Consumer Finance Monitor

CFPB, Federal Agencies, State Agencies, and Attorneys General

08/16/2018 02:15 PM
RD Legal Funding asks Judge Preska to stay NYAG’s claims pending CFPB’s appeal from Rule 54(b) judgment
RD Legal Funding has submitted a letter to Judge Preska indicating that it does not oppose her entry of a Rule 54(b) judgment to allow the CFPB to appeal her June 21 constitutionality ruling to the Second Circuit but renews its request that the proceeding be stayed during the pendency of any appeal. RD Legal’s letter... Continue Reading…

08/16/2018 11:35 AM
Senate Banking Committee schedules August 23 vote on Kraninger nomination
According to media sources, the Senate Banking Committee has rescheduled a vote on President Trump’s nomination of Kathy Kraninger to serve as CFPB Director for August 23. There is little doubt that the Committee will approve Ms. Kraninger.  It remains unclear, however, whether and when the full Senate will consider her nomination.  We continue to... Continue Reading…

08/15/2018 03:41 PM
Senate to hold FCC oversight hearing
The Senate Committee on Commerce, Science, and Transportation has scheduled a hearing for tomorrow, August 16, titled “Oversight of the Federal Communications Commission.”  The Committee’s website indicates that the hearing will examine policy issues before the FCC and review the FCC’s ongoing duties and activities. The witnesses scheduled to appear are the four sitting FCC... Continue Reading…

08/15/2018 12:56 PM
NYAG submits letter on jurisdictional issues in RD Legal Funding case
The New York Attorney General has submitted a letter to Judge Preska that responds to RD Legal Funding’s letter asking her to dismiss all of the NYAG’s federal and state claims. In its letter, RD Legal Funding asserted that the NYAG’s federal claims should be dismissed because they are brought pursuant to Dodd-Frank Section 1042, which... Continue Reading…

08/15/2018 09:49 AM
All American Check Cashing seeks initial en banc hearing in Fifth Circuit
All American Check Cashing has filed an Unopposed Petition for Initial Hearing En Banc in which it asks the Fifth Circuit to hear its interlocutory appeal as an initial matter en banc.  The petition states that it is not opposed by the CFPB. In April 2018, the Fifth Circuit agreed to hear All American’s interlocutory appeal... Continue Reading…

08/15/2018 09:33 AM
CFPB Collaborates to Create a Global Fintech Network with Regulators around the World
Last week the CFPB announced an initiative to create a Global Financial Innovation Network (GFIN) with 11 other financial regulators and related organizations across the globe. The GFIN sprang from a previous proposition by the UK Financial Conduct Authority (FCA) to create a “global sandbox” for innovative financial services firms to be able to test... Continue Reading…

08/14/2018 09:39 AM
CFPB suspending routine supervisory examinations for MLA compliance
On August 10, the New York Times reported that Mick Mulvaney, the CFPB Acting Director, intends to dispense with routine supervisory examinations of creditors for violations of the Military Lending Act (MLA).  According to the report, Acting Director Mulvaney has argued in a two-page draft change to the CFPB’s policies that “proactive oversight is not... Continue Reading…

08/14/2018 08:17 AM
CFPB settles lawsuit against online payday lenders
The CFPB announced that it has settled a lawsuit that it filed in 2014 in a Missouri federal district court alleging that the defendants engaged in unlawful online payday lending schemes.  The CFPB had sued Richard Moseley Sr., two other individuals, and a group of interrelated companies, some of which were directly involved in making... Continue Reading…

08/13/2018 04:34 PM
CFPB will seek to appeal constitutionality ruling in RD Legal Funding case
The CFPB has filed a letter with Judge Preska in which it asks “for a pre-motion conference with the Court for approval to file a motion under Rule 54(b) for entry of a final judgment with respect to the Bureau” in the RD Legal Funding case. Under Rule 54(b) of the Federal Rules of Civil Procedure,... Continue Reading…

08/13/2018 02:06 PM
CFPB finalizes changes to GLBA annual privacy notice requirement
The CFPB has issued a final rule amending the provisions of Regulation P that implement the Gramm-Leach-Bliley Act (GLBA) annual privacy notice requirement.  The final rule is intended to reflect the GLBA amendments made by the Fixing America’s Surface Transportation Act that exempted financial institutions meeting certain conditions from the annual notice requirement.  The statutory... Continue Reading…