CFPB Issues Policy Statement on Dodd-Frank “Abusiveness” Standard, But Important Uncertainties Remain

In a November 10 client advisory, our Financial Services & Products Group explores the case law and academic research surrounding the implications of a President removing a Senate-confirmed department head before the end of their term. Would an acting director’s actions be lawful? What does Dodd–Frank say? More importantly, what does the Federal Vacancies Reform […]

The post Could President Biden Appoint an Acting CFPB Director Under the FVRA? Not if He Fires Director Kraninger First appeared first on Alston & Bird Consumer Finance ABstract.

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.