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06.29.20

Supreme Court: President May Fire CFPB Director Without Cause

In a long-awaited ruling, the Supreme Court in Seila Law has ruled, in a 5-4 decision, that the structure of the Consumer Financial Protection Bureau is unconstitutional in that it limits the ability of the President to fire the director, unless with cause.

06.19.20

CFPB Provides Additional Guidance on CARES Act Credit Reporting

On June 16, 2020, the Bureau of Consumer Financial Protection (CFPB) released a Compliance Aid in the form of ten FAQs (FAQs) on consumer reporting related to the CARES Act and the COVID-19 pandemic. The FAQs follow the Fair Credit Reporting Act (FCRA) policy statement issued by the CFPB on April 1 ...

06.03.20

Seventh Circuit Denies Stay of Injunction, Potentially Opens PPP Doors for More Small Businesses

On May 20, 2020, the U.S. Court of Appeals for the Seventh Circuit sided with a lower court which invalidated applying the “Ineligibility Rule” by the Small Business Administration (SBA) to the Paycheck Protection Program (PPP), which had been previously used to exclude small businesses ...

05.18.20

Federal Court: SBA’s PPP Ineligibility Rule Is Invalid

In a significant rebuke of the Small Business Administration (SBA), a Michigan federal district court has rejected the SBA’s attempt to deem a number of applicants, including sexually oriented dance clubs, ineligible for Paycheck Protection Program (PPP) loans.

05.14.20

CFPB News: Bureau Issues More Pandemic Guidance

As the profound impacts of COVID-19 become ever clearer, the Consumer Financial Protection Bureau (CFPB) continues its recent increase in activity in this space with a new statement and set of frequently asked questions (FAQs), outlining the responsibility of certain financial firms during the ...

04.30.20

The Potential for Ultra Vires Regulatory Guidance During COVID-19

In response to the COVID-19 pandemic, federal and state governments and regulators have taken hasty actions that are arguably beyond the scope of their authority in order to provide assistance to businesses and consumers during a time of high unemployment, mandatory shutdowns and reduced consumer ...

04.30.20

Fair Lending and the Paycheck Protection Program

While predicting the enforcement priorities of the financial regulators has always been more of an art than a science, the current circumstances—including a pandemic, a presidential election and a Supreme Court case hanging like a guillotine over the Consumer Financial Protection Bureau ...

04.21.20