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6 days ago | 
jdsupra.com | Richard Andreano Jr. |John Culhane Jr. |Alan Kaplinsky
The CFPB is rescinding its existing enforcement and supervision priority documents, according to a memo sent to bureau staff by CFPB Chief Legal Officer Mark Paoletta. The CFPB will focus its enforcement and supervision resources on pressing threats to consumers, particularly servicemembers, their families, as well as veterans, Paoletta wrote, in a memo to bureau employees. The CFPB also will shift its supervisory efforts back to depository institutions.
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2 weeks ago | 
jdsupra.com | John Culhane Jr. |Alan Kaplinsky |Joseph J. Schuster
The Circuit Court of Appeals for the District of Columbia has issued an administrative stay for to a judge’s order blocking wholesale changes at the CFPB. The three-judge panel said the administrative stay means the CFPB is returned to the state it was in before U.S. District Judge Amy Berman Jackson issued an order blocking the possible dismantling of the CFPB. That order came in a suit filed by the National Treasury Employees Union, several other groups and a pastor.
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3 weeks ago | 
jdsupra.com | Richard Andreano Jr. |John Culhane Jr. |Alan Kaplinsky
The two Democratic FTC members who were fired by President Trump have filed suit in federal court challenging their dismissal. Alvaro Bedoya and Rebecca Slaughter filed suit in U.S. District Court for the District of Columbia contending that their dismissals were illegal since the FTC is supposed to be an independent agency. They said that Trump’s decision was in direct violation of federal law and Supreme Court precedent.
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1 month ago | 
jdsupra.com | Richard Andreano Jr. |John Culhane Jr. |Alan Kaplinsky
President Trump on Tuesday fired the remaining two Democratic members of the FTC, leaving only two Republicans on the commission. The commissioners, Alvaro Bedoy and Rebecca Slaughter, announced their dismissals on social media. Both called their dismissals illegal, since the FTC is supposed to be an independent agency. Both of them called their firings illegal and Bedoy already has said he would challenge his dismissal in court.
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1 month ago | 
jdsupra.com | John Culhane Jr. |Alan Kaplinsky |Joseph J. Schuster
In a significant ruling on February 18, 2025, the Wisconsin Court of Appeals determined that National Bank Act (NBA) does not preempt the procedural “right to cure” notice requirements mandated by the Wisconsin Consumer Act (WCA), reversing a judgment in two debt collection actions. The court, thereby, determined that this state-level consumer protection was not preempted by the NBA.
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2 months ago | 
jdsupra.com | John Culhane Jr. |Kristen Larson |Ronald K. Vaske
Chief Judge Virginia Kendall of the Northern District of Illinois has extended her preliminary injunction prohibiting Illinois from enforcing the Illinois Interchange Fee Prohibition Act (the “IFPA”) to cover out-of-state banks conducting business in the state. Judge Kendall already had ruled that Illinois could not enforce the IFPA on nationally chartered banks and federal savings associations but requested additional briefing with respect to federal credit unions and out-of-state banks.
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2 months ago | 
jdsupra.com | John Culhane Jr. |Alan Kaplinsky |Kristen Larson
Sens. Bernie Sanders, I-Vt. and Josh Hawley, R-Mo. have introduced bipartisan legislation that could cap credit card interest rates at 10%. The Senators said their bill, S. 381, would fulfill a commitment made by President Trump when he campaigned for president last year. The legislation—which has been proposed in past Congresses—would impose the cap through a change in the Truth in Lending Act.
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2 months ago | 
jdsupra.com | Richard Andreano Jr. |John Culhane Jr. |Alan Kaplinsky
Seventeen financial services trade groups are calling on the CFPB to abandon its plan to amend rules under the Fair Credit Reporting Act (FCRA) to vastly expand the scope of the FCRA by redefining what a “consumer report” is and who is a “consumer reporting agency.” As previously reported, while the CFPB touts the proposal as one to cover data brokers, it is much broader than that.
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Jan 16, 2025 | 
jdsupra.com | Richard Andreano Jr. |John Culhane Jr. |Ronald K. Vaske
In an effort to foster innovation in financial services, the CFPB is reinstituting its programs that allow companies to obtain regulatory safe harbors through no-action letters and sandboxes to test new products and services. The CFPB had such programs during the first Trump Administration, but the Biden Administration scrapped them, saying that they were ineffective and unfair.
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Jan 14, 2025 | 
jdsupra.com | John Culhane Jr. |Alan Kaplinsky |Kristen Larson
In a 37 page order, Chief Judge Virginia M. Kendall in the Northern District of Illinois determined that the Illinois Bankers Association, American Bankers Association, America’s Credit Unions, and Illinois Credit Union League have standing to bring their claims challenging the Illinois Interchange Fee Prohibition Act (the “IFPA”) and sovereign immunity does not apply to the federal claims.
