Newsletters

10.23.20

CFPB Announces Rulemaking on Consumer Access to Financial Records

Will consumers gain better-defined insights into their own financial records? Yes, says the Consumer Financial Protection Bureau (CFPB or Bureau), which issued an advance notice of proposed rulemaking (ANPR) concerning consumer access to financial records, thus beginning the process of developing ...


08.27.20

CFPB Issues RFI on CARD Act Rules

In carrying out its statutory mandate, the CFPB has released a Request for Information (RFI) relating to the CARD Act, seeking information on two fronts.


07.31.20

State Attorneys General Challenge OCC’s ‘Madden Fix’ Rule

As expected, the attorneys general of three large states have sued to block the “Madden fix” rule recently adopted by the Office of the Comptroller of the Currency (OCC).


07.29.20

New York Legislature Passes Bill Requiring Commercial Finance Disclosures

New York may soon be joining California in requiring consumer-like disclosures on commercial financing transactions.


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.


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

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 ...