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 …
UDAAP
U.S. Chamber of Commerce and other trade groups file lawsuit against CFPB challenging UDAAP update to exam manual
By Alan S. Kaplinsky on
The U.S. Chamber of Commerce, joined by six other trade groups, filed a lawsuit yesterday in a Texas federal district court against the CFPB challenging the CFPB’s recent update to the Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) section …
CFPB addresses application of CFPA to digital marketing providers in new interpretive rule
The CFPB has issued an interpretive rule that addresses when digital marketing providers are “service providers” subject to the Consumer Financial Protection Act, including the CFPA’s prohibition on unfair, deceptive, or abusive acts or practices.
The CFPB describes digital marketing …
Unfairness and disparate effects: a reply to Professor Jeff Sovern
By Alan S. Kaplinsky on
In a blog post published on July 30 on Consumer Law and Policy Blog, Professor Jeff Sovern discusses comments from CFPB officials that the Bureau will not use the disparate effects or impact test to determine if discrimination has occurred …
This week’s podcast episode: The U.S. Chamber of Commerce’s campaign against CFPB Director Chopra’s attempt “to radically reshape the American financial services sector”: A discussion with Bill Hulse, Vice President, U.S. Chamber of Commerce Center for Capital Markets Competitiveness
By Barbara S. Mishkin on
We first review the views expressed by Director Chopra and CFPB actions taken under his leadership that led the Chamber to launch its campaign. We then discuss the campaign’s specific components, which consist of digital ads, Freedom of Information Act …
CFPB corrects the record on response to trade groups’ letter on UDAAP updates to exam manual
By Alan S. Kaplinsky on
We recently blogged about the request made by four leading trade groups for the CFPB to rescind the recent updates to the UDAAP section of its Supervision and Examination Manual that instruct examiners to consider discrimination in connection with non-credit …
Trade groups take aim at CFPB’s expansion of UDAAP authority
By Alan S. Kaplinsky on
Four leading trade groups are calling on the CFPB to rescind the recent updates to the UDAAP section of its Supervision and Examination Manual that instruct examiners to consider discrimination in connection with non-credit products and services as an unfair …
California DFPI issues proposed regulations for providers of commercial financing
By Michael R. Guerrero on
The California Department of Financial Protection and Innovation (DFPI) has issued proposed regulations implementing certain provisions of the state’s Consumer Financial Protection Law (CFPL). Comments must be submitted by August 8, 2022.
The proposal includes provisions implementing the DFPI’s authority …
New CFPB interpretive rule outlines broad state CFPA enforcement authority
By Michael Gordon on
The CFPB has issued a new interpretive rule regarding the authority of state attorneys general and state regulators (State Officials) to enforce the Consumer Financial Protection Act (CFPA).
CFPA Section 1042(a) (12 U.S.C. Section 5552) authorizes “the attorney general (or …
CFPB issues annual fair lending report
By Michael Gordon & John L. Culhane, Jr. on
The CFPB recently issued its annual fair lending report covering its fair lending activity in 2021.
In the report’s discussion of its risk-based approach for prioritizing fair lending supervisory and enforcement activity, the CFPB indicates that much of its enforcement …