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Dodd-Frank Act

Update regarding the BrightSpeed payment processor case

January 19, 2022 By Consumer Finance Team

On January 18, after approximately fourteen months of settlement negotiations, the CFPB announced that it secured a settlement agreement with BrightSpeed Solutions, Inc., a third-party payment processor that had ceased operations nearly three years ago. As we reported in greater detail in a prior post, the CFPB asserted jurisdiction to bring its complaint against BrightSpeed […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act Tagged With: #CFPB

Update Regarding the CFPB’s Buy Now, Pay Later Orders

January 7, 2022 By Consumer Finance Team

In a prior post, we reported that the language used in orders recently issued by the CFPB to leading Buy Now, Pay Later (“BNPL”) providers suggested that the CFPB intends to use the information it collects to build enforcement cases rather than monitor market developments. We also reported that if this is the case, it […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act, Fintech Tagged With: #BNPL, #CFPA, #CFPB

Is the CFPB using its market monitoring orders to build enforcement cases?

December 21, 2021 By Consumer Finance Team

As we previously noted, on October 21, the CFPB issued orders to six large technology firms seeking information about their payment product business plans (the “October 21 Orders”). According to the Bureau, the purpose of orders was to “shed light on the business practices of the largest technology companies in the world.” The CFPB’s use […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act Tagged With: #BigTech, #BNPL, #CFPB

Did the CFPB follow PRA requirements in issuing its Big Tech orders?

November 18, 2021 By Consumer Finance Team

On October 21, the CFPB issued a series of orders to “collect information on the business practices of large technology companies operating payments systems in the United States.” The CFPB sent the orders to six companies: Amazon, Apple, Facebook, Google, PayPal, and Square. In a statement accompanying the press release announcing the orders, Director Chopra […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act, Fintech Tagged With: #BigTech, #CFPB, #PRA

New CFPB Chief Rohit Chopra Confirmed by Senate and Takes Immediate Action Against Big Tech Firms

November 10, 2021 By Josh Dhyani

A&B Abstract: On September 30, 2021, the Senate confirmed Rohit Chopra to serve as director of the Consumer Financial Protection Bureau (CFPB) in a 50-48 vote along party lines. He had been serving as a member of the Federal Trade Commission (FTC) where he had been a vocal critic of big tech companies and advocated […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Consumer Loan, Debt Collection, Dodd-Frank Act, Mortgage Servicing, Student Loans, Uncategorized Tagged With: #CFPB, #debtcollection, Mortgage Servicing, Servicing, student loan servicing

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