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6 days ago | 
openlegalblogarchive.org | Alan Kaplinsky |John Culhane |Richard J. Andreano
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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Jan 17, 2025 | 
openlegalblogarchive.org | Richard J. Andreano
The CFPB is calling on state governments to increase their focus on consumer financial protection laws. “Enforcing consumer protection law has long been a state-federal partnership in which the states have often taken the lead,” the CFPB said, in a report that includes legislative and regulatory language that states may use. “Over the last century, in response to evolving markets, states have refreshed the core standards of fair dealing that form the bedrock of consumer protection law.
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Jan 17, 2025 | 
consumerfinancemonitor.com | Richard J. Andreano
The CFPB is calling on state governments to increase their focus on consumer financial protection laws. “Enforcing consumer protection law has long been a
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Jan 15, 2025 | 
openlegalblogarchive.org | Richard J. Andreano |Ronald K. Vaske |John Culhane
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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Dec 7, 2024 | 
openlegalblogarchive.org | Richard J. Andreano |Ronald K. Vaske
The FTC filed a complaint in the U.S. District Court for the Central District of California against Seek Capital and its CEO, Roy Ferman, alleging that the company operated a bogus business finance scheme that cost small business owners more than $37 million.
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Dec 6, 2024 | 
openlegalblogarchive.org | Richard J. Andreano
As previously reported in May 2024 FHA announced a requirement for FHA approved lenders to notify the U.S. Department of Housing and Urban Development (HUD) of Significant Cybersecurity Incidents, and the requirement was effective immediately. Apparently in response to industry criticism, in Mortgagee Letter 2024-23 FHA announced revised requirements.
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Sep 16, 2024 | 
creditandcollectionnews.com | Alan Kaplinsky |Richard J. Andreano |Loran Kilson |Kaley Schafer
On August 26, 2024, Chief Judge Randy Crane in the E.D. Texas granted summary judgment to the CFPB, denied summary judgment to the trade groups and upheld the CFPB’s 1071 Rule (small business loan data collection rule). On August 2, 2024, the Farm Credit Intervenors (three organizations who long ago intervened as plaintiffs in order to take advantage of a preliminary injunction against the CFPB granted to the original plaintiffs based on the Fifth Circuit’s opinion in CFSA v.
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Sep 9, 2024 | 
creditandcollectionnews.com | John Culhane |Richard J. Andreano |Alan Kaplinsky
Rep. Andy Ogles, R-Tenn., on August 30, 2024 introduced in the House of Representatives a resolution under the Congressional Review Act (CRA) that would nullify the CFPB’s final nonbank registry rule. The rule, issued in June, will require certain nonbank entities to register certain covered enforcement or court orders. Additionally, CFPB-supervised covered nonbanks must comply with ongoing attestation reporting requirements on their compliance with such orders.
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Aug 14, 2024 | 
creditandcollectionnews.com | Loran Kilson |Richard J. Andreano |Alan Kaplinsky
On August 8, 2024, the CFPB filed its Appellant Brief with the Fifth Circuit, appealing the September 2023 decision by the Federal District Court for the Eastern District of Texas that vacated the March 2022 changes to the CFPB’s unfair, deceptive or abusive acts or practices (UDAAP) Exam Manual.
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May 16, 2024 | 
kumparan.com | Richard J. Andreano
