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.

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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 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

The CFPB and Utah AG’s Office have announced that they will hold the first joint office hours as part of the American Consumer Financial Innovation Network (ACFIN).  The joint office hours will be held on January 30, 2020 in Salt Lake City, Utah.

The CFPB announced ACFIN’s creation last September, in conjunction with finalizing revisions

The CFPB has released its eighth annual report to Congress on college credit card agreements.  The annual report is mandated by the CARD Act.  (The first two reports were issued by the Federal Reserve Board.)

The CARD Act requires mandatory reporting to the CFPB by card issuers on agreements with institutions of higher learning or

The first round of amicus briefs have been filed with the U.S. Supreme Court in Seila Law.  All of the amici that take a position on the Bureau’s constitutionality agree with the position taken by both Seila Law and the CFPB that the Bureau’s structure is unconstitutional.  However, three of the amici take no