CFPB, Federal Agencies, State Agencies, and Attorneys General
The Biden Transition has announced that President-elect Biden has nominated Rohit Chopra to serve as CFPB Director.
Mr. Chopra currently serves as an FTC Commissioner, having been appointed by President Trump in 2018 to fill one of the Democratic seats on the FTC.
The nomination of Mr. Chopra as Director will return him to the…
As we recently reported, the CFPB released new guidance on January 13, 2021, in an effort to give industry participants more concrete guidance about how to tackle the sometimes-daunting issue of serving customers in non-English languages. Director Kraninger announced the guidance in a blog post of her own, and reached out with telephone calls…
After reviewing what EWA is and the different models used for EWA programs, we discuss federal and state regulatory issues raised by such programs, the CFPB’s advisory opinion on such programs and the questions it raises, how a change in CFPB leadership under the Biden Administration could impact such programs, and the future of such…
In a development welcomed by industry members, the CFPB published today a “Statement Regarding the Provision of Financial Products and Services to Consumers with Limited English Proficiency.” The Statement is intended to provide “compliance principles and guidelines to inform and assist financial institutions in their decision making related to serving LEP consumers.”
The…
The CFPB’s Taskforce on Federal Consumer Financial Law released its report making recommendations on how to improve consumer protection in the financial marketplace.
The CFPB created the Taskforce in October 2019 to examine ways to harmonize and modernize federal consumer financial laws. The Taskforce was charged with examining the existing legal and regulatory environment for…
The CFPB has issued an approval order through its Compliance Assistance Sandbox Policy (CAS Policy) to Synchrony Bank in connection with a proposed “dual-feature” credit card (DFCC) program.
The CFPB instituted the CAS Policy in 2019 in an attempt to encourage innovation through the testing of financial products that could benefit consumers but might pose…
On December 30, 2020, the CFPB announced a consent order with Omni Financial of Nevada, Inc. based on alleged violations of the Military Lending Act (MLA) and Electronic Funds Transfer Act (EFTA). This is the second consent order announced as part of a sweep of investigations for potential MLA violations.
According to the CFPB, Omni…
The CFPB has issued an approval order through its Compliance Assistance Sandbox Policy (CAS Policy) to Payactiv in connection with its earned wage access (EWA) program.
The approval order confirms that Payactiv’s EWA program described in the order does not involve the offering or extension of “credit” as defined by section 1026.2(a)(14) of Regulation Z,…
Less than six weeks after hearing oral argument, a unanimous panel of the U.S. Court of Appeals for the Ninth Circuit ruled that the CID issued to Seila Law was validly ratified by Director Kraninger and affirmed the district court’s decision granting the CFPB’s petition to enforce the CID.
After ruling that the CFPB’s…
The CFPB has filed its reply in support of its cross-motion for summary judgment in the lawsuit filed by two industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the 2017 Rule). The briefing on the parties’ cross-motions for summary judgment has now closed. The court has…
