Search Results: test Regulation

Bipartisan FDCPA Servicemembers Act Passes Through House

The U.S. House of Representatives unanimously passed a bipartisan bill, H.R. 5003 — also referred to as the Fair Debt Collection Practices for Servicemembers Act — aimed to enhance protections for servicemembers against debt collector harassment. The bill would amend the Fair Debt Collection Practices Act (FDCPA) by adding servicemember-specific…

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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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California Legislature Passes Bill Expanding Consumer Financial Protection Oversight

On August 31, 2020, the California Legislature passed Assembly Bill No. 1864 (AB-1864), sending the bill to California Governor Gavin Newsom for his expected approval.  Below is an overview of some of AB-1864’s key provisions. As LenderLaw Watch reported earlier this year, Governor Newsom’s 2020-2021 Budget Summary proposed expanding the…

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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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California and New York Propose to Expand Consumer Protections

At the start of the new year, both California’s Governor Newson and New York’s Governor Cuomo proposed expansions to their respective state’s regulatory oversight of consumer financial services. Of particular note, Governor Newson’s 2020-21 Budget Summary (California’s Proposal) explained that the reason behind California’s proposed regulatory expansion is the belief…

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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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Supreme Court Grants Cert in TCPA Junk Fax Case to Determine Whether the Hobbs Act Trumps the Chevron Doctrine

On November 13, 2018, the Supreme Court granted certiorari in PDR Network, LLC v. Carlton & Harris Chiropractic (No. 17-1705), to answer the question whether the Hobbs Act required the district court to accept the Federal Communication Commission’s (FCC’s) legal interpretation of the Telephone Consumer Protection Act (TCPA).  At issue…

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Regulators' Implementation of the Economic Growth, Regulatory Relief and Consumer Protection Act

On October 2, 2018, the U.S. Senate’s Banking Committee held a hearing to review regulators’ implementation of the Economic Growth, Regulatory Relief and Consumer Protection Act (S.2155) since its passage in June.  As framed by Banking Committee Chairman Mike Crapo (R-ID), the law “right-sizes regulations for financial institutions, making it easier…

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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,”…

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