On March 30, Director Cordray gave his annual speech to the United States Chamber of Commerce’s 11th Annual Capital Markets Summit. His prepared remarks focused on the CFPB’s role in adopting regulations....more
On April 7, 2017, the Rutgers Institute for Professional Education and Rutgers University Law Review will sponsor an all-day symposium entitled: “Resolving the Arbitration Dispute in Today’s Legal Landscape.” One of the four...more
On Monday, we blogged about the highlights of the panel I moderated, “The CFPB Speaks,” that was part of the Practicing Law Institute’s 22nd annual Consumer Financial Services Institute in Manhattan. The next panel, “Federal...more
On Monday, during “The CFPB Speaks” panel I moderated that was part of the Practicing Law Institute’s 22nd Annual Consumer Financial Services Institute in Manhattan, Diane Thompson, Deputy Assistant Director of the CFPB’s...more
The Office of the Comptroller of the Currency (OCC) has taken another step toward implementing its proposal to allow financial technology (fintech) companies to apply for a special purpose national bank (SPNB) charter,...more
The DOJ submitted its amicus brief in the PHH case on Friday, March 17. We have blogged extensively about this case since its inception. Unsurprisingly, the Trump DOJ supports striking from Dodd-Frank the...more
3/20/2017
/ Administrative Proceedings ,
Amicus Briefs ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statutory Interpretation
A Democratic congressman has raised concerns about potentially discriminatory lending practices used by financial technology (fintech) companies that extend credit to small businesses, calling on the Consumer Financial...more
3/17/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Discrimination ,
Discriminatory Lending Practices ,
ECOA ,
FinTech ,
Innovative Technology ,
Minority-Owned Businesses ,
Regulatory Oversight ,
Small Business
Earlier this week, we attended the LendIt USA conference in New York City, a leading annual fintech conference, at which CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry both spoke....more
3/9/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Institutions ,
FinTech ,
Innovative Technology ,
No-Action Letters ,
OCC ,
Project Catalyst ,
Request For Information ,
Richard Cordray ,
Special Purpose National Bank Charter ,
Technology ,
Thomas Curry ,
UDAAP
Recently, Richard Cordray was interviewed by CNBC while eating breakfast at a diner in his hometown in Ohio. The interview was more noteworthy for what it failed to cover than for what it covered. He was not asked the...more
3/3/2017
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Arbitration ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Richard Cordray ,
Single Director ,
Statute of Limitations ,
Trump Administration
In his more than one hour nationwide address last night to a joint session of Congress, President Trump discussed a broad range of topics: repeal of Obamacare, tax relief, immigration, rebuilding the Country’s...more
Washington, D.C., and New York recently moved forward with efforts to license and regulate student loan servicers. In Washington, D.C., servicers of student loans made to District of Columbia residents are subject to a new...more
The D.C. Circuit has entered an order granting the CFPB’s petition for rehearing en banc in the PHH case. Because the order was issued per curiam, it does not indicate which of the active judges voted to grant the petition...more
2/17/2017
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Appointments Clause ,
Article III ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
En Banc Review ,
PHH Corp. v CFPB ,
Popular ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statutory Interpretation
Proposed legislation to implement New York Governor Andrew Cuomo's 2018 Fiscal Year Executive Budget would amend the New York Licensed Lender Law to significantly extend its licensing requirements. The proposal threatens to...more
2/15/2017
/ Banking Sector ,
Consumer Lenders ,
Financial Services Industry ,
FinTech ,
Lenders ,
Licensing Rules ,
Loans ,
National Bank Charters ,
NYDFS ,
Proposed Legislation ,
Regulatory Oversight
On Monday, Chairman Hensarling circulated a memorandum to the House Financial Service Committee Leadership Team suggesting key revisions to the CHOICE Act. It only addresses proposed changes to the CHOICE Act; several key...more
2/10/2017
/ Appropriation ,
Banking Sector ,
Capital Requirements ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
PHH Corp. v CFPB ,
Proposed Legislation ,
Regulatory Oversight ,
Removal For-Cause ,
Rulemaking Process ,
Single Director ,
Stress Tests ,
UDAAP
There has been some debate about President Trump’s authority to designate a replacement for Director Cordray should he resign or be removed by the President.
The Dodd-Frank Act authorizes the CFPB Director to appoint a...more
2/3/2017
/ Administrative Appointments ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Federal Vacancies Reform Act ,
PHH Corp. v CFPB ,
Recess Appointments ,
Removal For-Cause ,
Richard Cordray ,
Single Director ,
Statutory Interpretation ,
Trump Administration
The U.S. Department of Justice (DOJ) recently commenced a redlining lawsuit against KleinBank, a state-chartered Minnesota bank subject to the regulatory authority of the Federal Deposit Insurance Corporation (FDIC). The...more
1/31/2017
/ Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining
The New York State Department of Financial Services (NYDFS) has come out strongly against an Office of the Comptroller of the Currency (OCC) proposal to grant national bank charters to financial technology (fintech)...more
1/30/2017
/ American Bankers Association ,
Anti-Money Laundering ,
Banking Sector ,
Banks ,
Capital Requirements ,
Community Reinvestment Act ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Lending ,
FDIC ,
Federal Reserve ,
FinTech ,
Fintech Charter ,
National Bank Act ,
National Bank Charters ,
NYDFS ,
OCC ,
Office of Foreign Assets Control (OFAC) ,
Regulatory Oversight ,
Technology ,
Terrorism Funding
The 22nd Annual Consumer Financial Services Institute, sponsored by the Practising Law Institute, will take place on March 27-28, 2017 in New York City (and by live webcast and groupcast in Atlanta; Philadelphia, Pittsburgh,...more
1/24/2017
/ Banking Sector ,
Class Action ,
Consumer Financial Protection Bureau (CFPB) ,
Data Privacy ,
Data Security ,
Debt Collection ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
Mortgages ,
Regulatory Oversight ,
TCPA ,
Trump Administration
Here are the highlights from Richard Cordray’s interview earlier today with the Wall Street Journal.
He refused to respond to the question of whether or not the memo issued on January 20 on behalf of President Trump by...more
1/24/2017
/ Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
Enforcement Actions ,
Loans ,
Recess Appointments ,
Removal For-Cause ,
Richard Cordray ,
Rulemaking Process ,
Small Business ,
Trump Administration
Last Friday, the D.C. Circuit entered an order granting PHH’s motion for leave to file a supplemental response to the CFPB’s petition for rehearing en banc. On December 22, PHH and the United States filed responses to the...more
1/17/2017
/ Administrative Proceedings ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Motion for Leave ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statutory Interpretation
The Office of the Comptroller of the Currency (OCC) has proposed to allow financial technology (fintech) companies to apply for full or special purpose national bank charters. In advance of the proposal's January 15, 2017,...more
The New York Department of Financial Services (NYDFS) announced today a revised regulation that will require all institutions subject to NYDFS supervision to establish and maintain a cybersecurity program meeting "certain...more
12/29/2016
/ Banking Sector ,
Banks ,
Chief Information Security Officer (CISO) ,
Comment Period ,
Cybersecurity ,
Cybersecurity Framework ,
Data Protection ,
Financial Institutions ,
Financial Services Industry ,
Insurance Industry ,
NYDFS ,
Risk Management ,
Third-Party Service Provider
The Cause of Action Institute has filed an action against the CFPB under the Freedom of Information Act (FOIA) seeking information related to the CFPB’s proposed arbitration rule. In its complaint filed in D.C. federal...more
The announcement by the Office of Comptroller of Currency that it will allow financial technology (fintech) companies to apply for national bank charters as way of fostering “responsible innovation” has already drawn fire...more
12/12/2016
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
FinTech ,
Innovation ,
Innovative Technology ,
NYDFS ,
OCC ,
Project Catalyst ,
Technology ,
Trump Administration ,
UDAAP
As a result of Donald J. Trump’s election as President, coupled with the Democrats’ failure to wrest control of the House or Senate from the Republicans, the CFPB can be expected to undergo significant changes that are likely...more
11/10/2016
/ Administrative Proceedings ,
Arbitration ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Fair Lending ,
Payday Loans ,
PHH Corp. v CFPB ,
Popular ,
Presidential Nominations ,
Removal For-Cause ,
Richard Cordray ,
Single Director ,
Trump Administration