The number of enforcement actions by the Consumer Financial Protection Bureau (CFPB) more than doubled from 2019 to 2020. The CFPB made clear that cracking down on deceptive and unfair acts and practices under the Consumer Financial Protection Act of 2010 (CFPA) remains a core focus, with 11 of the 15 complaints it filed last […]
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CFPB, NCUA Sign MOU Regarding Cooperation
The Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration (NCUA) have signed a Memorandum of Understanding (MOU) to facilitate and improve coordination between the agencies. The CFPB and NCUA have overlapping supervision authority over credit unions with over $10 billion in assets. Both agencies will engage in semi-annual “strategy planning sessions” to […]
Misrepresentation and Deception: Government Enforcement Agencies Ready to Litigate
A&B ABstract: The COVID-19 pandemic appears to be drafting the attention to consumer protection regulators to products that were active after the 2008 recession. In the midst of the global pandemic, with unemployment rates surging to unprecedented levels, consumer protection regulators appear focused on areas where cash-strapped consumers may turn, such as credit repair, payday […]
CFPB Issues Policy Statement on Dodd-Frank “Abusiveness” Standard, But Important Uncertainties Remain
A&B ABstract: The Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) issued a Policy Statement to provide a framework for how it intends to apply the Dodd-Frank Act’s “abusiveness” standard going forward in its supervision and enforcement activities. While this framework attempts to provide clarity where the Dodd-Frank Act left uncertain what acts and practices […]
California Governor Moves to Strengthen State Consumer Protection Enforcement in 2020
A&B ABstract: On January 10, 2020, California Governor Gavin Newsom released his budget summary for 2020 to 2021. Fearing that the Trump administration will further roll back consumer financial protections, Gov. Newsom proposed the California Consumer Financial Protection Law, which would provide the state’s primary financial services regulator with additional authority to enforce consumer protection […]