On January 17, 2024, the U.S. Supreme Court heard oral argument in two cases in which the question presented is whether the Court should overrule its 1984 decision in Chevron, U.S.A., Inc. v. Nat. Res. Def. Council, Inc. That decision produced
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Diverse Group Expresses Support for Bills to Limit Trigger Leads
As previously reported, bills were introduced in the U.S. House of Representatives (H.R. 7297) and U.S. Senate (S. 3502) to amend the Fair Credit Reporting Act (FCRA) to curtail the practice of trigger leads with mortgage loans. Recently, a…
Trade groups file lawsuit in Texas federal court challenging CFPB final credit card late fee rule and ask for preliminary injunction
Just two days after the CFPB issued its final credit card late fee rule (Rule) last week, a lawsuit was filed in a Texas federal district court seeking to invalidate the Rule. The plaintiffs in the lawsuit are the Chamber…
CFPB seeking OMB approval for new consumer complaint surveys
The CFPB recently published a notice in the Federal Register indicating that it is seeking approval from the Office of Management and Budget for two new surveys intended to identify factors that influence a consumer’s decision to file a complaint…
The Once and Future Rule: How the CFPB’s Credit Card Late Fee Rule Compares to Regulation Z and the Previously Proposed Rule
On March 5, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued its final credit card late fee rule (the “Final Rule”). The timing for publication of the final rule was widely perceived as coordinated with the President’s State of the…
VA Proposes Supplemental Refinance Loan Rule
As previously reported, in November 2022 the Department of Veterans Affairs (VA) issued a proposal to update its rules for interest rate reduction refinancing loans (often referred to as “IRRRLs”) to conform with VA loan refinance provisions in the…
Plaintiffs and intervenors file summary judgment motion in Texas lawsuit challenging CFPB small business data collection rule
The plaintiffs and intervenors in the lawsuit filed in a Texas federal district court challenging the CFPB’s final small business lending rule implementing Section 1071 of Dodd-Frank (Rule) have filed a consolidated motion for summary judgment. The plaintiffs in…
This week’s podcast episode: U.S. Supreme Court hears two cases in which plaintiffs seek to overturn Chevron judicial deference framework: Who will win and what does It mean? Part I
On January 17, 2024, the U.S. Supreme Court heard oral argument in two cases in which the question presented is whether the Court should overrule its 1984 decision in Chevron, U.S.A., Inc. v. Nat. Res. Def. Council, Inc. That decision…
CFPB finalizes credit late fee rule and sets $8 large issuer safe harbor; Ballard Spahr to hold March 21 webinar on final rule
Today, the CFPB issued its final credit card late fee rule. As we expected, the final rule was released prior to President Biden’s March 7th State of the Union address. The final rule reduces the late fee safe harbor…
CFPB Press Release and Circular cite “abusive” steering practices in connection with comparison-shopping tools and lead generators
On February 29, 2024, the Consumer Financial Protection Bureau (“CFPB”) issued Consumer Financial Protection Circular 2024-01, Preferencing and steering practices by digital intermediaries for consumer financial products or services. The Circular advised that: “[o]perators of digital comparison-shopping tools can violate…