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
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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
Consumer Protection Regulator Signals Increased Scrutiny of Payments Systems and Tech Companies
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…