Consumer Financial Services Legal Update Blog

When is an Administrative Action Barred by the Dodd-Frank Act’s Three-Year Statute of Limitations? Never, According to the CFPB

Corporate defendants are entitled to the protections afforded by statutes of limitations, which bar claims for conduct long-past and are “vital to the welfare of society.” Recently, however, the Consumer Financial Protection Bureau (“CFPB”) has doubled down on its position that the statute of limitations is inapplicable to enforcement actions brought in a certain category of proceedings.

Update on the U.S. Supreme Court’s Inclusive Communities Decision

As previously reported on this blog, the U.S. Supreme Court’s decision in Texas Department of Housing and Community Affairs v. Inclusive Communities Project, Inc., 135 S. Ct. 2507 (2015) adopted a burden-shifting approach to assessing claims that housing policies cause disparate impact on minority populations in violation of the Fair Housing Act (“FHA”) (42 U.S.C. § 3601). By adopting that approach, the Court confirmed the availability of this form of lawsuit against government entities that implement housing policies.

Update on Proposed Amendments to the Borrower Defense to Repayment Rule

The U.S. Department of Education is continuing to move forward with issuing new regulations regarding the “Borrower Defense to Repayment Rule,” which concerns the ability of a Direct Loan borrower to seek a discharge of a Direct Loan repayment obligations if the educational services provided by a college were in some way deficient. These amendments are potentially important not only to borrowers, but also to colleges and the loan servicing industry.