• 11.05.20

    CFPB Releases Final Debt Collection Rule, Part 1

    On October 30, 2020, the Consumer Financial Protection Bureau released the first part of its long-awaited final Debt Collection Rule, which substantially updates and modernizes Regulation F, the implementing regulation for the federal Fair Debt Collection Practices Act.

  • 10.30.20

    CFPB Enforcement: How the Latest Changes Impact Covered Entities

    The Consumer Financial Protection Bureau (CFPB, or the Bureau) has announced major changes to its organizational structure, placing enforcement operations under the control of the supervision office.

  • 10.23.20

    CFPB Announces Rulemaking on Consumer Access to Financial Records

    Will consumers gain better-defined insights into their own financial records? Yes, says the Consumer Financial Protection Bureau (CFPB or Bureau), which issued an advance notice of proposed rulemaking (ANPR) concerning consumer access to financial records, thus beginning the process of developing ...

  • 08.27.20

    CFPB Issues RFI on CARD Act Rules

    In carrying out its statutory mandate, the CFPB has released a Request for Information (RFI) relating to the CARD Act, seeking information on two fronts.

  • 06.29.20

    Supreme Court: President May Fire CFPB Director Without Cause

    In a long-awaited ruling, the Supreme Court in Seila Law has ruled, in a 5-4 decision, that the structure of the Consumer Financial Protection Bureau is unconstitutional in that it limits the ability of the President to fire the director, unless with cause.

  • 06.19.20

    CFPB Provides Additional Guidance on CARES Act Credit Reporting

    On June 16, 2020, the Bureau of Consumer Financial Protection (CFPB) released a Compliance Aid in the form of ten FAQs (FAQs) on consumer reporting related to the CARES Act and the COVID-19 pandemic. The FAQs follow the Fair Credit Reporting Act (FCRA) policy statement issued by the CFPB on April 1 ...

  • 06.03.20

    Seventh Circuit Denies Stay of Injunction, Potentially Opens PPP Doors for More Small Businesses

    On May 20, 2020, the U.S. Court of Appeals for the Seventh Circuit sided with a lower court which invalidated applying the “Ineligibility Rule” by the Small Business Administration (SBA) to the Paycheck Protection Program (PPP), which had been previously used to exclude small businesses ...

  • 05.18.20

    Federal Court: SBA’s PPP Ineligibility Rule Is Invalid

    In a significant rebuke of the Small Business Administration (SBA), a Michigan federal district court has rejected the SBA’s attempt to deem a number of applicants, including sexually oriented dance clubs, ineligible for Paycheck Protection Program (PPP) loans.

  • 05.14.20

    CFPB News: Bureau Issues More Pandemic Guidance

    As the profound impacts of COVID-19 become ever clearer, the Consumer Financial Protection Bureau (CFPB) continues its recent increase in activity in this space with a new statement and set of frequently asked questions (FAQs), outlining the responsibility of certain financial firms during the ...

  • 04.30.20

    The Potential for Ultra Vires Regulatory Guidance During COVID-19

    In response to the COVID-19 pandemic, federal and state governments and regulators have taken hasty actions that are arguably beyond the scope of their authority in order to provide assistance to businesses and consumers during a time of high unemployment, mandatory shutdowns and reduced consumer ...

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