The U.S. Chamber of Commerce has filed a motion for summary judgment in its lawsuit filed in September 2022 against the CFPB challenging the CFPB’s recent update to the Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) section of its examination manual to include discrimination. The other plaintiffs in the lawsuit, which was filed in a Texas federal district court, are American Bankers Association, Consumer Bankers Association, Independent Bankers Association of Texas, Longview Chamber of Commerce, Texas Association of Business, and Texas Bankers Association.… Continue Reading
Ballard Spahr Consumer Financial Services Group again receives highest national ranking from Chambers USA
We are pleased to announce that Ballard Spahr’s Consumer Financial Services Group has once again been ranked in the highest tier nationally in the category of Financial Services Regulation: Consumer Finance (Compliance and Litigation) by Chambers USA: America’s Leading Lawyers for Business.
Our CFS Group is one of only three groups in the country to be ranked this high. … Continue Reading
U.S. Chamber to hold July 19 event on CFPB final arbitration rule
This Wednesday, July 19, the U.S. Chamber’s Center for Capital Markets Competitiveness and U.S. Chamber Institute for Legal Reform will hold an event in Washington, D.C. entitled “CFPB’s Anti-Arbitration Rule: Analysis & Implications.”
The scheduled speakers include Senator Tom Cotton, who has announced the he plans to draft a resolution of disapproval to overturn the arbitration rule under the Congressional Review Act.… Continue Reading
Trade group criticizes CFPB reliance on enforcement and informal guidance
The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness has sent a detailed letter to Director Cordray in which it criticizes the CFPB’s approach of “regulation by enforcement settlement combined with issuance of brief guidance statements” in lieu of engaging in rulemaking or otherwise soliciting public input.
In the letter, the Chamber expresses its strong belief that “if the Bureau identifies areas in which it wants to fundamentally alter the rules, it should take the time to write new standards rather than rely on one-off enforcement and press release “warnings” to other regulated companies.” … Continue Reading