News & Analysis as of

Financial Services Industry Ombudsman

BCLP

Play Safe - How scam-proof are you in the new world of mandatory reimbursement for APP fraud?

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Imagine this – a customer submits a payment instruction directing that all their life savings are transferred to a third-party account for the purposes of an investment. What do you do? While the scenario may appear...more

Hogan Lovells

APP fraud mandatory reimbursement: UK PSR publishes final policy for 7 October 2024 go live date

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On 19 December 2023, the Payment Systems Regulator (PSR) published its final policy statement on fighting authorised push payment (APP) scams alongside three legal instruments that will give effect to the new mandatory...more

Orrick, Herrington & Sutcliffe LLP

CFPB releases 2023 Ombudsman report

On November 30, the CFPB Ombudsman’s Office published its annual report, which detailed inquiries handled by the office, included a new FAQ section, and described the second year of the Ombudsman’s post-examination survey of...more

Ballard Spahr LLP

CFPB Ombudsman’s Office issues annual report

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The CFPB Ombudsman’s Office recently released its FY2020 annual report.  The Ombudsman’s Office is intended to serve as an independent, impartial, and confidential resource that assists consumers, financial entities, consumer...more

Hogan Lovells

Financial institutions general regulatory news, November 2020 # 2

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Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2020 - The Financial Services (Gibraltar) (Amendment) (EU Exit) Regulations 2020 (SI 2020/1274) have been published, together with an explanatory...more

Ballard Spahr LLP

New Jersey Names Student Loan Ombudsman

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Last week, the New Jersey Department of Banking and Insurance (DOBI) announced that it was designating Raghu Kakumanu as the state’s Student Loan Ombudsman. The DOBI opted to fill the role internally, as Kakumanu currently...more

Holland & Knight LLP

California Legislative Roundup 2020: Financial Services

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Notwithstanding a pandemic-induced winnowing of legislative priorities this year, California has passed a handful of new bills to regulate discrete areas of the financial services industry, including student loan servicing,...more

Hogan Lovells

The good, the bad and the ugly

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One year on from Australia's Royal Commission on Banking - The report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Report), was published one year ago....more

Ballard Spahr LLP

2020 NMLS Annual Conference & Training: Reminder to Submit Agenda Items to NMLS Ombudsman

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For the upcoming 2020 NMLS Annual Conference & Training taking place February 18-21 in San Francisco, individuals are reminded to submit discussion items to the NMLS Ombudsman by Friday, January 24, to be addressed during an...more

Ballard Spahr LLP

CFPB Ombudsman’s Office releases its eighth annual report

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Last week, the CFPB Ombudsman’s Office released its eighth annual report covering the Office’s activities during fiscal year 2019.  The Ombudsman’s Office is intended to serve as an independent, impartial, and confidential...more

Ballard Spahr LLP

CFPB Private Education Loan Ombudsman issues annual report

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The CFPB Private Education Loan Ombudsman has issued an annual report containing an analysis of approximately 13,900 federal student loan complaints, 6,700 private student loan complaints, and 4,600 debt collection complaints...more

Manatt, Phelps & Phillips, LLP

CFPB: Settlement Agreements, Call for Payday Lending Rule, New Ombudsman

In Consumer Financial Protection Bureau (CFPB or Bureau) news, the battle over its constitutionality continues in a New York federal court, the Bureau announced more enforcement activity, student lending remained a hot-button...more

Holland & Knight LLP

New Jersey Passes New Law to Help Student Loan Borrowers: Servicers Should Take Note

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New Jersey has enacted a law, P.L. 2019, c. 200 (Act), that is designed to assist potential and existing student loan borrowers in understanding and managing their student loans. Briefly, the Act: 1) authorizes the New Jersey...more

Ballard Spahr LLP

NMLS Ombudsman Holds Meeting at 2019 AARMR Annual Regulatory Conference

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An open meeting with the NMLS Ombudsman was held August 8, 2019 in San Diego in connection with the 2019 American Association of Residential Mortgage Regulators (AARMR) Annual Conference. ...more

Ballard Spahr LLP

CFPB names private education loan ombudsman

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The CFPB has announced the appointment of Robert G. Cameron to serve as the Bureau’s private education loan ombudsman.  Mr. Cameron joins the Bureau from the Pennsylvania Higher Education Assistance Agency where he was a...more

Ballard Spahr LLP

New Jersey enacts licensing and other requirements for student loan servicers

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On July 30, 2019, Acting New Jersey Governor Sheila Oliver signed into law SB 1149, which requires student loan servicers to be licensed, creates an Office of the Student Loan Ombudsman within the NJ Department of Banking and...more

Ballard Spahr LLP

NMLS Ombudsman Meeting Summary Available

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A summary of the Ombudsman Meeting held during the 2019 NMLS Annual Conference & Training is now available...more

Hogan Lovells

UK: Changes to Financial Ombudsman Service (FOS): (1) increased award limit of £350,000; (2) jurisdiction extended to SMEs

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From 1 April 2019 two significant changes take effect: - The jurisdiction of the FOS is extended to cover small and medium-sized enterprises, certain charities and trusts and personal guarantors; and - The FOS award...more

BCLP

The FOS can now award £350,000

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Following its consultation in late 2018, the Financial Conduct Authority (“FCA”) has published its new policy statement, which confirms that it will increase the limits on the awards that the Financial Ombudsman Service...more

Ballard Spahr LLP

Ombudsman Meeting at the 2019 NMLS Annual Conference & Training

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An open meeting with the NMLS Ombudsman will be held Wednesday, February 20, 2019, from 9 a.m. to 12 p.m. ET, in conjunction with the 2019 NMLS Annual Conference & Training in Orlando, Florida. ...more

Ballard Spahr LLP

CFPB Ombudsman’s Office Releases Its Seventh Annual Report

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Last week, the CFPB Ombudsman’s Office released its seventh annual report covering the Office’s activities during fiscal year 2018. The Ombudsman’s Office is intended to serve as an independent, impartial, and confidential...more

Hogan Lovells

UK: FCA publishes PPI complaints deadline progress report

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On 24 October 2018, the FCA published a report on the progress of its consumer communications campaign on PPI mis-selling (the “CCC”) and its supervision of the manner in which firms are handling PPI complaints....more

Ballard Spahr LLP

Student loan servicers’ obligations under Maryland’s “Ombudsman Act” now in effect

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On September 28, 2018, the Maryland Commissioner of Financial Regulation issued a notice advising companies servicing student loans of Maryland borrowers to provide their contact information to the state’s new Student Loan...more

Ballard Spahr LLP

Mulvaney Responds to Resignation of CFPB Student Loan Ombudsman

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CFPB Acting Director Mick Mulvaney recently responded to former CFPB Student Loan Ombudsman Seth Frotman’s vocal departure from the Bureau.  As previously reported, Frotman tendered his resignation in a letter—also delivered...more

Bradley Arant Boult Cummings LLP

CFPB Student Loan Ombudsman Abruptly Resigns in Protest

In another move reflecting the Consumer Financial Protection Bureau’s (CFPB) shifting focus on student lending, the CFPB’s Student Loan Ombudsman announced his resignation on August 27, 2018. In his resignation letter, Seth...more

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