In an unusual move, the CFPB is coming to the defense of a bank being accused of failing to provide repayment disclosures to a borrower....more
7/15/2024
/ Banks ,
Borrowers ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Disclosure Requirements ,
Financial Institutions ,
Financial Services Industry ,
Regulation Z ,
Repayment Options ,
Statutory Violations ,
Truth in Lending Act (TILA)
The CFPB soon plans to issue a final rule that would require certain supervised nonbank entities to register with it and provide information about their use of certain terms and conditions in standard-form contracts for...more
The CFPB has released its Summer, 2024 Supervisory Highlights, covering issues ranging from student loan servicing to financial institution supervision of medical providers offering payment products. The report covers the...more
On June 19, 2024, the Fifth Circuit dissolved the district court’s order transferring the case challenging the CFPB’s credit card late fee rule. In granting the writ of mandamus filed by the plaintiff trade associations...more
6/20/2024
/ Administrative Procedure Act ,
CARD Act ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Collection ,
Federal Funding ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions
In a replay of earlier events, in response to an emergency petition for writ of mandamus and administrative stay of transfer filed by the plaintiffs in the lawsuit challenging the legality of the CFPB’s credit card late fee...more
5/31/2024
/ Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Regulatory Agenda ,
Writ of Mandamus
On Friday May 24, in response to the CFPB’s motion requesting the Fifth Circuit to accelerate the issuance of its mandate from July 9, 2024 with respect to its earlier dismissal of the plaintiffs’ appeal, the Fifth Circuit...more
5/28/2024
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
SCOTUS ,
Truth in Lending Act (TILA) ,
Venue
Last Friday, May 10, the Texas federal district court hearing the lawsuit challenging the CFPB’s final credit card late fee rule (Rule) granted the plaintiffs’ preliminary injunction motion and stayed the Rule. The Rule was...more
5/14/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Preliminary Injunctions ,
Truth in Lending Act (TILA)
In the lawsuit challenging the CFPB’s final credit card late fee rule (Rule), the Fifth Circuit has denied the CFPB’s petition for a panel rehearing to reconsider the panel’s order vacating the district court’s order...more
A surprising development took place this week in the lawsuit challenging the CFPB’s final credit card late fee rule (Rule). The Fifth Circuit entered an order vacating the district court’s order denying the plaintiffs’...more
On April 26, 2024, Plaintiffs filed their response to the CFPB’s Petition for a Panel Rehearing with the Fifth Circuit in the lawsuit challenging the CFPB’s credit card penalty fees rule (Rule). On the same date, the...more
4/30/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
SCOTUS ,
Truth in Lending Act (TILA)
Our special guest is Andrew Nigrinis of Legal Economics LLC and former CFPB enforcement economist. The CFPB’s final credit card late fee rule lowers the safe harbor late fee amount that card issuers other than “smaller card...more
Last week ended with several new developments in the lawsuit challenging the CFPB’s final credit card late fee rule (Rule), both of which appear to reduce the likelihood that the Rule will be stayed before its May 14...more
4/23/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Preliminary Injunctions ,
Truth in Lending Act (TILA)
The Committee on Codes of Conduct of the Judicial Conference of the United States (Committee) has unanimously concluded that Fifth Circuit Judge Willett is not required to recuse in the trade group plaintiffs’ appeal in their...more
4/18/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Jurisdiction ,
Late Fees ,
Preliminary Injunctions ,
Recusal
Last Wednesday, the U.S. District Court for the District of Columbia terminated on its docket the case challenging the CFPB’s final credit card late fee rule (Rule) which had been transferred to D.D.C. by the Texas federal...more
Monday, the Texas federal district court entered an order reopening the case challenging the CFPB’s final credit card late fee rule (Rule) which it had transferred to the U.S. District Court for the District of Columbia and...more
4/10/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Recusal ,
Regulatory Agenda
Last Friday, a divided panel of the U.S. Court of Appeals for the Fifth Circuit vacated the district court’s order transferring the case challenging the CFPB’s final credit card late fee rule (Rule) to the U.S. District Court...more
4/9/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda ,
Writ of Mandamus
The U.S. Court of Appeals has extended until 5 p.m. CT today its administrative stay of the district court’s order transferring the case to the U.S. District Court for the District of Columbia. This is the Fifth Circuit’s...more
4/5/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Jurisdiction ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda ,
Stays ,
Writ of Mandamus
Last week ended with an intense flurry of activity in the lawsuit challenging the CFPB’s final credit card late fee rule (Rule). The flurry followed the plaintiffs’ March 25 filing of a Notice of Appeal after the district...more
On March 26, 2024, the plaintiffs in the lawsuit challenging the CFPB’s final credit card late fee rule (“Final Rule”) filed a Notice Regarding Their Emergency Motion for Injunction Pending Appeal and Administrative Stay in...more
3/28/2024
/ Appeals ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Litigation Strategies ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda ,
Truth in Lending Act (TILA)
The Texas federal district court hearing the lawsuit challenging the CFPB’s final credit card late fee rule (Rule) issued an order today setting April 2 as the date for a hearing on the plaintiffs’ motion for a preliminary...more
On March 20, 2024, the court forcefully denied the motion for expedited consideration of plaintiff’s preliminary injunction motion in the lawsuit challenging the Consumer Financial Bureau’s (“CFPB”) final credit card late fee...more
3/22/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda ,
Truth in Lending Act (TILA)
This week, the CFPB filed a notice with the Texas federal district court stating that it intends to move to transfer the lawsuit challenging the CFPB’s final credit card late fee rule (Rule). The notice was filed pursuant to...more
3/21/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda
The federal district court judge to whom the lawsuit challenging the CFPB’s final credit card late fee rule (Rule) was reassigned entered an order this week questioning whether the Fort Worth Division of the Northern District...more
3/20/2024
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Late Fees ,
Motion to Transfer ,
Preliminary Injunctions ,
Regulatory Agenda ,
Truth in Lending Act (TILA)
The Consumer Financial Protection Bureau (“CFPB”) filed an opposition brief (the “Opposition”) on Tuesday in response to a request by plaintiff trade groups to enjoin the CFPB’s final credit card late fee rule (the “Final...more
3/18/2024
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Debt Collection ,
Federal Student Loans ,
Final Rules ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Health and Essential Rights (HERO) Act ,
Late Fees ,
Motion To Enjoin ,
Preliminary Injunctions ,
Truth in Lending Act (TILA)
Just two days after the CFPB issued its final credit card late fee rule (Rule) last week, a lawsuit was filed in a Texas federal district court seeking to invalidate the Rule. The plaintiffs in the lawsuit are the Chamber of...more
3/14/2024
/ Administrative Procedure Act ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Credit Cards ,
Dodd-Frank ,
Final Rules ,
Financial Services Industry ,
Late Fees ,
Oral Argument ,
Preliminary Injunctions ,
Safe Harbors ,
SCOTUS ,
Truth in Lending Act (TILA)