CFPB, Federal Agencies, State Agencies, and Attorneys General
Today marks the tenth anniversary of our blog, Consumer Finance Monitor. Originally named CFPB Monitor, we launched our blog to coincide with the CFPB’s first day.
Over the past ten years, our blog has received numerous awards and been recognized as a source of authoritative analysis and commentary. Since launching our blog, it has been…
In the lawsuit alleging wrongful delay by the CFPB in adopting regulations to implement Section 1071 of the Dodd-Frank Act, the parties have entered into a stipulation that requires the CFPB to issue a Notice of Proposed Rulemaking (NPRM) by September 30, 2021.
Section 1071 amended the ECOA to require financial institutions to collect and…
The CFPB announced earlier this week that it has issued a consent order against GreenSky, LLC that finds GreenSky engaged in unfair acts and practices in connection with its origination and servicing activities related to its point-of-sale financing program. The consent order requires GreenSky to refund or cancel up to $9 million in point-of-sale loans…
Last Friday, President Biden issued an Executive Order on Promoting Competition in the American Economy. Much of the Order is directed at increasing competition in the labor market, transportation, agriculture, healthcare, and technology. It calls on the FTC, the DOJ, and other agencies to pursue vigorous enforcement of the antitrust laws. The Order also…
Following the U.S. Supreme Court’s decision last month in Collins v. Yellin (previously captioned Collins v. Mnuchin), controversy quickly erupted over the decision’s implications for the CFPB in three pending cases: All American Check Cashing and the two cases involving the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule).
In Collins,…
On June 28, 2021, the CFPB issued its Mortgage Servicing COVID-19 Final Rule (the “Final Rule”). The Final Rule, which amends Regulation X, is effective August 31, 2021, and comes at the same time as certain related updates from other Federal agencies. We discuss those topics, along with an overview of the Final Rule, below.…
July 21, 2021 will mark the 10th anniversary of the CFPB opening for business. It will also mark the 10th anniversary of our blog, Consumer Finance Monitor, which we intentionally launched on the CFPB’s first day.
In our two-part webinar, we will review the Bureau’s significant initiatives to date and share our thoughts on the…
On June 29, 2021, the CFPB and the Attorney General of the State of Georgia filed a proposed order in connection with a joint lawsuit they filed a day earlier in federal district court in Georgia against Maryland-based debt-relief and credit-repair company Burlington Financial Group (“Burlington”) and three individual owners and executives. In the lawsuit…
Last week, the White House announced that President Biden intends to nominate Dave Uejio, who currently serves as CFPB Acting Director, to serve as Assistant Secretary for Fair Housing and Equal Opportunity at the Department of Housing and Urban Development.
In January 2021, President Biden named Rohit Chopra to serve as CFPB Director. Mr. Chopra…
In its decision earlier this week in Collins v. Yellin (previously captioned Collins v. Mnuchin), the U.S. Supreme Court, relying on its decision in Seila Law, held that the Federal Housing Finance Agency’s structure is unconstitutional because the Housing and Economic Recovery Act of 2008 only allows the President to remove the…
