John L. Culhane, Jr.

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The CFPB soon plans to issue a final rule that would require certain supervised nonbank entities to register with it and provide information about their use of certain terms and conditions in standard-form contracts for consumer financial products or services that seek to waive or limit consumer rights or legal protections (“Covered Terms”).… Continue Reading

On June 26, 2024, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) released its annual Fair Lending Report (the “Report”) for the calendar year 2023. The reporting period ran through December 31, 2023, so any subsequent fair lending developments are not included.

The first section of the Report covers the CFPB’s fair lending enforcement and supervision activities in 2023.… Continue Reading

The CFPB has released its Summer, 2024 Supervisory Highlights, covering issues ranging from student loan servicing to financial institution supervision of medical providers offering payment products. The report covers the period from April 1, 2023 to December 31, 2023.

Here are key findings from the report:

  • CFPB examiners reported finding several instances of unfair, deceptive or abusive practices at companies servicing auto loans.
… Continue Reading

Two federal judges recently said that the Education Department lacked the power to reduce or cancel federal student loans under the SAVE program; an appeals court subsequently lifted the injunction in one case.

In cases filed by Republican state officials, federal judges in Kansas and Missouri, both Democratic appointees, issued injunctions, saying that Congress had not given the Department of Education the power to reduce and cancel those loans as it had planned to do under the SAVE program.… Continue Reading

On July 1, 2024, the Supreme Court issued its opinion in Corner Post, Inc. v Board of Governors of the Federal Reserve System in which the Court determined when a Section 702 claim under the Administrative Procedure Act (APA) to challenge a final agency action first accrues. In a 6-3 Opinion, the Supreme Court sided with Corner Post in holding that a right of action first accrues when the plaintiff has the right to assert it in court—and in the case of the APA, that is when the plaintiff is injured by final agency action.… Continue Reading

On June 25th, the CFPB issued an interim final rule with a request for public comment extending the compliance dates for the Small Business Lending Rule in light of the Supreme Court’s decision finding the funding structure of the CFPB to be constitutional in CFPB v. Community Financial Services Association of America (CFSA).… Continue Reading

On August 6, 2024, we will be holding a 90 minute webinar roundtable featuring 3 administrative law professors who are among the country’s leading experts on the Chevron Deference Doctrine. To register, click here.

We already have published a short blog about the Supreme Court’s opinion issued on Friday, July 28 in Loper Bright Enterprises et al v.… Continue Reading

The U.S. Supreme Court on Friday overturned the long-standing Chevron Deference Doctrine, saying that judges—not federal agencies—should interpret federal laws.

In a 6-3 decision in two marine fishery cases, the court drastically shifted the balance of power in the federal government, saying that the Administrative Procedure Act (APA) gives judges the power, not agencies, to interpret statutes.… Continue Reading

In the same 2023 bill (House Bill 23-1229) that included Colorado’s DIDMCA opt-out**, Colorado adopted a statute excepting certain “general-purpose credit cards”, as defined, from the state’s limitations on finance charges and fees applicable to consumer transactions, effective July 1, 2024. However, ambiguities in the definition of “general-purpose credit card” have perplexed many in the industry.… Continue Reading

A new CFPB report, “Negative Equity in Auto Lending,” contains an analysis of data relating to the financing of negative equity in vehicle trade-ins.  The report uses data collected by the CFPB in response to nine market monitoring orders issued by the CFPB in February 2023.  The orders were issued to three banks, three finance companies, and three captive lenders requesting information about their auto lending portfolios. … Continue Reading