Newsletters

12.11.19

CFPB News Roundup: Appeals Activism, TRID Review, SCOTUS Date and More

As 2019 nears an end, the Consumer Financial Protection Bureau (CFPB or Bureau) has remained busy, challenging a class action settlement in Maryland, seeking public comment on the TRID disclosure rule, releasing its latest rule-making agenda and its eighth annual Ombudsman Office report, reaching a ...


12.11.19

Student Lending: AGs Question Education Department, CFPB Sued

In the latest student lending happenings, a group of state attorneys general wrote to the Department of Education seeking confirmation of student loan discharge relief to thousands of borrowers, while a consumer group filed suit against the Consumer Financial Protection Bureau (CFPB) alleging lax ...


12.04.19

Disgorgement: One Less Arrow in the SEC’s Quiver?

Can the Supreme Court’s 2017 decision in Kokesh v. SEC, which found that disgorgement is a penalty and not an equitable remedy for statute of limitations purposes, be logically expanded to spell the end of the SEC’s long-standing and widely accepted practice of seeking disgorgement from ...


12.04.19

OCC, FDIC Propose Madden Fix Regulations

In a welcome development for fintechs, lenders and investors, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) separately have proposed regulations to address the substantial uncertainty created by the Second Circuit’s decision in Madden ...


11.26.19

CFPB News: Enforcement Updates, New Interpretive Rule and Well-Being Report

In recent Consumer Financial Protection Bureau (CFPB) news, the CFPB notched a $59 million victory in Wisconsin federal court, settled an enforcement action on employment background screening and published an interpretive rule easing the requirements for a temporary loan originator license.  


11.26.19

Bill Would Expand Interest Rate Cap

A new bill introduced in both houses of Congress would extend the Military Lending Act’s (MLA’s) 36 percent per annum interest rate cap to all consumer borrowers, not just military service members. The change would affect all MLA-covered loans.  


11.20.19

Ninth Circuit Eases Path for FCRA Plaintiffs

Addressing two issues of first impression in the U.S. Court of Appeals, Ninth Circuit, a panel ruled that a consumer suffers a concrete, Article III injury-in-fact when a third party obtains her credit report for a purpose not authorized by the Fair Credit Reporting Act (FCRA).  


11.20.19

Federal Regulators Propose FASB Guidance

The Federal Deposit Insurance Corporation (FDIC), Federal Reserve Board of Governors, Office of the Comptroller (OCC) and National Credit Union Administration (NCUA) have released a proposed Interagency Policy Statement on Allowances for Credit Losses.


11.13.19

CFPB Socks Debt Relief Company, Issues Ombudsman Report and Discusses Dodd-Frank

The Consumer Financial Protection Bureau (CFPB) is moving forward with new enforcement initiatives even as it concedes its structure is unconstitutional. We discuss the latest developments.


11.13.19

States Tackle Student Loan Servicing

Oversight of student loan servicing remains top of mind for state regulators, with new regulations taking effect in New York, California, Colorado and Maine, and with several other states considering similar measures.