CFPB General

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On June 7, 2017, Attorney General Jeff Sessions issued a memorandum directing that “Department attorneys may not enter into any agreement on behalf of the United States in settlement of federal claims or charges . . . that directs or provides for a payment or loan to any non-governmental person or entity that is not a party to the dispute.”… Continue Reading

While our blog tends to focus primarily on regulatory, supervisory and enforcement developments at the CFPB, the CFPB also performs an important function in educating consumers about scams.

I frequently receive voicemail messages at home from people who are tell me that they are calling on behalf of the IRS to warn me that I will be arrested because of problems with my tax returns unless I promptly call a telephone number that they provide. … Continue Reading

On June 5, 2017, the U.S. Supreme Court handed down a unanimous decision in Kokesh v. SEC. In Kokesh, the SEC took the position that disgorgement was not a penalty and therefore not subject to the statute of limitations in 28 U.S.C. § 2462. The Court held that disgorgement remedies are indeed “penalties” and therefore  subject to the five-year statute of limitations in § 2462.… Continue Reading

At the American Law Institute (ALI) annual meeting in Washington, DC on May 22-24th, members had the opportunity to review a discussion draft of the Restatement of the Law Third, Consumer Contracts.  The draft is the result of the ALI’s 2012 initiative to supplement the Restatement Second of Contracts and Uniform Commercial Code (UCC) with a Restatement dedicated to transactions made solely by consumers for personal or household purposes.… Continue Reading

The Office of Inspector General for the Fed and CFPB has completed a report setting forth its findings from an audit in which it evaluated “selected security controls for protecting the [CFPB’s] consumerfinance.gov website from compromise.”  Instead of releasing the full report, the OIG only released an executive summary, stating that “given the sensitivity of our information security work, our reports in this area generally are restricted.”… Continue Reading

The CFPB has issued its May 2017 complaint report highlighting complaints from “older consumers,” who the CFPB defines as consumers who voluntarily reported their age as 62 or older.  The CFPB reports that consumers voluntarily reported their age in 54 percent of complaints.

General findings include the following:

  • As of April 1, 2017, the CFPB handled approximately 1,163,200 complaints nationally, of which approximately 103,100 (9 percent) were submitted by older consumers, including approximately 2,200 older consumer complaints in March 2017. 
… Continue Reading

On May 24, 2017, the US Court of Appeals for the D.C. Circuit (D.C. Circuit) held oral argument in the PHH case, which we have blogged about extensively. The constitutionality of the CFPB’s structure was the central issue at the oral argument, occupying the vast majority of the time and the judges’ questions.… Continue Reading

One of the hallmarks of the CFPB’s enforcement actions has been its use of those actions to announce new legal standards. Navient attacks this enforcement strategy in its motion to dismiss a recent case brought against it by the CFPB. On January 18, 2017, the CFPB sued Navient, alleging a number of violations.… Continue Reading