On November 22, 2021, the CFPB filed its seventh status report with the California federal district court hearing the lawsuit brought by the California Reinvestment Coalition, National Association for Latino Community Asset Builders, and two individual plaintiffs in 2019. The
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Eleventh Circuit requests briefing on standing in Hunstein en banc rehearing
Last week, the U.S. Court of Appeals for the Eleventh Circuit ordered rehearing en banc in Hunstein v. Preferred Collection and Management Services, Inc. Yesterday, the Eleventh Circuit issued a memorandum indicating that for purposes of the en banc rehearing,…
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Kansas City Fed issues research briefing on buy now, pay later
The Federal Reserve Bank of Kansas City recently issued a research briefing titled “The Appeal and Proliferation of Buy Now, Pay Later: Consumer and Merchant Perspectives.”
The briefing divides buy now, pay later (BNPL) products into two main…
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DOJ, CFPB and HUD officials outline priorities at industry fair lending conference
At an industry fair lending conference last week, officials from the U.S. Department of Justice (“DOJ”), the CFPB, and the U.S. Department of Housing and Urban Development (“HUD”) outlined fair lending priorities for their agencies. These represent the first remarks…
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CFPB issues guidance to staff to address concerns about “revolving door” and “special treatment” of former CFPB employees
This past Friday, the CFPB issued guidance to its staff titled “Ethics Guidance for Engaging with Former Federal Employees.”
In an accompanying statement, Director Chopra indicated that the guidance was needed to protect the public interest from…
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Bill reintroduced in House to impose 36% “all-in” rate cap
A group of Democratic House members, joined by a Republican House member, has reintroduced a bill (H.R. 5974) that would make consumer credit extended to any consumer subject to the Military Lending Act’s “all-in” 36% rate cap.
The…
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Trade groups challenging CFPB payday loan rule file opening brief with Fifth Circuit
The trade groups challenging the payment provisions in the CFPB’s 2017 final payday/auto title/high-rate installment loan rule (2017 Rule) have filed their opening brief with the Fifth Circuit. The trade groups filed an appeal with the Fifth Circuit from the…
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This week’s podcast: CFPB Director Chopra’s targeting of “digital” or “algorithmic” redlining: What it means for providers of technology and consumer credit
After reviewing federal regulators’ traditional theory of redlining, we discuss the types of underwriting practices that are likely targeted by Director Chopra’s recent comments expressing concern about “algorithmic redlining,” examine how the use of machine learning (ML) underwriting models incorporating…
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CFPB issues request for information regarding assessment of HMDA rule
Earlier this week, the CFPB issued a Request for Information (RFI) regarding an assessment of the significant amendments to the Home Mortgage Disclosure Act rules, known as Regulation C, adopted in October 2015 and subsequently revised in several additional rulemakings…
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Eleventh Circuit orders en banc rehearing in Hunstein
In a surprising turn of events this morning, the U.S. Court of Appeals for the Eleventh Circuit issued an order sua sponte to rehear Hunstein v. Preferred Collection and Management Services, Inc. en banc. The sua sponte order was issued after…
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