Consumer Financial Protection Bureau

1700 G St NW
Washington, DC - 20552


Consumer Financial Protection Bureau News

Financial services companies sue Consumer Financial Protection Bureau over payday loan rule

AUSTIN, Texas (Legal Newsline) – Two financial service companies are suing the Consumer Financial Protection Bureau (CFPB) and its acting director over allegations the agency is "virtually eliminating" payday loans.

Companies in immigration bond business seek summary judgment in CFPB suit

WASHINGTON (Legal Newsline) – Two Virginia companies that are attempting to block an investigation by the Consumer Financial Protection Bureau have filed a motion for summary judgment.

California attorney general leads coalition trying to protect CFPB's investigative authority

SACRAMENTO, Calif. (Legal Newsline) — California Attorney General Xavier Becerra announced April 26 he is leading a coalition of 16 attorneys general in protecting the investigative authority of the Consumer Financial Protection Bureau (CFPB).

Third-party litigation funding a topic of discussion at plaintiffs lawyer seminar

LAS VEGAS (Legal Newsline) – Plaintiff lawyers and those in legal marketing and funding businesses gathered last week in Las Vegas for an annual mass tort conference.

Consumer board seeks comments, information about financial education programs

WASHINGTON (Legal Newsline) — The Consumer Financial Protection Bureau (CFPB) announced April 4 that it is seeking comments and information from interested parties about the overall efficiency and effectiveness of its consumer financial education programs.

New leadership at the CFPB means state AGs will be more active in financial consumer protection

WASHINGTON (Legal Newsline) – Some states will be even more active in financial consumer protection enforcement now that the Consumer Financial Protection Bureau's new director has made it clear the bureau will stay out of the way, an expert on state attorneys general said during a recent interview.

FTC, CFPB report to Congress on efforts to halt illegal debt collection schemes

WASHINGTON (Legal Newsline) — The Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) announced March 20 that they have released a report detailing their 2017 activities to protect consumers from illegal debt collection schemes.

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

From
Pennsylvania Record

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

From
Pennsylvania Record

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.