CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB and the two trade groups challenging the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) have filed responses with the Texas federal court regarding a compliance date for the 2017 Rule’s payment provisions.
The responses reply to the briefs filed by the parties following the court’s issuance of an order requesting…
The CFPB and the two trade groups challenging the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) have filed briefs with the Texas federal court regarding a compliance date for the 2017 Rule’s payment provisions. The briefs were filed in response to the court’s order that requested additional briefing “concerning what would be…
Despite the pendency in the Tenth Circuit of a constitutional challenge to a CFPB administrative order that requires a lender and its CEO to pay restitution and civil money penalties, a Kansas federal district court recently refused to stay enforcement of the order.
As previously reported, the creation on June 17, 2021 of the Juneteenth National Independence Day resulted in an important change under the Truth in Lending Act (TILA) and Regulation Z. The CFPB recently issued an interpretive rule to address certain issues based on the change.
There is a specific definition of “business day” under…
The Texas federal district court hearing the lawsuit filed by two trade groups challenging the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) has entered an order directing the parties to files briefs regarding a compliance date for the 2017 Rule’s payment provisions. The order states that the court requests the additional briefing…
To the surprise of the debt collection industry, the CFPB announced this past Friday afternoon that its final debt collection rule (Parts I and II) will take effect on November 30, 2021 as originally scheduled.
Many in the industry were expecting the CFPB to extend the effective date to January 29, 2022, consistent with its…
In a blog post published earlier this month, the CFPB warns consumers of the risks of buy-now-pay-later (BNPL) credit. The blog post was likely triggered by the spike in the use of BNPL during the COVID-19 pandemic referenced in the blog post.
In explaining how BNPL works, the CFPB indicates that when making a purchase…
The CFPB has filed a motion to lift the stay of the compliance date for the payment provisions in its 2017 final payday/auto title/high-rate installment loan rule (2017 Rule).
In May 2018, the Texas federal district court hearing the lawsuit filed by two trade groups challenging the 2017 Rule entered an order staying the lawsuit. …
Today marks the tenth anniversary of our blog, Consumer Finance Monitor. Originally named CFPB Monitor, we launched our blog to coincide with the CFPB’s first day.
Over the past ten years, our blog has received numerous awards and been recognized as a source of authoritative analysis and commentary. Since launching our blog, it has been…
In the lawsuit alleging wrongful delay by the CFPB in adopting regulations to implement Section 1071 of the Dodd-Frank Act, the parties have entered into a stipulation that requires the CFPB to issue a Notice of Proposed Rulemaking (NPRM) by September 30, 2021.
Section 1071 amended the ECOA to require financial institutions to collect and…
