On October 19, 2021, the Consumer Financial Protection Bureau (CFPB or the “Bureau”) entered into its first consent order under new Director Rohit Chopra, finding that a service provider to state correctional departments...more
10/27/2021
/ Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debit Cards ,
EFTA ,
Enforcement Actions ,
Financial Services Industry ,
Inmates ,
Prepaid Payment Products ,
Prisoners ,
Processing Fees ,
Statutory Violations ,
Unfair or Deceptive Trade Practices
The Supreme Court has just made it significantly more difficult for the Federal Trade Commission (FTC) to obtain monetary relief in enforcement actions, terminating a practice the FTC has engaged in for decades to exact...more
The Consumer Financial Protection Bureau (CFPB, or the Bureau) has announced major changes to its organizational structure, placing enforcement operations under the effective control of supervision. If finalized, this will be...more
In a significant action, the Consumer Financial Protection Bureau (CFPB) has abruptly rescinded a 2015 compliance bulletin concerning marketing services agreements (MSAs) while also issuing RESPA Section 8 (referral fee...more
What happened -
On June 16, 2020, the Bureau of Consumer Financial Protection (CFPB) released a Compliance Aid in the form of ten FAQs (FAQs) on consumer reporting related to the CARES Act and the COVID-19 pandemic. The...more
Or perhaps savant? As the Consumer Financial Protection Bureau (CFPB or Bureau) prepares for the most significant challenge to its existence, Director Kathy Kraninger maintained her independent streak this past week, refusing...more
In recent Consumer Financial Protection Bureau (CFPB) news, the CFPB notched a $59 million victory in Wisconsin federal court, settled an enforcement action on employment background screening and published an interpretive...more
While the battle over the constitutionality of the Consumer Financial Protection Bureau moves to the U.S. Supreme Court, the Bureau continues with its daily work, releasing a final Home Mortgage Disclosure Act (HMDA) rule,...more
Is the CFPB putting its own prior conduct at risk? Over the last few weeks at the Consumer Financial Protection Bureau (CFPB or Bureau), Director Kathleen Kraninger herself declared the structure of the CFPB unconstitutional,...more
In Consumer Financial Protection Bureau (CFPB) news, the CFPB published its Summer 2019 supervisory highlights, and focused on auto loan originations, credit card account management, debt collection, credit furnishing and...more
The Consumer Financial Protection Bureau (CFPB) reached a pair of settlement agreements, the first with a debt collector and the second in its first enforcement action based on alleged violations of the Remittance Transfer...more
CFPB Director Kathy Kraninger continues to chart her own course. CFPB developments include its settlement with a student loan management company, a public hearing on “abusive acts or practices, ” and updated guidance on...more
In Consumer Financial Protection Bureau (CFPB or Bureau) news, there’s a major shakeup at the Bureau after Kristen Donoghue, a former Richard Cordray appointee who joined the CFPB back in 2011, resigned as the Bureau’s...more
Reminding financial institutions that a multitude of enforcers are at their doorstep, the Securities and Exchange Commission (SEC) announced a $3 million deal with an online lender....more
Short-term lending remains in the news at the Consumer Financial Protection Bureau (CFPB or Bureau), with the CFPB proposing to rescind key ability-to-repay provisions of a much-debated payday lending rule and with the...more
The Consumer Financial Protection Bureau (CFPB or Bureau) has been busy under Director Kathy Kraninger, taking enforcement actions against an online lender, an online loan broker and a group of international payday lenders....more
Let’s call it molasses. Because that is what the Trump administration figuratively poured into the consumer protection engine known as the CFPB.
The Dodd-Frank Act created a monster, and a highly effective one. The Bureau...more
The Bureau of Consumer Financial Protection (CFPB or Bureau) may have changed its name under Acting Director Mick Mulvaney, but its recent enforcement action against a small-dollar lender in Tennessee makes it look just like...more
The kinder, gentler Bureau of Consumer Financial Protection (CFPB) has created a new office focused on emerging technology, announced a pair of consent orders that include minimal financial penalties, and continued to fend...more
Making the most of its enforcement powers before the new administration takes over, and likely concerned that its days as a stand-alone bureau may be coming to an end, the Consumer Financial Protection Bureau (CFPB) took...more
Use caution when creating incentives for employees and service providers to meet sales and other business goals, the Consumer Financial Protection Bureau warned financial institutions in a new Compliance Bulletin....more
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
Is the Consumer Financial Protection Bureau (CFPB) constitutional? A panel of the D.C. Circuit Court of Appeals is currently considering the issue after hearing oral argument in PHH Corporation v. CFPB....more
The latest regulator to take on an auto lender: Massachusetts Attorney General Maura Healey reached a $7.4 million deal with American Credit Acceptance LLC (ACA) and Westlake Services LLC over allegations of excessive...more
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