Litigation

A federal appeals court in Texas has delayed the implementation of the Consumer Financial Protection Bureau's small-business data reporting rule slated to go into effect in July. How the Trump administration proceeds from here could be instructive on its approach to other CFPB rules.

Acting Consumer Financial Protection Bureau Director Russell Vought ordered bureau employees to "stand down" and perform no work, effective immediately.

The Consumer Financial Protection Bureau, now led by Treasury Secretary Scott Bessent, agreed to temporarily halt enforcement and litigation over its medical debt rule, handing the banking industry an immediate reprieve.

The lawsuit alleges mismanagement and fiduciary breaches caused SVB's 2023 collapse, costing the Deposit Insurance Fund $23 billion.

The Biden administration is asking the Supreme Court to overturn a lower court injunction against the Corporate Transparency Act, which requires businesses to disclose their beneficial owners. The outcome has significant implications for banks' AML compliance burdens.

The Supreme Court heard oral arguments in Thompson v. United States, which could decide whether the federal government can prosecute "misleading" in addition to "false" statements to the Federal Deposit Insurance Corp.

Debt collection trade group ACA International and Specialized Collections Systems, a Houston-based debt collector, filed a lawsuit against the Consumer Financial Protection Bureau alleging its medical debt rule is outside its authority.

Two trade groups filed a lawsuit against the Consumer Financial Protection Bureau claiming it exceeded its authority and ignored the legislative history on medical debts.

An appeals court ruled that online lender CashCall had waived its right to a jury trial and that its other challenges "lack merit," in a lawsuit filed by the Consumer Financial Protection Bureau in 2013.

After the U.S. government alleged that the cash-advance app doesn't make the cost of "tipping" clear to customers, the Los Angeles-based company said it would implement a new business model in early 2025.