Over the last two years the financial industry has seen an uptick in litigation and enforcement actions aimed at banks and their non-bank lending partners. These actions have primarily challenged the validity of the bank...more
4/3/2018
/ Banking Sector ,
CashCall ,
Consumer Financial Products ,
Consumer Lenders ,
Enforcement Actions ,
Legislative Agendas ,
Non-Bank Lenders ,
Online Marketplace Lending ,
Payday Loans ,
Proposed Legislation ,
True Lender ,
Usury
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 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 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 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 November 24, 2015, Republican members of the House of Representatives’ Financial Services Committee issued a report titled Unsafe at Any Bureaucracy: CFPB Junk Science and Indirect Auto Lending, which blasts the Consumer...more
On November 18, 2015, the Consumer Financial Protection Bureau (“CFPB”) announced that it initiated an administrative proceeding against online lender Integrity Advance, LLC, and its CEO, for allegedly deceiving consumers...more
On October 1, 2015, the Consumer Financial Protection Bureau (CFPB) announced its second enforcement action in three days against an indirect auto finance company. In its latest action, the CFPB took aim at indirect auto...more
10/2/2015
/ Automotive Industry ,
Automotive Loans ,
Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Creditors ,
Debt Collection ,
Debt Collectors ,
Disclosure Requirements ,
Dodd-Frank ,
Enforcement Actions ,
FDCPA ,
Financial Institutions ,
Loans ,
Truth in Lending Act (TILA)
On September 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced two separate actions against Fifth Third Bank. The first action—brought only by the CFPB—relates to Fifth Third Bank’s marketing of credit card...more
9/29/2015
/ Automotive Industry ,
Automotive Loans ,
Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Department of Justice (DOJ) ,
ECOA ,
Enforcement Actions ,
Fees ,
Financial Institutions ,
Restitution ,
Telemarketing
On September 24, 2015, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank, F.S.B. (Hudson).
The complaint alleges that Hudson...more
9/25/2015
/ Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Community Reinvestment Act ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Loans ,
Mortgage Brokers ,
Mortgages ,
Race Discrimination ,
Redlining
On September 22, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report, which provides an overview of three-month trends from consumer complaints.
According to the Monthly...more
In November 2013, as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act, the Consumer Financial Protection Bureau (“CFPB”) combined various federal mortgage disclosures that lenders are required to...more
9/22/2015
/ Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Disclosure Requirements ,
Dodd-Frank ,
Financial Institutions ,
Lenders ,
Loans ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Residential Real Estate Market
The Consumer Financial Protection Bureau, or CFPB, was created to enforce various consumer finance laws like the Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Home Mortgage...more
9/9/2015
/ Banking Sector ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Creditors ,
Debt Collectors ,
Depository Institutions ,
Financial Institutions ,
Loans ,
Regulatory Oversight ,
Residential Real Estate Market
The Consumer Financial Protection Bureau (“CFPB”) was created to enforce the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) and various consumer finance laws (e.g., Equal Credit Opportunity...more
7/22/2015
/ Appraisal ,
Banking Sector ,
Banks ,
Check Cashing ,
CID ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Institutions ,
HMDA ,
Internal Investigations ,
Real Estate Market ,
Truth in Lending Act (TILA) ,
Young Lawyers