Consumer Financial Protection Bureau

Community Financial Services of America v. CFPB Amicus Brief

05/15/23

This fall the Supreme Court will be hear a case captioned Community Financial Services of America v. Consumer Financial Protection Bureau, dealing with the constitutionality of the CFPB's funding mechanism. I'm pleased to announce that Patricia McCoy and I filed an amicus brief today in support of the CFPB.

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CFPB Details "Abusive" in Policy Statement and Speech

04/03/23

In a few hours, I'll have the pleasure of hosting CFPB Director Rohit Chopra for a virtual talk at UCI Law (today at 12pm PDT, 3pm PDT). You can still join us by registering for the Zoom link here.

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SDNY: EFTA Applies to Crypto

03/22/23

I'm teaching cryptocurrency today in my Payment Systems class, and I'd been puzzling about why no one has applied the Electronic Fund Transfers Act and Reg E thereunder to crypto: after all, if you have a crypto account with an exchange, it would seem to be an "account" at a "financial institution" that is primarily for personal, family, or household purposes and is used for electronic transfe

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Dual Insulation? The Fifth Circuit's Factual Misunderstanding of CFPB Funding

10/21/22

I know I’m carrying around some extra weight.  But I don’t think it’s quite double insulation.  That sounds like something you need if you’re going on a polar expedition or are really concerned about the heating bill.  But the concept of "dual insulation" plays a big role in the Fifth Circuit’s decision in Community Financial Services Association of America, Ltd. v. CFPB, which held the CFPB’s funding mechanism to be unconstitutional because it is not an annual appropriation from Treasury.   

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US Chamber of Commerce vs CFPB

10/19/22

One would have thought that after a dozen years the challenges to the CFPB’s constitutionality would have been over and that the Supreme Court’s decision in Seila Law would have put the matter to rest.

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Venmo's Unfair and Abusive Arbitration Opt-Out Provision

04/26/22

Venmo's changing the terms of its arbitration agreement, and the manner in which it is doing so is unfair and abusive to consumers. The CFPB and state attorneys general need to take action here to protect consumers.

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Getting Ahead of Consumer Loan Defaults Post-Pandemic

07/01/21

On this Tuesday, the Supreme Court refused to lift a ban on evictions for tenants that the Centers for Disease Control and Prevention recently extended through the end of July. The eviction moratoria is one of a handful of debt pauses put in place by the federal government during the COVID-19 pandemic that are set to expire soon. The student loan moratorium ends on September 30.

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CFPB Issues FAQs on Electronic Fund Transfers

06/08/21

On June 4, the CFPB issued eight updated FAQs to the unauthorized transfer and error resolution provisions under the Electronic Fund Transfer Act  (EFTA) and Regulation E.  Highlights from the FAQs include the following:

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CFPB Announces Foreclosure Restriction and Additional Loss Mitigation Requirements

04/19/21

On April 5, the Consumer Financial Protection Bureau (“CFPB”) proposed amendments to Regulation X with the effect of preventing foreclosure on certain residential mortgage loans until January 1, 2022.[1]  With a proposed effective date of August 31, 2021, this action would apply not only to federally backed mortgage loans, but to all mortgage loans secured by a property that is a borrower’s principal residence[2] – including those held in private trusts and on lender balance sheets.

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