Law 360

APRIL 4, 2024

The Consumer Financial Protection Bureau is looking to wield its "significant" power to crack down on data privacy abuses to tackle a range of issues that go beyond traditional banking activities, including by crafting new restrictions on data brokers' ability to amass personal data and exploring risks facing consumers in the digital gaming market, (..)

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Law 360

FEBRUARY 2, 2024

The Consumer Financial Protection Bureau issued two advisory opinions last month that demonstrate a continued commitment to address inaccuracies in background check reports and consumer file disclosures through broad interpretation of the Fair Credit Reporting Act, expanding on a coordinated federal agency effort, say attorneys at Cooley.

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Law 360

APRIL 13, 2022

Major consumer finance industry groups are sounding an alarm about what they see as a power grab at the Consumer Financial Protection Bureau that risks exacerbating the agency's home-field advantage in its in-house enforcement proceedings.

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Law 360

MARCH 24, 2023

The Consumer Financial Protection Bureau's newly launched inquiry into companies that compile and sell personal data is raising questions about where the agency might be headed with plans to write new rules under a decades-old law on credit reporting.

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Law 360

APRIL 11, 2023

Industry groups from across the nonbank financial services spectrum have come out swinging against the Consumer Financial Protection Bureau's proposed "fine print" registry, demanding the agency retreat from what they say is a thinly veiled, unlawful attack on arbitration agreements.

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Law 360

JANUARY 4, 2024

Stakeholders in the Consumer Financial Protection Bureau's open-banking proposal have called for various changes to the landmark framework, including urging the agency to grant banks the ability to charge third parties for customer data and calls for other data-use requirements.

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LegalReader

MARCH 11, 2021

The Consumer Financial Protection Bureau, or CFPB, has said it will enforce a federal band on lenders who discriminate against applicants on the basis of sexual orientation or gender identity. In an official statement, the agency explained that it has interpreted the Equal Credit.

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Law 360

APRIL 3, 2023

The Consumer Financial Protection Bureau has taken another stab at fleshing out its ban on abusive acts and practices, putting companies on notice Monday with the release of a policy statement that marks the agency's most detailed guidance yet on the subject.

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Diane Drain

MARCH 22, 2021

Report highlights commitment to protect consumers during the COVID-19 Pandemic. The Consumer Financial Protection Bureau (CFPB) released the 2020 annual report to Congress on the administration of the Fair Debt Collection Practices Act (FDCPA). The CFPB resolved two of these cases.

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Law 360

OCTOBER 5, 2023

Supreme Court appears less likely to take a hatchet to the Consumer Financial Protection Bureau's purse strings than expected, but a cloud will hang over the agency's enforcement and rulemaking for some time yet. After a round of oral arguments, the U.S.

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Law 360

SEPTEMBER 12, 2023

The Consumer Financial Protection Bureau has suffered a stinging defeat in an industry-backed lawsuit challenging the agency's bid to examine banks and other companies more broadly for potentially discriminatory practices. Here, Law360 breaks down what could come next.

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Law 360

OCTOBER 19, 2022

A Fifth Circuit panel ruled Wednesday that the Consumer Financial Protection Bureau's independent funding structure is unconstitutional, throwing out a payday lending rule from the agency that two trade groups have been fighting in court for years.

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Law 360

OCTOBER 20, 2022

The Fifth Circuit's bombshell decision invalidating payday loan regulations issued by the Consumer Financial Protection Bureau could set the stage for a larger unraveling of the agency's handiwork and raises a host of questions about its future, observers say.

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Diane Drain

JANUARY 6, 2021

November 5, 2020 – The Consumer Financial Protection Bureau (Bureau) filed a complaint against Performance SLC, LLC (PSLC), a California debt-relief business focused on federal student loan debt; Performance Settlement, LLC (PSettlement), a California debt-settlement company; and Daniel Crenshaw, the owner and CEO of the two companies.

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Law 360

OCTOBER 25, 2022

The director of the Consumer Financial Protection Bureau said on Tuesday that a forthcoming agency proposal on consumer financial data access rights will include safeguards against monopolization as well as a requirement that certain banks set up secure data sharing methods.

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Law 360

MAY 9, 2023

The Consumer Financial Protection Bureau has urged the U.S. Supreme Court to affirm the constitutionality of its budgetary independence, kicking off briefing in a case that could overhaul how the agency is funded and threaten more than a decade of its regulatory actions.

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Law 360

DECEMBER 12, 2022

The Consumer Financial Protection Bureau’s recent proposals for governing consumer access to private financial data raise several compliance concerns and may lead to enforcement action by relevant regulatory agencies, but participation in the rulemaking process will help facilitate collaboration between bureau rule makers and the industry, say attorneys (..)

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Law 360

MARCH 20, 2023

The Consumer Financial Protection Bureau and Federal Trade Commission overlap in regulating a wide range of banks and nonbanks, and the recent concerted effort from both agencies to address discrimination in financial services should remind organizations to reexamine their anti-discrimination and Equal Credit Opportunity Act compliance, say attorneys (..)

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Law 360

APRIL 7, 2023

A New York federal judge ruled Friday that the Consumer Financial Protection Bureau's enforcement case against payments firm MoneyGram International Inc. Supreme Court hears a challenge to the constitutionality of the agency's funding structure. will remain paused while the U.S.

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Law 360

MAY 2, 2022

The en banc Fifth Circuit on Monday said the Consumer Financial Protection Bureau can continue an enforcement action against a payday loan company challenging the agency's constitutionality, saying the U.S.

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JURIST

OCTOBER 23, 2021

DoJ will also work with other agencies, including the Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), to identify and refer fair lending violations.

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Law 360

MARCH 3, 2023

The Consumer Financial Protection Bureau's regulatory agenda identifies some key issues for financial institutions, but it is by no means a complete list, as the agency may continue to make extensive use of circulars, advisory opinions, amicus briefs and other means of setting out regulatory positions, says Michael Flynn at Buchalter.

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Law 360

MAY 15, 2023

Federal lawmakers, professors and industry and special interest groups have thrown their support behind the Consumer Financial Protection Bureau's bid to have the U.S.

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Law 360

OCTOBER 26, 2022

The Consumer Financial Protection Bureau has slammed the Fifth Circuit's bombshell ruling holding that the agency is unconstitutionally funded, saying the decision doesn't "make sense" and is no reason for an Illinois federal judge to throw out the agency's suit against credit reporting giant TransUnion.

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Law 360

DECEMBER 2, 2022

A stockholder of credit reporting agency TransUnion has opened a Delaware Court of Chancery derivative suit against the company's board and top officers, seeking damages on the company's behalf for failures to comply with a Consumer Financial Protection Bureau order issued in 2017.

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Law 360

SEPTEMBER 29, 2022

Chamber of Commerce and several banking industry groups sued the Consumer Financial Protection Bureau in Texas federal court on Wednesday over its recent policy that aims to broaden the agency's policing of financial services discrimination, contending the policy goes too far and should be set aside.

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Law 360

OCTOBER 21, 2022

Companies fighting for dismissal of Consumer Financial Protection Bureau enforcement actions have begun invoking support from the Fifth Circuit's recent bombshell decision that the agency is unconstitutionally funded, with credit reporting giant TransUnion among the first to brandish the ruling.

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Law 360

JUNE 3, 2022

A Consumer Financial Protection Bureau initiative that could bring more fintech firms and other nonbanks under the agency's supervisory umbrella is making some bankers nervous about unintended consequences.

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Law 360

APRIL 19, 2022

Consumer Financial Protection Bureau Director Rohit Chopra is taking on his biggest target so far with the agency's new lawsuit against TransUnion, a case that financial services attorneys say epitomizes the aggressive enforcement style that the financial industry can expect from the regulator going forward.

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Law 360

JUNE 28, 2022

Chamber of Commerce called Tuesday for the Consumer Financial Protection Bureau to scrap new examination policies that broaden the scope of the agency's anti-discrimination policing, hinting at a potential for legal action if the agency doesn't reverse course. Major banking trade groups and the U.S.

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Law 360

OCTOBER 4, 2022

The Consumer Financial Protection Bureau has renewed its push for nearly $200 million in restitution from CashCall Inc. Supreme Court decision limits the agency's available relief, according to briefs filed this week in California federal court. to borrowers, while the tribe-linked lender countered that a U.S.

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Gravel2Gavel

NOVEMBER 17, 2021

Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, has written to newly confirmed Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, asking him to review companies in the tenant screening industry for possible Fair Credit Reporting Act violations and other violations of U.S.

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Law 360

AUGUST 19, 2022

The Consumer Financial Protection Bureau has petitioned a California federal court for help enforcing investigative demands against Jack Dorsey-led Block Inc., the maker of the Cash App mobile payment service, which the agency said it is looking into as part of a broader payments-related probe.

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Law 360

MAY 12, 2022

The Consumer Financial Protection Bureau said Thursday that it is expanding its enforcement office by 20 full-time positions as the agency looks to bring on more firepower for its efforts to target repeat corporate offenders and larger market participants.

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Law 360

NOVEMBER 16, 2021

Consumer Financial Protection Bureau Director Rohit Chopra is raising questions about whether a 50-year-old law governing the consumer reporting industry might give the agency another way to exercise jurisdiction over Big Tech companies and their business practices.

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Mondaq

DECEMBER 30, 2021

The Consumer Financial Protection Bureau (CFPB) has remained busy as we head into the final week of 2021. The agency released updated FAQs regarding the Electronic Fund Transfer Act (EFTA) and.

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Law 360

OCTOBER 19, 2021

The Consumer Financial Protection Bureau said Tuesday that a leading private-equity-backed provider of financial services to prisons must pay a $2 million fine and refund $4 million in restitution as part of the first enforcement action brought by the agency since Rohit Chopra took over as its director.

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