of Certiorari ,
Regulatory Violations ,
SCOTUS ,
Separation of Powers ,
Small Dollar Lenders ,
Vehicle Title
The Consumer Financial Protection Bureau’s (CFPB) focus on ensuring loan servicers’ compliance with the implementation of the Public Service Loan Forgiveness (PSLF) program continues. On March 30, 2022, the CFPB entered into...more
The CFPB recently issued its “Consumer Reporting FAQs Related to the CARES Act and COVID-19 Pandemic,” addressing 10 credit reporting issues. While the FAQs provide some much-needed clarity for furnishers of information and...more
The CFPB’s April 1, 2020, statement regarding credit reporting for loans affected by COVID-19 announced a “flexible supervisory and enforcement approach during this pandemic.” In addition to guidance regarding furnishing...more
We’ve been tracking regulatory developments related to credit reporting for loans where borrowers have been affected by the coronavirus outbreak. On April 1, the CFPB issued a statement about credit reporting for loans...more
On July 31, the Consumer Financial Protection Bureau (CFPB) issued a public bulletin intended to provide guidance to covered persons and service providers who take payments from consumers using pay-by-phone services and...more
Given the parallels between the current student loan debt crisis (including the CFPB, Illinois and Washington’s recent lawsuits against Navient) and the foreclosure crisis of 2010-14, now is a good time to reflect on the...more
The CFPB announced on Wednesday that it had filed a lawsuit against Navient Corporation, formerly part of Sallie Mae, and two of its subsidiaries for alleged “systematic” failures in student loan servicing. The complaint...more
In a landmark decision issued last week, the U.S. Court of Appeals for the D.C. Circuit held that the Consumer Financial Protection Bureau’s (CFPB) structure violated the Constitution’s separation-of-powers requirements. In...more
10/17/2016
/ Anti-Kickback Statute ,
Appeals ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Director Removal ,
Dodd-Frank ,
Government Agencies ,
Mortgage Lenders ,
PHH Corp. v CFPB ,
Removal At-Will ,
Removal For-Cause ,
RESPA ,
Reversal ,
Separation of Powers ,
Single Director