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“An Arrow Has Found its Target”: Federal Appeals Court Deems CFPB Funding Method Unconstitutional, Invalidating Payday Lending Rule
In a decision with potentially far-reaching implications for the CFPB, a three-judge panel of the U.S. Circuit Court of Appeals for the Fifth Circuit yesterday ruled that the Bureau’s funding structure is…
CFPB Issues Report on the Convergence of Payments and Commerce and its Implication for Consumers
On August 4, 2022, the Consumer Financial Protection Bureau (“CFPB”) issued a report entitled, “The Convergence of Payments and Commerce: Implications for Consumers,” in which it examines the challenges and risks to…
Chopra Confirmed as Next CFPB Director; Departure Leaves FTC Evenly Divided
The Senate yesterday confirmed current FTC Commissioner Rohit Chopra as the new Director of the Consumer Financial Protection Bureau (CFPB) . The 50-48 vote to confirm was along party lines and followed Vice President…
CFPB Rescinds “Abusive” Policy Statement, Signaling Broader and More Aggressive View of “Abusive” Authority
In a significant but unsurprising move, the CFPB announced today that it was rescinding a policy statement issued in January 2020 that sought to tether the Bureau’s “abusive” authority to certain limiting principles.…
Chopra Navigates Questions and Predicts Priorities at Friendly CFPB Nomination Hearing
President Biden’s nominee to serve as CFPB Director, Rohit Chopra, today testified in front of the Senate Banking Committee about his potential regulatory and enforcement priorities as head of the consumer finance…