On March 22, the Consumer Financial Protection Bureau (Bureau) moved to dismiss a challenge to a final rule it promulgated last summer. But this routine filing was followed by a blog that expressed the Bureau’s intent to address the challenged rule outside of court and clarified that its “brief address[es] only the court’s jurisdiction to
On March 24, the Consumer Financial Protection Bureau (CFPB) provided the Consumer Response 2020 Annual Report (CFPB Report) to Congress. The CFPB Report reflects complaints submitted by consumers to the CFPB and analyzes those complaints.
In 2020, the CFPB saw a 54% rise in complaints from 2019 — with the total number increasing from 352,400
On March 3, the Consumer Financial Protection Bureau (CFPB) filed a complaint in the Northern District of Illinois against a third-party payment processor, BrightSpeed Solutions, Inc., and its founder and former CEO Kevin Howard. The CFPB’s complaint alleges that the defendants violated the Consumer Financial Protection Act (CFPA) and the Telemarketing and Consumer Fraud and
On March 18, Opportunity Financial, Inc. (OppFi) — a Chicago-based platform lender — announced that the Consumer Financial Protection Bureau (CFPB) is investigating its compliance with the Military Lending Act. The announcement — coupled with several others like it in recent months — confirms that the CFPB is closely monitoring fintechs.
OppFi is a consumer
On March 11, the Consumer Financial Protection Bureau (CFPB) announced that it is rescinding a January 2020 policy statement that limited the “abusive acts and practices” standard created by the 2010 Dodd-Frank Act. By rescinding the policy statement, the CFPB — under the direction of Acting Director Dave Uejio — signals a return to the
On February 23, the Consumer Financial Protection Bureau (CFPB) issued a statement that it planned to propose a rule to “delay the July 1, 2021 mandatory compliance date of the General QM Final Rule.” Consistent with that, the CFPB announced a notice of proposed rulemaking (NPRM) on March 3, which would push back the current
We have long predicted that just as other states followed California in passing breach notification laws, states would follow in California’s footsteps in regulating information privacy practices with the California Consumer Privacy Act of 2018 (CCPA), which was later amended by the California Privacy Rights Act of 2020 (CPRA).[1] The Virginia state legislature recently
The California Consumer Financial Protection Law (CCFPL) went into effect on January 1. The CCFPL requires the Department of Financial Protection & Innovation (DFPI), formerly the Department of Business Oversight, to establish an Office of Financial Technology Innovation (OFTI). The DFPI stated in its recent monthly bulletin that OFTI would allow it to “work proactively
In a recently filed Form 10-K, PayPal Holdings, Inc. (PayPal) announced that it received a Civil Investigative Demand (CID) from the Consumer Financial Protection Bureau (CFPB) on January 21 “related to Venmo’s unauthorized funds transfers and collections processes, and related matters.” PayPal owns and operates Venmo as part of its digital wallet portfolio.
While
In a statement recently disseminated to all Consumer Financial Protection Bureau (CFPB) personnel, Acting Director Dave Uejio set forth new priorities for the CFPB’s Supervision, Enforcement, and Fair Lending Division (SEFL), specifically around providing COVID-19 relief to consumers and racial equity.
In the statement, Uejio communicated his belief that “strong oversight” can make a