On February 7, CFPB General Counsel Seth Frotman gave a talk at the University of Michigan, The Federal General Counsel, Law, and Our Democracy at a Crossroads. The entire speech is worth a read, but I want to quote one part that describes Frotman’s view of what the CFPB should do and provides a test […]
Category Archives: Consumer Financial Protection Bureau
In some recent postings, I’ve focused on what the Trump administration will do on consumer protection, but I don’t want to lose sight of what the people who served in the CFPB, FTC, and a variety of other agencies did during the last four years to protect consumers. Consumers are much better off for their […]
The headline reads Trump team eyes hiring freeze, regulatory rollbacks for CFPB (behind paywall but available on Lexis). According to Berry, a Trump review team is now at the Bureau, with a transition team coming next week. George Mason’s Todd Zywicki is part of the review team. Berry identifies as possible directors FDIC vice chair […]
Here. The introduction states: “We believe that the interpretations set forth in these documents reflect the best reading of the federal consumer financial laws and that the reasoning provided therein will therefore prove to be durable.” I hope that the guidance does indeed prove to be durable.
The Consumer Financial Protection Bureau today announced its final rule requiring the removal of medical bills from credit reports and barring lenders from using consumers’ medical information in their lending decisions. The Fair Credit Reporting Act already limits a creditor’s ability to obtain or use a consumer’s medical information in connection with any determination of […]
If so, you might want to listen to Alan Kaplinsky’s fireside chat podcast with former CFPB official David Silberman, sign up for two forthcoming Ballard Spahr webinars, or for McGuireWoods’s upcoming webinar.
CashCall is a lender that makes unsecured, high-interest loans to consumers via a related company incorporated under the laws of the Cheyenne River Sioux Tribe. In 2022, the Ninth Circuit decided CFPB v. CashCall, in which it affirmed a district court’s finding, after a bench trial, that CashCall committed an unfair, deceptive, or abusive act […]
On Monday, the CFPB announced that it had sued Walmart and Branch Messenger for practices with respect to its “last-mile” delivery drivers. The suit alleges that Walmart and Branch opened Branch accounts for drivers, and Walmart then deposited drivers’ pay into these accounts, without the drivers’ consent. The suit also alleges Walmart told the drivers […]
Here, authored by Seth Frotman and Lorelei Salas. Here is a particularly intriguing excerpt: Now that companies are being held accountable for charging [certain] unlawful fees, they have switched to new, underhanded tactics to try to continue to extract junk fee revenue from people. For example, we have seen some debt collectors unlawfully amend consumers’ […]
The Consumer Bankers Association explains in a letter. They want to scuttle the CFPB’s overdraft rule, credit card late fees rule, open banking rule, and the BNPL and EWA interpretive rules. They also want to convert the Bureau to a commission, subject it to the annual congressional appropriations process, and “reform” its UDAAP authority.