News & Analysis as of

Regulatory Authority Consumer Financial Protection Act (CFPA)

Troutman Pepper Locke

Rescission of CFPB’s 2022 Interpretive Rule: A Shift in the Scope of State Enforcement Authority Under the CFPA

Troutman Pepper Locke on

On May 15, the Consumer Financial Protection Bureau (CFPB or Bureau) officially rescinded its May 2022 interpretive rule concerning the scope of state enforcement authority under § 1042 of the Consumer Financial Protection...more

McGuireWoods LLP

States May Not Obtain Civil Money Penalties Under the Consumer Financial Protection Act

McGuireWoods LLP on

There has been much speculation that States will fill the void created by the Trump Administration’s drastic scaling back of the Consumer Financial Protection Bureau. Congress authorized both state attorneys general and state...more

Orrick, Herrington & Sutcliffe LLP

District court rejects CFPB’s efforts to pause lawsuit against bank

On March 10, the U.S. District Court for the Northern District of Texas denied the CFPB’s motion to pause its lawsuit against a bank, stating the Bureau failed to explain how a stay in litigation “would be in the interest of...more

Hudson Cook, LLP

Expect To Feel Aftershocks Of Chopra's CFPB Shake-Up

Hudson Cook, LLP on

The future of the Consumer Financial Protection Bureau — and federal enforcement of consumer financial laws more generally — is uncertain. The Trump administration has ordered the CFPB to freeze all enforcement activity,...more

Ballard Spahr LLP

CFPB issues compendium of bureau guidance issued between October 2021 and January 2025

Ballard Spahr LLP on

As the Biden Administration came to a close, the CFPB released a compendium of guidance documents issued by the bureau between October 2021 and January 2025....more

Holland & Knight LLP

CFPB Finalizes New Federal Supervision of Certain Providers of Digital Wallets, Payment Apps

Holland & Knight LLP on

The Consumer Financial Protection Bureau (CFPB) on Nov. 21, 2024, issued a final rule to supervise larger nonbank companies that offer "general-use digital consumer payment applications" such as digital wallets, payment apps...more

Ballard Spahr LLP

Another target of CFPB enforcement action argues that lawsuit filed on August 23, 2023 must be dismissed because the CFPB lacked...

Ballard Spahr LLP on

We have recently blogged about two other actions in which this issue has been raised (one being a declaratory judgment action filed against the CFPB on July 23, 2024 in the E.D. Tex. and the other being an enforcement action...more

Ballard Spahr LLP

FirstCash Files Motion for Partial Summary Judgment in Case Filed by CFPB

Ballard Spahr LLP on

FirstCash, a national pawnshop chain, is asking a federal judge to confirm that it has a statutory defense to all of the CFPB’s claims that it violated the Military Lending Act (MLA) while also asking the judge to drop three...more

Ballard Spahr LLP

Third Circuit Holds Securitized Trusts Are Covered Persons Under CFPA

Ballard Spahr LLP on

On March 19th, the United States Court of Appeals for the Third Circuit issued an opinion in CFPB v. National Collegiate Master Student Loan Trust et al. (the “Trusts”). The issue before the Third Circuit was whether certain...more

Cadwalader, Wickersham & Taft LLP

Third Circuit Finds Statutory Trusts Are Subject to CFPB Jurisdiction

On Tuesday, the Third Circuit, handed down a decision in a case involving the Consumer Financial Protection Bureau ("CFPB") and the National Collegiate Master Student Loan Trust ("NCMSL") that finds that statutory trusts used...more

Ballard Spahr LLP

CFPB issues supervision order establishing supervision over World Acceptance using risk-based authority

Ballard Spahr LLP on

The CFPB has released a supervisory order which establishes that the CFPB has supervisory authority over World Acceptance Corp. (WAC) based on the CFPB’s conclusion that it has reasonable cause to determine that WAC “is...more

Kaufman & Canoles

CFPB Proposes New Rule on Overdraft Practices

Kaufman & Canoles on

On January 18, 2024, the CFPB proposed an extensive (211-page) rule on overdraft practices applicable to Financial Institutions (FIs) of $10 billion or more in assets (so called “very large FIs”). The proposed rule would not...more

American Conference Institute (ACI)

What the CFPB’s ‘Larger Participants’ Rule Means for FinTech Firms

Certain financial technology (FinTech) firms will soon be subject to the Consumer Financial Protection Bureau’s (CFPB) supervisory authority under the Consumer Financial Protection Act, and should be prepared accordingly....more

Ballard Spahr LLP

Texas Federal District Court invalidates CFPB Exam Manual changes which opined that discrimination is a UDAAP violation

Ballard Spahr LLP on

As we predicted long ago, on Friday, September 8, 2023, the Federal District Court for the Eastern District of Texas vacated the changes made in March 2022 to the CFPB’s Exam Manual. On that date, the CFPB purported to use...more

Troutman Pepper Locke

Supreme Court Denies Oral Argument to Republican State AGs Who Argue That the CFPB Funding Mechanism Is Unconstitutional

Troutman Pepper Locke on

On August 21, the U.S. Supreme Court denied a request by West Virginia Attorney General (AG) Patrick Morrisey and 26 other state AGs to participate in oral arguments in Consumer Financial Protection Bureau (CFPB) et al. v....more

Ballard Spahr LLP

New York federal court stays lawsuit filed jointly by CFPB and New York Attorney General pending SCOTUS decision in CFSA

Ballard Spahr LLP on

In January 2023, the CFPB filed a lawsuit in a New York federal district court jointly with the New York Attorney General (NYAG) against an auto finance company alleging violations of the Consumer Financial Protection Act...more

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