News & Analysis as of

Consumer Financial Protection Bureau (CFPB) Investigations

Sheppard Mullin Richter & Hampton LLP

CFPB Issues Circular, Warning Against Whistleblower Intimidation

On July 24, 2024, the CFPB issued a circular detailing how companies may be breaking the law by requiring employees to sign broad nondisclosure agreements that could deter whistleblowing.  Under Section 1057(a) of the...more

Wiley Rein LLP

[Webinar] Decoding CFPB Examinations for Non-Bank Financial Firms - June 27th, 2:00 pm - 3:00 pm EDT

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With the Consumer Financial Protection Bureau’s (CFPB) increased scrutiny of non-bank financial firms, understanding the CFPB’s examination process has become critical for supervised entities. Join us as we discuss the...more

Mintz - Technology, Communications & Media...

Telephone and Texting Compliance News: Regulatory Update — Federal Communications Commission Kicks Off “Spring Cleaning”...

The Federal Communications Commission’s (Commission) Enforcement Bureau (Bureau) launched a new “Spring Cleaning” initiative this month to combat unlawful robocalling campaigns. On April 4, the Bureau sent a...more

Sheppard Mullin Richter & Hampton LLP

CFPB and FTC Argue Consumer Reporting Companies Have an Obligation to Correct Errors in Joint Amicus Brief

On March 29, the CFPB and the FTC jointly filed an amicus brief with the Eleventh Circuit in a matter involving a dispute under the Fair Credit Reporting Act. The case involves a consumer who filed disputes with a consumer...more

Holland & Knight LLP

FTC Hosts Artificial Intelligence Technology Summit

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The Federal Trade Commission (FTC) held a virtual FTC Tech Summit focused on artificial intelligence (AI) and AI's impact on competition and consumers on Jan. 25, 2024. The half-day event featured a diverse set of speakers...more

Ballard Spahr LLP

OIG report finds CFPB can enhance certain aspects of its enforcement investigations process

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The Office of Inspector General (OIG) for the Federal Reserve Board and CFPB has issued a report on its evaluation of the CFPB’s process for conducting enforcement investigations.  OIG concluded that the CFPB can enhance...more

Goodwin

OIG Issues Report Concerning CFPB Enforcement Investigations

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On January 8, 2024, the Office of Inspector General (OIG) issued an Evaluation Report (Report) concluding that the Consumer Financial Protection Bureau (CFPB or Bureau) should “enhance certain aspects of its enforcement...more

Balch & Bingham LLP

Third Circuit Holds Creditors Should Investigate All Indirect Disputes Of Accounts On A Credit Report - (Video Transcript)

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Welcome to Balch's Consumer Finance Compass, where we'll navigate the complex regulatory sphere that is consumer finance. I'm Jason Tompkins, chair of the firm's Issues and Appeals Practice and member of the Consumer Finance...more

Sheppard Mullin Richter & Hampton LLP

FDIC Settles with Bank for Repeat RESPA Violations, Doubling Previous Fine

The FDIC recently announced a consent order with an Oregon regional bank for violations of Section 8 of RESPA, the FTC Act, and the FRCA, resulting in a civil monetary penalty totaling $425,000. After conducting its...more

Sheppard Mullin Richter & Hampton LLP

CFPB and State Regulators Hone in on Interest-Bearing Crypto Accounts

On November 22, the CFPB denied a crypto lending institution’s petition for an order modifying a pending civil investigative demand (“CID”) that the Bureau issued to the institution in December of 2021. The CFPB issued the...more

Shipkevich PLLC

CFPB Issues Order Asserting its Authority to Investigate Cryptocurrency Lender

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On November 22, 2022, the Consumer Financial Protection Bureau (CFPB) denied a petition by Nexo Financial LLC (“Nexo Financial”) to modify a Civil Investigative Demand (CID) issued on December 1 2021. In rendering its...more

Goodwin

CFPB Issues Guidance on Investigation Practices by Consumer Reporting Agencies

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Regulatory Developments - CFPB Issues Guidance on Investigation Practices by Consumer Reporting Agencies - On November 10, the CFPB issued a Consumer Financial Protection Circular (Circular) affirming that consumer...more

Troutman Pepper

Keeping Up With the Bureau Episode 1: Overview of CFPB and State AG Initiatives/Expansion - The Consumer Finance Podcast

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Please join Consumer Financial Services Partner Chris Willis and his guests and colleagues Ashley Taylor and Stefanie Jackman in the first episode of a special four-part series about recent developments with the Consumer...more

Perkins Coie

FTC Settlement Highlights More Aggressive Enforcement of Private Equity Acquisitions

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The U.S. Federal Trade Commission (FTC) voted 5-0 to issue a complaint and accept a proposed order for public comment regarding private equity fund JAB Consumer Partners SCA SICAR’s (JAB) $1.1 billion acquisition of SAGE...more

Bradley Arant Boult Cummings LLP

CFPB’s Release Highlights “Unlawful Auto Repossessions” and Failures to Conduct Reasonable Investigations on Disputed Debts

The Consumer Financial Protection Bureau (CFPB) issued a release on May 2, 2022, announcing the release of its Supervisory Highlights outlining identified consumer protection violations during the second half of 2021. In...more

Sheppard Mullin Richter & Hampton LLP

FTC Finalizes Order Against Leading Provider of Business Credit Reports

The FTC recently finalized an order against a leading provider of business credit report services, alleged to have deceived business regarding the value of products offered and failing to correct errors on customers’ credit...more

Sheppard Mullin Richter & Hampton LLP

CFPB Director Testifies Before Congress

This week, CFPB Director, Rohit Chopra, appeared before the U.S. Senate Committee on Banking, Housing, and Urban Affairs and the U.S. House Committee on Financial Services in conjunction with the CFPB’s submission of its...more

Sheppard Mullin Richter & Hampton LLP

CFPB, DOJ and OCC Take Action Against National Bank for Alleged Redlining

The CFPB and DOJ, in cooperation with the OCC, filed a complaint and proposed consent order last week in the Western District of Tennessee against a national bank alleging that the bank violated the Fair Housing Act (FHA),...more

Sheppard Mullin Richter & Hampton LLP

CFPB Opts Not to Take Action Against Banking App

Ahead of an upcoming merger between a digital banking platform and a special purpose acquisition company, both parties disclosed in a regulatory filing last week that the platform received a Civil Investigative Demand (“CID”)...more

Goodwin

SEC Issues No-Action Relief On Registered Funds’ Custody Of Loan Interests

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In this Issue. The U.S. Securities and Exchange Commission (SEC) was very active this week, having (i) issued no-action relief allowing registered funds to engage in self-custody of interests in loans that are originated,...more

Ballard Spahr LLP

CFPB announces significant reorganization prioritizing supervision over enforcement

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In an internal memorandum recently circulated at the CFPB, Bryan Schneider, who leads the Bureau’s Division that houses its supervision, enforcement, and fair-lending functions, announced a major internal reorganization....more

Robins Kaplan LLP

Financial Daily Dose 1.15.2020 | Top Story: Dating Apps Face Scrutiny for Likely Data Privacy Violations

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Popular app-based dating services—from Tinder to OkCupid to Grindr—are the subject of unwanted scrutiny this week after a report by the Norwegian Consumer Council that they’re “spreading user information like dating choices...more

Robins Kaplan LLP

Financial Daily Dose 10.25.2019 | Top Story: ECB Holds Rates Steady as Draghi Departs

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Mario Draghi presided over his final ECB meeting yesterday, with the central bank deciding to hold rates steady and let current stimulus measures play out for the time being. His departure (and the arrival of former IMF chief...more

Womble Bond Dickinson

Reasonable Investigation Under FCRA: Two Times Might Not Be a Charm

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Ponder v. Ocwen Loan Serv., LLC, 2018 WL 4474635 (N.D. Ga. July 30, 2018) is a reminder to furnishers of information to consumer reporting agencies to conduct a reasonable investigation of any reported errors the first time...more

Ballard Spahr LLP

Longstanding BCFP Tactic in Jeopardy After Two Circuits Strike Down CIDs

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The BCPB has historically taken the position that it can use investigations to conduct compliance “sweeps” of entire industries. Indeed, a version of the BCFP’s Enforcement Policies and Procedures Manual made available to the...more

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