The CFPB has issued its Fall 2019 Semi-Annual Report to Congress covering the period April 1, 2019 through September 30, 2019. ...more
2/6/2020
/ Ability-to-Repay ,
Annual Reports ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Director Kraninger ,
ECOA ,
Enforcement Actions ,
Fair Lending ,
Financial Services Committee ,
Financial Services Industry ,
Regulatory Agencies ,
Regulatory Oversight ,
Senate Banking Committee
On Wednesday, February 5, the House Financial Services Committee will hold the first part of a two-part hearing on “rent-a-bank” structures. The hearing is titled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to...more
2/3/2020
/ Ability-to-Repay ,
Banks ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Protection Laws ,
Director Kraninger ,
Fair Lending ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Interest Rate Caps ,
Loans ,
Madden v Midland Funding ,
OCC ,
Payday Loans ,
Popular ,
Testimony
The CFPB announced that the following individuals have joined its executive team:
Susan M. Bernard will serve as Assistant Director for Regulations in the Research, Markets and Regulation Division. Before joining the...more
The New York Department of Financial Services has announced that Leandra English, who formerly served as CFPB Deputy Director, has joined the NYDFS executive team as Special Policy Advisor. ...more
The CFPB has published a notice in the Federal Register announcing that it is seeking applications for membership on its Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic...more
1/16/2020
/ Advisory Committee ,
Community Banks ,
Community Development ,
Consumer Advisory Board ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Debt Collection ,
Debt Collectors ,
Debt Relief ,
Debt-Relief Industry ,
Fair Lending ,
Federal Register ,
Financial Services Industry ,
Membership Interest ,
Mortgages
The CFPB has announced the initial four members of its Taskforce on Federal Consumer Financial Law. This past October, the Bureau announced its plans to establish the Taskforce to examine ways to harmonize and modernize...more
The House Financial Services Committee has announced that it will hold the following hearings this month:
On January 14, the Subcommittee on Consumer Protection and Financial Institutions will hold a hearing entitled, “The...more
1/6/2020
/ Banks ,
Community Reinvestment Act ,
Congressional Investigations & Hearings ,
FDIC ,
Financial Services Committee ,
Financial Services Industry ,
FinTech ,
Interest Rate Caps ,
Interest Rates ,
Madden v Midland Funding ,
Mobile Payments ,
OCC ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process
On December 12–13, 2019, the CFPB hosted its fourth research conference on consumer finance. The goal of the conference, as described by the CFPB, was “to connect the core community of researchers and policymakers with the...more
Last week, the CFPB Ombudsman’s Office released its eighth annual report covering the Office’s activities during fiscal year 2019. The Ombudsman’s Office is intended to serve as an independent, impartial, and confidential...more
In CFPB and People of the State of New York v. RD Legal, the CFPB and NYAG appealed to the Second Circuit from the district court’s decision holding the CFPB’s structure is unconstitutional and striking all of Title 10 of...more
The CFPB announced today that it will hold a symposium on Dodd-Frank Act Section 1071 on November 6, 2019. Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with...more
10/25/2019
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Applicants ,
Data Collection ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Equal Opportunities ,
Financial Regulatory Reform ,
Financial Services Industry ,
Gender Discrimination ,
Minority-Owned Businesses ,
Race Discrimination ,
Rulemaking Process ,
Small Business ,
Symposium ,
Women-Owned Businesses
CFPB Director Kraninger was the sole witness at a House Financial Services Committee hearing thsi week on the Bureau’s Spring 2019 semi-annual report and at a Senate Banking Committee hearing yesterday on the report.
...more
10/18/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Director Kraninger ,
Dodd-Frank ,
Enforcement Actions ,
Financial Regulatory Agencies ,
Financial Services Committee ,
Financial Services Industry ,
Payday Loans ,
Regulatory Oversight ,
Rulemaking Process ,
Senate Banking Committee ,
UDAAP
Paul Watkins, Director of the CFPB’s Office of Innovation, joined Ballard Spahr partners Alan Kaplinsky and James Kim yesterday for a discussion of the CFPB’s final innovation policies. ...more
The House Financial Services Committee’s Task Force on Financial Technology will hold a hearing entitled “The Future of Real-Time Payments,” at 2:00 p.m. on Thursday, September 26, 2019. There will be a live webcast of the...more
The FTC announced settlements of two lawsuits filed in a California federal district court alleging similar violations of the FTC Act, the Telemarketing Sales Rule (TSR), and the Truth in Lending Act by providers of student...more
9/17/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Buyers ,
Debt Relief ,
Debt-Relief Industry ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Fees ,
Financial Services Industry ,
FTC Act ,
Regulatory Violations ,
Settlement Agreements ,
Student Loans ,
Telemarketing Sales Rule ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
The CFPB announced on Friday that it will hold a symposium on behavioral law and economics on September 19. The symposium will be the second in the series announced by the Bureau in April 2019. The first symposium, which...more
Nicholas Smyth, Assistant Director of the Pennsylvania Attorney General’s Bureau of Consumer Protection, was our guest speaker for a webinar yesterday. Formerly a CFPB enforcement attorney, Nick was appointed by PA Attorney...more
A motion to dismiss has been filed by the group of credit repair companies sued by the CFPB in Utah federal district court for alleged violations of the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act...more
7/25/2019
/ Client Referrals ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Financial Services Industry ,
Fraudulent Marketing ,
Illusory Contracts ,
Misrepresentation ,
Motion to Dismiss ,
Regulatory Violations ,
Removal For-Cause ,
Single Director ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
The Office of Inspector General for the CFPB (and the Fed) recently issued a report on its evaluation of the Office of Consumer Response’s sharing of complaint data within the CFPB. ...more
The CFPB announced that it has settled the lawsuit it filed in a California federal district court against Freedom Debt Relief (FDR) and its CEO for alleged violations of the Consumer Financial Protection Act (CFPA) and the...more
7/12/2019
/ Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Debt Settlement Services ,
Enforcement Actions ,
Final Judgment ,
Financial Services Industry ,
Regulatory Violations ,
Restitution ,
Stipulated Judgment ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
The CFPB has filed an amicus brief in Bender v. Elmore & Throop, P.C., an appeal before the Fourth Circuit involving the application of the FDCPA’s one-year statute of limitations. The brief supports the position of the...more
This week, Congress will be holding a hearing focused on fintech and two hearings at which artificial intelligence (AI) will be the focus.
Fintech:
Tomorrow, June 25, the House Financial Services Committee’s Task Force on...more
RD Legal Funding has filed its opening brief in the Second Circuit, where the CFPB and New York Attorney General filed appeals from the district court’s decision and RD Legal Funding filed a cross-appeal. The CFPB and the...more
6/18/2019
/ Assignment of Benefits (AOB) ,
Compensation & Benefits ,
Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Industry ,
Financial Transactions ,
NFL ,
Purchase Agreement ,
RD Legal Funding ,
Removal For-Cause ,
Single Director ,
Title X
Democratic Senators Elizabeth Warren and Doug Jones have sent a letter to the CFPB, Federal Reserve, OCC, and FDIC expressing concern that fintech and traditional lenders using algorithms in their underwriting processes are...more
Having announced in April 2018 that it would be holding a symposia series, the CFPB has now set a date for the first symposium of the series. The first symposium, to be held on June 25, 2019, will focus on the Dodd-Frank...more