The U.S. Supreme Court has set a briefing schedule in Seila Law, in which the questions before the court are whether the CFPB’s structure is constitutional and, if it is not, whether the court can sever the provision in the...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
The Consumer Bankers Association has sent a letter to the leadership of the House of Representatives urging the House to enact legislation that replaces the CFPB’s single director leadership structure with a five-person,...more
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
CFPB recently issued its Spring 2019 Semi-Annual Report to Congress covering the period October 1, 2018 through March 31, 2019.
The report represents the CFPB’s second semi-annual report under Director Kraninger’s...more
10/14/2019
/ Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Committee ,
HMDA ,
Information Reports ,
Legislative Agendas ,
Proposed Legislation ,
Regulatory Agenda ,
Rulemaking Process
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 CFPB announced that the following people have joined its executive team...
- Bryan A. Schneider will serve as Associate Director in the Supervision, Enforcement and Fair Lending Division. Mr. Schneider most recently...more
The CFPB announced that it will host a public workshop with the FTC on December 10, 2019 to discuss issues affecting the accuracy of both traditional credit reports and employment and tenant background screening reports....more
The CFPB has published a notice in the Federal Register seeking ideas on how it can use Tech Sprints to advance regulatory innovation and compliance. Comments are due by November 8, 2019. ...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
Two Democratic Senators have sent a letter to CFPB Director Kraninger and Education Secretary DeVos asking the regulators to explain what roadblocks are preventing the CFPB and ED from entering into a new memorandum of...more
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
On July 25, 2019, from 2:00 p.m. to 3:00 p.m. ET, the FDIC and CFPB will co-host a webinar to outline strategies to address and prevent elder financial abuse.
The webinar will focus on the benefits of collaboration between...more
In a decision issued on Wednesday, the U.S. Supreme Court, in Kisor v. Wilkie, declined to overrule a line of cases instructing courts to defer to an agency’s interpretation of its own regulation, a doctrine sometimes...more
6/27/2019
/ Administrative Agencies ,
Ambiguous ,
Appeals ,
Auer Deference ,
Denial of Benefits ,
Judicial Review ,
Kisor v Wilkie ,
Reasonable Interpretations ,
Retroactive Application ,
SCOTUS ,
Veterans' Benefits
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
The Federal Trade Commission recently provided its annual letter to the CFPB concerning its enforcement activities relating to compliance with Regulation Z (Truth in Lending Act), Regulation M (Consumer Leasing Act), and...more
6/11/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
EFTA ,
Enforcement Authority ,
Enforcement Statistics ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Regulation E ,
Regulation M ,
Regulation Z ,
Truth in Lending Act (TILA)