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The CFPB (or “Bureau”) filed a cross-motion for summary judgment in the lawsuit regarding the small business lending data collection and reporting rule, also known as the 1071 rule based on the Dodd-Frank section that requires the CFPB to adopt the rule (the “Rule”). Last month, the plaintiffs and intervenors in the lawsuit challenging the Rule filed a consolidated motion for summary judgment.… Continue Reading

In furtherance of the Biden Administration’s “junk fee” agenda, on January 17, 2024, the Consumer Financial Protection Bureau issued its proposed rule to amend Regulations E and Z to regulate overdraft services provided by “very large financial institutions” (an insured depository institution or an insured credit union that has total assets of more than $10 Billion and any affiliate thereof, as determined under 12 U.S.C.… Continue Reading

On January 3, 2023, American Bankers Association, America’s Credit Unions, and Independent Community Bankers of America wrote a letter to CFPB Director Rohit Chopra to address their concerns that the CFPB’s proposal for rulemaking on non-sufficient funds (NSF) and overdraft fees triggers the statutorily required Small Business Regulatory Enforcement Fairness Act (SBREFA) review as the rulemaking will have a significant economic impact on banks and credits unions with assets of $850 million or less.… Continue Reading

On December 7, 2023, Atlantic Union Bank (the “Bank”) entered into a consent order with the Consumer Financial Protections Bureau (CFPB) related to its in-person and telephone overdraft opt-in sales practices during 2017-2020. The settlement requires the Bank to refund affected consumers $5 million in overdraft fees and pay a $1.2 million civil money penalty to the CFPB.… Continue Reading

The CFPB  has taken a significant step towards issuing regulations to implement Section 1033 of the Dodd-Frank Act by releasing an outline of the proposals it is considering in preparation for convening a small business review panel (Panel).  Section 1033 authorizes the CFPB to issue rules requiring “a covered person [to] make available to a consumer, upon request, information in the control or possession of such person concerning the consumer financial product or service that the consumer obtained from such covered person, including information related to any transaction, or series of transactions, to the account including costs, charges, and usage data.”… Continue Reading

The CFPB  has taken a significant step towards issuing regulations to implement Section 1071 of the Dodd-Frank Act by releasing an outline of the proposals it is considering in preparation for convening a small business review panel (Panel).  Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with credit applications made by women- or minority-owned businesses and small businesses. … Continue Reading

The CFPB has filed its second status report with the California federal district court as required by the Stipulated Settlement Agreement in the lawsuit filed against the Bureau in May 2019 alleging wrongful delay in adopting regulations to implement Section 1071 of the Dodd-Frank Act.

Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with credit applications made by women- or minority-owned businesses and small businesses. … Continue Reading

The CFPB has withdrawn its request to OMB to conduct an online survey of 8,000 individuals as part of its research on debt collection disclosures.  Last month, the CFPB published a notice in the Federal Register that it was submitting its request to OMB and solicited comments which were due by December 14, 2017.… Continue Reading

In a new white paper, “An Overview of the Analytical Flaws and Methodological Shortcomings of the CFPB’s Survey of Consumer Experiences with Debt Collection,” ACA International takes aim at the report released by the CFPB in January 2017 that presented the findings of the CFPB’s national debt collection consumer survey.… Continue Reading

It has been reported that the SBREFA panel for the CFPB’s debt collection rulemaking met last week with small entity representatives (SER).  In anticipation of convening the panel, the CFPB issued an outline of the proposals it is considering on July 28, 2016.

According to the report, SERs must submit their written comments by September 9, 2016. … Continue Reading