On July 7, 2020, the CFPB issued its much-anticipated final rule (the “Revocation Rule”) on small dollar lending rescinding the mandatory underwriting provisions of its 2017 rule governing payday, vehicle title, and certain high-cost installment loans (the “2017 Rule”).  Consistent with its proposal last year, the Revocation Rule rescinds the Mandatory Underwriting Provisions of the

According CFPB’s Director, “In April and May, the [CFPB] received approximately 42,400 and 44,100 complaints, respectively—the highest monthly complaint volumes in the Bureau’s history.”  This is something Consumer Privacy World is monitoring closely because an increase in CFPB complaints means lawsuits and statutory changes are not far behind.

Indeed, just this week the U.S. House

The long-running battle over the constitutionality of the CFPB is finally over, and it ended with a whimper. The resolution from the Supreme Court is, practically speaking, about where a panel of the D.C. Circuit left things years ago in PHH.

Companies defending against CFPB enforcement have repeatedly argued that the Bureau is unconstitutional because

Earlier this year, the Consumer Financial Protection Bureau (“CFPB”) established a Taskforce to assist with the improvement and oversight of existing federal consumer financial laws. According to the CFPB, the Taskforce “is charged with developing recommendations on harmonizing, modernizing, and updating the Federal consumer financial laws, as well as identifying gaps in knowledge that