The CFPB has issued another report on checking account overdraft services, “Data Point: Frequent Overdrafts.” The new report represents the CFPB’s third report dealing with overdraft services. It previously issued a white...more
The CFPB’s July 2017 complaint report, which the CFPB calls another “special edition complaint report,” departs from the format of the CFPB’s standard monthly reports. (The CFPB’s June 2017 complaint report was also called a...more
A report prepared by the Democratic staff of the House Financial Services Committee takes aim at Republicans for “attempt[ing] to ensure that the country reverts back to a big bank-oriented regulatory environment and to...more
7/27/2017
/ 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
A group of 11 trade associations have sent a letter to members of Congress expressing their “strong disapproval” of the CFPB’s final arbitration rule and urging Congress to pass the resolutions introduced in the House and...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
Effective July 18, 2017, the FDIC has adopted amendments to its Guidelines for Appeals of Material Supervisory Determinations. The FDIC proposed the amendments last August and received only two comment letters, one from a...more
Pennsylvania’s Attorney General, Josh Shapiro, announced last Friday that his office is creating a Consumer Financial Protection Unit “to better protect Pennsylvania consumers from financial scams.”...more
The CFPB’s Spring 2017 rulemaking agenda has been published as part of the Spring 2017 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more
7/21/2017
/ Banking Sector ,
Closing Documents ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Deposit Advances ,
Deregulation ,
Dodd-Frank ,
FDCPA ,
Financial Regulatory Reform ,
Mortgages ,
Overdraft Fees ,
Payday Loans ,
Regulatory Oversight ,
SBREFA ,
Small Business ,
Title Loans
House and Senate Republicans announced yesterday that they are sponsoring Congressional Review Act resolutions to override the CFPB’s final arbitration rule, which was published in the Federal Register. ...more
7/21/2017
/ 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 ,
Federal Register ,
Financial Services Industry
According to news reports yesterday, Ohio Supreme Court Justice Bill O’Neill has told media sources that he was informed by an unnamed mutual friend that Director Corday plans to enter the 2018 Democratic primary for Ohio...more
State bankers associations from all 50 states and Puerto Rico have sent a letter to Senate Majority Leader Mitch McConnell and Senate Minority Leader Charles Schumer urging them to support efforts to override the CFPB’s final...more
7/18/2017
/ 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
This past Thursday, by a vote of 31-21, the House Appropriations Committee approved the fiscal year 2018 Financial Services and General Government Appropriations bill. In addition to multiple provisions to reform the CFPB,...more
7/18/2017
/ Appropriations Bill ,
Arbitration ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Buyers ,
Financial Services Industry ,
Interest Rates ,
Lead Supervisory Authority ,
Madden v Midland Funding ,
National Bank Act ,
Pending Legislation ,
UDAAP
As part of its “Class Action Fairness Project,” the FTC is seeking comment on its plans to use an Internet panel to conduct research on class action notices. According to the FTC’s Federal Register notice, the project...more
This Wednesday, July 19, the U.S. Chamber’s Center for Capital Markets Competitiveness and U.S. Chamber Institute for Legal Reform will hold an event in Washington, D.C. entitled “CFPB’s Anti-Arbitration Rule: Analysis &...more
7/17/2017
/ 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
Politico has reported that James Clinger, President Trump’s nominee to be the next FDIC Chairperson, has asked the White House to withdraw his nomination, citing family issues....more
The CFPB has announced the following new members to its Consumer Advisory Board, Academic Research Council, Community Bank Advisory Council, and Credit Union Advisory Council. New members to the Consumer Advisory Board and...more
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
7/11/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Buyers ,
Debt Collectors ,
FDCPA ,
Financial Institutions ,
Financial Services Committee ,
Financial Services Industry ,
GAO ,
Mortgages ,
Regulatory Requirements ,
Truth in Lending Act (TILA) ,
UDAAP
The CFPB has issued its eleventh Semi-Annual Report to the President and Congress covering the period October 1, 2016 through March 31, 2017.
The 178-page report recycles information from previously-issued CFPB reports and...more
The CFPB is asking a Michigan federal district court to hold two companies in contempt for failing to comply with civil investigative demands. While the CFPB has filed numerous petitions to enforce a CID, the contempt motion...more
A group of 22 trade associations sent a letter last week to the Chairmen and Ranking Members of the Senate and House Appropriations Committees expressing their “strong support” for the creation of a five-member bipartisan...more
6/27/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Commissions ,
Dodd-Frank ,
Financial CHOICE Act ,
Financial Institutions ,
Financial Regulatory Reform ,
Pending Legislation ,
PHH Corp. v CFPB ,
Regulatory Oversight ,
Removal For-Cause ,
Single Director ,
Trade Associations
At the Comply2017 conference held earlier this week in New York City, Scott Steckel, a member of the CFPB’s Office of Consumer Response, gave a presentation in which he detailed the CFPB’s complaint process and how the CFPB...more
The White House announced that President Trump intends to nominate James Clinger to be a FDIC member for a six-year term and to be Chairperson for a five-year term, effective November 29, 2017 when the current FDIC...more
Earlier this month, Attorney General Jeff Sessions issued a memorandum in which he prohibited DOJ attorneys from entering into settlement agreements on behalf of the United States that require a payment or loan to any...more
The report issued earlier this week by the U.S. Treasury Department to President Trump in response to his February 2017 Executive Order 13772, “A Financial System That Creates Economic Opportunities-Banks and Credit Unions,”...more
6/16/2017
/ Banking Sector ,
Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Executive Orders ,
Financial Institutions ,
Financial Regulatory Reform ,
Pending Legislation ,
Regulatory Oversight ,
Removal At-Will ,
Trump Administration ,
U.S. Treasury ,
UDAAP
By a vote of 233-188, the House of Representatives passed H.R. 10, the Financial CHOICE Act yesterday. The bill, often referred to as the Dodd-Frank Act replacement bill, includes an overhaul of the CFPB’s structure and...more
In his prepared remarks for the Consumer Advisory Board meeting held on June 8, 2017, Director Cordray discussed CFPB initiatives in four areas. In addition to the CFPB’s letter to the top retail credit card companies...more