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Second Circuit Deepens Circuit Split over CFPB Funding Structure

March 28, 2023 By Sam Bragg

A&B ABstract: On March 23, 2023, the Second Circuit held the Consumer Financial Protection Bureau’s (CFPB) funding structure is constitutional.  This decision comes on the heels of the Supreme Court granting certiorari to review the Fifth Circuit’s ruling in Community Financial that reached the opposite conclusion. The Second Circuit’s Ruling The Second Circuit case, styled […]

Filed Under: Circuit Court Decisions, Consumer Financial Protection Bureau (CFPB) Tagged With: #CFPA, #CFPB, 2nd Circuit, Court of Appeals, Second Circuit

CFPB Issues Special Edition of Supervisory Highlights Focusing on Junk Fees

March 24, 2023 By Morey Barnes Yost, Caroline Eisner and Patrick Eagan-Van Meter

A&B ABstract: In the 29nd edition of its Supervisory Highlights, the Consumer Financial Protection Bureau (“CFPB”) focused on the impact of so-called “junk” fees in the mortgage servicing, auto servicing, and student loan servicing industries, among others. CFPB Issues New Edition of Supervisory Highlights: On March 8, the CFPB published a special edition of its […]

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

CFPB Issues Proposed Rule to Establish Public Registry of Supervised Nonbank Form Contract Provisions that Waive or Limit Consumers’ Legal Protections

February 3, 2023 By Nanci Weissgold, Anoush Garakani, Kathleen Benway and Patrick Eagan-Van Meter

A&B ABstract: On January 11, 2023, the Consumer Financial Protection Bureau (the “CFPB” or “Bureau”) announced a proposed rule to establish a public registry and require  nonbanks supervised by the agency to register their use of certain terms and conditions contained in “take it or leave it” form contracts for consumer financial products or services […]

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

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

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