A&B ABstract: The CFPB has recently asserted extraordinary authority to make any payment processor monitor the activities of any merchant for which it processes payments, even if that merchant does not provide consumer financial products or services. Does its argument hold up? The CFPB’s Complaint Against BrightSpeed On March 3, 2021, the Bureau of Consumer […]
Consumer Financial Protection Bureau (CFPB)
On Monday, July 19, Alston & Bird partners Nanci Weissgold and Brian Johnson will participate (as a panelist and the moderator, respectively) in “The CFPB Turns 10: Evaluating America’s Youngest Federal Financial Regulator,” hosted by the Federalist Society. Details on the event are available here.
Whether they realize it or not, absent a last-minute intervention from the Federal Housing Finance Agency (FHFA), effective July 1, 2021, creditors will no longer be able to originate qualified mortgage loans using the “QM Patch.” The reason for this dramatic event is that on April 8, 2021, Fannie Mae and Freddie Mac announced in separate […]
A&B Abstract: The U.S. Court of Appeals for the Eleventh Circuit, covering Alabama, Florida, and Georgia, recently decided in Hunstein v. Preferred Collection and Management, Inc., that a debt collector’s communication with its third-party vendor violated section 1692c(b) of the Fair Debt Collection Practices Act (“FDCPA”), which prohibits a debt collector for communicating, in connection […]
A&B ABstract: The CFPB’s Bulletin 2021-01 released on March 31, 2021 announced changes to the Bureau’s type of communications. Does this bulletin suggest a desire of the CFPB to use the examination process for purposes that go beyond the Dodd-Frank Act? The Dodd Frank Act The Dodd-Frank Act grants the CFPB authority to require […]