James Kim

3 weeks ago | jdsupra.com | Stefanie Jackman |James Kim |Jesse Silverman

On March 28, the Consumer Financial Protection Bureau (CFPB or Bureau) was ordered by the U.S. District Court for the District of Columbia to reinstate its employees and resume its operations. This decision comes after the CFPB allegedly attempted to shut down its activities, leading to the National Treasury Employees Union (NTEU) filing a lawsuit questioning the legality of the shutdown.

1 month ago | jdsupra.com | Taylor Gess |James Kim |Carlin McCrory

On March 20, the Arkansas governor signed into law Arkansas Act 347, known as the Earned Wage Access Services Act. Sponsored by Representative David Ray (R) and Senator Ben Gilmore (R), this legislation aims to regulate earned wage access (EWA) providers. Notably, “providers” is defined to include a person engaged in the business of offering earned wage access, but not an employer that advances a portion of earned wages directly to employees or independent contractors.

1 month ago | jdsupra.com | Stefanie Jackman |James Kim |Chris Willis

On March 10, Christopher Mufarrige, the newly-appointed Director of the Bureau of Consumer Protection at the Federal Trade Commission (FTC), published a blog explaining the significance of Civil Investigative Demands (CIDs) for businesses and the ramifications for failing to respond.

2 months ago | jdsupra.com | Stefanie Jackman |James Kim |Jesse Silverman

As discussed here, on February 9, the National Treasury Employees Union (NTEU), which includes members employed by the Consumer Financial Protection Bureau (CFPB or Bureau), filed a lawsuit in the District Court for the District of Columbia. The lawsuit challenges the actions of Acting Director Russell Vought, arguing that his efforts to “shut down” the CFPB are unconstitutional and violate the Congressional mandate outlined in the Dodd-Frank Act.

2 months ago | jdsupra.com | Stefanie Jackman |James Kim |Jesse Silverman

On February 11, President Donald Trump nominated Jonathan McKernan to be the new Director of the Consumer Financial Protection Bureau (CFPB or Bureau). If confirmed by the Senate, McKernan will replace Acting CFPB Director Russell Vought, who also serves as the head of the Office of Management and Budget. McKernan was reportedly on the Trump administration’s short list of potential candidates to lead the CFPB and is considered an ally of the financial services industry.