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Posts published in “Federal Regulation”

The CFPB Funding Structure Is Constitutionally Sound Says 2nd Circuit

A three-judge panel of the U.S. Court of Appeals for the Second Circuit handed down a decision on March 23 holding that the funding mechanism for the federal Consumer Financial Protection Bureau is constitutionally sound. In doing so, it “respectfully decline[d] to follow the Fifth Circuit’s decision” in Cmty. Fin. Servs. Ass'n of Am., Ltd. v. CFPB.

DC Circuit Holds CFPB’s Prepaid Rule Did Not Contravene EFTA, Reversing Trial Court

The U.S. Court of Appeals for the District of Columbia Circuit recently reversed the ruling of a trial court and concluded that the Consumer Financial Protection Bureau’s Prepaid Rule, which regulates digital wallets and other prepaid accounts, does not mandate a “model clause” in violation of the Electronic Fund Transfer Act.

9th Cir. Holds ‘Net Impression’ Test Applies to CFPA Actions for Deceptive Solicitations

The U.S. Court of Appeals for the Ninth Circuit recently affirmed a trial court’s ruling in favor of the Consumer Financial Protection Bureau against a company and its owner that provided fee-based scholarship and financial aid services to prospective and current college students.

CFPB On Schedule With Consumer Data Privacy Rights Rulemaking Process

On Oct. 25, 2022, the Director of the Consumer Financial Protection Bureau (CFPB), Rohit Chopra, announced at a fintech conference that the CFPB “will launch the process to activate a dormant authority under Section 1033 of the Consumer Financial Protection Act . . . [to] provide for personal financial data rights for Americans . . .”