Will the CFPB find its Voice on “Abusiveness”?

A&B ABstract: The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) has moved to clarify its regulatory authority at a time when the economic climate is ripe for a resurgence in HELOC lending. In an amicus brief filed by the CFPB on November 30, 2022 (the “Amicus Brief”), the Bureau acknowledged that its Mortgage Servicing Rules, […]

The post HELOCs On the Rise: Is Your Servicing CMS Ready? appeared first on Alston & Bird Consumer Finance ABstract.

In a June 28 letter to Director Chopra and accompanying White Paper and press release, the ABA, CBA, ICBA, and the U.S. Chamber of Commerce have called on the Consumer Financial Protection Bureau (CFPB or Bureau) to rescind recent revisions made to its UDAAP examination manual that had effectuated the CFPB’s controversial theory that alleged […]

The post Joint Trade Associations Reject the CFPB’s “Discrimination-Unfairness” Theory appeared first on Alston & Bird Consumer Finance ABstract.

A&B Abstract: The Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) recently released a Bulletin addressing the repossession of vehicles and alerting market participants to what it views as those market participants’ legal obligations under federal law governing unfair, deceptive, or abusive acts or practices (“UDAAP”).  That same day, the CFPB also published an inflammatory […]

The post CFPB Issues Bulletin About Auto Repossession, Congressional Republicans Respond appeared first on Alston & Bird Consumer Finance ABstract.

As we previously noted, on October 21, the CFPB issued orders to six large technology firms seeking information about their payment product business plans (the “October 21 Orders”). According to the Bureau, the purpose of orders was to “shed light on the business practices of the largest technology companies in the world.” The CFPB’s use […]

The post Is the CFPB using its market monitoring orders to build enforcement cases? appeared first on Alston & Bird Consumer Finance ABstract.

A&B ABstract: On Tuesday, March 2, the Senate Committee on Banking, Housing, and Urban Affairs convened a remote hearing to consider the nominations of Rohit Chopra to be Director of the Bureau of Consumer Financial Protection (CFPB or Bureau) and Gary Gensler to be Chairman of the Securities and Exchange Commission. Mr. Gensler received the […]

The post Key Takeaways from Chopra’s Nomination Hearing appeared first on Alston & Bird Consumer Finance ABstract.