On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) released its long-awaited and controversial final rule on arbitration agreements in contracts for financial products and services. The rule, which takes effect...more
7/26/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
On October 11, 2016, the United States Court of Appeals for the D.C. Circuit issued its highly anticipated opinion in PHH Corp., et al. v. CFPB, holding that the Consumer Financial Protection Bureau’s (CFPB) structure is...more
10/12/2016
/ Administrative Proceedings ,
Article II ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Due Process ,
HUD ,
Insurance Industry ,
Mortgages ,
PHH Corp. v CFPB ,
Popular ,
Reinsurance ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statute of Limitations ,
Statutory Interpretation
In case you missed it, here is what the Consumer Financial Protection Bureau (CFPB) was up to over the last month:
Enforcement Actions and Litigation -
Enforcement Action Against First National Bank of Omaha...more
9/8/2016
/ Add-ons ,
Advisory Committee ,
Banking Sector ,
Banks ,
Billing ,
CashCall ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Complaint Management ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Dodd-Frank ,
Enforcement Actions ,
Fees ,
Financial Services Industry ,
First National ,
Foreclosure ,
Internet Lenders ,
Late Fees ,
Mortgage Servicers ,
Mortgages ,
Native American Issues ,
Online Marketplace Lending ,
Payday Loans ,
Student Loans ,
Tribal Loans ,
UDAAP ,
Wells Fargo
On July 28, 2016, the Consumer Financial Protection Bureau (CFPB) released an outline of proposals and alternatives under consideration for regulating debt collection practices. The outline’s release triggers the formation of...more
8/15/2016
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Preemption ,
SBREFA ,
TCPA ,
Third-Party Service Provider
On July 28, 2016, the Consumer Financial Protection Bureau (CFPB) released an outline of proposals and alternatives under consideration for regulating debt collection practices. The outline’s release triggers the formation of...more
8/12/2016
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
Collection Agencies ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
Disclosure Requirements ,
FDCPA ,
SBREFA ,
Small Business
On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced a long awaited and highly controversial proposed rule that, if adopted, would prohibit certain financial services companies from banning consumer class...more
7/25/2016
/ Arbitration ,
Arbitration Agreements ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Mandatory Arbitration Clauses
The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently:
Enforcement Actions and Litigation -
Enforcement Action Against Santander Bank...more
7/25/2016
/ Amicus Briefs ,
Article III ,
ATMs ,
Background Checks ,
Banking Sector ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debit and Credit Card Transactions ,
Debit Cards ,
Debt Relief ,
Debt-Relief Industry ,
Disgorgement ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Fees ,
Financial Services Industry ,
Foreclosure ,
Homeowners ,
Misrepresentation ,
Overdraft Fees ,
Popular ,
Settlement Agreements ,
Spokeo v Robins ,
Standing ,
Student Loans ,
Summary Judgment
We are thrilled to bring you the 2nd installment of Stinson Leonard Street's Emerging Trends newsletter.
Recent Delaware Supreme Court Opinion Limits General Personal Jurisdiction for Foreign Corporation -
Recent...more
7/20/2016
/ Arbitration ,
B Corporation ,
Banks ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Cybersecurity ,
DE Supreme Court ,
Fair Labor Standards Act (FLSA) ,
Fantasy Sports ,
FFIEC ,
Financial Institutions ,
FinTech ,
Foreign Corporations ,
Form S-1 ,
Injury-in-Fact ,
IRS ,
Malware ,
Minimum Wage ,
Online Gaming ,
Over-Time ,
Personal Jurisdiction ,
Phishing Scams ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Spokeo v Robins ,
Sports Gambling ,
Tipped Employees ,
Vacation Leave ,
Wage and Hour
On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) issued a report on auto title loans. Auto title loans are small-dollar, high interest, loans that are generally used by borrowers to cover emergency expenses...more
On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced a long-awaited and highly-controversial proposed rule that, if adopted, would prohibit certain financial services companies from banning consumer class...more
5/13/2016
/ Arbitration ,
Arbitration Agreements ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Mandatory Arbitration Clauses ,
Public Comment ,
Service Contracts
On March 2, 2016, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against online payment system company Dwolla, Inc. for allegedly deceiving consumers about its data security practices. This...more
On March 29, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for March 2016, which provides an overview of three-month trends in consumer complaints. This Monthly Report...more
On March 30, 2016, the Consumer Financial Protection Bureau (CFPB) announced an enforcement action against student debt relief company Student Aid Institute, Inc., and its chief executive officer, Steven Lamont, for allegedly...more
On March 15, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it requested a federal court to enter a final order shutting down student debt relief company Student Loan Processing.US.
In December...more
On March 8, 2016, the Consumer Financial Protection Bureau (CFPB) released its tenth edition of Supervisory Highlights, which outlines the latest supervisory actions taken against banks and nonbanks, between September 2015...more
On March 7, 2016, the Consumer Financial Protection Bureau (CFPB) announced that it now accepting complaints from consumers related to problems with loans from online marketplace lenders. The CFPB also announced the release...more
On March 2, 2016, the Consumer Financial Protection Bureau (CFPB) announced its first data security related enforcement action against online payment systems company Dwolla, Inc.
...more
On March 1, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for February 2016, which provides an overview of three-month trends in consumer complaints. This Monthly Report...more
On February 23, 2015, the Consumer Financial Protection Bureau (CFPB) announced two separate enforcement actions against Citibank, N.A., its affiliates, and two debt collection law firms, for alleged illegal debt sales and...more
On February 18, 2016, the Consumer Financial Protection Bureau (CFPB) finalized a policy that establishes a process for companies developing financial products to apply for a statement from the CFPB, known as a “no-action...more
On February 18, 2016, Director Richard Cordray of the Consumer Financial Protection Bureau (CFPB) gave a speech at the American Constitution Society, in which he repeatedly attacked arbitration provisions found in consumer...more
On February 2, 2016, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint enforcement action against indirect auto lender Toyota Motor Credit Corporation (Toyota Motor Credit)...more
On January 20, 2016, Republican members of the House of Representatives’ Financial Services Committee issued a report titled Unsafe at Any Bureaucracy, Part II: How the Bureau of Consumer Financial Protection Removed...more
On January 28, 2016, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for December 2015, which provides an overview of three-month trends in consumer complaints. This Monthly...more
On January 21, 2016, the Consumer Financial Protection Bureau (CFPB) announced an administrative enforcement action against Y King S Corp., d/b/a Herbies Auto Sales (Herbies), a buy-here pay-here used car dealer located in...more