The CFPB has agreed to settle the lawsuit filed by the National Association of Consumer Advocates, U.S. Public Interest Research Group, and Professor Kathleen Engel challenging the legality of the Bureau’s Taskforce on Federal Consumer Financial Law. The central allegation in the complaint was that the Taskforce failed to comply with the Federal Advisory Committee Act (FACA), a federal law that governs the creation, operation, and management of advisory committees to federal agencies. … Continue Reading
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Plaintiffs in Lawsuit Challenging Legality of CFPB Taskforce on Federal Consumer Financial Law Move for Summary Judgment
In June 2020, the National Association of Consumer Advocates, U.S. Public Interest Research Group, and Professor Kathleen Engel (collectively, the “Plaintiffs”) filed a lawsuit in the Massachusetts federal district court challenging the legality of the Consumer Financial Protection Bureau’s Taskforce on Federal Consumer Financial Law (the “Taskforce”). The crux of the Complaint alleges that the Bureau’s Taskforce failed to comply with the Federal Advisory Committee Act (FACA), a federal law that governs the creation, operation, and management of advisory committees to federal agencies. … Continue Reading
This week’s podcast: A discussion of the legal challenge to the CFPB’s Taskforce on Federal Consumer Financial Law with special guest Ira Rheingold, Executive Director of the National Association of Consumer Advocates (NACA)
NACA is one of the plaintiffs in the Massachusetts lawsuit challenging the CFPB’s creation of its Taskforce on Federal Consumer Financial Law. Mr. Rheingold discusses the legal basis for the lawsuit, NACA’s views on how the CFPB should approach modernization of federal consumer financial laws, and NACA’s support for federal legislation or new CFPB rulemaking restricting mandatory arbitration.… Continue Reading
Magistrate judge denies CFPB’s motion for partial dismissal of lawsuit challenging creation of Taskforce on Federal Consumer Financial Law
A magistrate judge has denied the CFPB’s motion for partial dismissal of the lawsuit filed in a Massachusetts federal district court challenging the creation of the CFPB’s Taskforce on Federal Consumer Financial Law. The plaintiffs in the lawsuit are the National Association of Consumer Advocates (NACA), U.S. Public Interest Research Group (U.S.… Continue Reading
This week’s podcast: A look at the recommendations of the CFPB’s Taskforce on Federal Consumer Financial Law with special guest Professor Todd Zywicki, Taskforce Chairman: Part II
In Part II of our two-part podcast, we look at the recommendations in the Taskforce’s report concerning the use of principles-based (rather than prescriptive) regulations and CFPB licensing of non-depository institutions providing lending, money transmission or payment services. We share our reactions to the recommendations, consider their practical implications for the industry, and discuss how the CFPB under new leadership may react to the Taskforce’s report.… Continue Reading
This week’s podcast: A look at the recommendations of the CFPB’s Taskforce on Federal Consumer Financial Law with special guest Professor Todd Zywicki, Taskforce Chairman: Part I
In Part I of our two-part podcast, after discussing the Taskforce’s goals and background, we look at the recommendations in the Taskforce’s report concerning artificial intelligence, limited English proficiency consumers, and fair lending, share our reactions to the recommendations, and consider the recommendations’ practical implications for the consumer finance industry.
Ballard Spahr attorney Alan Kaplinsky hosts the conversation with Professor Zywicki and Chris Willis, Co-Chair of Ballard Spahr’s Consumer Financial Services Practice Group.… Continue Reading
CFPB’s Taskforce on Federal Consumer Financial Law releases report
The CFPB’s Taskforce on Federal Consumer Financial Law released its report making recommendations on how to improve consumer protection in the financial marketplace.
The CFPB created the Taskforce in October 2019 to examine ways to harmonize and modernize federal consumer financial laws. The Taskforce was charged with examining the existing legal and regulatory environment for consumers and financial services providers and making recommendations to the Bureau’s leadership for improving consumer financial laws and regulations.… Continue Reading
Plaintiffs file opposition to CFPB’s motion to partially dismiss lawsuit challenging Taskforce on Federal Consumer Financial Law
The plaintiffs in the lawsuit filed in Massachusetts federal district court challenging the CFPB’s creation of its Taskforce on Federal Consumer Financial Law have filed their opposition to the CFPB’s motion seeking the lawsuit’s partial dismissal.
The CFPB created the Taskforce in October 2019 to examine ways to harmonize and modernize federal consumer financial laws. … Continue Reading
CFPB moves for partial dismissal of lawsuit challenging creation of Taskforce on Federal Consumer Financial Law
The CFPB has filed a motion seeking the partial dismissal of the lawsuit filed in Massachusetts federal district court by the National Association of Consumer Advocates, U.S. Public Interest Research Group, and Professor Kathleen Engel challenging the CFPB’s creation of its Taskforce on Federal Consumer Financial Law.
The CFPB created the Taskforce in October 2019 to examine ways to harmonize and modernize federal consumer financial laws. … Continue Reading
CFPB seeking comments to assist Taskforce on Federal Consumer Financial Law
The CFPB has published a request for information (RFI) in today’s Federal Register seeking comments and information to assist its Taskforce on Federal Consumer Financial Law. Comments on the RFI must be received by June 1, 2020.
The CFPB created the Taskforce in October 2019 to examine ways to harmonize and modernize federal consumer financial laws. … Continue Reading