Search Results: test What You Need To Know – Background Info On Current Issues

California Signs Two New Consumer Protection Bills into Law

On September 25, 2019, California’s Governor signed into law two bills that impact financial consumer services companies in California: California Assembly Bill 539 and California Senate Bill 187.  Both laws go into effect January 1, 2020. California Assembly Bill 539 (AB 539) imposes new regulations and restrictions on loans of…

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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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FCC Establishes Reassigned Number Database and TCPA Safe Harbor

On December 13, 2018, the Federal Communications Commission (FCC) released a Second Report and Order addressing issues with reassigned phone numbers and potential Telephone Consumer Protection Act (TCPA) liability, and establishing a safe harbor for business callers.  Currently, there is no comprehensive database which allows businesses to determine whether a phone number…

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CFPB Releases Status Update Regarding Fall 2016 Rulemaking Agenda

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On December 2, 2016, the Consumer Financial Protection Bureau (CFPB) released a status update regarding various initiatives that were proposed in its fall 2016 rulemaking agenda.  The update provides readers with an overview of the CFPB’s proposals and observes that comments submitted in connection with a number of the proposals…

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SCOTUS Holding Could Exacerbate Already-Backlogged Federal Dockets

On November 8, 2016, the U.S. Supreme Court heard oral arguments in Lightfoot v. Cendant Mortg. Corp., a case that will decide an important jurisdictional issue for Federal National Mortgage Association (FNMA).  See 769 F.3d 681 (9th Cir. 2014), cert. granted, 136 S. Ct. 2536 (2016).  The question before the Court…

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Potential CFPB Reform in the Wake of the Election

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The results of the recent election have led to speculation regarding what legal changes are in store for the consumer financial services industry and the CFPB in particular.  Although President-elect Trump and other Republicans have made statements regarding “dismantling” the Dodd-Frank Act, few concrete proposals have been put forward.  In…

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CFPB Considering Debt Collection Reform Proposals

*Editor’s Note:  This post originally appeared on our firm site as a client alert. Summary On July 28, the Consumer Financial Protection Bureau (the CFPB) released a summary of proposals it is considering to reform debt collection practices. At the same time, it released a Study of Third Party Debt…

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CFPB Releases Report on Single-Payment Vehicle Title Loans

Earlier this month, the Consumer Financial Protection Bureau (CFPB) issued a report analyzing consumer usage and default patterns for certain single-payment vehicle title loans (the “Report”).  Vehicle title loans are loans issued to borrowers by non-depository lenders in exchange for a security interest in their vehicles.  A unique aspect of vehicle…

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Treasury Department Weighs in on Online Marketplace Lending

On May 10, 2016, the U.S. Treasury Department released a white paper entitled, “Opportunities and Challenges in Online Marketplace Lending.”  The white paper is the result of a request for information that elicited more than 100 industry responses, and it reviews the benefits and risks of online marketplace lending before making…

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Consumer Financial Protection Bureau Proposes Rules Prohibiting Class-Action Waivers in Arbitration Agreements

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On May 5, 2016, the Consumer Financial Protection Bureau issued long-expected proposed rules that will drastically limit the use of pre-dispute arbitration clauses in contracts for consumer financial products and services. First, the proposed rules would prohibit pre-dispute arbitration agreements that bar consumers from filing or participating in a class…

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CFPB Confirms Credit Unions Will Remain Subject to Regulations

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On February 23, 2016, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray delivered prepared remarks (click link for full text) regarding CFPB regulation of credit unions to the Credit Union National Association.  The crux of Director Cordray’s remarks was that the CFPB has affirmatively decided not to exclude credit unions from CFPB…

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Federal Reserve Set to Update Regulation Z to Add CFPB Rules

On February 19, the Federal Reserve noticed an information collection regarding recent changes to Regulation Z.  The Notice (81 Fed. Reg. 8492) explains that the Federal Reserve is planning to update Regulation Z to include a number of regulatory requirements implemented in the past three years—particularly those promulgated by the…

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Anticipating Decisions In Three Supreme Court Cases With Potential To Impact Class Action Litigation

The US Supreme Court’s October 2015 term includes three cases that may have important implications for class action litigation: Spokeo Inc. v. Robins et al., 13-1339, Campbell-Ewald Co. v. Gomez, 14-857, and Tyson Foods, Inc. v. Bouaphakeo, 14-1146.   In each case, the Court will consider a procedural question whose answer…

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CFPB: Principles for Faster Payment Systems

On July 9, 2015, the CFPB published a set of Consumer Protection Principles it believes should guide the financial industry in the development of newer, faster methods of payment.  These Principles, though merely suggestions, may help members of the financial industry anticipate the expectations of their regulators and develop new…

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FHA Attempt To Provide New Guidance: Too Little, Too Late?

On June 18, the Federal Housing Administration provided lenders with a new Defect Taxonomy for Single Family Housing Loans, or Loan Quality Assessment Methodology.  It has been working on the new taxonomy for almost a year, and the final product is very similar to what it presented for comment in September…

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FCC Ruling Potentially Expands Scope of TCPA

On June 18, 2015, the Federal Communications Commission (“FCC” or the “Commission”) issued a package of declaratory rulings (“FCC 15-72”) related to telemarketing.  Although FCC 15-72 has yet to be officially released, the Commission indicated the measure is significant, particularly in the Telephone Consumer Protection Act (“TCPA”) realm.  A federal law…

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