Rescission of Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic.  The CFPB issued a Rescission of Statement of Policy for the previously-issued Statement on Bureau Supervisory and Enforcement Response to COVID-19 Pandemic (March 26, 2020).  That statement is rescinded as of April 1, 2020, and in the rescission document, the CFPB announces

In advance of his confirmation hearing tomorrow, the Senate Banking Committee has released the prepared statement of Rohit Chopra, President Biden’s nominee for CFPB Director. 

The brief statement highlights several areas on which Mr. Chopra is likely to focus his attention as CFPB Director.  He raises concern about the financial difficulties faced by consumers as

In its February 2021 Bulletin, the California Department of Financial Protection and Innovation (DFPI) reminds licensed mortgage loan servicers that DFPI examinations will include processes to determine compliance with state and federal laws providing consumer protections with regard to COVID-19-related foreclosures.  The DFPI notes that these laws “include provisions allowing for forbearance of mortgage

A class action lawsuit filed in September 2020 against Nike alleging that its policy requiring retail employees to wear Nike-branded, opaque masks discriminated against deaf and hard of hearing consumers under Title III of the Americans with Disabilities Act (“ADA”) deserves attention from retail banks and non-bank financial services companies with brick-and-mortar facilities open to

The CFPB has issued its Fall 2020 Semi-Annual Report to Congress covering the period April 1, 2020 through September 30, 2020.

With Director Kraninger having submitted her resignation to President Biden last week, the report represents the CFPB’s fifth and final semi-annual report under Director Kraninger’s leadership.  Somewhat ironically, although the prior four reports did

The CFPB has issued “Supervisory Highlights COVID-19 Prioritized Assessments Special Edition.”

The report indicates that in May 2020, the Bureau rescheduled about half of its planned examinations and instead conducted prioritized assessments (PAs) in response to the COVID-19 pandemic.  The Bureau describes PAs as “higher-level inquiries than traditional examinations [that are] designed to

Without elaborating on its authority for doing so, the Department of Education recently announced the extension, through January 31, 2021, of certain pandemic-related benefits for federal student loan borrowers.

In particular, the administrative forbearance period, the 0% interest rate (pause in interest accrual), and the suspension of administrative wage garnishment and other collection activity will

The CFPB Private Education Loan Ombudsman has issued an annual report containing an analysis of approximately 5,000 federal student loan complaints, 1,900 private student loan complaints, and 1,700 debt collection complaints related to private or federal student loans submitted by consumers between September 1, 2019 and August 31, 2020. The report notes that total student