CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB, FTC, and the North Carolina Department of Justice filed an amicus brief with the U.S. Court of Appeals for the Fourth Circuit urging it to reverse a district court decision that found Section 230 of the Communications Decency Act made a consumer reporting agency immune from FCRA claims.
In Henderson v.… Continue Reading
CFPB enforcement activity has already ramped up and the pace is expected to increase with Director Chopra now at the helm. We look at the areas expected to be the focus of intensified enforcement activity, such as military lending, fair lending, and treatment of LEP consumers, and new areas under consideration by CFPB enforcement staff, such as machine learning models, use of alternative data, and fair lending related to servicing and loss mitigation (particularly in light of the end of pandemic-related forbearances). … Continue Reading
A group of 96 organizations and individuals, who describe themselves as consisting of “consumer, labor, civil rights, legal services, faith, community and financial organizations and academics,” have sent a letter to the CFPB urging the Bureau to regulate fee-based earned wage access (EWA) products as credit subject to the Truth in Lending Act. … Continue Reading
We want to make our blog readers aware (or remind those that already know) that the CFPB will provide informal staff guidance on its regulations in response to specific questions that are submitted through its website portal.
The Bureau indicates that a company that submits a question can expect to hear back from the Bureau in 10 to 15 business days and that, if the Bureau needs more time to answer a question or cannot answer a question, it will let the company know. … Continue Reading
The Fifth Circuit has entered an order staying the compliance date of the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) until 286 days after the trade groups’ appeal is resolved.
The trade groups have appealed from the district court’s final judgment granting the CFPB’s summary judgment motion and staying the compliance date for the payment provisions until 286 days after August 31, 2021 (which date is June 13, 2022). … Continue Reading
The CFPB has added a new section to its Supervision and Examination Manual titled “Compliance Management Review-Information Technology.” The new section supplements the existing section on Compliance Management Review to provide examination procedures to be used by CFPB examiners to assess information technology (IT) and IT controls as part of a Compliance Management System (CMS) review.… Continue Reading
Seila Law has sent a letter advising the Ninth Circuit that it will not seek further review from the U.S. Supreme Court.
After the Supreme Court ruled that the CFPB’s structure was unconstitutional and remanded the case for further consideration, a unanimous Ninth Circuit panel ruled that the civil investigative demand (CID) issued to Seila Law was validly ratified by former Director Kraninger and affirmed the district court’s decision granting the CFPB’s petition to enforce the CID.… Continue Reading
Last week, the CFPB simultaneously filed a lawsuit against American Advisors Group (AAG) in a California federal district court and a proposed stipulated final judgment and order to settle the lawsuit. The lawsuit alleged that AAG inflated estimated home values in marketing its reverse mortgage product and made false representations about AAG’s effort to ensure home value information was reliable.… Continue Reading
The CFPB has published the statement that Director Chopra sent to CFPB staff and other financial regulators following his swearing-in on October 12. The statement can be found here.… Continue Reading
As expected, with Rohit Chopra having been sworn in on October 12 as CFPB Director, the Bureau announced senior leadership changes today. The changes consist of the following:
