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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

CFPB Changes Tack on For-Cause Removal Provision

October 4, 2019 By Sam Bragg

A&B ABstract: In a reversal of its previous position on the issue, the CFPB publicly asserted last month in two separate venues that the for-cause removal provision of the Consumer Financial Protection Act is unconstitutional. On September 17, 2019, CFPB Director Kathleen Kraninger sent two letters (the “Letters”) to Speaker of the House Nancy Pelosi […]

Filed Under: Consumer Financial Protection Bureau (CFPB) Tagged With: #CFPA, #PHH, #SeilaLaw

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Recent Posts

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