On Friday, the Trump administration installed Russell Vought, the recently-confirmed head of the Office of Management and Budget, as the new acting director of the Consumer Financial Protection Bureau (“CFPB” or “Bureau”). Vought replaced Scott Bessent who served as the
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1071 Small Business Data Collection Rule Stayed (Again)
As we reported earlier this week, the CFPB’s new Acting Director and Treasury Secretary, Scott Bessent, has directed Bureau employees not to make any filings or appearances in litigation, other than to seek a pause in the proceedings. This directive…
Acting Director Installed at CFPB: What to Expect in the Months Ahead
Yesterday, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) announced that Scott Bessent, the recently confirmed Treasury secretary, is now the acting director of the Bureau. The announcement comes after the Trump administration fired former Director Rohit Chopra over the…
Fifth Circuit Vacates the FTC’s CARS Shopping Rule
On January 27, 2025, the Fifth Circuit Court of Appeals held that the Federal Trade Commission’s rule to curb certain practices in the automobile dealer industry was invalid on procedural grounds because the agency did not issue an advance notice…
CFPB Takes a Stance on Home Equity Contracts
On January 15, 2025, the Consumer Financial Protection Bureau took three coordinated actions related to home equity contracts or investment transactions. Although none of the CFPB’s actions are binding, and may not reflect the new administration’s views, the CFPB seeks…
CFPB Sues Mortgage Lender Under Ability-to-Repay Non-QM Rules
What constitutes a “reasonable” ability-to-repay determination when making a mortgage loan? Since the CFPB’s Ability-to-Repay rules became effective in 2014, the clearest answer to that question is that making a qualified mortgage (“QM”) complies (or is presumed to comply) with…
New Action on No-Action Letters – CFPB Begins Accepting Applications Under Updated No-Action Letter Procedures
The US Consumer Financial Protection Bureau is giving no-action letters a second chance. On January 8, 2025, the CFPB issued a policy statement setting forth new procedures for companies to request supervisory and enforcement relief through no-action letters. The policy…
Maryland Guidance Applies Licensing Requirements to Assignees of Residential Mortgage Loans
On January 10, 2025, the Maryland Office of Financial Regulation (“OFR”) issued formal guidance asserting that assignees of residential mortgage loans—including certain “passive trusts” that acquire or obtain assignments of residential mortgage loans in Maryland—must become licensed in Maryland prior…
New Disclosure and Other Requirements for Shared Appreciation Agreements Take Effect in Maryland
Maryland regulations governing “shared appreciation agreements” become effective November 25, 2024. After the Maryland Commissioner of Financial Regulation proposed regulations governing required disclosures for shared appreciation agreements in July 2024, the regulations were finalized on October 30, 2024, with no…
CFPB Issues Long-Awaited Open Banking Rule; Lawsuit Immediately Filed
On October 22, 2024, the Consumer Financial Protection Bureau (CFPB) marked a significant milestone in the shift towards open banking in the United States with the finalization of its rulemaking on Personal Financial Data Rights. As we discussed in our…