Regulatory and Enforcement

CFPB Director Kraninger has rejected the argument made by Equitable Acceptance Corp (EAC) that because the Bureau’s structure is unconstitutional, the civil investigative demand it received from the Bureau should be set aside or at least modified to stay the CID’s response deadlines pending the U.S. Supreme Court’s decision in Seila Law.

In her

The CFPB has published a notice in the Federal Register announcing that it is seeking applications for membership on its Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council.  For an applicant to be considered, the Bureau must receive his or her complete application packet by February 27, 2020.

Our podcast looks at industry and consumer comments and perspectives on key issues, including the proposal’s potential implications for creditors collecting their own debts through UDAAP/UDAP and state collection laws, its approach to electronic communications and “meaningful attorney involvement,” and whether a final rule should address information transfers and file reviews or collecting time-barred debt. 

The CFPB filed a complaint last week in a California federal district court against several companies and individuals involved in offering student loan debt relief services for allegedly obtaining consumer reports unlawfully, charging unlawful advance fees, and engaging in deceptive conduct.  (Several companies and individuals are named only as “relief defendants” for having allegedly received

The U.S. Supreme Court has agreed to decide whether the Telephone Consumer Protection Act’s exception from its automated call restriction for calls to collect government debts violates the First Amendment of the U.S. Constitution.  The Court also agreed to decide whether the proper remedy for any constitutional violation is to sever the exception from the

The New York Department of Financial Services has announced the creation of a new Consumer Protection Task Force within the NYDFS.

According to the NYDFS press release, the Task Force “will further DFS’s mission to protect consumers as the federal government rolls back important consumer protections’” and one of its first priorities “will be

The governors of California and New York have both proposed to expand the authority of their respective state’s consumer financial services regulator.  Both governors have framed their proposals as a response to what they describe as the CFPB’s “rollback” of its efforts to protect consumers.

California.  Governor Newsom’s proposals are part of his 2020-2021

The CFPB has announced the initial four members of its Taskforce on Federal Consumer Financial Law.  This past October, the Bureau announced its plans to establish the Taskforce to examine ways to harmonize and modernize federal consumer financial laws.

The four members include Todd J. Zywicki, Professor of Law at George Mason University’s Antonin Scalia