In consumer finance, opportunities lie ahead. The activities of the Consumer Financial Protection Bureau can alter opportunities. We discuss Bureau actions and their impact on corporations, consumers, and policymakers.
Litigation Reveals New Insights on CFPB Power to Sue Lenders and the Insurance Exemption (and a Refresher Course on Federal Civil Procedure!) (Libre, part 3)
Since the inception of the Consumer Financial Protection Bureau (CFPB or Bureau), much debate has occurred over a key threshold question: how should regulators or lawmakers decide that a novel product constitutes a “lending product”? Is the product at issue in the bailiwick of banking or insurance regulators? Not only has the question (“is it…
CFPB Litigation on Merchant Exemption in UDAAP Has Potential to Set Precedent for Retailers (Libre, part 2)
Recent motion to dismiss briefing in federal court illuminates the grant by Congress of exemptions to the CFPB’s authority to pursue market participants for alleged violations of the prohibition against Unfair, Deceptive, or Abusive Acts and Practices (“UDAAP”) set forth in the Dodd-Frank Act. In the Libre matter, which was previously addressed here, the Consumer…
CFPB Files Lawsuit Using Operation Chokepoint-Style Theory: Five Key Questions Answered Here
The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) or other agencies are faced with a choice: either pursue alleged violators one-by-one on the basis of their own acts, or impact hundreds or thousands of entities in a single action by pursuing the payment processor (or other service provider) upon which those other companies rely. The…
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