In a notice published in today’s Federal Register, the CFPB announced that it has extended the comment period on its small business lending RFI until September 14, 2017....more
The CFPB announced yesterday that it has issued a final rule that prohibits covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any...more
The Consumer Financial Protection Bureau (CFPB) yesterday announced that it has issued a final rule that prohibits covered providers of certain consumer financial products and services from using an agreement with a consumer...more
Congressman Emanuel Cleaver, II announced last week that he had launched an investigation into small business financial technology (fintech) lending by sending a letter to the CEOs of several fintech small business lenders. ...more
6/27/2017
/ Anti-Discrimination Policies ,
Arbitration Agreements ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
ECOA ,
Financial CHOICE Act ,
Financial Services Industry ,
FinTech ,
Investigations ,
Lenders ,
Popular ,
Small Business
Yesterday, I attended the CFPB’s field hearing in Los Angeles on small business lending. In connection with the hearing, the CFPB issued a white paper entitled “Key dimensions of the small business lending landscape,”...more
5/11/2017
/ Banking Sector ,
Comment Period ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financing ,
Minority-Owned Businesses ,
Request For Information ,
Small Business ,
Women-Owned Businesses
The CFPB will hold a field hearing on small business lending in Los Angeles, CA on May 10, 2017. The announcement, which took the form of a posting on the events page of the CFPB’s website, contains only the usual statement...more
The CFPB has issued a request for information (RFI) that seeks information about the use of alternative data and modeling techniques in the credit process.
According to the CFPB, the RFI stems from the Bureau’s desire...more
The CFPB and the New York Attorney General this week filed an action against RD Legal Funding, LLC, two of its affiliates, and their principal (collectively, “RD”), alleging that a litigation settlement advance product...more
2/9/2017
/ Attorney General ,
Banking Sector ,
Civil Investigation Demand ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Contract Terms ,
Declaratory Judgments ,
Dodd-Frank ,
Enforcement Actions ,
Financial Services Industry ,
Injunctive Relief ,
Loans ,
RD Legal Funding ,
Section 1031 ,
UDAAP ,
Unfair or Deceptive Trade Practices ,
Usury
The D.C. Circuit yesterday issued its long-awaited decision in PHH Corporation v. CFPB. In reversing the decision of Consumer Financial Protection Bureau (CFPB) Director Cordray to impose an enhanced penalty of $109 million...more
10/13/2016
/ Administrative Proceedings ,
Article II ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Due Process ,
HUD ,
Insurance Industry ,
Kickbacks ,
Mortgage Insurance ,
Mortgages ,
PHH Corp. v CFPB ,
Referral Fees ,
Reinsurance ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statute of Limitations ,
Statutory Interpretation
The U.S. Department of the Treasury has issued a request for information (RFI) regarding online marketplace lending. The RFI reflects the Treasury Department’s recognition that online marketplace lending “is a rapidly...more