Search Results: test CFPB

Five Federal Financial Agencies Propose Rule to Clarify Role of Supervisory Guidance

On November 5, 2020, the Federal Register published five federal financial regulatory agencies’ invitation for comment on a notice of proposed rulemaking (NPR) that would codify the agencies’ Interagency Statement Clarifying the Role of Supervisory Guidance, as amended, which was issued on September 11, 2018 (2018 Statement).  The 2018 Statement…

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Consumer Financial Protection Bureau Issues New Final Rule Modernizing the Fair Debt Collection Practices Act

On October 30, 2020, the Consumer Financial Protection Bureau (CFPB) issued a new final rule implementing the Fair Debt Collection Practices Act (FDCPA).  According the CFPB’s press release, the new final rule is designed “to restate and clarify prohibitions on harassment and abuse, false or misleading representations, and unfair practices…

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White House Issues Memorandum Urging Federal Agencies to Adopt Protections for Subjects of Enforcement

On August 31, 2020, the Office of Information and Regulatory Affairs (OIRA), an arm of the Office of Management and Budget (OMB) within the Executive Branch, issued a memorandum (M-20-31 memorandum) directing the heads of federal executive departments and agencies to revise their procedures and practices in light of “the…

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CFPB, FTC, Federal and State Law Enforcement Crackdown on Corrupt Debt Collectors

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On September 29, 2020, the Consumer Financial Protection Bureau (CFPB) and the Federal Trade Commission (FTC), along with more than 50 federal and state law enforcement partners, announced a nationwide law enforcement and outreach initiative designed to protect consumers from phantom debt collection, and abusive and threatening debt collection practices….

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CFPB Continues to Target Misleading VA Mortgage Loan Advertisements

On September 14, 2020, the Consumer Financial Protection Bureau (CFPB) announced a settlement in its eighth case arising out of the CFPB’s “sweep of investigations” of mortgage companies allegedly mailing deceptive advertisements for VA-guaranteed mortgages to servicemembers and veterans.  According to the CFPB, the “ongoing sweep of investigations reflects the…

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CFPB Pilots Advisory Opinion Program to Address “Regulatory Uncertainty”

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On June 18, 2020, the Consumer Financial Protection Bureau (CFPB) announced the launch of its pilot advisory opinion (AO) program.  The CFPB quickly followed this announcement by publishing a procedural rule implementing the pilot AO program, as well as a proposed procedural rule that would establish a permanent AO program…

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CFPB Issues Statement on Temporary Supervisory and Enforcement Practices for Credit Card Electronic Disclosures in Response to COVID-19

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In response to the ongoing impact the COVID-19 pandemic has had on the financial industry, on June 3, 2020, the Consumer Financial Protection Bureau (CFPB) issued a statement (CFPB Statement) announcing that it would provide temporary flexibility for credit card issuers in connection with certain written disclosure requirements. Under Regulation…

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CFPB Holds Public Advisory Committees Meeting on Impact of COVID-19

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On May 1, 2020, the Consumer Financial Protection Bureau (Bureau or CFPB) held a joint virtual meeting of its four advisory committees:  the Consumer Advisory Board, the Community Bank Advisory Council, the Credit Union Advisory Council, and the Academic Research Council.  The meeting—the Bureau’s first public event since the onset…

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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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