Photo of Consumer Crossroads: Where Financial Services and Litigation Intersect Sarah E. King
Associate
sking@hinshawlaw.com
312-704-3305
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Sarah E. King counsels financial services companies on compliance with statutes and regulations. She also represents companies facing inquiries …

Showing 5 posts by Sarah E. King.

How Much Is Too Much? Oral Arguments in Much Anticipated CFPB Funding Case Leave Justices Wondering

Early in October, the Supreme Court heard oral arguments in Consumer Financial Protection Bureau v. Community Financial Services Association of America Ltd (CFPB v. CFSA). The appeal stems from a 2021 Western District of Texas ruling upholding the Payday Lending rule and the CFPB's funding structure, which the Fifth Circuit Court of Appeals later partially reversed. The Fifth Circuit held the CFPB's entire funding structure unconstitutional because "Congress's cession of its power of the purse to the Bureau violates the Appropriations Clause and the Constitution's underlying structural separation of powers[,]" and thereby vacated the Pay Day Lending Rule. More ›

SCOTUS Decision in Student Loan Forgiveness Cases May Hinge on Article III Standing

On February 28th, 2023, the United States Supreme Court heard oral arguments in two related cases, Biden v. Nebraska and Department of Education v. Brown, both of which challenge President Biden's one-time student loan forgiveness program. More ›

Fifth Edition of 50 State Guide on Student Loan Servicing Laws Now Available

An important resource for financial services compliance professionals has been updated. The Fifth Edition of the 50 State Guide on Student Loan Servicing Laws is a quick reference guide and resource for student loan industry participants regarding enacted state laws, and pending or previously introduced legislation. More ›

Proposed California Debt Collection Licensing Regulations Raise Scope Concerns

Last month, the Department of Financial Protection and Innovation (DFPI) published proposed regulations under the Debt Collection Licensing Act (DCLA). The regulations largely address procedural matters related to obtaining a license. However, the DFPI's proposed regulations also appear to implicitly address the scope of the license requirement, potentially expanding the category of licensees beyond what the statutory text contemplates. More ›

CFPB Signals Change by Rescinding Abusive Acts or Practices Policy, With Confirmation of Chopra Likely to be Delayed

On March 11, 2021, the Consumer Financial Protection Bureau (CFPB) announced rescission of its January 24, 2020 Statement of Policy Regarding Prohibition on Abusive Acts or Practices (Policy). In announcing its rescission, the Bureau indicated the Policy did not provide the intended clarity to regulated entities, and declared it inconsistent with the Dodd-Frank Act, including by limiting the Bureau's full scope of supervisory and enforcement authority. More ›