On May 13, the Consumer Financial Protection Bureau announced its plans for periodically reviewing the regulations it oversees, in accordance with the Regulatory Flexibility Act (“RFA”). In a second statement issued the same date, the CFPB announced it would begin the process with a review of the Overdraft Rule, which amended Regulation E implementing the
An online lead aggregator for payday and installment loans agreed to pay $4 million to settle a lawsuit filed by the Consumer Financial Protection Bureau. The lead aggregator also agreed to a permanent ban on lead generation, lead aggregation, and data brokering for certain high interest consumer loans.
In 2015, the CFPB filed a lawsuit
The Bureau of Consumer Financial Protection (“CFPB”) and Conduent Education Services, LLC (“CES”), a student loan servicing company formerly operating as ACS Education Services, reached a $3.9 million deal for the company’s alleged failure to provide accurate balances on more than 200,000 student loans.
The CFPB found that CES engaged in unfair practices that violated
On May 7, Sen. Ted Cruz (R-Tex.) announced that he is reintroducing a bill titled the “Repeal CFPB Act” which would eliminate the Consumer Financial Protection Bureau. This represents the third time that Cruz has attempted to introduce a bill in the Senate that would eliminate the CFPB. In 2015 and 2017 the
On May 6, a Ninth Circuit panel held that the Consumer Financial Protection Bureau’s single-director structure does not violate the Constitution, rejecting a California law firm’s argument that it should not be required to comply with a civil investigative demand issued by the agency.
The CFPB issued the CID to Seila Law as part of
The Consumer Financial Protection Bureau (CFPB) released on May 7 a 538-page Notice of Proposed Rulemaking (the Rule) that would update the Fair Debt Collection Practices Act (FDCPA). The Rule would be the first major update to the FDCPA since its enactment in 1977 and gives much-needed clarification on the bounds of federally-regulated activities of
On May 2, the Consumer Financial Protection Bureau issued a Notice of Proposed Rulemaking that proposes to amend disclosure requirements under the Home Mortgage Disclosure Act. Currently, the HMDA requires financial institutions to disclose loan-level information about mortgages to reporting agencies in order to assist public officials in policy-making decisions, among other things. The CFPB
The Eastern District of Pennsylvania concluded that an admitted professional litigant stated a claim under the Telephone Consumer Protection Act when he received the defendant’s telemarketing calls on his cell phone. The determinative factor was lack of allegations and evidence that the plaintiff used the phone for the sole purpose of bringing TCPA lawsuits. A
This week the Consumer Financial Protection Bureau announced a policy change for the agency’s Civil Investigative Demands, or “CIDs.”
The CFPB is authorized by statute to issue CIDs. These updated policy changes address what may be included in those CIDs, specifically in the “notification of purpose” section. The CFPB has stated that going forward CIDs