The CFPB and the two trade groups challenging the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) have filed a joint motion asking the Texas federal district court hearing the trade groups’ lawsuit to lift the stay of the lawsuit, originally entered in June 2018 on the heels of the trade group’s motion for a preliminary injunction and before the CFPB’s response to the motion or answer to the complaint in the case.… Continue Reading
CFPB to establish taskforce on federal consumer financial law
The CFPB announced this past Friday that it will establish a taskforce, the Taskforce on Federal Consumer Financial Law, to examine ways to harmonize and modernize federal consumer financial laws.
The taskforce will examine the existing legal and regulatory environment facing consumers and financial services providers and make recommendations to the Bureau’s leadership for improving consumer financial laws and regulations. … Continue Reading
BCFP proposes revisions to no-action letter policy and creation of new product sandbox
The BCFP has issued proposed revisions to its 2016 final policy on issuing “no-action” letters (NAL), together with a proposal to create a new “BCFP Product Sandbox.” Comments must be received on or before February 11, 2019.
Proposed NAL policy revisions. The revisions are intended to address the 2016 policy’s many shortcomings.… Continue Reading