CFPB, Federal Agencies, State Agencies, and Attorneys General
This past Friday, the CFPB filed a declaration with the Fifth Circuit in which Director Kraninger stated that she has ratified the Bureau’s enforcement action against All American Check Cashing.
On July 10, the CFPB filed a similar declaration with the Second Circuit in RD Legal Funding, another circuit court case involving a challenge to…
The CFPB currently has a job posting for the position of Associate Director for Research, Markets, and Regulations.
Thomas Pahl, who was named CFPB Deputy Director earlier this month, has held the position of CFPB Policy Associate Director for Research, Markets, and Regulations since April 2018. The Bureau’s press release announcing his appointment as…
On July 16, 2020, the Consumer Financial Protection Bureau (CFPB) issued an updated 2020 Complaint Bulletin and again focused on complaints related to COVID-19.
The Complaint Bulletin reflects 2020 consumer complaint data through June 15, 2020, and focuses on complaints filed through May 31, 2020 that mention COVID-19 keywords. Of the 187,547 complaints received in…
With the U.S. Supreme Court having ruled in Seila Law that the CFPB’s leadership structure is unconstitutional, two circuit court cases involving the same constitutional challenge that were “on hold” pending the Supreme Court’s decision will now be moving forward. The two cases are RD Legal Funding pending in the Second Circuit and All American…
In filings submitted last week, the Consumer Financial Protection Bureau (the Bureau) both opposed and moved for summary judgment in PayPal, Inc. v. Consumer Financial Protection Bureau, asking the court to put an end to PayPal, Inc.’s lawsuit challenging the prepaid card rule (Rule), which took effect last year. The Rule set out certain…
The CFPB filed a complaint on July 6, 2020 in a New York federal district court against My Loan Doctor LLC (“Loan Doctor”) and its founder, Dr. Edgar Radjabli, for allegedly making false, misleading, and inaccurate marketing representations in violation of the Consumer Financial Protection Act’s prohibition against unfair, deceptive or abusive acts or practices.…
The CFPB recently published a blog post titled, “Innovation spotlight: Providing adverse action notices when using AI/ML models.”
The blog post primarily recycles information from the Bureau’s annual fair lending report issued in May 2020. The Bureau indicates that artificial intelligence (AI) and a subset of AI, machine learning (ML), is an area…
The CFPB announced that it has entered into a proposed settlement with a company and its three owner/officers for allegedly charging unlawful advance fees in violation of the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act (CFPA) in connection with their student loan debt relief business.
The complaint alleges that the company, Timemark…
The CFPB has issued a ratification of “the large majority of its existing regulations” and certain other regulatory actions taken from January 4, 2012 through June 30, 2020 (Ratified Actions). The ratification, which was published in today’s Federal Register, was issued in response to the U.S. Supreme Court’s decision last week in Seila Law…
Somewhat overshadowed by the Supreme Court’s Seila Law decision and other CFPB-related developments was the CFPB’s announcement on Tuesday of personnel changes.
The Bureau announced that Thomas Pahl will serve as Deputy Director of the Bureau. Since April 2018, he has served as CFPB Policy Associate Director for Research, Markets, and Regulations. The Bureau’s press…
