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CFPB Proposes Nonbank Registry to Focus on Compliance “Recidivism”

January 11, 2023 By Nanci Weissgold, Anoush Garakani and Melissa Malpass

A&B ABstract: On December 12, 2022, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule to require certain non-banks to register with the agency when they become subject to a public written order or judgment imposing obligations based on violations of certain consumer protection laws. The CFPB also proposes to maintain a public online […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Consumer Loan, Dodd-Frank Act, Mortgage Loans, Mortgage Servicing, Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPA, #CFPB, mortgage lending, Mortgage Servicing, Servicing

CFPB Sues MoneyLion over Membership Program, Uses Military Lending Act as Hook

October 5, 2022 By Sam Bragg and Kelley Barnaby

A&B Abstract: On September 29, 2022, the Consumer Financial Protection Bureau (“CFPB”), sued MoneyLion Technologies Inc. and 37 of its subsidiaries (“MoneyLion”) in New York federal court for violations of the Military Lending Act (the “MLA”) and Consumer Financial Protection Act (“CFPA”). The Allegations The CFPB alleges that MoneyLion offered installment loans that consumers could […]

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

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

The CFPB is Sending Mixed Messages on COVID-19 Flexibility

April 19, 2021 By Consumer Finance Team

A&B ABstract: The CFPB’s inconsistent statements about the need for flexibility to address the pandemic suggest a deeper game afoot.  CFPB warns that continued COVID flexibility for financial institutions is not prudent… On March 31, 2021, the CFPB announced it would be rescinding seven policy statements issued last year that provided financial institutions with flexibilities […]

Filed Under: Consumer Financial Protection Bureau (CFPB), COVID-19, Mortgage Loans, Mortgage Servicing, Real Estate Settlement Procedures Act (RESPA) Tagged With: #CFPA, #RegulationX

CFPB Brings Action Against Connecticut Mortgage Lender

January 25, 2021 By Kelley Barnaby

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 […]

Filed Under: Consumer Financial Protection Bureau (CFPB), Dodd-Frank Act, Mortgage Loans, Unfair, Deceptive and Abusive Acts or Practices (UDAAP) Tagged With: #CFPA

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Recent Posts

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  • CFPB Proposes Nonbank Registry to Focus on Compliance “Recidivism”
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  • 38 Attorneys General Ask SCOTUS to Determine the CFPB’s Fate
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