Legal News

Source: site The Consumer Financial Protection Bureau (“the Bureau” or CFPB) released an Interpretive Rule—which is exempt from notice-and-comment requirements of the Administrative Procedure Act—that sets out its view on the power of states to bring enforcement actions pursuant to the federal Consumer Financial…

Source: site The Consumer Financial Protection Bureau recently warned companies that, under federal anti-discrimination laws, they still owe consumers an explanation of specific reasons for denying credit applications, even if they use complex algorithms to determine creditworthiness. The move is both a reminder of…

Source: site Since Rohit Chopra’s confirmation as director of the Consumer Financial Protection Bureau in 2021, he has aggressively moved the CFPB back to the policy positions formerly employed during the Obama administration. Oftentimes based upon supposition without actual support (even…

Source: site On May 26, 2022, the North Carolina Attorney General (NC AG) announced that it obtained a default judgment against a California-based debt settlement business, and its proprietor.  The lawsuit, filed on June 25, 2021 in the North Carolina Superior Court for Wake County,…

Source: site The Consumer Financial Protection Bureau (CFPB)’s decision to establish supervisory powers over nonbank financial institutions will level the playing field and subject those companies to much-needed scrutiny, credit union trade groups informed the agency Tuesday. “These business models of nonbank…

Source: site Recently, the CFPB announced that in an effort to promote fair competition and greater consistency among enforcers, the CFPB will issue Consumer Financial Protection Circulars (CFPCs), which will provide guidance to other agencies with consumer financial protection responsibilities on how the…

Source: site New Yorkers facing debt-collection lawsuits are poised to get a little extra help in the wake of a federal court’s ruling — and some observers say it could translate to a win for consumers across the country who have…

Source: site On May 17, the FDIC and the CFPB took parallel actions to combat the misuse of the name or logo of the FDIC and deceptive representations about deposit insurance. The FDIC approved a final rule implementing its statutory authority…

Source: site By  Kate Berry The Consumer Financial Protection Bureau again faces an existential threat in the courts — this time over whether the agency’s funding by the Federal Reserve System is constitutional. Earlier this month, five judges on the U.S. Court…

Source: site The CFPB recently issued its Spring 2022 Supervisory Highlights, discussing findings from its examinations in connection with auto servicing, consumer reporting, credit card account management, debt collection, deposits, mortgage origination, prepaid accounts, remittances, and student loan servicing. This is the…