CFPB Isn’t Seeking a Rehearing and Petitions Fifth Circuit to Forthwith Issue Mandate in connection with the Writ of Mandamus vacating the District Court’s order transferring venue in the Credit Card Late Fee Lawsuit
Ballard Spahr | Consumer Finance Monitor
by Kristen E. Larson, John L. Culhane, Jr. and Alan S. Kaplinsky
2d ago
On July 11, 2024, the CFPB filed Respondent’s Motion for the Immediate Issuance of the Mandate. In the motion, the CFPB states that they do not plan to seek a rehearing before the same Fifth Circuit or En Banc and requests the Fifth Circuit to issue its mandate forthwith to allow the District Court to entertain further proceedings in the case ..read more
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In Rare Move, the CFPB Comes to the Defense of Bank
Ballard Spahr | Consumer Finance Monitor
by Joseph J. Schuster, Ronald K. Vaske and Kristen E. Larson
2d ago
In an unusual move, the CFPB is coming to the defense of a bank being accused of failing to provide repayment disclosures to a borrower. U.S. District Judge Manish Shah of the Northern District of Illinois asked for the agency to comment on whether the Bank of Orrick violated federal requirements to provide borrower Jose Lopez with required disclosures, including how long it would take for him to repay his loan if he only paid the monthly minimum payment ..read more
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Judge Pittman States that District Court Lacks Jurisdiction and Strikes the CFPB’s Notice of Supplemental Authority in Support of the Motion to Transfer Venue under Section 1406(a) and Motion and Brief to Dissolve the Preliminary Injunction in the Credit Card Late Fee Lawsuit
Ballard Spahr | Consumer Finance Monitor
by Kristen E. Larson, John L. Culhane, Jr. and Alan S. Kaplinsky
2d ago
On July 8, 2024, in the lawsuit challenging the CFPB’s credit card late fee rule (Rule), the CFPB filed a notice of supplemental authority in support of their motion to dismiss or transfer the case, a motion to dissolve the preliminary injunction, and a brief to support their motion. On July 10, 2024, without addressing the merits of the CFPB’s motions, Judge Pittman issued an order to the Clerk to “STRIKE and UNFILE” the above mentioned filings from the docket due to the district court’s lack of jurisdiction until after the Fifth Circuit issues its mandate ..read more
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This week’s podcast episode: Interest Rate Exportation Under Attack – Part I
Ballard Spahr | Consumer Finance Monitor
by Mindy Harris
3d ago
The 1978 landmark opinion in Marquette National Bank v. First of Omaha Service Corp held that under the National Bank Act, a national bank has the right to export the interest rate authorized by the state where the bank is located to borrowers located elsewhere. Section 521 of the Depository Institutions Deregulation and Monetary Control Act of 1980 (“DIDMCA”) conferred equivalent rate exportation powers on state-chartered, FDIC-insured banks ..read more
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A very thoughtful article about legality of CFPB’s funding when Federal Reserve System is losing money
Ballard Spahr | Consumer Finance Monitor
by Alan S. Kaplinsky
3d ago
Shortly after the Supreme Court issued its 7-2 opinion in CFSA v. CFPB, holding that the funding mechanism for the CFPB created in the Dodd-Frank Act (a capped amount each year from the “combined earnings of the Federal Reserve System”) is Constitutional, several scholars, one practitioner (me) and legislators began to focus on a different statutory and constitutional infirmity —namely, the fact that since September 2022, the Federal Reserve System had no combined earnings out of which it could lawfully fund the CFPB ..read more
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FFIEC Announces Release of 2023 HMDA Data Snapshot
Ballard Spahr | Consumer Finance Monitor
by Richard J. Andreano, Jr.
3d ago
The Federal Financial Institutions Examination Council (FFIEC) recently announced the release of the Snapshot National Loan-Level Dataset based on Home Mortgage Disclosure Act (HMDA) data from 2023. The CFPB also addressed the release of the dataset. Previously, we reported on the release by the CFPB of the HMDA Modified Loan Application Data for 2023, which did not include any analysis of the data ..read more
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CFPB Issues Semi-Annual Regulatory Agenda; Registry of Supervised Non-Banks to Be Finalized This Month
Ballard Spahr | Consumer Finance Monitor
by John L. Culhane, Jr., Brian Turetsky, Reid F. Herlihy and Ronald K. Vaske
4d ago
The CFPB soon plans to issue a final rule that would require certain supervised nonbank entities to register with it and provide information about their use of certain terms and conditions in standard-form contracts for consumer financial products or services that seek to waive or limit consumer rights or legal protections (“Covered Terms ..read more
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CFPB Issues 2023 Annual Fair Lending Report
Ballard Spahr | Consumer Finance Monitor
by Richard J. Andreano, Jr., John L. Culhane, Jr. and John A. Kimble
4d ago
On June 26, 2024, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) released its annual Fair Lending Report (the “Report”) for the calendar year 2023. The reporting period ran through December 31, 2023, so any subsequent fair lending developments are not included. The first section of the Report covers the CFPB’s fair lending enforcement and supervision activities in 2023 ..read more
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Cookie Cutter Declarations Will Not Prop Up Mass Arbitrations
Ballard Spahr | Consumer Finance Monitor
by Alan S. Kaplinsky and Mark J. Levin
4d ago
On July 8, we published a blog about a landmark 7th Circuit opinion involving mass arbitration: Pauline Wallrich v. Samsung Electronics America, Incorporated. In that opinion, the Court dismissed a lawsuit against Samsung seeking an order requiring Samsung to advance AAA’s filing fees. Among other reasons, the Court held that the plaintiffs did not produce evidence documenting that they purchased Samsung devices and were subject to arbitration agreements ..read more
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FHA Finalizes Enhancements to its 203(k) Rehabilitation Mortgage Loan Program
Ballard Spahr | Consumer Finance Monitor
by Richard J. Andreano, Jr.
4d ago
The Federal Housing Administration (FHA) recently finalized enhancements to its 203(k) rehabilitation mortgage loan program in Mortgagee Letter 2024-13. This action follows the FHA proposing enhancements to the program last Fall in a draft Mortgagee Letter. Lenders must implement the enhancements for FHA case numbers assigned on or after November 4, 2024 ..read more
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