CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB, OCC, Federal Reserve, FDIC, and NCUA have issued a proposed rule on the role of supervisory guidance.
In September 2018, the agencies issued an “Interagency Statement Clarifying the Role of Supervisory Guidance.” In response to the Statement, the agencies received a petition requesting a formal rulemaking on the subject. … Continue Reading
Less than one month after hearing oral argument in RD Legal Funding, the U.S. Court of Appeals for the Second Circuit has issued a summary order affirming the district court’s holding that the Dodd-Frank Act’s single-director-removable-only-for-cause provision is unconstitutional, reversing its holding that the provision is not severable, and remanding the case to the district court “to consider in the first instance the validity of Director Kraninger’s ratification of this enforcement action.” … Continue Reading
A New York federal district court has denied the motion filed by two merchant cash advance providers and their chief executive officer and president to dismiss the FTC’s lawsuit alleging they engaged in unfair and deceptive conduct in violation of Section 5 of the FTC Act.
The court’s order stated only the following: “Motion denied substantially for reasons stated by Plaintiff.”… Continue Reading
In Johnson v. NPAS Solutions, LLC, 2020 U.S. App. LEXIS 29682, 2020 WL 5553312 (11th Cir. Sept. 17, 2020), a panel of the Eleventh Circuit Court of Appeals ruled 2-1 that incentive awards to class representatives are impermissible.
A petition for rehearing en banc has been filed by the plaintiff. … Continue Reading
On November 13, 2020, from 12:00 p.m. to 1:00 p.m. ET, we will present a webinar on the CFPB’s final collection rule. Click here for more information and to register.
On October 30, the CFPB released “part one” of its long-awaited final collections rule, which restated and clarified certain prohibitions on harassment and abuse, false or misleading representations, and unfair practices by debt collectors under the Fair Debt Collection Practices Act (“FDCPA”). … Continue Reading
The CFPB issued its long-awaited final debt collection rule today. The final rule is adopted pursuant to the Bureau’s authority under the Fair Debt Collection Practices Act and not its UDAAP authority under the Dodd-Frank Act. Accordingly, the final rule only applies to the activities of debt collectors subject to the FDCPA and does not apply to the activities of creditors who are not FDCPA debt collectors. … Continue Reading
In an internal memorandum recently circulated at the CFPB, Bryan Schneider, who leads the Bureau’s Division that houses its supervision, enforcement, and fair-lending functions, announced a major internal reorganization.
The reorganization would take away the Office of Enforcement’s autonomy to open investigations and issue civil investigative demands. It would also significantly reduce Enforcement’s role in deciding whether potential violations uncovered during examinations should be transferred to enforcement attorneys. … Continue Reading
The OCC has issued a final rule to address when a national bank or federal savings association should be considered the “true lender” in the context of a partnership with a third party. The final rule, adopted only 54 days after the close of the comment period, is effective 60 days after the date it is published in the Federal Register.… Continue Reading
The CFPB has filed its combined cross-motion for summary judgment and opposition to the plaintiffs’ motion for summary judgment in the lawsuit filed by industry trade groups challenging the CFPB’s final rule on Payday, Vehicle Title, and Certain High-Cost Installment Loans (the Rule). The combined motion and opposition follows the filing of an Amended Complaint by the trade groups focused on the Rule’s payments provisions, the filing of an Answer to the Amended Complaint by the CFPB, and the filing of a motion for summary judgment by the trade groups.… Continue Reading
We are joined by special guest Isaac Boltansky, Director of Policy Research at Compass Point Research & Trading, for a discussion of the potential implications for the consumer financial services industry should Joe Biden win the Presidency and Democrats win control of the Senate while retaining control of the House. Also participating in our podcast is Tim Jenkins, who leads Ballard Spahr’s Government Relations practice in the firm’s Washington, D.C.… Continue Reading
