A group of 11 trade associations have sent a letter to members of Congress expressing their “strong disapproval” of the CFPB’s final arbitration rule and urging Congress to pass the resolutions introduced in the House and...more
7/26/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
Pennsylvania’s Attorney General, Josh Shapiro, announced last Friday that his office is creating a Consumer Financial Protection Unit “to better protect Pennsylvania consumers from financial scams.”...more
House and Senate Republicans announced yesterday that they are sponsoring Congressional Review Act resolutions to override the CFPB’s final arbitration rule, which was published in the Federal Register. ...more
7/21/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Federal Register ,
Financial Services Industry
State bankers associations from all 50 states and Puerto Rico have sent a letter to Senate Majority Leader Mitch McConnell and Senate Minority Leader Charles Schumer urging them to support efforts to override the CFPB’s final...more
7/18/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
This Wednesday, July 19, the U.S. Chamber’s Center for Capital Markets Competitiveness and U.S. Chamber Institute for Legal Reform will hold an event in Washington, D.C. entitled “CFPB’s Anti-Arbitration Rule: Analysis &...more
7/17/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
The CFPB has issued its annual Consumer Response Report that provides an analysis of the approximately 291,400 complaints handled by the CFPB between January 1 and December 31, 2016. According to the report, complaint volume...more
On April 5, 2017, the House Financial Services Committee will hold a hearing, “The 2016 Semi-Annual Reports of the Bureau of Consumer Financial Protection Bureau.” Since Director Cordray has appeared at all of the...more
3/31/2017
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Arbitration ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Executive Orders ,
Financial Services Committee ,
Financial Services Industry ,
PHH Corp. v CFPB ,
Regulatory Reform ,
Richard Cordray ,
SBREFA ,
Statute of Limitations ,
Trump Administration
The Office of Inspector General for the Fed and CFPB has issued a report on the results of an evaluation it conducted to determine whether the CFPB effectively mitigates the risk of potential conflicts of interest associated...more
The Independent Community Bankers of America issued a statement calling on the Trump administration “to rein in the overzealous application of fair lending laws.” ICBA stated that community banks are threatened by a recent...more
1/31/2017
/ Banking Sector ,
Banks ,
Community Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Fair Lending ,
Family Businesses ,
FDIC ,
Financial Institutions ,
HMDA ,
Independent Community Bankers of America (ICBA) ,
Mortgage Lenders ,
Redlining ,
Small Business ,
Trump Administration
At the meeting earlier this month of the American Bar Association’s Consumer Financial Services Committee in Carlsbad, CA, attention was given to an issue highlighted by the American Bankers Association in the comment letter...more
1/23/2017
/ Ability-to-Repay ,
American Bankers Association ,
American Bar Association (ABA) ,
Annual Percentage Rate (APR) ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Online Marketplace Lending ,
Payday Loans ,
Regulation Z ,
Title Loans
The California federal district court judge who is presiding over the CFPB’s lawsuit against CashCall and several related companies that funded, purchased, serviced, and collected online installment loans has granted the...more
1/19/2017
/ § 1292(b) Certification ,
Appeals ,
Banking Sector ,
CashCall ,
Choice-of-Law ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Financial Institutions ,
Interlocutory Appeals ,
Internet Lenders ,
Loans ,
Native American Issues ,
Online Marketplace Lending ,
Partial Summary Judgments ,
Payday Loans ,
Stays ,
Summary Judgment ,
Tribal Loans ,
True Lender
The CFPB has issued its December 2016 complaint report which highlights complaints about debt collection. The report also highlights complaints from consumers in Arizona and the Phoenix metro area.
General findings...more
In a blog post published last Friday, Patrice Ficklin, Associate Director of the CFPB’s Office of Fair Lending, outlined the CFPB’s fair lending priorities for 2017.
Ms. Ficklin wrote that, going forward, the CFPB will...more
12/19/2016
/ Banking Sector ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Minorities ,
Mortgage Servicers ,
Mortgages ,
Small Business ,
Student Loans
The CFPB announced that it has entered into a consent order with Moneytree, Inc. to settle allegations that the company engaged in deceptive advertising, sent consumers deceptive collection letters, and did not obtain written...more
12/19/2016
/ Banking Sector ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
False Advertising ,
Online Advertisements ,
Online Marketplace Lending ,
Redress Payments ,
UDAAP ,
Unfair or Deceptive Trade Practices
The CFPB has unveiled “Consumer Credit Trends,” which it describes as “a web-based tool to help the public monitor developments in consumer lending and forecast potential future risks.”...more
12/16/2016
/ Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Financial Institutions ,
Financial Services Industry ,
Mortgage Loan Originators ,
Mortgages ,
Risk Assessment ,
Student Loans ,
Websites
On December 1, 2016, the FDIC will co-host an interagency webinar that will focus on Military Lending Act regulations and the Department of Defense’s recently-released interpretive rule.
In addition to a CFPB...more
11/22/2016
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Defense (DOD) ,
FDIC ,
Federal Reserve ,
Interpretive Rule ,
Military Lending Act ,
Military Service Members ,
OCC ,
Webinars
The CFPB announced that it filed a lawsuit in a Virginia federal district court against B&B Pawnbrokers, Inc., for alleged violations of the Truth in Lending Act and the Consumer Financial Protection Act in connection with...more
On October 28, 2016, the U.S. Supreme Court granted the petition for a writ of certiorari in Grimm v. Gloucester County School Board, a decision of the U.S. Court of Appeals for the Fourth Circuit that marked the first time...more
11/8/2016
/ Appeals ,
Banking Sector ,
Board of Education ,
Civil Rights Act ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Discrimination ,
ECOA ,
Fair Lending ,
Gender Identity ,
LGBTQ ,
Regulation B ,
School Restrooms ,
SCOTUS ,
Sex Discrimination ,
Sexual Orientation ,
Sexual Orientation Discrimination ,
Title IX ,
Title VII ,
Transgender
According to Politico, the CFPB, OCC, Fed and FDIC have launched a review of bank sales practices, with the reviews to be conducted as special reviews rather than as part of the regular examination process....more
10/28/2016
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Loans ,
OCC ,
Sales ,
Small Business ,
Wealth Management
The CFPB has issued its September 2016 complaint report which highlights complaints about money transfers and complaints from consumers in Pennsylvania and the Philadelphia metro area. The CFPB began taking money transfer...more
9/28/2016
/ Banking Sector ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Reporting Agencies ,
Debt Collection ,
Money Transfer ,
Mortgages ,
Online Marketplace Lending ,
Payday Loans ,
Student Loans
The CFPB announced that it has entered into a consent order with TMX Finance, LLC to settle allegations that the company did not provide sufficient information to consumers about the terms of auto title loans, pawns or...more
9/27/2016
/ Advertising ,
Automotive Industry ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Contract Terms ,
Debt Collection ,
Disclosure Requirements ,
Title Loans ,
Truth in Lending Act (TILA)
The CFPB announced that it has filed administrative enforcement actions against five Arizona auto title lenders for alleged violations of Truth in Lending Act advertising requirements. According to the CFPB, the lenders...more
9/23/2016
/ Advertising ,
Automotive Industry ,
Automotive Loans ,
Banking Sector ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Interest Rates ,
Online Marketplace Lending ,
Payday Loans ,
Title Loans ,
Truth in Lending Act (TILA) ,
Websites
The Consumer Financial Services Association of America (CFSA) issued a statement in which it reported that documents it received from the CFPB in response to a Freedom of Information (FOIA) request filed on December 31, 2015...more
The Small Business Administration’s Office of Advocacy will host a roundtable in London, Kentucky on September 14, 2016 on the CFPB’s proposed payday loan rule. As the Office of Advocacy is an independent office within the...more
9/1/2016
/ Ability-to-Repay ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Online Marketplace Lending ,
Payday Loans ,
Roundtable ,
SBA ,
SBREFA ,
Small Business ,
Small Entity Representatives (SERs)
The Government Accountability Office has issued a report on the CFPB’s use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process. The report, “Observations from Small Business Review...more
8/17/2016
/ Arbitration ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
GAO ,
HMDA ,
Loan Originator Compensation Rule ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Online Marketplace Lending ,
Payday Loans ,
SBREFA ,
Small Business ,
TILA-RESPA Integrated Disclosure Rule (TRID)