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"U.S. Court of Appeals for the Fifth Circuit finds Consumer Financial Protection Bureau’s funding unconstitutional. Now what?" by John R. Coleman, Marshall T. Bell, and Jeffrey P. Naimon (JFAA)
A panel of three Fifth Circuit judges has unanimously held that the CFPB funding structure created by Congress violated the Appropriations Clause of the Constitution, which provides that “no money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.” The panel ruled...
Articles"Compliance considerations after OCC ups fintech scrutiny" by Jon David D. Langlois, Max Bonici, and Marisa Perfetti (Law360)
The Office of the Comptroller of the Currency recently noted bank-fintech partnerships as a key element of its fiscal year 2023 bank supervision operating plan, putting both OCC-supervised depository institutions and fintech companies looking to partner with them on notice that their relationships...
Articles"How to navigate a CFPB administrative proceeding" by John R. Coleman (The Review of Banking & Financial Services)
After a slow start, Consumer Financial Protection Bureau (“CFPB” or “Bureau”) Director Rohit Chopra’s enforcement program appears to be gaining steam. The CFPB has aggressively enforced federal consumer financial law during its short history, with an average of more than 30 public enforcement...
Articles"Expect greater regulatory scrutiny of crypto-asset activities" by Kathryn L. Ryan, Gordon L. Miller, and Max Bonici (Law360)
In mid-August, the Federal Reserve issued guidance on crypto-asset and related activities, joining the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation in alerting their supervised entities that they must provide written notice before engaging in this space...
Articles"CFPB revises UDAAP manual to include discriminatory practices" by Sasha Leonhardt, Jeffrey P. Naimon, and John R. Coleman (The Banking Law Journal)
The Consumer Financial Protection Bureau (“CFPB”) has announced1 significant revisions to its Unfair, Deceptive, or Abusive Acts or Practices (“UDAAP”) exam manual,2 in particular highlighting the CFPB’s view that its broad authority under UDAAP allows it to address discriminatory conduct in the...
Articles"9th Circ. FCRA ruling highlights furnishers' role in disputes" by Sasha Leonhardt and Cierra D. Newman (Law360)
In recent years, consumers have raised a variety of arguments to dispute negative information on their consumer reports — in some instances, raising not only factual questions about the existence or amount of a debt, but also more complex questions about whether a debt is legally permitted under...
Articles"Mortgage regulation developments: Qualified mortgage updates and Covid-19 assistance" by Sasha Leonhardt (ABA)
Throughout the past year, the Consumer Financial Protection Bureau (“CFPB”) continued to actively issue rules and other guidance applicable to the mortgage industry. This survey highlights recent developments related to qualified mortgages (“QM”), specifically the publication of four final rules...
Articles"U.S., E.U. announce Trans-Atlantic data privacy framework: What companies can do now" by Elizabeth E. McGinn, Sasha Leonhardt, and Lauren Bomberger (CSLR)
The White House and European Commission in late March 2022 announced a new agreement in principle for trans-Atlantic data flows – the Trans-Atlantic Data Privacy Framework – that would replace the E.U.- U.S. Privacy Shield. The United States and European Union began negotiations on a new framework...
Articles"Finance cos. should brace for wider CFPB anti-bias reach" by Caroline M. Stapleton (Law360)
The Consumer Financial Protection Bureau recently raised eyebrows when it broadly expanded the legal theories under which it will seek to challenge illegal discrimination in the financial services industry. The CFPB announced on March 16 that it revised its examination manual to identify...
Articles"Saber-rattling or fair warning: CFPB Director Rohit Chopra signals intent to bring enforcement actions against executives and employees of large banks" by John R. Coleman (ABA Banking Law Committee Journal)
The Consumer Financial Protection Bureau (CFPB) has never brought a claim against an executive, officer, or managerial employee of a large bank alleging that the individual participated in unlawful conduct. Over a quarter of the CFPB’s more than 300 public enforcement actions to date have included...
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