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Ballard Spahr LLP

Community Groups File Lawsuit Seeking to Force CFPB to Implement the Section 1071 Rule

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The saga of the CFPB’s section 1071 small business data collection and reporting rule continues. Rise Economy, fka California Reinvestment Coalition (Rise), the National Reinvestment Coalition (NCRC), the Main Street Alliance...more

Ballard Spahr LLP

Senate Banking Republican reconciliation bill would eliminate CFPB funding source

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The Senate Banking, Housing and Affairs Committee (Banking Committee) would eliminate the CFPB’s current funding source, as part of Committee’s Republican version of its part of the massive budget reconciliation bill,...more

Troutman Pepper Locke

CFPB Signals Review of Mortgage Servicing and Larger Participant Rules

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Last week, the Consumer Financial Protection Bureau (CFPB or Bureau) submitted several regulatory proposals to the Office of Management and Budget (OMB) for review. Among the rules under consideration are those related to...more

Ballard Spahr LLP

CFPB Files Rulemaking Items With Office of Management and Budget

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The CFPB recently made filings with the Office of Management and Budget (OMB) regarding the following rules...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Everything You Want to Know About the CFPB as Things Stand Today, and Lots More - Part 1

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Our podcast show being released today is Part 1 of a repurposed interactive webinar that we presented on March 24, featuring two of the leading journalists who cover the CFPB - Jon Hill from Law360 and Evan Weinberger from...more

Ballard Spahr LLP

House Subcommittee to hold Wednesday hearing on role of CFPB

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The House Financial Services Committee’s Financial Institutions Subcommittee will hold a hearing on Wednesday, March 26, to discuss possible changes to the structure and responsibilities of the CFPB....more

Sheppard Mullin Richter & Hampton LLP

New CFPB Director Testifies on Agency Leadership and Enforcement Approach

On February 27, new CFPB Director Jonathan McKernan testified before the Senate Banking Committee, emphasizing his commitment to enforcing the law while operating within the confines of the law. His testimony focused on his...more

Ballard Spahr LLP

CFPB Nominee McKernan: Bureau will continue its work

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Jonathan McKernan, President Trump’s nominee to head the CFPB, pledged that the agency would “implement and enforce the federal consumer financial laws and perform each of its other statutorily assigned functions.”...more

Troutman Pepper Locke

Troutman Pepper Locke Weekly Consumer Financial Services Newsletter – February 2025 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week....more

Troutman Pepper Locke

New Leadership and Dramatic Changes at the CFPB: Future of the Bureau Uncertain

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In a dramatic series of events, the Consumer Financial Protection Bureau (CFPB or Bureau) has undergone leadership changes, signaling a significant shift in its regulatory approach. These changes began with the firing of...more

Ballard Spahr LLP

Republicans renew efforts to repeal Section 1071

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Republicans on Capitol Hill are seeking to repeal a section of the Dodd-Frank Act that requires financial institutions to report information contained in loan applications submitted by women-owned, minority-owned and...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: Alan Kaplinsky’s “Fireside Chat” with Former CFPB Leader David Silberman: His Experience...

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Today’s podcast episode is a repurposing of part one of our December 16 highly-attended and praised webinar consisting of Alan Kaplinsky’s exclusive interview of David Silberman, who held several senior positions at the CFPB...more

Ballard Spahr LLP

CFPB calls on states to be more aggressive in enforcing consumer financial protection laws

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The CFPB is calling on state governments to increase their focus on consumer financial protection laws....more

Husch Blackwell LLP

CFPB Reboots Policy Statements for No-Action Letters and Compliance Assistance Sandbox Approvals Days Before Administration Change

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On January 10, 2025, the Consumer Financial Protection Bureau (CFPB) revived its policy statements on No-Action Letters (NALs) and Compliance Assistance Sandbox (CAS) Approvals. These unexpected changes come just days before...more

Skadden, Arps, Slate, Meagher & Flom LLP

CFPB Finalizes Rule To Subject Large Payment Apps to Direct Supervision

On November 21, 2024, the Consumer Financial Protection Bureau (CFPB) issued a final rule that deems payment app providers “larger participants” subject to the agency’s direct supervision (Rule)....more

Bradley Arant Boult Cummings LLP

Future of Fair Access to Banking: Will 2025 See Federal Action?

The start of the second Trump administration is fast approaching, and it raises prospects of a renewed push for federal-level fair access to banking requirements. The first Trump administration came close to enacting such a...more

Ballard Spahr LLP

Plaintiffs free to appeal CFPB 1071 Rule after some plaintiffs drop their CFPB unlawful funding claim

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On August 26, 2024, Chief Judge Randy Crane in the E.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the CFPB’s 1071 Rule (small business loan data collection rule)....more

Ballard Spahr LLP

Texas Judge Rules CFPB Did Not Exceed Authority in Issuing Small Business Reporting Rule

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In a tentative win for the CFPB, a federal judge in Texas ruled on August 26, 2024, that the agency did not exceed its authority when it issued its final Section 1071 small business lending rule. The court also rejected...more

Ballard Spahr LLP

CFPB files its reply brief in support of the CFPB’s motion to dissolve the preliminary injunction in the credit card late fee...

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On August 22, 2024, the CFPB filed its reply brief in support of its motion to dissolve the preliminary injunction and lift the stay of the CFPB’s credit card late fee final rule (“Rule”) in the lawsuit challenging the Rule....more

Ballard Spahr LLP

In finding no National Bank Act Preemption, Ninth Circuit Ignores Supreme Court Directive in and Pays Lip Service to Cantero v....

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In a surprising quick turn of events, on remand from SCOTUS, the 9th Circuit, on August 23, 2024, issued its unanimous unpublished panel opinion in Kivett v. Flagstar Bank, FSB (Kivett II) in which it essentially re-affirmed...more

Ballard Spahr LLP

Consumer groups show support of CFPB’s Auto Finance Data Pilot and urge the Bureau to expand its data collection

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In February 2023, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) announced an auto finance data pilot, where it ordered nine large auto lenders to provide information about their auto lending portfolios....more

Ballard Spahr LLP

Plaintiffs file their brief in opposition to CFPB’s motion to dissolve the preliminary injunction in the credit card late fee...

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On August 8, 2024, the plaintiffs filed their brief in opposition to the CFPB’s motion to dissolve the preliminary injunction in the lawsuit challenging the CFPB’s credit card late fee final rule (“Rule”). In their brief, the...more

Ballard Spahr LLP

Populus files motion to dismiss CFPB enforcement action based on fact that CFPB has been unlawfully funded by Fed when it had no...

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We have previously blogged about an enforcement action brought on July 12, 2022 by the CFPB against Populus Financial Group, Inc., d/b/a ACE Cash Express, Inc. in Federal District Court for the Northern District of Texas...more

Hudson Cook, LLP

CFPB Bites of the Month - July 2024 - The CFPB Shines Like the 4th of July

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In this month's article, we share some of our top "bites" for the prior and current month covered during the July 2024 webinar....more

Shipkevich PLLC

CFPB to Begin Tracking Offenders through National Registry

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The CFPB has issued a final rule to provide transparency and track certain covered nonbank offenders. On June 3, 2024, the CFPB introduced a significant regulatory measure known as the Registry of Nonbank Covered Persons...more

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