Search results for: CFPB

In a significant development in the ongoing litigation over the Consumer Financial Protection Bureau’s (CFPB or Bureau) Final Rule on credit card late fees, the U.S. District Court for the Northern District of Texas denied the CFPB’s motions to dismiss the Fort Worth Chamber of Commerce, transfer the case to the District of Columbia, and dissolve the preliminary injunction. This ruling follows the court’s earlier request for further briefing on the issue of associational standing, as discussed in our prior blog post, here.

Continue Reading Texas Federal Court Denies CFPB’s Motions and Finds Plaintiffs Likely to Succeed on the Merits in Significant Credit Card Late Fee Rule Decision

Late last year, we discussed the Consumer Financial Protection Bureau’s (CFPB or Bureau) proposed rule aimed at supervising larger technology companies offering digital wallets and payment apps. On November 21, the CFPB finalized this rule, which will bring significant changes to the oversight of nonbank digital payment companies. This final rule is set to take effect 30 days after its publication in the Federal Register.

Continue Reading CFPB Finalizes Rule on Federal Oversight of Digital Payment Apps

In this episode of The Consumer Finance Podcast, host Chris Willis is joined by Jesse Silverman and Matt Morris to explore the complexities of the CFPB’s nonbank registry rule. This regulation, introduced in 2024, has generated significant confusion due to its intricate requirements. They discuss the rule’s purpose, its impact on nonbank financial services, and the detailed steps companies must take to ensure compliance. Tune in to understand the key definitions, registration deadlines, and the broader implications for the industry.

Continue Reading The CFPB’s Nonbank Registry Rule: Challenges and Implications

On December 3, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a proposed rule for public comment aimed at amending Regulation V, which implements the Fair Credit Reporting Act (FCRA). The proposed rule seeks to redefine (and, in some cases, rewrite) key terms and provisions within the FCRA, particularly focusing on the activities of purported “data brokers.”

Continue Reading The CFPB Proposes New FCRA Rule to Dramatically Expand Its Scope, Though Finalization is Unlikely

In the latest episode of Payments Pros, hosts Keith Barnett and Carlin McCrory discuss a significant Consumer Financial Protection Bureau (CFPB) enforcement action against Global Tel Link Corporation (GTL), issued on November 14. This action resulted in a consent order addressing chargebacks, alternate payment channel fees, and handling of inactive accounts.

Continue Reading Navigating CFPB Enforcement: Key Takeaways From the Global Tel Link Consent Order

In a shocking development yesterday, the U.S. Court of Appeals for the Fifth Circuit issued a per-curiam, single-sentence order purporting to “clarify” its prior stay of the compliance date for the Consumer Financial Protection Bureau’s (CFPB) payday loan rule. The new order provides that the rule will go into effect on March 30, 2025, 286 days after the Supreme Court entered its judgment in the CFSA lawsuit and not 286 days after the Fifth Circuit’s subsequent decision not to rehear the case en banc. The new order does not even attempt an explanation on how it conforms with the earlier order that the rule would be stayed “until 286 days after resolution of the appeal.”

Continue Reading Fifth Circuit Modifies Prior Order Staying the CFPB Payday Loan Rule to “Clarify” that the Compliance Date is March 30, 2025

Earlier this month, we discussed the lawsuit filed by ACA International, LLC and Collection Bureau Services, Inc. in the U.S. District Court for the District of Columbia against the Consumer Financial Protection Bureau (CFPB or Bureau) and Director Rohit Chopra. The lawsuit challenges the CFPB’s October 1, 2024 advisory opinion on medical debt collection practices. The plaintiffs are seeking an order vacating the advisory opinion and a stay of the effective date pending the conclusion of the case.

Continue Reading CFPB Voluntarily Extends Effective Date of Advisory Opinion on Medical Debt

On November 18, the plaintiff trade groups in Community Financial Services Association of America, Ltd.(CFSA) v. Consumer Financial Protection Bureau (CFPB) filed an Opposed Motion for Clarification of Stay Pending Appeal asking the U.S. Court of Appeals for the Fifth Circuit to clarify that its stay of the compliance date for the CFPB’s payday loan rule extends until the time for filing a new petition for certiorari with the Supreme Court has expired or, if the petition is filed, until the Supreme Court finally disposes of the case. At a minimum, the trade groups ask the Fifth Circuit to clarify that its existing stay expires 286 days after the court’s recent issuance of its mandate (that is, August 25, 2025) and not on March 30, 2025.

Continue Reading CFSA Seeks Clarification from Fifth Circuit of Required Compliance Date for CFPB Payday Loan Rule

On November 13, Representative Gary J. Palmer (R-AL) introduced House Joint Resolution 220, which seeks congressional disapproval of an advisory opinion published by the Consumer Financial Protection Bureau (CFPB or Bureau) relating to medical debt collection practices.

Continue Reading House Resolution Introduced to Disapprove the CFPB Advisory Opinion on Medical Debt Collection Practices

On November 12, the U.S. Court of Appeals for the Fifth Circuit denied a request from Community Financial Services Association of America (CFSA) and the Consumer Services Alliance of Texas to reopen their legal challenge against the Consumer Financial Protection Bureau’s (CFPB) payday loan rule. This decision effectively clears the path for the rule to be implemented.

Continue Reading Fifth Circuit Denies Rehearing in CFPB Payday Loan Rule Challenge