Search Results: test CFPB

House Seeks Leave to File Amicus Curiae Brief in Support of CFPB's Constitutionality

On October 4, 2019, the U.S. House of Representatives moved the Supreme Court for leave to file an amicus curiae brief in opposition to Seila Law’s petition for writ of certiorari to review the Ninth Circuit’s decision in CFPB v. Seila Law LLC, No. 7-56324 (9th Cir. 2019), which upheld the…

Read More

Seila Law LLC Files Petition for Writ of Certiorari Regarding the CFPB's Constitutionality

cfpb

On June 28, 2019, Seila Law LLC filed a petition for a writ of certiorari with the U.S. Supreme Court seeking review of the Ninth Circuit’s ruling that the Consumer Financial Protection Bureau’s (CFPB) single-director structure is constitutional.  As Lender Law Watch covered previously, in CFPB v. Seila Law LLC, No….

Read More

CFPB Releases Notice for Comment on Proposal to Delay Compliance with 2017 Final Payday Rule

cfpb

On February 6, 2019, the Consumer Financial Protection Bureau (CFPB or Bureau) released a proposed rescission of the 2017 “Payday, Vehicle Title, and Certain High-Cost Installment Loans” final rule (Payday Rule), along with a “Payday, Vehicle Title, and Certain High-Cost Installment Loans; Delay of Compliance Date” (Delay of Compliance) notice.  The Payday…

Read More

CFPB Releases Assessment Reports Analyzing the Ability to Repay and RESPA Servicing Rules

cfpb

On January 10, 2019, the CFPB issued a press release regarding two recently-released reports, which analyze the efficacy of the Ability to Repay Rule (ATR), and the RESPA Servicing Rule (Servicing Rule).  The assessment reports analyze data collected since the rules were enacted in January 2013, and are designed to assess whether…

Read More

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

cfpb

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

cfpb

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