Search Results: test CFPB

CFPB Publishes its Winter 2020 Supervisory Highlights

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On February 14, 2020, the Consumer Financial Protection Bureau (CFPB) released its Winter 2020 Supervisory Highlights (Report).  It summarizes the CFPB’s findings on violations in the areas of debt collection, mortgage servicing, payday lending, and student loan servicing completed between April 2019 and August 2019.  The CFPB notes that it…

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CFPB Issues Much Anticipated Guidance Regarding Abusive Acts or Practices

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On January 24, 2020, the Consumer Financial Protection Bureau (CFPB) issued a policy statement setting forth guidelines on how it intends to enforce the “abusiveness” standard under the Dodd-Frank Act.  Section 103(a) of the Dodd-Frank Act authorizes the CFPB to bring enforcement actions against “covered persons” engaged in unfair, deceptive,…

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CFPB Sued Over Prepaid Accounts Rule

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On December 11, 2019, PayPal, Inc. (PayPal) filed suit against the Consumer Financial Protection Bureau (CFPB) in the District of Columbia, challenging the CFPB’s Prepaid Accounts Under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z) Rule’s application to digital wallets.  PayPal, Inc. v….

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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…

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

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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….

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

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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…

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

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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…

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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…

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CFPB Finalizes Changes to Regulation P

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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…

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