• 03.15.18

    Federal Court Adopts CFTC Position on Cryptocurrency Authority

    In the first case of its kind, a New York federal district court has adopted the position of the Commodity Futures Trading Commission (CFTC) that it has jurisdiction to regulate the virtual currency markets.

  • 03.15.18

    Ninth Circuit: NBA Doesn’t Preempt California Escrow Law

    In a ruling that could prove costly to some national banks, the Ninth Circuit has ruled that the National Bank Act (NBA) does not preempt California state law mandating that financial institutions pay borrowers interest on funds held in their escrow accounts.

  • 02.28.18

    OIG Audit Addresses Data Security Concerns at the CFPB

    The independent auditor of the Office of Inspector General (OIG) of the Federal Reserve System reported on cybersecurity issues at the Consumer Financial Protection Bureau (CFPB), and the report does not quite fit the picture painted by either advocates or opponents.

  • 02.16.18

    CFPB: Fair Lending Moves, New RFIs and Director Fight

    In the latest headlines from the Consumer Financial Protection Bureau, the Fair Lending Division has a new home, Requests for Information (RFIs) ask for insight on administrative actions and enforcement processes, and the never-ending battle over leadership continues.

  • 02.16.18

    Passive Investors in Payday Lending Operations Get Partial Reprieve

    While tossing certain claims brought by Pennsylvania’s attorney general, a federal judge denied part of a motion to dismiss brought by online short-term lenders in an action accusing them of “renting” Native American tribes and out-of-state banks.

  • 02.01.18

    CFPB Upheaval Continues: From RFIs to Leadership Philosophy

    With the near-daily stories coming out of the Consumer Financial Protection Bureau (CFPB or Bureau), the question has become what isn’t happening at the Bureau.

  • 02.01.18

    CFPB’s Relaxed ‘Prepaid Accounts Rule’ Fixes Key Problems

    Mick Mulvaney’s CFPB has now issued final changes to its Prepaid Rule, and the payments industry receives a huge reprieve from some of the more draconian elements of the original rule as issued in 2016.

  • 01.31.18

    Reversing Course, D.C. Circuit Declares CFPB Structure Constitutional

    In a divided ruling of the entire U.S. Court of Appeals for the D.C. Circuit, the court held today that the Consumer Financial Protection Bureau (CFPB) structure is constitutional, reflecting a legislative desire to establish a truly independent agency.

  • 01.24.18

    Mulvaney to CFPB: No More ‘Regulation by Enforcement’

    In an email to staff leaked to ProPublica, Acting CFPB Director Mick Mulvaney questioned the “previous governing philosophy” of the bureau, and he signaled a major shift in enforcement methodologies and priorities by suggesting the days of “regulation by enforcement” were ...

  • 01.18.18

    CFPB News: Existential Questions, Payday Lending Reexamined

    It’s a huge week for the Consumer Financial Protection Bureau (CFPB), as it announces a “call for evidence” on how well it is performing its “proper and appropriate” functions, and the bureau announces that it will reconsider a tough payday lending rule that was ...