On November 5, 2020, the CFPB named Driver Loan, LLC (“Driver Loan”) and its Chief Executive Officer as defendants in a two-count complaint filed in a Florida federal district court that alleges they engaged in deceptive acts and practices in violation of the Dodd-Frank Act’s UDAAP prohibition in connection with taking deposits from and making

The CFPB announced that it has entered into a settlement with Afni, Inc. to address its alleged FCRA violations in furnishing consumer information to consumer reporting agencies (CRAs).  Afni is a debt collector specializing in the collection of debts on behalf of telecommunications companies.  The consent order imposes a $500,000 civil money penalty.

The FCRA/Regulation

The CFPB and the Colorado AG’s Office have announced they will hold joint virtual office hours as part of the American Consumer Financial Innovation Network (ACFIN).  The joint virtual office hours will be held on December 2, 2020.  CFPB Director Kraninger and Colorado AG Weiser will participate in this event. 

The CFPB announced ACFIN’

Continuing our series of blog posts breaking down the CFPB’s final debt collection rule, we now discuss whether the November general election results are likely to have any impact on the final collection rule.

It seems clear that, though President Trump has yet to concede, Joe Biden has won the presidential election. We expect President-elect

The CFPB has published a notice in the Federal Register indicating that it has hired a contractor to conduct one-on-one consumer interviews “to evaluate and refine potential options for a Bureau-designed payday loan disclosure.”  The Bureau indicated when it issued its final rule rescinding the ability-to-repay provisions in its final payday loan rule that it

The Biden transition has announced the members of its agency review teams.

The team leaders include the following individuals:

CFPB.  The team will be led by Leandra English, who is currently with the New York Department of Financial Services.  As our blog readers may recall, Ms. English was appointed CFPB Deputy Director by

We take a close look at the role of the new Office of SEFL Policy and Strategy to be created by the plan and how the plan would change the CFPB’s current enforcement decision-making process.  We also look at how the plan aligns with the approach of federal banking regulators, share our reactions to criticism

Last week, the CFPB filed a lawsuit in a California federal district court against Performance SLC LLC, Performance Settlement, and Daniel Crenshaw, the owner and CEO of the two companies.  Performance SLC is a debt-settlement company focused on federal student loan debt, and Performance Settlement is also a debt-settlement company.

The complaint alleges that Performance

The CFPB has issued a no-action letter (NAL) to a bank to facilitate the bank’s ability to offer a small-dollar loan product.

In May 2020, the CFPB issued a No-Action Letter Template for small-dollar loan products (Template) offered by insured depository institutions or credit unions subject to the Bureau’s supervisory and enforcement jurisdiction (i.e., entities