Consumer Financial Protection Bureau (CFPB)

On April 15, the Consumer Financial Protection Bureau and the Federal Housing Finance Agency (FHFA) announced a joint initiative known as the Borrower Protection Program (Program), through which the CFPB and FHFA will share servicing information during the coronavirus (“COVID-19”) national emergency.

The CFPB currently processes consumer

Earlier this week, millions of Americans began receiving direct deposits from the federal government as part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), signed into law last month. Although meant to provide relief to consumers feeling the impact of furloughs and pay cuts as a result of the

Earlier this year, the Consumer Financial Protection Bureau created a Taskforce on Federal Consumer Financial Law to “examine the existing legal and regulatory environment facing consumers and financial services providers and report to [the Bureau] its recommendations for ways to improve and strengthen consumer financial laws and regulations.” To assist the Taskforce, the Bureau recently

On April 13, the Consumer Financial Protection Bureau announced a new interpretive rule that makes it possible for consumers to receive certain pandemic-relief payments through newly-issued prepaid accounts rather than paper checks. According to CFPB Director Kathleen Kraninger, the interpretive rule is designed to “ensure that consumers can receive these payments in a fast, secure,

On April 1, the Consumer Financial Protection Bureau issued a consent order against Cottonwood Financial, Ltd., a short-term, small dollar lender located in Texas. After reviewing the lender’s installment lending, payday lending, title lending, marketing, collections, and furnishing practices, the CFPB identified a number of violations, including those under the Fair Credit Reporting Act, 15

In Salinas v. R.A. Rogers, Inc., debtor Marco Salinas obtained a personal loan that was silent as to whether interest or charges could accrue in the event of default. After Salinas defaulted, debt collector R.A. Rogers, Inc. sent a letter informing him of the total amount due and warning that interest and other charges

On April 1, the Consumer Financial Protection Bureau issued “a non-binding general” policy statement regarding the Fair Credit Reporting Act (“FCRA”) and Regulation V in light of the recently enacted Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The policy statement primarily emphasizes the need for furnishers to follow the requirements of the CARES

On March 31, the Consumer Financial Protection Bureau (“the Bureau”) published an online guide (available here) for consumers seeking financial relief options for mortgage and rent payments in light of the unfolding coronavirus (“COVID-19”) pandemic, with a particular focus on the new federal Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The guide

An investor alert this week from the Financial Industry Regulatory Authority, Inc. begins with the ominous warning, from “regulators, law enforcement agencies, and consumer organizations around the globe, the message is clear: fraudulent schemes related to the coronavirus (‘COVID-19’) pandemic have arrived.”

A recent investor alert from the Securities and Exchange Commission’s Office of Investor

In response to the global coronavirus (“COVID-19”) pandemic, the Consumer Financial Protection Bureau announced that it has postponed certain data collections from the financial services industry related to CFPB rules. This extension of flexibility to the financial services industry is intended to facilitate companies focusing their resources on consumers during this time.

CFPB Director Kathleen