On Tuesday, White House budget director and acting interim director of the Consumer Financial Protection Bureau, Mick Mulvaney, introduced his plan for a more tempered, data-driven, governing philosophy for the CFPB.
In a three-page memo sent to CFPB employees, Mulvaney emphasized the CFPB would continue to enforce consumer protection laws but stressed it would operate
The deadline for motor vehicle dealer compliance with the Federal Trade Commission’s revised Used Car Rule is rapidly approaching. The January 28, 2018 compliance date imposed by the FTC requires dealers, as of that date, to use the agency’s revised window sticker, known as the “Buyers Guide,” on all used vehicles offered for public sale.
On January 3, the Ninth Circuit Court of Appeals found that Section 1748.1 of the California Civil Code – which bars sellers from imposing surcharges for credit card payments, while still permitting discounts for payment by cash or other means – was an impermissible content-based restriction under the First Amendment of the United States Constitution
On January 16, the Consumer Financial Protection Bureau announced its intention to reconsider a controversial rule affecting the short-term (payday) and auto-title lending industries. This reconsideration could signal that a stripped down rule that omits a number of the rule’s more controversial provisions could be in the offing.
The original rule was finalized in October
Until last week, the CFPB was accepting comments on its proposal to conduct a survey on debt collection disclosures. This survey was closely linked to the CFPB’s planned debt collection rule that would impose additional restrictions and burdensome regulations on the debt collection industry. However, on December 14, 2017 – the last day to submit
A group of 17 state attorneys general issued a letter to the White House on December 12, promising that they will “continue to vigorously enforce consumer protection laws regardless of changes to the [Consumer Financial Protection] Bureau’s leadership or agenda.” The letter, coupled with other efforts, shows that regulatory relief in Washington may be offset
On Tuesday, December 5, 2017, the Government Accountability Office (“GAO”) levelled a heavy blow on a major regulatory initiative of the Consumer Financial Protection Bureau (“CFPB”): its highly controversial “disparate impact” discrimination theories as applied to pricing in the indirect automobile financing industry. The specific GAO ruling finds that a 2013 “Bulletin” stating the CFPB’s
A recent report released by the Center for Microeconomic Data at the Federal Reserve Bank of New York found that American household debt continues to increase, including debt resulting from automobile loan balances. The third quarter of 2017 saw a $116 billion increase, continuing a march upward since mid-2013.
The report specifically addressed the growth
The Board of Governors of the Federal Reserve System recently issued a Consent Order against Peoples Bank, based in Lawrence, Kansas, to settle claims of deceptive residential mortgage origination practices that arose from the bank’s charging of fees in mortgage originations. The Federal Reserve alleged that Peoples told mortgage borrowers that certain additional fees that
On November 21, the United States District Court for the Northern District of Illinois granted preliminary approval of a proposed $600,000 settlement of a class action lawsuit filed by a consumer against M3 Financial Services, Inc., an Illinois-based health care debt collector. The lawsuit, styled Elaine Mason et al. v. M3 Financial Services Inc.,