Agency Guidance & Rulemaking

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On October 26, the United States District Court for the Southern District of Texas issued a nationwide preliminary injunction barring the CFPB from moving forward with implementing or enforcing the recently finalized Small Business Lending Rule, designed to implement Section 1071 of the Dodd-Frank Act. The injunction will likely remain in effect pending either the outcome of a trial on the underlying merits of the case or the Supreme Court’s reversal of Community Financial Services Association of America Ltd. v. CFPB. The Southern District of Texas previously issued a similar injunction in July in the same case, however, the original injunction applied only to the parties to the case (see previous blog post here).Continue Reading Federal Court Issues Nationwide Injunction of CFPB’s Small Business Lending Rule

On September 21, the CFPB announced that it has initiated a rulemaking process under the Fair Credit Reporting Act (“FCRA”) that would remove medical bills from consumer credit reports. The CFPB also published an Outline describing the proposals and alternatives that it will consider in the FCRA rulemaking process, which, if finalized, would:Continue Reading CFPB Initiates FCRA Rulemaking on Medical Debt and Data Brokers

On January 11, the CFPB proposed a rule requiring nonbanks subject to its supervisory authority, with limited exceptions, to annually register with the CFPB regarding their use of certain terms and conditions in form contracts for products and services that pose risks to consumers. Nonbanks would be required to register if they use specific terms and conditions defined in the proposed rule that attempt to waive consumers’ legal protections, to limit how consumers enforce their rights, or to restrict consumers’ ability to file complaints or post reviews. Key parts of the rule do the following:Continue Reading CFPB Proposes Registry of Terms and Conditions for Nonbanks