The Servicemember Civil Relief Act limits the amount of interest that may be charged on certain financial obligations that were incurred before military service began to no more than 6% percent per year, including most fees and charges, the CFPB and the Justice Department reminded financial institutions in a recent letter.… Continue Reading
Sen. Scott: CFPB ignoring call to pause rulemaking until Trump takes office
Posted in CFPB
Senate Banking Committee ranking Republican Sen. Tim Scott, R-S.C. said on December 11 that unlike several other regulators, the CFPB is ignoring his call to pause rulemaking until the Trump Administration takes office.
“It is paramount that President Trump can begin his administration on January 20th with a fresh slate to implement the economic agenda that the American people resoundingly voted for,” Scott, who will become Chairman of the committee in the next Congress, said at a hearing that featured CFPB Director Rohit Chopra.… Continue Reading
CFPB issues final rule amending Regulation Z CARD Act, HOEPA and QM dollar amounts
The CFPB has issued a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z under the Truth in Lending Act (TILA) that implement the CARD Act, Home Ownership and Equity Protection Act (HOEPA), and the ability to repay/qualified mortgage provisions of TILA. The adjustments reflect changes in the Consumer Price Index (CPI) in effect on June 1, 2024 and will take effect January 1, 2025.… Continue Reading
Our Consumer Financial Services Group to present webinar trilogy about the next iteration of the CFPB featuring former CFPB Director Kathy Kraninger, and Deputy Director David Silberman
By Alan S. Kaplinsky on
Posted in CFPB
You will not want to miss this 3-part webinar series about the “new” CFPB which will begin doing business on January 20.
Operating under the venerable principle that “the past is prologue,” we decided that the best way to predict what may happen at the CFPB during the next Trump Administration would be to invite as special guests two of the most senior leaders at the CFPB during Trump’s first term in office.… Continue Reading
This week’s podcast episode: Post-Election Insights: Impacts on the Banking and Consumer Financial Services Industry
By Ballard CFS Group on
Today’s podcast episode is a re-purposing of a webinar we recorded on November 12, 2024. Our special guests for that webinar were Colin Carr, Vice-President of Congressional affairs at the Consumer Bankers Association and Ian Katz, Managing Director at Capital Alpha Partners. John Culhane, a partner in the Consumer Financial Services Group at our firm, also spoke at the webinar.… Continue Reading
This week’s podcast episode: An Empirical Study of Boilerplate in Consumer Contracts
By Ballard CFS Group on
On January 4 of this year, we released a podcast show entitled; “A look at a new approach to consumer contracts.” Our special guest at that time was Professor Andrea Boyack, a Professor at the University of Missouri School of Law. That podcast was based on a then recent law review article published by Professor Boyack entitled “The Shape of Consumer Contracts,” 101 Denv L.… Continue Reading
CFPB suggests that state privacy laws can—and should—regulate financial data
By Gregory P. Szewczyk & Kelsey Fayer on
On November 12, 2024, the Consumer Financial Protection Bureau (CFPB) released a report examining the carve outs and limitations contained in comprehensive state privacy laws relating to financial institutions. In an accompanying press release, the CFPB stated that in its assessment, “privacy protections for financial information now lag behind safeguards in other sectors of the economy.”… Continue Reading
Appeals court denies en banc hearing in CFSA’s challenge to CFPB’s payday rule
The Fifth Circuit Court of Appeals has denied a request by the Community Financial Services Association of America (CFSA) to hold a rehearing en banc on the group’s challenge of the CFPB’s payday loan rule.
The court simply said that no member of the panel had requested that the appeals court be polled, so the petition was denied.… Continue Reading
Warren will be Banking Committee ranking Democrat in next Congress
Posted in CFPB
Sen. Elizabeth Warren, D-Mass., an advocate of a strict financial regulatory regime, will become the top Democrat on the Senate Banking, Housing and Urban Affairs Committee in the next Congress.
Sen. Sherrod Brown, D-Ohio., had been the chair of the Committee. However, Brown lost his bid for reelection and Democrats lost majority control of the Senate—resulting in Sen.… Continue Reading
Financial Technology Association files suit challenging CFPB Buy Now Pay Later (BNPL) interpretive rule
By Alan S. Kaplinsky on
Posted in Buy Now Pay Later, CFPB
Alleging that the CFPB rushed to promulgate its interpretive rule, and exceeded its authority in doing so, the Financial Technology Association has filed suit against the bureau in the U.S. District Court for the District of Columbia, contending that the rule falls short on several counts.
Among other things, in the suit, the FTA contends that federal law, the Administrative Procedure Act, required the CFPB to treat the rule as a legislative rule, and, therefore, to go through the notice and comment process in issuing the rule.… Continue Reading