CFPB

Industry Groups Seek Preliminary Injunction to Enjoin CFPB’s Enforcement of the Payday Lending Rule

On September 14, 2018, the Community Financial Services Association of America, Ltd. and the Consumer Service Alliance of Texas (Industry Groups) moved for a preliminary injunction to prevent many of the provisions of the Consumer Financial Protection Bureau’s (CFPB’s) payday lending rule (12 C.F.R. Part 1041) from becoming effective on…

Read More

CFPB Finalizes Changes to Regulation P

On August 10, 2018 the Consumer Financial Protection Bureau (CFPB) issued a final rule adopting changes to Regulation P to bring the regulation into conformity with its authorizing statute, the Gramm-Leach-Bliley Act, 15 U.S.C. § 6801 et seq. (GLBA).  The rule, which was enacted to reduce regulatory burden on financial…

Read More

Trump Repeals CFPB's Indirect Auto Lending Guidance

One month after the U.S. Senate and U.S. House of Representatives voted to repeal of the Consumer Financial Protection Bureau’s (CFPB’s) indirect auto lending guidance under a Congressional Review Act challenge, President Trump signed the resolution to make the repeal official on May 21, 2018. The guidance, which Congress and the President have…

Read More

House Bill Proposes to Set New Framework for CFPB Regulation

On April 17, 2018, House members Sean Duffy (R-WI) and Ed Perlmutter (D-CO) co-sponsored bi-partisan legislation aimed at providing more certainty to companies subject to the Consumer Financial Protection Bureau’s (CFPB) regulation.  The bill, H.R. 5534, titled the “Give Useful Information to Define Effective Compliance Act” or “GUIDE Compliance Act,”…

Read More

Changes to the CFPB’s Approach to the Payday Lending Industry

The Trump Administration-appointed Acting Director of the Consumer Financial Protection Bureau (“CFPB”), Mick Mulvaney, recently stated in a memo to his staff that under his leadership, the CFPB would significantly change in its approach to regulation and enforcement.  The most concrete example of this thus far is his approach to the payday lending…

Read More

CFPB Solicits Comments on CID Process

The Consumer Financial Protection Bureau (CFPB) has solicited comments to assist it to revise its current Civil Investigative Demand (CID) process.  The “Request for Information Regarding Bureau Civil Investigative Demands and Associated Processes” was published in the Federal Register on January 26, 2018. The CFPB’s power to issue CIDs is derived from…

Read More

Signs of Change at the CFPB

On January 16 and 17, 2018, the Consumer Financial Protection Bureau (CFPB) released two statements signaling that yet more change is on the horizon for the agency.  Close on the heels of similar announcements regarding potential changes to its Home Mortgage Disclosure Act and prepaid card rules, the Bureau announced…

Read More

CFPB Focusing on Risks in Car Loans

The Consumer Financial Protection Bureau (CFPB) released its quarterly report on credit trends for the third quarter of 2017 last week, focusing on trends in the auto lending industry.  Auto loans are a key sector in the lending market—approximately100 million auto loans are outstanding, valued at more than $1 trillion….

Read More

CFPB Issues Consumer Protection Principles for Sharing Financial Account Information with Third Parties

On October 18, 2017, the Consumer Financial Protection Bureau (CFPB) published guidelines for financial institutions to use when authorizing third-party access to consumers’ financial information.  These guidelines are targeted at protecting consumers who give their consent to allow other companies to access their account information.  Companies—including fintech firms, banks, and…

Read More