Five amicus briefs were filed last Friday in support of the motion for a preliminary injunction filed by Leandra English in her action seeking a declaration that she, rather than Mick Mulvaney, has the legal right to serve as...more
12/12/2017
/ Administrative Agencies ,
Administrative Appointments ,
Amicus Briefs ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Federal Vacancies Reform Act ,
Preliminary Injunctions ,
Presidential Appointments ,
TRO ,
Trump Administration
We have previously blogged about reports that Mick Mulvaney, President Trump’s designee as CFPB Acting Director, has put a 30-day freeze on all regulatory action, CFPB hiring, and new enforcement cases. ...more
12/7/2017
/ Administrative Agencies ,
Administrative Appointments ,
Banking Sector ,
Civil Penalty Fund ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Enforcement Actions ,
Financial Regulatory Reform ,
Payday Loans ,
Personally Identifiable Information ,
Presidential Appointments ,
Regulatory Freeze ,
Trump Administration
Past and present Democratic Representatives and Senators filed an amicus brief in support of the motion for a temporary restraining order filed by Leandra English to block Mick Mulvaney from exercising the authority of CFPB...more
11/30/2017
/ Administrative Agencies ,
Administrative Appointments ,
Amicus Briefs ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Federal Vacancies Reform Act ,
Motion for Leave ,
Presidential Appointments ,
Recess Appointments ,
Richard Cordray ,
Separation of Powers ,
TRO ,
Trump Administration
In an update to its Policies and Procedures Manual (PPM), the Office of the Comptroller of the Currency (OCC) has revised PPM 5310-3, “Enforcement Action Policy,” dated September 9, 2011. The PPM sets forth the OCC’s policies...more
Last week, members of the Senate Banking Committee announced that they had reached bipartisan agreement on “legislative proposals to improve our nation’s financial regulatory framework and promote economic growth.” ...more
11/21/2017
/ Appraisal ,
Banking Sector ,
Banks ,
Cyber Threats ,
Elder Abuse ,
Financial Institutions ,
Financial Regulatory Reform ,
HMDA ,
Legislative Agendas ,
Mortgage Loan Originators ,
Proposed Legislation ,
Qualified Mortgage Rule ,
Regulatory Oversight ,
Rural Areas ,
Senate Banking Committee ,
TILA-RESPA Integrated Disclosure Rule (TRID)
The CFPB has filed a brief opposing the petition for certiorari filed by two tribally-affiliated lenders seeking U.S. Supreme Court review of the Ninth Circuit’s decision in CFPB v. Great Plains Lending, LLC, et al. In that...more
11/16/2017
/ Banking Sector ,
Certiorari ,
Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
Internet Lenders ,
Native American Issues ,
Online Marketplace Lending ,
Payday Loans ,
SCOTUS ,
Tribal Loans
The CFPB has issued its fifth Financial Literacy Annual Report to Congress. The report describes the CFPB’s ongoing financial literacy work, “with an emphasis on work during October 2016 through September 2017.”...more
The CFPB has filed a lawsuit in a California federal district court against Freedom Debt Relief (FDR) and its CEO for alleged violations of the Consumer Financial Protection Act (CFPA) and the Telemarketing Sales Rule (TSR). ...more
11/14/2017
/ Banking Sector ,
Civil Monetary Penalty ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Debt Settlement Services ,
Financial Services Industry ,
Injunctive Relief ,
Redress Payments ,
Telecommunications ,
Telemarketing Sales Rule
The Federal Reserve Board announced that it had issued a Consent Order against Mid America Bank and Trust Company (Bank) for alleged deceptive marketing practices in violation of section 5 of the FTC Act related to balance...more
11/7/2017
/ Banking Sector ,
Consent Order ,
Consumer Financial Products ,
Credit Cards ,
Debt Relief ,
Disclosure Requirements ,
Federal Reserve ,
Finance Charges ,
Financial Institutions ,
Financial Services Industry ,
FTC Act ,
ISOs ,
Marketing ,
Out-of-State Judgments ,
Restitution ,
Section 5 ,
Statute of Limitations ,
UDAAP ,
Unfair or Deceptive Trade Practices
A new CFPB report, “Growth in Longer-Term Auto Loans”, discusses a CFPB finding that there has been a significant increase in the use of longer-term “auto loans” since 2009. ...more
In May 2017, we blogged about press reports that the Government Accountability Office (GAO) had accepted a request from Senator Patrick Toomey for a determination concerning whether the CFPB Bulletin 2013-02, titled “Indirect...more
10/27/2017
/ Add-ons ,
Administrative Procedure Act ,
Automotive Loans ,
Banking Sector ,
CFPB Bulletins ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Lenders ,
Credit Reports ,
Debt Collection ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
GAO ,
Interagency Guidance ,
Interest Rates ,
Leveraged Lending ,
Regulation B ,
Regulatory Oversight
The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board will be held in Tampa, Florida on November 2, 2017....more
Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more
10/13/2017
/ Banking Sector ,
Consumer Bankruptcy ,
Data Collection ,
Depository Institutions ,
Disclosure Requirements ,
Financial Services Committee ,
Financial Services Industry ,
Gramm-Leach-Blilely Act ,
HMDA ,
Interest Rates ,
Legislative Agendas ,
Madden v Midland Funding ,
Manufactured Housing ,
Mortgage Loan Originators ,
Non-Bank Lenders ,
Online Marketplace Lending ,
Operation Choke Point ,
Payday Loans ,
Privacy Notice Rule ,
Proposed Legislation ,
Risk Management ,
Truth in Lending Act (TILA)
The CFPB has filed an amicus brief in Regions Bank v. Legal Outsource PA, a case on appeal to the Eleventh Circuit that involves two important issues under the Equal Credit Opportunity Act (ECOA): whether the ECOA provides a...more
10/12/2017
/ Amicus Briefs ,
Banking Sector ,
Cause of Action Accrual ,
Commercial Loans ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Officers ,
Discrimination ,
ECOA ,
Financial Institutions ,
Guarantors ,
Marital Status ,
Motion to Dismiss ,
Regulation B
Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more
10/10/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Disclosure Requirements ,
Financial Services Committee ,
Financial Services Industry ,
HMDA ,
Interest Rates ,
Loans ,
Madden v Midland Funding ,
Manufactured Housing ,
Mortgage Loan Originators ,
Mortgages ,
National Bank Act ,
Online Marketplace Lending ,
Payday Loans ,
Proposed Legislation ,
Regulatory Oversight ,
Threshold Requirements ,
Truth in Lending Act (TILA) ,
U.S. House
The CFPB has released a new report, “Financial well-being in America,” and a new on-line interactive tool that allows consumers to measure their own financial well-being and access CFPB resources intended to help consumers...more
Director Cordray, responding today to a letter from Rep. Jeb Hensarling who chairs the House Financial Services Committee, stated that “I have no further insights to provide” on whether he intends to serve his full term as...more
The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more
8/31/2017
/ Ability-to-Repay ,
Banking Sector ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
HOEPA ,
Mortgage Lenders ,
Mortgages ,
Qualified Mortgage Rule ,
Regulation Z ,
Truth in Lending Act (TILA)
Despite the various signs suggesting Director Cordray would resign before Labor Day, it now appears that he intends to remain as Director until at least a date in September. ...more
Last Friday, we blogged about a new sign that Director Cordray’s resignation may be imminent. That sign was the CFPB’s posting on its website of a notice of a meeting on September 7, 2017 of the Fall 2017 Credit Union...more
Earlier this month, the CFPB issued another report on checking account overdraft services, “Data Point: Frequent Overdrafts,” and four one-page prototype model forms to replace the current Regulation E model form for banks to...more
In a letter dated August 16, 2017 to House Judiciary Committee Chairman Bob Goodlatte, Assistant U.S. Attorney General Stephen Boyd stated that “[a]ll of the [DOJ’s] bank investigations conducted as part of Operation...more
The Minnesota Attorney General announced that she has filed a lawsuit in state court against two pension advance companies.
According to the AG’s press release, the companies often solicited borrowers through their own...more
The CFPB has created a new online form for obtaining informal staff guidance on questions about CFPB regulations. A link to the new form appears on the CFPB’s website on the “Compliance and guidance” page....more
A report by the majority staff of the House Financial Services Committee concludes that there is a “valid and factual basis” for instituting contempt of Congress proceedings against Director Cordray. The report states that...more
8/8/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Contempt ,
Dodd-Frank ,
Financial Services Committee ,
Financial Services Industry ,
Richard Cordray