We have previously blogged about reports that Mick Mulvaney, President Trump’s designee as CFPB Acting Director, has put a 30-day freeze on all regulatory action, CFPB hiring, and new enforcement cases.  We also blogged about the CFPB’s withdrawal of its opposition to a motion filed by the defendants in an enforcement action to stay execution of a $7.9 million judgment obtained by the CFPB without posting a bond.… Continue Reading

On November 28, 2017, the Federal Reserve Board announced a Consent Order with Peoples Bank (Peoples) in Lawrence, Kansas.  The Order charges Peoples with violating Section 5 of the Federal Trade Commission Act (FTCA) by engaging in deceptive mortgage origination practices between January 2011 and March 2015.  According to the Order, Peoples “often” gave prospective borrowers the option of paying discount points (an amount calculated as a percentage of the loan amount) at the time of closing, in order to obtain a lower interest rate. … Continue Reading

Yesterday, the Lower East Side People’s Federal Credit Union filed a complaint in U.S. District Court for the Southern District of New York seeking a declaration that Mick Mulvaney’s appointment as CFPB Acting Director is unconstitutional and in violation of the Consumer Financial Protection Act (CFPA).  The complaint also seeks a declaration that Leandra English has the legal right to serve as Acting Director.… Continue Reading

Following a scheduling conference held earlier today, Judge Timothy Kelly entered an order setting a briefing schedule and hearing date for Laurena English’s motion for a preliminary injunction in her action seeking a declaration that she, rather than Mick Mulvaney, has the legal right to serve as CFPB Acting Director.… Continue Reading

A new filing by the CFPB in its action against Nationwide Biweekly Administration Inc. may be an indicator of the enforcement philosophy of Mick Mulvaney, President Trump’s designee as CFPB Acting Director, and how that philosophy may impact future CFPB enforcement activity.  In addition to a 30-day freeze on all regulatory action, CFPB hiring, and payments from the civil penalty fund, Mr.… Continue Reading

A bipartisan group of lawmakers has introduced a joint resolution under the Congressional Review Act to override the CFPB’s final payday/auto title/high-rate installment loan rule.  House members sponsoring the bill consist of three Democrats and three Republicans.  The CRA is the vehicle used by Congress to overturn the CFPB’s arbitration rule.… Continue Reading

The FCC has issued a Report and Order and Further Notice of Proposed Rulemaking (Order) adopting new rules to allow voice service providers to proactively block calls from certain numbers that are suspected to be fraudulent. The November 16 Order seeks to prevent fraud or identity theft that often accompanies calls which “spoof” or manipulate Caller ID information.… Continue Reading

At a press conference on November 27, Mick Mulvaney, President Trump’s designee for CFPB Acting Director, is reported to have announced that he has placed a 30-day freeze on all regulatory action, CFPB hiring, and payments from the civil penalty fund.  However, it has been reported that last Thursday, November 30, Leandra English, who has filed a lawsuit challenging Mr.… Continue Reading

Leandra English has filed a Proposed Schedule confirming that she plans to file a motion for a preliminary injunction in her action for declaratory and injunctive relief filed in D.C. federal district court seeking a declaration that she, rather than Mick Mulvaney, has the legal right to serve as CFPB Acting Director.… Continue Reading