Newsletters

08.05.24

Why The CFPB’s Earned Wage Access Rule Is Subject To Challenge

Earned wage access (“EWA”) programs are financial products that allow workers to receive payment for wages they have already earned before their next scheduled payday.


07.03.24

What the End of Chevron Deference Means for the CFPB

On June 28, 2024, in Loper Bright Enterprises v. Raimondo, the United States Supreme Court overruled Chevron U.S.A. Inc. v. Natural Resources Defense Council, Inc., 467 U.S. 837 (1984), which required courts to defer to “permissible” interpretations of statutes by agencies that ...


05.30.24

Surprise! CFPB Claims That Buy Now, Pay Later Providers Are “Card Issuers” Under Reg Z

To the likely surprise of providers of buy now, pay later (“BNPL”) financing, last week the Consumer Financial Protection Bureau (“CFPB”) issued an interpretive rule


05.20.24

Challenging the CFPB After CFPB v. CFSA

On May 16, 2024, the United States Supreme Court issued its long-awaited opinion in Consumer Financial Protection Bureau v. Community Financial Services Association of America, Ltd., holding that the CFPB’s unique funding mechanism does not violate the Appropriations Clause of the ...


05.03.24

CFPB Acts Against Mortgage Servicing Fees

On April 24, 2024, the Consumer Financial Protection Bureau (CFPB) continued its assault on fees in the consumer finance industry.


02.21.24

CFPB Revises Supervisory Appeals Process

On February 16, 2024, the Consumer Financial Protection Bureau (CFPB) issued a procedural rule revising its supervisory appeals process for the first time since 2015.


11.14.23

What the Injunction Against the CFPB’s Small-Business Data Collection Rule Means for You

On October 26, a Texas District Court issued an expanded injunction preventing the CFPB from implementing and enforcing its small-business data collection rule issued under Section 1071 of the Dodd-Frank Act, so that it now benefits all companies subject to the rule.


09.14.23

CFPB Loses Major UDAAP Case

On September 8, 2023, the U.S. District Court for the Eastern District of Texas issued an opinion and order vacating a March 2022 anti-discrimination update to the UDAAP section of the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) Supervision and ...


09.11.23

The CFPB’s Summer 2023 Supervisory Highlights

The Consumer Financial Protection Bureau’s (CFPB or Bureau) Summer 2023 Supervisory Highlights, which discusses key examination findings between July 2022 and March 2023, underscores the Bureau’s continuing aggressive interpretations of its authority.


10.24.22

Lights Out? Fifth Circuit Finds CFPB’s Funding Mechanism Unconstitutional

On October 19, 2022, the Fifth Circuit sent shock waves through the financial world, ruling that the Consumer Financial Protection Bureau’s independent funding structure violates the U.S. Constitution’s Appropriations Clause.