Consumer Financial Protection Bureau (CFPB)

A recent objection by the U.S. Department of Justice to a proposed class action settlement in Cowen v. Lenny & Larry’s Inc.[1] may be an indication that the DOJ will be scrutinizing future settlements for the benefits to the class members. The DOJ argued in its objection that the bulk of the benefit from the

On March 1, the Consumer Financial Protection Bureau released a report concerning mortgages made to members of the U.S. armed forces and veterans purchasing a first home.  It is part of a series of quarterly reports the CFPB will issue focusing on consumer credit trends.  This Quarterly Consumer Credit Trends report highlights trends among first-time

Requiring an employee or consumer to submit any dispute to binding arbitration as a condition of employment or purchase of a product or service is commonly referred to as “forced arbitration.”  Many times, the employee or consumer is required to waive their right to sue or to participate in a class action lawsuit.  Critics argue

On February 25, the Federal Trade Commission and the Consumer Financial Protection Bureau reauthorized their Memorandum of Understanding, or “MOU.”

The MOU, which governs the FTC’s and CFPB’s joint operations, focuses on five key areas of cooperation:

  • Joint law enforcement efforts – The agreement requires one agency to give notice to the other prior to

The Supreme Court agreed to hear a consumer’s appeal from the Third Circuit’s ruling that his claims under the Fair Debt Collection Practices Act were time-barred despite being brought within one year of discovering the violation.  The circuits have been split on whether the one-year statute of limitations under the FDCPA begins to run when

On February 20, the Consumer Financial Protection Bureau released a compliance guide for small entities that summarizes payment-related provisions of the Payday Lending Rule.

The Payday Lending Rule governs payday loans, vehicle tile loans, and certain high-cost installment loans.  The Guide focuses on the payment provisions of the Payday Lending rule, found in Subpart C

A group of 21 states and the District of Columbia submitted a comment letter opposing the Consumer Financial Protection Bureaus effort to revise and boost its Policy on No-Action Letters (NAL Policy) and the creation of a CFPB Product Sandbox.  The NAL Policy and Product Sandbox will allow companies

On January 29, the Consumer Financial Protection Bureau released a snapshot report of consumer complaints to provide a high-level overview of the trends in complaints it has received over the past 24 months.  The report is split into two sections – a summary of the volume of all consumer complaints received by the CFPB

On January 25, Consumer Financial Protection Bureau Director Kathleen L. Kraninger announced senior leadership changes within the Bureau, appointing five new members to the CFPB leadership team.  Kraninger, a recent appointee by President Donald Trump, previously served in the White House Office of Management and Budget in the Trump Administration.  The following individuals will join

Last week, Navient Corp., the nation’s largest student loan servicer, moved for summary judgment on two enforcement claims brought against it by the Consumer Financial Protection Bureau alleging that Navient engaged in abusive and unfair practices under the Consumer Financial Protection Act.   

In January 2017, the CFPB filed an enforcement action in the U.S.