The Consumer Financial Protection Bureau (CFPB) issued a final rule on July 7, 2020 rescinding the mandatory ability to repay underwriting provisions on small dollar loans that it had previously announced under 12 C.F.R. § 1041 (the Final Rule). The Final Rule has left the payments provisions intact.
The CFPB first finalized regulations governing small
The Supreme Court ruled yesterday that the Consumer Financial Protection Bureau (CFPB) can carry on, despite its unconstitutional leadership structure. The ruling gives the President the freedom to replace a CFPB Director at will. In a 5-4 decision, the Court held that the CFPB’s leadership by a single director removable only for cause was an
Overview
Earlier this week, the Consumer Financial Protection Bureau issued an interpretive rule intended to “make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the [coronavirus] COVID-19 pandemic.” The rule clarifies how the right of consumers to waive certain protections provided in the