The Consumer Financial Protection Bureau has survived many constitutional challenges since it was created by the Consumer Financial Protection Act, 12 U.S.C. §§ 5481, et seq. (the “Act”), in 2011.[1] But on October 19, 2022, the CFPB suffered
Consumer Finance Legal Report
A Critical Resource On Consumer Finance Legal Developments
The Consumer Finance Legal Report, published by Perkins Coie LLP, focuses on legal developments and regulatory trends affecting consumer finance. It covers topics such as Consumer Financial Protection Bureau (CFPB) enforcement actions, mortgage servicing regulations, payday lending rules, nonbank financial entities oversight, anti-discrimination efforts in consumer finance, and supervisory highlights on credit, debt collection, and fair lending. The blog analyzes significant court decisions, CFPB reports, and policy changes impacting financial institutions, servicers, and fintech companies. It also addresses compliance challenges related to consumer protection laws, including unfair, deceptive, or abusive acts or practices (UDAAP), and highlights the CFPB's evolving supervisory priorities and enforcement strategies.
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Latest from Consumer Finance Legal Report
CFPB’s May 2022 Mortgage Servicers Metrics Report
On May 16, 2022, the Consumer Financial Protection Bureau (CFPB) published its second metrics report as part of its ongoing supervisory monitoring of mortgage servicers’ COVID-19 pandemic response. The data collected is part of the Bureau’s metrics requests to sixteen…
The CFPB Expands Its Oversight of Nonbank Entities
With the rapid rise of nonbank financial product and service companies in an everchanging marketplace, there is growing concern that nonbanks will evade federal oversight. To keep pace with these changes, the Consumer Financial Protection Bureau (CFPB) announced that it…
CFPB Announces Expanded Anti-Discrimination Efforts Through UDAAP
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra warned consumer finance companies that he will be expanding the bureau’s anti-discrimination efforts “to combat discriminatory practices across the board in consumer finance.”
Under the Dodd-Frank Act, it is unlawful for providers…
Consumer Financial Protection Bureau Issues 25th Supervisory Highlights
On December 8th, the Consumer Financial Protection Bureau (CFPB) issued the 25th edition of its Supervisory Highlights report, which covers examinations completed in the first half of 2021. The CFPB reported on violations that occurred in the areas of credit…
Consumer Protection Regulator Signals Increased Scrutiny of Payments Systems and Tech Companies
By Perkins Coie & Kevin Feldis
Through a series of recent public comments, top leadership from the Consumer Financial Protection Board (CFPB) is warning that the agency is poised to play an increasingly affirmative role in the oversight of new payments systems, including the technologies and…
CDC Issues New Federal Eviction Moratorium
Citing a surge of COVID-19 cases in July 2021, the Centers for Disease Control and Prevention (CDC) issued a new federal eviction moratorium on August 3, 2021 (Order). The Order is similar to the CDC’s previous eviction moratorium, which expired…
Certain Foreclosure Moratoria Set to Lift on July 31
At the close of this month, certain moratoria on foreclosures and evictions are set to lift. While prior deadlines have been extended, it remains to be seen whether another continuance will be granted amidst an increase in the spread of…
The Consumer Financial Protection Bureau Celebrates 10-Year Anniversary
On July 21, Acting Director Dave Uejio celebrated the 10-year anniversary of the Consumer Financial Protection Bureau (CFPB) by giving prepared remarks highlighting the CFPB’s activities over the past 10 years in enforcement, consumer empowerment, and racial equity, as well…
11th Circuit Issues FDCPA Decision That Could Dramatically Impact Mortgage Servicers Operations
In Hunstein v. Preferred Collection and Management Services, Inc., 994 F.3d 1341 (11th. Cir. 2021), the Eleventh Circuit held that a debt collector’s communication of a consumer’s personal information to a third party print vendor violated the Fair Debt Collection…