A group of 22 trade associations sent a letter last week to the Chairmen and Ranking Members of the Senate and House Appropriations Committees expressing their “strong support” for the creation of a five-member bipartisan...more
6/27/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Commissions ,
Dodd-Frank ,
Financial CHOICE Act ,
Financial Institutions ,
Financial Regulatory Reform ,
Pending Legislation ,
PHH Corp. v CFPB ,
Regulatory Oversight ,
Removal For-Cause ,
Single Director ,
Trade Associations
The report issued earlier this week by the U.S. Treasury Department to President Trump in response to his February 2017 Executive Order 13772, “A Financial System That Creates Economic Opportunities-Banks and Credit Unions,”...more
6/16/2017
/ Banking Sector ,
Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Executive Orders ,
Financial Institutions ,
Financial Regulatory Reform ,
Pending Legislation ,
Regulatory Oversight ,
Removal At-Will ,
Trump Administration ,
U.S. Treasury ,
UDAAP
The CFPB’s petition filed in a Pennsylvania federal district court last June to enforce a CID issued to J.G. Wentworth, LLC, a purchaser of structured settlements and annuities, was denied by the court last week as moot. The...more
By a vote of 233-188, the House of Representatives passed H.R. 10, the Financial CHOICE Act yesterday. The bill, often referred to as the Dodd-Frank Act replacement bill, includes an overhaul of the CFPB’s structure and...more
In his prepared remarks for the Consumer Advisory Board meeting held on June 8, 2017, Director Cordray discussed CFPB initiatives in four areas. In addition to the CFPB’s letter to the top retail credit card companies...more
The CFPB’s final prepaid card rule has survived Republican efforts to nullify the rule under the Congressional Review Act (CRA). The CRA establishes a special set of procedures through which Congress can nullify final...more
In November 2016, the CFPB issued a request for information about market practices related to consumer access to financial information. The RFI contained a series of questions about current market practice related to...more
On May 24, 2017, the FTC will hold a daylong conference on identity theft in Washington, D.C.
The conference, “Planning for the Future,” will include panel discussions about how identity thieves acquire and use consumer...more
The Treasury Department has issued a press release announcing that Treasury Secretary Mnuchin plans to appoint Keith A. Noreika as a Deputy Comptroller and designate him the First Deputy Comptroller of the OCC. Effective May...more
The House Financial Services Committee has released the witness list for the hearing it will hold this Wednesday, April 26, 2017, to discuss the Financial CHOICE Act....more
The House Financial Services Committee announced that it will hold a hearing on April 26, 2017 to discuss the Financial CHOICE Act. It also released a discussion draft of a revised version of the bill....more
On April 25 2017, the CFPB will hold a meeting of its Community Bank Advisory Council in Washington, D.C. at which Acting Deputy Director David Silberman will give remarks....more
As it has done for other CFPB rules, the CFPB has published a small entity compliance guide for its prepaid card rule. The final rule is generally effective on October 1, 2017. ...more
On March 1,2017, by a vote of 241 to 104, the House passed the “OIRA Insight, Reform, and Accountability Act” (H.R. 1009), which would subject independent regulatory agencies such as the CFPB to the regulatory review process...more
The CFPB has issued its February 2017 complaint report that highlights credit reporting complaints. The report also highlights complaints from consumers in Louisiana and the New Orleans metro areas....more
The FTC has sent a letter to the CFPB summarizing the FTC’s debt collection activities in 2016. The letter is intended to provide the CFPB with information for its annual report to Congress on the federal government’s FDCPA...more
The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board will be held on March 2, 2017. The notice indicates that the Board will discuss the consumer credit information...more
The CFPB has issued its January 2017 complaint report that highlights mortgage complaints. The report also highlights complaints from consumers in Tennessee and the Memphis and Nashville metro areas....more
2/9/2017
/ Consumer Complaint Database ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reports ,
Debt Collection ,
Financial Institutions ,
Mortgages ,
Online Marketplace Lending ,
Payday Loans ,
Prepaid Payment Products ,
Real Estate Market ,
Student Loans
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
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 Trump transition team has released the names of three more individuals who will be members of the CFPB landing team. “Landing teams” are members of the incoming president’s transition team tasked with gathering...more
Just before year-end, the U.S. Court of Appeals for the Tenth Circuit, in Bandimere v. United States Securities and Exchange Commission, set aside an SEC decision finding the petitioner liable for violating various securities...more
1/9/2017
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Appointments Clause ,
Article II ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
Political Appointments ,
Richard Cordray ,
Securities and Exchange Commission (SEC)
The CFPB released two items at year-end: the results of its 2016 annual employee survey and its updated Diversity and Inclusion Strategic Plan (Strategic Plan) for 2016-2020....more
The CFPB has announced annual adjustments to two asset-size exemption thresholds. First, the CFPB has made no change to the asset-size exemption threshold under HMDA/Regulation C which is currently set at $44 million. ...more
12/23/2016
/ Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Exemptions ,
Financial Institutions ,
HMDA ,
Mortgages ,
Regulation C ,
Regulation Z ,
Threshold Requirements ,
Truth in Lending Act (TILA)
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