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Jenner & Block

Trump Administration Significantly Narrows the Impact of the Consumer Financial Protection Bureau

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The Consumer Financial Protection Bureau (CFPB) is a federal agency that was founded in 2010, after the United States went through a recession linked to abuses in the origination and sale of residential mortgage loans. The...more

Ballard Spahr LLP

CFPB will kill Section 1033 Open Banking Rule

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The CFPB is planning to repeal its Section 1033 Open Banking Rule, according to a filing in a federal lawsuit challenging the rule. On the same day the Final Rule was issued, the Banking Policy Institute (BPI) and Kentucky...more

Troutman Pepper Locke

CFPB and Townstone Financial Move to Vacate Redlining Settlement Alleging Misconduct Under Former CFPB Director

Troutman Pepper Locke on

In a surprising turn of events, the Consumer Financial Protection Bureau (CFPB or Bureau) and Townstone Financial, Inc. (Townstone) have jointly moved to vacate the Stipulated Final Judgment and Order previously entered in...more

Ballard Spahr LLP

House Republicans may start Congressional Review Act process to nullify overdraft rule

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House Republicans appear ready to start the Congressional Review Act (CRA) process to attempt to repeal the Biden Administration’s controversial overdraft rule....more

Ballard Spahr LLP

American Bankers Association, state affiliates ask Trump to halt regulatory actions pending a review

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In a letter to President-Elect Donald Trump, the American Bankers Association and its 52 affiliates are calling for a halt to all regulatory actions affecting banks and an extension of all effective dates for final...more

Troutman Pepper Locke

White House Announces New Initiatives Targeting Consumer Experience

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Last week, the Biden-Harris Administration launched a comprehensive initiative aimed at addressing what it describes as everyday hassles that waste Americans’ time and money. This new government-wide effort, called “Time Is...more

Hudson Cook, LLP

Continuing Saga of CFPB 1071 Small Business Data Reporting Rule

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On December 19, 2023, President Biden vetoed a Congressional resolution that would have nullified a Consumer Financial Protection Bureau rule requiring lenders to report demographic information about small business loan...more

Ballard Spahr LLP

President Biden Vetoes Congressional Override of CFPB Section 1071 Small Business Lending Rule

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As previously reported, the U.S. House of Representatives, by a vote of 221-202, voted under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071 Rule), and the U.S. Senate,...more

Ballard Spahr LLP

White House, CFPB, FTC continue assault on “junk fees”

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Last Wednesday, we published three blog posts about new actions taken by the CFPB and FTC related to the Biden Administration’s war on “junk fees”...more

Troutman Pepper Locke

October 11 Was a Red-Letter Day in the Growing Federal-State War on Fees

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On October 11, the Consumer Financial Protection Bureau (CFPB or Bureau) published a special edition of its Supervisory Highlights report. This report serves as a “victory lap” for the Bureau, which highlights the relief it...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter - August 2023 # 5

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To help you keep abreast of relevant activities, below find a breakdown of some of the biggest events at the federal and state levels to impact the Consumer Finance Services industry this past week...more

Brownstein Hyatt Farber Schreck

Biden Administration Announces Crackdown on “Junk Fees”

On Feb. 1, 2023, the Biden administration released a fact sheet describing actions taken by the White House that continue a focus on so called “junk fees.” The announcement, which was done along with several independent...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Volume 3, Issue 4

Biden Administration Extends Pause on Federal Student Loan Repayments Through August "The repayment freeze, which has been in place since the beginning of the pandemic, had been scheduled to expire on May 1." Why this...more

Goodwin

CFPB Launches New Initiative Focused on Rural Communities

Goodwin on

In This Issue. The Consumer Financial Protection Bureau (CFPB) announced a new initiative focused on financial issues faced by rural communities and also updated its examination procedures to cover unfair discrimination; the...more

Goodwin

FinCEN Warns Against Evasion of Russian Sanctions

Goodwin on

In this Issue. The Financial Crimes Enforcement Network (FinCEN) published an alert warning financial institutions of possible efforts to evade U.S.-imposed sanctions on Russia and Belarus; the U.S. Department of the Treasury...more

Bilzin Sumberg

An Opportune Time For Financial Institutions to Review Their Fair Lending Procedures

Bilzin Sumberg on

At the beginning of his term, President Biden declared that his administration would make it a policy to eliminate “racial bias and other forms of discrimination in all states of home-buying and renting.”...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Volume 2, Issue 17

Biden Makes It Easier for Student Loan Borrowers to Get a Mortgage - "The new rule supported by the Biden administration proposed that FHA lenders drop the requirement to calculate student loan payments at 1%." Why this is...more

Cadwalader, Wickersham & Taft LLP

Marketplace Lending Update #10: OCC’s True Lender Rule Is Repealed

On June 30, 2021, President Biden signed a joint resolution of Congress under the Congressional Review Act (“CRA”) to disapprove the OCC’s True Lender Rule. As a result, the True Lender Rule is now repealed....more

Goodwin

PPP Extended; CFPB Revokes Pandemic-Related Regulatory Relief

Goodwin on

In This Issue. President Biden signed a bill extending the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) through May 31, 2021; the Consumer Financial Protection Bureau (CFPB) announced the rescission...more

Hudson Cook, LLP

CFPB, The Roadmap Forward - Part One

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This article is the first of an exclusive three-part series interview with Jean Noonan, member of the CFPB Taskforce on Federal Consumer Law. In January 2020, the Consumer Financial Protection Bureau (CFPB) appointed a...more

Goodwin

CFPB To Revisit Trump-Era QM Final Rules

Goodwin on

In this Issue. The Consumer Financial Protection Bureau (CFPB) issued a statement announcing its intention to revisit Trump-era qualified mortgage (QM) final rules; the Biden Administration announced changes to the Small...more

Hudson Cook, LLP

CFPB Bites of the Month - February Top 10

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Each month, we host a 30-minute webinar outlining the month's key announcements and takeaways from the Consumer Financial Protection Bureau (CFPB) for financial services providers to consider. In this month's article, we...more

Spilman Thomas & Battle, PLLC

All Consuming - Financial Litigation Insights, Volume 2, Issue 2 - January 2021

Biden to Pick Rohit Chopra to Lead Consumer-Finance Agency - "Rohit Chopra is the former student-loan ombudsman at the Consumer Financial Protection Bureau." Why this is important: As an assistant director of the CFPB,...more

Rumberger | Kirk

Financial Services Industry Regulation in The Biden Era

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As the Biden administration takes shape, many are foreseeing changes to the regulation and conduct of the financial services industry in keeping with themes of the Biden/Harris campaign. Originally published by Business...more

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