CFPB, Federal Agencies, State Agencies, and Attorneys General
We want to make our blog readers aware (or remind those that already know) that the CFPB will provide informal staff guidance on its regulations in response to specific questions that are submitted through its website portal.
The Bureau indicates that a company that submits a question can expect to hear back from the…
The Fifth Circuit has entered an order staying the compliance date of the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) until 286 days after the trade groups’ appeal is resolved.
The trade groups have appealed from the district court’s final judgment granting the CFPB’s summary judgment motion and…
Seila Law has sent a letter advising the Ninth Circuit that it will not seek further review from the U.S. Supreme Court.
After the Supreme Court ruled that the CFPB’s structure was unconstitutional and remanded the case for further consideration, a unanimous Ninth Circuit panel ruled that the civil investigative demand (CID) issued to Seila…
Last week, the CFPB simultaneously filed a lawsuit against American Advisors Group (AAG) in a California federal district court and a proposed stipulated final judgment and order to settle the lawsuit. The lawsuit alleged that AAG inflated estimated home values in marketing its reverse mortgage product and made false representations about AAG’s effort to ensure…
The CFPB has published the statement that Director Chopra sent to CFPB staff and other financial regulators following his swearing-in on October 12. The statement can be found here.
As expected, with Rohit Chopra having been sworn in on October 12 as CFPB Director, the Bureau announced senior leadership changes today. The changes consist of the following:
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Yesterday, October 12, Rohit Chopra was sworn in as CFPB Director. Tomorrow, October 14, from 12:00 p.m. to 1:00 p.m. ET, Ballard Spahr will hold a webinar, “Rohit Chopra Confirmed as New CFPB Director: What to Expect Next?” Click here for more information and to register.
According to media reports, now former Acting Director Dave…
The Consumer Bankers Association has sent a letter to Rohit Chopra, the incoming CFPB Director, in which it urges the CFPB to adopt a larger participant rule for fintech consumer lenders.
Under the Dodd-Frank Act, in addition to authority to supervise nonbank entities in the residential mortgage, private student lending, and payday lending markets, the…
More than a month after it was issued, the CFPB’s notice of proposed rulemaking (NPRM) to implement Section 1071 of the Dodd-Frank Act was published in the Federal Register on Friday, October 8. Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with credit applications made by…
The CFPB has released frequently asked questions on the limited-content message and call frequency provisions of its debt collection rule (Regulation F) that becomes effective on November 30, 2021. While many of the FAQs repeat what is stated in the rule, they do provide some clarifying information which we highlight below.
Limited content message (LMC). …
