Consumer Financial Protection Bureau
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Consumer board seeks comments on how it conducts rulemaking process
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced March 7 that it has issued a request for information (RFI) about the way it conducts its rulemaking process, and it is seeking comments from businesses and the general public. -
Consumer board seeks public comments analyzing method for reporting complaints
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced March 1 that it has issued a request for information (RFI) to secure public comments about how the bureau conducts its public reporting of consumer complaints. -
Study on consumer lawsuit loans finds high rates, confusing terms
AUSTIN, Texas (Legal Newsline) - The broadest study yet of consumer litigation finance – money forwarded to lawsuit plaintiffs in anticipation of a victory in court or a legal settlement – found a “very complicated and circuitous” system in which some borrowers appear to subsidize others and the median interest rate exceeds 40%. -
State AGs united for #MeToo, but changing federal law could be slippery slope
WASHINGTON (Legal Newsline) – State attorneys general are united in championing a new cause – abolishing clauses that require sexual harassment claims to be heard in arbitration. But would it set a bad precedent for changing federal law while scoring political points for its supporters? -
Consumer financial board releases 5-year strategic plan, refocuses mission
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau announced Feb. 12 that it has released a five-year Strategic Plan, which includes updates to its mission, strategic goals and strategic objectives. -
California urges Trump administration to respect consumer board's independence
SACRAMENTO, Calif. (Legal Newsline) — California Attorney General Xavier Becerra announced Feb. 7 he has joined a coalition of 17 attorneys general in filing an amicus brief urging the Trump administration to respect the independence of the Consumer Financial Protection Bureau (CFPB). -
RD Legal Funding asks for oral arguments as it fights lawsuit from CFPB, N.Y. AG
PHILADELPHIA – The disagreement over funding by third parties continues to play out in an exchange between Pennsylvania and New York federal courts, as one such company defends itself from New York Attorney General Eric Schneiderman and the Consumer Financial Protection Bureau. -
Structured settlement company Future Income Payments behind suit against CFPB
WASHINGTON (Legal Newsline) – A previously anonymous company that filed suit against the Consumer Financial Protection Bureau (CFPB) last year has now been identified as Future Income Payments LLC (FIP), a company investigated by numerous states for questionable loan practices. -
DOJ wants dismissal of lawsuit alleging uncertainty over Mulvaney's CFPB appointment
WASHINGTON (Legal Newsline) – The Department of Justice (DOJ) continues to maintain that a New York credit union shouldn’t be able to file a lawsuit challenging President Donald Trump’s appointment of Mick Mulvaney as acting director of the Consumer Financial Protection Bureau (CFPB). -
Philly judge voids third-party funding in NFL concussion litigation, but company hopes N.Y. colleague disagrees
PHILADELPHIA – A Philadelphia federal judge says agreements in which RD Legal Funding advanced money to plaintiffs in the pending NFL concussion litigation are void, but the attorney representing RD Legal has asked a judge in New York to ignore that finding. -
Consumer board fines Xerox $1.1 million For flawed software
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) has issued Xerox Business Services LLC, now Conduent Business Services, a $1.1 million civil penalty for its failed software, which allegedly led to incorrect consumer information being sent to credit reporting agencies. -
Consumer board orders Citibank to pay $3.75 million for alleged illegal student loan practices
WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) is ordering Citibank NA, to pay $3.75 million in compensation to consumers as well as pay a $2.75 million civil penalty for illegal student loan servicing practices. -
Consumer board will not require resubmission of certain data for HMDA reporting
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau announced Dec. 21 the issuance of a public statement about its intention not require the resubmission of certain data for Home Mortgage Disclosure Act (HMDA) reporting in 2018 and 2019. -
Kansas leads coalition supporting president's authority to select CFPB acting director
TOPEKA, Kansas (Legal Newsline) — Kansas Attorney General Derek Schmidt announced Dec. 20 that he joined 12 other attorneys general in filing a brief in the U.S. District Court for the District of Columbia arguing that only the president has the legal authority to select the acting director of the Consumer Financial Protection Bureau (CFPB). -
Former employees claim The Money Source Inc. terminated them for complaints about alleged violations
NEW YORK (Legal Newsline) – Three New York residents allege that a Melville, New York mortgage lending business made false representations in order to recruit them. -
Federal judge refuses to block Trump’s designation of Mulvaney as interim head of CFPB
Judge Timothy J. Kelly for the U.S. District Court for the District of Columbia, according to a minute order and entry on the case docket, denied Leandra English’s emergency motion for temporary restraining order after a motion hearing held Tuesday. -
Legal battle brewing over CFPB acting director
On Sunday, Leandra English, named the deputy director of the Consumer Financial Protection Bureau by former director Richard Cordray, filed a federal lawsuit against President Donald Trump to block his naming of Office of Management and Budget Director Mick Mulvaney as the bureau’s acting director. -
Consumer board alleges financial company collected on loans not owed
WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau announced a lawsuit Nov. 15 against Think Finance for allegedly deceiving consumers into repaying loans that they never actually owed. -
Richard Cordray won't be around to see the court decision that would have got him fired
Richard J. Andreano Jr., an attorney at Ballard Spahr LLP, said the U.S. Court of Appeals for the District of Columbia’s pending decision in PHH Corporation v. CFPB, which could be handed down any day, likely will strongly influence how other courts address the Consumer Financial Protection Bureau structure issue. -
Virginia companies' lawsuit accuses CFPB of regulatory overreach
WASHINGTON (Legal Newsline) – Two Virginia companies are suing the Consumer Financial Protection Bureau over its investigatory practices, alleging that the federal agency exceeded its authority and engaged in bullying tactics.