Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast....more
8/25/2016
/ ATMs ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Debit Cards ,
Dodd-Frank ,
EFTA ,
Enforcement Actions ,
Fines ,
Opt-In ,
Overdraft Fees ,
Popular ,
Regulation E ,
Telemarketing ,
Third-Party Service Provider ,
Unfair or Deceptive Trade Practices
Why it matters -
In conjunction with the announcement of a $10.5 million agreement with a lender that allegedly engaged in illegal debt collection practices, the Consumer Financial Protection Bureau (CFPB) issued a...more
Why it matters
Reporting requirements for financial institutions under the Home Mortgage Disclosure Act (HMDA) regulations were finalized by the Consumer Financial Protection Bureau (CFPB), with most provisions of the...more
11/3/2015
/ Consumer Financial Protection Bureau (CFPB) ,
Covered Entities ,
Data Collection ,
Dodd-Frank ,
Fair Lending ,
FFIEC ,
Final Rules ,
Financial Institutions ,
HMDA ,
HUD ,
Mortgages ,
Personal Data ,
Public Disclosure ,
Reporting Requirements ,
Training
Why it matters -
The Consumer Financial Protection Bureau (CFPB) has picked its next battle: a proposal to limit the terms of mandatory pre-dispute arbitration agreements in contracts involving consumer financial...more
Why it matters -
Continuing its focus on the auto lending industry, the Consumer Financial Protection Bureau (CFPB) ordered Westlake Services LLC and subsidiary Wilshire Consumer Credit LLC to pay roughly $48 million for...more
10/21/2015
/ Attorney General ,
Automotive Loans ,
Borrowers ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
Enforcement Actions ,
False Advertising ,
FDCPA ,
Federal Trade Commission (FTC) ,
Final Rules ,
Material Disclosures ,
Non-Bank Lenders ,
Redress Payments ,
Restitution ,
Third-Party ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
Why it matters -
Allegedly deceptive enrollment tactics by third-party marketers cost the issuer of healthcare credit cards $700,000 in a settlement with the Consumer Financial Protection Bureau (CFPB). Springstone...more
9/25/2015
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Creditors ,
Deferred Interest Products ,
Dodd-Frank ,
Enforcement Actions ,
Loans ,
Settlement Agreements ,
Terms and Conditions ,
Third-Party ,
Unfair or Deceptive Trade Practices
Why it matters -
In a not-unexpected announcement, the Consumer Financial Protection Bureau (CFPB) revealed a $25 million settlement with PayPal resolving allegations that the company illegally signed consumers up for...more
Why it matters -
The first case brought by a state regulator under Section 1042 of the Dodd-Frank Wall Street Reform and Consumer Protection Act resulted in a consent judgment, with an auto lender agreeing to pay up to...more
After completing most of its required rulemaking under the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) is now looking at a wide array of consumer financial products and services for additional regulation....more
Community Banks and the Volcker Rule: What’s Next? -
For now, banks that have investments in CDO securities that are issued by funds that are invested in trust preferred securities (TruPS CDOs) have dodged a bullet. On...more
1/17/2014
/ Arbitration ,
Banking Sector ,
Collateralized Loan Obligations ,
Community Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Covered Entities ,
Department of Justice (DOJ) ,
Dodd-Frank ,
Fair Lending ,
FFIEC ,
Financial Institutions ,
Mandatory Arbitration Clauses ,
Social Media ,
Trust Preferred Securities ,
Volcker Rule
SPECIAL FOCUS: CFPB -
The Dodd-Frank Act provides that the Consumer Financial Protection Bureau ("CFPB") may take action against certain persons who engage in unfair, deceptive or abusive acts or practices....more
6/10/2013
/ Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
False Advertising ,
Kohls ,
Papa John's International ,
Personally Identifiable Information ,
Pinterest ,
Right of Publicity ,
Social Media ,
TCPA ,
Twitter ,
Unfair or Deceptive Trade Practices ,
Wine & Alcohol