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 engaging in or has engaged in conduct that poses risks to consumers with regard to the offering or provision of one or more consumer financial products or services.” … Continue Reading
Michael Gordon
CFPB revises supervisory appeals process
The CFPB has revised its internal supervisory appeals process for institutions seeking to appeal a compliance rating or an adverse material finding. The revisions became effective immediately upon publication in the Federal Register on February 22, 2024.
As an initial matter, the revised appeals process references the “Supervision Director” rather than the “Associate Director” (for supervision, enforcement, and fair lending). … Continue Reading
CFPB recaps 2023 enforcement activity and highlights plans to expand enforcement capacity in 2024
In a blog post published earlier this week titled “The CFPB’s enforcement work in 2023 and what lies ahead,” the CFPB discussed its 2023 enforcement activity and highlighted its plans to expand its enforcement capacity in 2024.
The CFPB indicated that in 2023, it filed 29 enforcement actions and resolved through final orders 6 previously-filed lawsuits. … Continue Reading
OIG report finds CFPB can enhance certain aspects of its enforcement investigations process
The Office of Inspector General (OIG) for the Federal Reserve Board and CFPB has issued a report on its evaluation of the CFPB’s process for conducting enforcement investigations. OIG concluded that the CFPB can enhance certain aspects of that process as described below.
In its evaluation, OIG focused on the efficiency of the Office of Enforcement’s process for conducting investigations, and reviewed Enforcement’s practices for tracking and monitoring matters. … Continue Reading
CFPB issues annual report on college credit card agreements
Last week, the CFPB released its twelfth annual report to Congress on college credit card agreements. The annual report is mandated by the CARD Act.
The CARD Act requires mandatory reporting to the CFPB by card issuers on agreements with institutions of higher learning or certain affiliated organizations (such as alumni associations). … Continue Reading
CFPB Fall 2023 rulemaking agenda indicates imminent issuance of final credit card late fees rule and proposed rules on overdraft and NSF fees
The CFPB has released its Fall 2023 rulemaking agenda as part of the Fall 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions. The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates having the regulatory matters identified [in the agenda] under consideration during the period from November 2023 to October 2024.”… Continue Reading
House votes to override CFPB small Business lending rule
Last week, by a vote of 221-202, the House of Representatives voted to approve S.J. 32, the resolution introduced under the Congressional Review Act to override the CFPB’s final Section 1071 small business lending rule (1071 Rule). The Senate voted to approve S.J. 32 in October 2023. President Biden is expected to veto the resolution and there is unlikely to be sufficient votes to override his veto. … Continue Reading
CFPB issues Semi-Annual Report to Congress; CFPB Director Chopra to appear before House and Senate Committees this week
Last week, the CFPB issued its Semi-Annual Report to Congress covering the period beginning October 1, 2022 and ending March 31, 2023.
Today, CFPB Director Chopra appeared before the House Financial Services Committee for a hearing, “The Semi-Annual Report of the Consumer Financial Protection Bureau.” Tomorrow, he is scheduled to appear before the Senate Banking Committee for a hearing, “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.”… Continue Reading
CFPB issues annual FDCPA report; FTC issues annual letter on debt collection to CFPB
The CFPB has issued its annual Fair Debt Collection Practices Act report covering the CFPB’s debt collection activities in 2022. The report incorporates information from the FTC’s most recent annual letter to the CFPB describing its 2022 activities in the debt collection market.
CFPB Report. The CFPB report includes a “spotlight” section on the collection of medical bills. … Continue Reading
Fifth Circuit stays further proceedings in CFPB appeal of summary judgment in lawsuit challenging UDAAP exam manual changes pending SCOTUS decision in CFSA v. CFPB
Earlier this month, the CFPB filed a notice with the Texas federal district court that it is appealing to the Fifth Circuit the district court’s order granting summary judgment to a group of trade associations in their lawsuit against the CFPB challenging the changes made to its UDAAP Exam Manual in March 2022. … Continue Reading