News & Analysis as of

Financial Institutions UDAAP Truth in Lending Act (TILA)

Ballard Spahr LLP

Another target of CFPB enforcement action argues that lawsuit filed on August 23, 2023 must be dismissed because the CFPB lacked...

Ballard Spahr LLP on

We have recently blogged about two other actions in which this issue has been raised (one being a declaratory judgment action filed against the CFPB on July 23, 2024 in the E.D. Tex. and the other being an enforcement action...more

Latham & Watkins LLP

CFPB Proposes to Prohibit Non-Sufficient Funds Fees on Declined Transactions

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As person-to-person payments become mainstream, the proposal would proactively outlaw fees that financial institutions could assess on instantaneously declined transactions. On January 24, 2024, the Consumer Financial...more

Troutman Pepper

CFPB Report Highlights Consumer Experiences with Overdraft and NSF Fees

Troutman Pepper on

On December 19th, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a report highlighting consumers’ experiences with overdraft and nonsufficient funds (NSF) fees. The report found that roughly a quarter of...more

Morrison & Foerster LLP

Financial Services Report - Winter 2021

Morrison & Foerster LLP on

Welcome to the Financial Services Report, holiday style! Banks and non-banks alike started early this year with additions and changes to their regulator stockings. The Senate confirmed Rohit Chopra as the new CFPB Director....more

Manatt, Phelps & Phillips, LLP

CFPB Finds Multiple Consumer Finance Violations in National Bank’s Overdraft Practices

On August 20, the Consumer Financial Protection Bureau (CFPB) entered a consent order with a national bank over the sales and marketing practices for its optional overdraft service called Debit Card Advance (DCA). DCA...more

Ballard Spahr LLP

House Financial Services subcommittee to hold July 12 hearing on community financial institution relief; bills to be examined...

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On July 12, 2017, a subcommittee of the House Financial Services Committee will hold a hearing entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions.” The...more

Ballard Spahr LLP

Chamber files amicus brief in support of challenge to CFPB jurisdiction

Ballard Spahr LLP on

The Chamber of Commerce of the United States of America (Chamber) has filed an amicus brief opposing the CFPB’s petition filed in the Eastern District of Pennsylvania to enforce its civil investigative demand (CID) issued to...more

Ballard Spahr LLP

CFPB takes another challenge to its jurisdiction to court

Ballard Spahr LLP on

The CFPB filed suit against J.G. Wentworth, LLC on June 7, 2016 after the company challenged the Bureau’s expansive view of its jurisdiction. The CFPB served a CID against J.G. Wentworth, LLC on September 11, 2015 to...more

Morrison & Foerster LLP

Financial Services Report, Summer 2016

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

Baker Donelson

The New Paradigm in Vendor Management Under the CFPB

Baker Donelson on

This past July marked the fifth anniversary of the creation of the Consumer Financial Protection Bureau (CFPB), a period marked by sweeping changes to the regulatory and administrative environment in which financial...more

Davis Wright Tremaine LLP

The CFPB and the Business of Insurance: An Analysis of the Scope of CFPB’s Authority Over Insurance Sales

In 2014, the Bureau of Consumer financial Protection (CFPB) issued an enforcement order against a bank and its service provider for allegedly misleading sales of insurance. That order was based on the CFPB’s power to prohibit...more

Morrison & Foerster LLP

The CFPB 2015 Forecast: Continued Cloudiness, Thunderstorms Likely

This will be a busy year at the Consumer Financial Protection Bureau (CFPB), and that certainly means it will be a busy year for financial institutions as well. In addition to exercising its supervisory and enforcement...more

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