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Final Rules Financial Services Industry Congressional Review Act

Troutman Pepper Locke

House Passes Two CRA Resolutions Rolling Back CFPB’s Overdraft and Digital Payment Rules

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On April 9, the House of Representatives passed two Congressional Review Act (CRA) joint resolutions aimed at nullifying certain Consumer Financial Protection Bureau (CFPB) rules finalized in the final days of the...more

Morrison & Foerster LLP

Leaning In: The CFPB Publishes Rule on Fees for Overdraft Services

On December 30, 2024, the Consumer Financial Protection Bureau (CFPB) published a final rule that may dramatically change the way that certain large financial institutions offer overdraft services to consumers. Under the...more

Morrison & Foerster LLP

CFPB Asserts Authority to Supervise Large Digital Wallet and Payment App Providers

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On December 10, 2024, the Consumer Financial Protection Bureau (CFPB) published a final rule (“Final Rule”) to supervise large providers of digital wallets and payment apps. Specifically, the Final Rule, entitled Defining...more

Ballard Spahr LLP

House Republican introduces resolution to nullify CFPB non-bank registry rule

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Rep. Andy Ogles, R-Tenn., on August 30, 2024 introduced in the House of Representatives a resolution under the Congressional Review Act (CRA) that would nullify the CFPB’s final nonbank registry rule....more

Troutman Pepper Locke

Update: Congress Passes Resolutions to Override CFPB’s Section 1071 Final Rule, Biden Vows to Veto

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As discussed here, this summer, Representative Roger Williams (R-Texas) and Senator John Kennedy (R-La.) introduced identical Congressional Review Act (CRA) resolutions in the U.S. House and Senate (H.J. Res. 66 and S. J....more

Troutman Pepper Locke

Congressional Republicans Receive Banking and Credit Union Trade Association Support for Legislation to Overturn the CFPB’s...

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This summer, Representative Roger Williams (R-Texas) and Senator John Kennedy (R-La.) introduced identical Congressional Review Act (CRA) resolutions in the U.S. House and Senate (H.J. Res. 66 and S. J. Res. 32, respectively)...more

Ballard Spahr LLP

Consumer Advocates Petition CFPB to Undertake Rulemaking to Prohibit “Pre-dispute” Consumer Arbitration Clauses

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Earlier last week, a group of consumer advocate organizations filed a Petition for Rulemaking with the CFPB that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses...more

Goodwin

House Votes to Repeal OCC True Lender Rule

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In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more

Nutter McClennen & Fish LLP

Nutter Bank Report, July 2017

CFPB Arbitration Rule Will Prevent Firms From Blocking Class Action Lawsuits - The CFPB has approved a new rule that will prohibit banks and other covered providers of certain consumer financial products and services from...more

Brownstein Hyatt Farber Schreck

CFPB Moves to Eliminate Class Action Waivers in Arbitration Clauses, but Congress Looks to Keep the Rule Off the Books

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) unveiled a long-awaited and highly contentious final rule to severely curtail the scope of arbitration clauses in consumer financial contracts. While the rule...more

Ballard Spahr LLP

CFPB prepaid card rule survives Senate CRA challenge

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The CFPB’s final prepaid card rule has survived Republican efforts to nullify the rule under the Congressional Review Act (CRA). The CRA establishes a special set of procedures through which Congress can nullify final...more

Ballard Spahr LLP

Will the CFPB issue a final arbitration rule before Jan. 20?

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Last week, the Wall Street Journal reported that the CFPB is pushing to finalize its arbitration rule before Donald Trump’s inauguration as President on January 20.  The comment period on the proposed rule closed on August...more

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