As automated systems spread throughout the economy, federal agencies announce that they will use existing authorities to ensure compliance with the law. “We take seriously our responsibility to ensure that these rapidly evolving automated systems are developed and used in a manner consistent with federal laws,” said the heads of the Consumer Financial Protection Bureau, […]
Category Archives: Consumer Financial Protection Bureau
Samuel Becher of Victoria University of Wellington and Uri Benoliel of the College of Law and Business – Ramat Gan Law School have written Hidden Contracts, forthcoming in Brigham Young University Law Review. Here’s the abstract: Transparency is a promising means for enhancing democratic values, countering corruption, and reducing power abuse. Nonetheless, the potential of transparency […]
I’m finally getting around to listening to the House Financial Services Committee’s hearing March 9, 2023 on the CFPB. One of the witnesses at the hearing was Devin Watkins, an attorney at the conservative Competitive Enterprise Institute. Mr. Watkins’ testimony includes the following: The Seventh Amendment of the U.S. Constitution mandates that “In Suits at […]
Joann Needleman and Manny Newburger have an essay in the American Banker, In the fight over the CFPB, everyone could end up a loser. It’s behind a paywall but accessible on Lexis. You can read more about Needleman and Newburger at their linked bios. They write: Opponents of the CFPB risk throwing out the good with […]
The public comment period closed yesterday on the Consumer Financial Protection Bureau’s proposed rule to create a public registry for terms and conditions in non-negotiable nonbank contracts that limit consumer rights and protections. The proposal recognized a certain powerlessness of consumers who are forced to surrender critical rights when seeking out essential financial products. Part […]
The Consumer Financial Protection Bureau has finalized a rule required by Congress to increase transparency in small business lending, promote economic development, and combat unlawful discrimination. Lenders will collect and report information about the small business credit applications they receive, including geographic and demographic data, lending decisions, and the price of credit. A summary, with […]
The Consumer Financial Protection Bureau took action this week against Portfolio Recovery Associates, one of the largest debt collectors in the nation, for violating a 2015 CFPB order and engaging in other violations of law. The CFPB’s proposed order, if entered by the court, would require Portfolio Recovery Associates to pay more than $12 million […]
The Consumer Financial Protection Bureau this week “launched an improved survey of credit card issuers that can help consumers and families compare interest rates and other features when shopping for a new credit card.” The agency explained that the [u]pgrades to the CFPB’s terms of credit card plans survey are designed to increase price competition […]
The Second Circuit ruled today that the Consumer Financial Protection Bureau’s funding structure is constitutional. In a unanimous decision,the court disagreed with a Fifth Circuit decision. The panel panel said at it “cannot find any support for the Fifth Circuit’s conclusion” in Supreme Court precedent, the Constitution’s text or the history of the appropriations clause. […]
In 2019, the CFPB issued a “civil investigative demand” to the Law Offices of Crystal Moroney, a law firm that principally provides legal advice and services to clients seeking to collect debt. In April 2020, the CFPB moved to enforce the 2019 CID. In August 2020, the district court granted the CFPB’s petition to enforce […]