Newsletters

07.13.20

CFPB Issues Final Rule on Small-Dollar Lending With Good News and Bad News for the Industry

On July 7, the CFPB issued its long-awaited final rule (the 2020 Final Rule) amending the regulations that govern payday loans, vehicle title loans and certain high-cost installment loans.


06.29.20

Supreme Court: President May Fire CFPB Director Without Cause

In a long-awaited ruling, the Supreme Court in Seila Law has ruled, in a 5-4 decision, that the structure of the Consumer Financial Protection Bureau is unconstitutional in that it limits the ability of the President to fire the director, unless with cause.


06.19.20

CFPB Provides Additional Guidance on CARES Act Credit Reporting

On June 16, 2020, the Bureau of Consumer Financial Protection (CFPB) released a Compliance Aid in the form of ten FAQs (FAQs) on consumer reporting related to the CARES Act and the COVID-19 pandemic. The FAQs follow the Fair Credit Reporting Act (FCRA) policy statement issued by the CFPB on April 1 ...


06.03.20

OCC Affirms “Valid When Made” Doctrine

On May 29, 2020, the Office of the Comptroller of the Currency (OCC) issued its final rule affirming the “valid when made” doctrine for national banks and federal savings associations.


06.02.20

OCC Moves Forward Alone, Issues Final Community Reinvestment Act Rule

On May 20, the OCC issued its final rule intended to modernize and clarify the Community Reinvestment Act (CRA).


05.14.20

CFPB News: Bureau Issues More Pandemic Guidance

As the profound impacts of COVID-19 become ever clearer, the Consumer Financial Protection Bureau (CFPB) continues its recent increase in activity in this space with a new statement and set of frequently asked questions (FAQs), outlining the responsibility of certain financial firms during the ...


04.30.20

The Potential for Ultra Vires Regulatory Guidance During COVID-19

In response to the COVID-19 pandemic, federal and state governments and regulators have taken hasty actions that are arguably beyond the scope of their authority in order to provide assistance to businesses and consumers during a time of high unemployment, mandatory shutdowns and reduced consumer ...


04.30.20

Fair Lending and the Paycheck Protection Program

While predicting the enforcement priorities of the financial regulators has always been more of an art than a science, the current circumstances—including a pandemic, a presidential election and a Supreme Court case hanging like a guillotine over the Consumer Financial Protection Bureau ...


04.21.20

COVID-19 Credit Reporting: State AGs Might Strictly Enforce FCRA Even Where CFPB Declines

Relaxed Fair Credit Reporting Act (FCRA) credit reporting enforcement during COVID-19? Not so fast, say 23 state attorneys general (AGs).


04.20.20

COVID-19 Warning to Mortgage Servicers

Just when you thought that federal agencies were softening their stance on enforcement during the crisis, the Consumer Financial Protection Bureau (CFPB) and the Federal Housing Finance Agency (FHFA) took a figurative shot across the bow.