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Enforcement Actions Biden Administration Consumer Financial Protection Bureau (CFPB)

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

Orrick, Herrington & Sutcliffe LLP

Committee chairman asks Fed inspector general to investigate CFPB, Chopra for potential abuses

On June 26, the Chairman of the House Committee on Financial Services Subcommittee on Oversight and Investigations, Rep. Don Meuser (R-PA), sent a letter to the acting inspector general for the Fed and CFPB to investigate...more

Davis Wright Tremaine LLP

Tracking the New Administration's CFPB: Key Regulation Updates and Reference Guide

During the final hours of the Biden Administration, the Consumer Financial Protection Bureau (CFPB) released several rules and proposed rules and was in active litigation defending its earlier rules. We created this quick...more

Orrick, Herrington & Sutcliffe LLP

CFPB reopens case against student loan debt-relief company

On June 9, the CFPB filed a motion to vacate a stay of proceedings and reopen a case that had been administratively closed since February. In response to the CFPB’s request, the court scheduled a hearing on July 11. The...more

Cooley LLP

Trump CFPB Asserts Narrower Role for State Enforcement of Federal Consumer Law

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On May 15, the Consumer Financial Protection Bureau (CFPB) issued an interpretive rule that rescinded a May 2022 interpretive rule regarding the extent of states’ enforcement authority under Section 1042 of the Consumer...more

Husch Blackwell LLP

The State of the CFPB During a Fraught Transition Period: Part II

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It has been a little over two months since President Donald Trump returned to office, and since then, the Consumer Financial Protection Bureau (CFPB) has been in flux—to put it mildly. As of this writing, it is unclear...more

Davis Wright Tremaine LLP

New Administration Outlook: What Does the CFPB "Freeze" Mean for Regulations and Pending Litigation? - Update

Treasury Secretary Scott Bessent, the then-acting director of the Consumer Financial Protection Bureau (CFPB), emailed staff on February 3 directing employees to cease all rulemaking activities, delay the implementation of...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: A Deep Dive Into Judge Jackson’s Preliminary Injunction Order Against CFPB Acting...

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Our special podcast show today deals primarily with a 112-page opinion and 3-page order issued on March 28 by Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia in a lawsuit brought, among...more

Troutman Pepper Locke

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

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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

CFPB seeking to reverse Townstone settlement, saying bureau ‘abused its power’

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Saying that the bureau under the Biden Administration abused its power, the CFPB is seeking to reverse its settlement with Townstone Financial....more

Dorsey & Whitney LLP

Predictions for the Federal Financial Service Agencies - Slow Down and Wait

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Following the myriad nominations, acting appointments and Executive Orders by the new Administration, many clients and friends have requested advice regarding legal and regulatory changes that might be forthcoming in the...more

Orrick, Herrington & Sutcliffe LLP

CFPB reportedly terminates 70 employees, including enforcement attorneys

On February 11, the CFPB reportedly terminated about 70 probationary employees, including several enforcement division attorneys, informing the employees that their skills did not align with the CFPB’s current needs. The...more

Troutman Pepper Locke

UDAAP and Fair Lending Developments: 2024 Year-in-Review and 2025 Predictions — The Consumer Finance Podcast

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In this third episode of the Year in Review series of The Consumer Finance Podcast, host Chris Willis is joined by Lori Sommerfield, a partner in Troutman Pepper Locke’s Consumer Financial Services Practice Group, to discuss...more

Venable LLP

The Biden/Chopra CFPB's 2025 Guidance Compendium: A Last Gasp or Lasting Legacy?

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On the eve of a change in administration, the Biden/Chopra CFPB released a "Compendium of Recent CFPB Guidance," a sweeping collection of interpretations of federal consumer financial laws under the current leadership...more

Holland & Knight LLP

2023 Artificial Intelligence Regulation: An Update from a Senior FTC Official

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Holland & Knight hosted Michael Atleson, a senior attorney for the Federal Trade Commission (FTC or Commission), for a webinar presentation on Nov. 7, 2023. Mr. Atleson has been with the FTC for nearly two decades and...more

Holland & Knight LLP

Holland & Knight Data Privacy and Security Report: April 2023

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Welcome to Holland & Knight's monthly data privacy and security news update that includes the latest in policy, regulatory updates and other significant developments. ...more

Holland & Knight LLP

Holland & Knight Data Privacy and Security Report: March 2023

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Welcome back to Holland & Knight's monthly data privacy and security news update that includes the latest in policy, regulatory updates and other significant developments. ...more

Nutter McClennen & Fish LLP

Nutter Bank Report: October 2021

Federal and State Financial Regulators Publish New Guidance on LIBOR Transition - The federal banking agencies, the NCUA and the CFPB, in conjunction with the state bank and state credit union regulators, have issued joint...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

Vinson & Elkins LLP

What You Need To Know About White-Collar Criminal Enforcement Under The Biden Administration

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A new sheriff is in town — and that means the potential for big changes ahead for white-collar criminal enforcement in terms of specific areas of focus and volume of investigations...more

Wiley Rein LLP

Wiley Consumer Protection Download (March 29, 2021)

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Welcome to Wiley’s update on recent developments and what’s next in consumer protection at the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC). In this newsletter, we analyze recent regulatory...more

Cadwalader, Wickersham & Taft LLP

State Attorney General Insider – Winter 2020-2021 | December 2020 | Issue No. 3, Broad Strokes: State Attorneys General Continue...

Since our last Insider, much of the policy and enforcement focus of the state Attorneys General has been centered on issues around the COVID-19 pandemic, social unrest and election integrity....more

Perkins Coie

Fintech Week in Review - February 2021 #3

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FDIC Appoints First Chief Innovation Officer - On February 16, 2021, the Federal Deposit Insurance Corporation (FDIC) appointed Sultan Meghji as the agency’s first Chief Innovation Officer. Meghji has been made responsible...more

Ballard Spahr LLP

CFPB Files First Enforcement Action Under Biden Administration

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Earlier this week, the CFPB announced that it has filed its first enforcement action under the leadership of Acting Director Uejio. The lawsuit was filed in a Virginia federal district court jointly with the Attorneys...more

Goodwin

SEC Issues No-Action Relief On Registered Funds’ Custody Of Loan Interests

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In this Issue. The U.S. Securities and Exchange Commission (SEC) was very active this week, having (i) issued no-action relief allowing registered funds to engage in self-custody of interests in loans that are originated,...more

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