NAFSA Submits Comments on Indian Trader Regulations
Today, the Native American Financial Services Association (“NAFSA”) submitted comments to the Department of the Interior’s Advance Notice of Proposed Rule Making regarding Indian Trader Regulations, a collection of federal rules that manage certain business...
New Mexico Caps Loan Rates and Bans Payday
New Mexico Governor Susana Martinez signed into law on Friday a bill capping small dollar loans at 175% APR and banning loan products with terms less than 120 days, effectively ending the practice of payday lending in the Land of Enchantment. New Mexico joins a...
Neil Gorsuch Confirmed as New Justice on the U.S. Supreme Court
On April 7th the Senate confirmed Judge Neil Gorsuch to the U.S. Supreme Court after lowering the threshold for confirmation to a simple majority the day prior. The Senate voted 54-45 in favor of elevating Gorsuch, formerly a judge on the Tenth Circuit Court of...
CFPB Issues Annual Report on Debt Collection
Late last week the Consumer Financial Protection Bureau (CFPB) issued its annual report on the agency’s administration of the Fair Debt Collection Practices Act (FDCPA). The report covers agency action in 2015, including the issuance of over $79 million in fines to...
FinTech, Regional Productivity, and the Untapped Potential of Indian Country
A recent study by the Brookings Institution, a Washington D.C. based public policy organization, analyzed productivity across the United States at the local level via the nearly 400 metropolitan areas spread across the country. The think tank noted that rising...
Hearing Update: House Questions CFPB Director on the Constitutionality of His Office – April 5, 2017
The U.S. House of Representatives Financial Services Committee met on Wednesday April 5, 2017 to discuss the Consumer Financial Protection Bureau’s (CFPB) Semi-Annual Report with CFPB Director Richard Cordray. The hearing comes at a contentious time between...
CFPB Submits Brief to DC Circuit as Decision on Constitutionality Looms
Ahead of the D.C. Circuit Court’s scheduled en banc rehearing on May 24th, the Consumer Financial Protection Bureau (CFPB) submitted its brief in PHH v. CFPB to the court this week asking that the independent agency’s single director structure remain intact at least...
Mortgage Company Currently Challenging Constitutionality of CFPB Battling Class Action in Another Federal Court for Breach of Contract
PHH Mortgage Corporation, a mortgage origination processing company embroiled in a legal battle over the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) structure, won a small victory in the U.S. District Court of Southern New York in a putative...
