CFPB, Federal Agencies, State Agencies, and Attorneys General
The CFPB will hold a symposium on the use of cost-benefit analysis in consumer financial protection regulation on July 29, 2020. The event will be webcast on the Bureau’s website.
The CFPA requires the Bureau to consider “the potential benefits and costs to consumers and covered persons” of its proposed rules, “including the potential reduction of access by consumers to consumer financial products or services.” … Continue Reading
This past Friday, the CFPB filed a declaration with the Fifth Circuit in which Director Kraninger stated that she has ratified the Bureau’s enforcement action against All American Check Cashing.
On July 10, the CFPB filed a similar declaration with the Second Circuit in RD Legal Funding, another circuit court case involving a challenge to the Bureau’s constitutionality that was put “on hold” pending the Supreme Court’s decision in Seila Law. … Continue Reading
With the U.S. Supreme Court having ruled in Seila Law that the CFPB’s leadership structure is unconstitutional, two circuit court cases involving the same constitutional challenge that were “on hold” pending the Supreme Court’s decision will now be moving forward. The two cases are RD Legal Funding pending in the Second Circuit and All American Check Cashing pending in the Fifth Circuit.… Continue Reading
The CFPB has issued a ratification of “the large majority of its existing regulations” and certain other regulatory actions taken from January 4, 2012 through June 30, 2020 (Ratified Actions). The ratification, which was published in today’s Federal Register, was issued in response to the U.S. Supreme Court’s decision last week in Seila Law which held that the Dodd-Frank provision that only allows the President to remove the CFPB Director “for cause” violates the separation of powers in the U.S.… Continue Reading
Somewhat overshadowed by the Supreme Court’s Seila Law decision and other CFPB-related developments was the CFPB’s announcement on Tuesday of personnel changes.
The Bureau announced that Thomas Pahl will serve as Deputy Director of the Bureau. Since April 2018, he has served as CFPB Policy Associate Director for Research, Markets, and Regulations. … Continue Reading
The CFPB has published its Spring 2020 rulemaking agenda as part of the Spring 2020 Unified Agenda of Federal Regulatory and Deregulatory Actions. It represents the CFPB’s third rulemaking agenda under Director Kraninger’s leadership. The agenda’s preamble indicates that the information in the agenda is current as of March 5, 2020 and identifies the regulatory matters that the Bureau “reasonably anticipates having under consideration during the period from May 1, 2020 to April 30, 2021.”… Continue Reading
Monday, in Seila Law v. CFPB, the U.S. Supreme Court held that the structure of the CFPB, with a single-director who the President could not remove without cause, violates the separation of powers mandated by the U.S. Constitution. The decision allows the CFPB to continue to operate but effectively provides that the Director will henceforth be removable by the President at will.… Continue Reading
Earlier this week, in Bostock v. Clayton County, Georgia, the U.S. Supreme Court ruled that firing an employee for being homosexual or transgender constitutes discrimination based on the employee’s sex in violation of Title VII of the Civil Rights Act. The decision is likely to be relied on by regulators and private plaintiffs alleging violations of the Equal Credit Opportunity Act or the Fair Housing Act based on sexual orientation discrimination.… Continue Reading
The CFPB and the Massachusetts Attorney General’s Office have filed a lawsuit against a credit repair company and the company’s individual owner in federal district court in Massachusetts. The complaint alleges that the defendants engaged in deceptive acts or practices in violation of Consumer Financial Protection Act (CFPA) and the Massachusetts Consumer Protection Law, deceptive and abusive telemarketing acts and practices in violation of the Telemarketing Sales Rule (TSR), and acts or practices in violation of the Massachusetts Credit Services Organization Law (CSO Law).… Continue Reading
Comment period extension. Yesterday, the CFPB announced a second 60-day extension of the comment period for its supplemental proposal that would require debt collectors to make specified disclosures when collecting time-barred debts. The CFPB previously extended the initial May 4 comment deadline until June 5. The new comment deadline is August 4, 2020. … Continue Reading
