The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Academic Research Council (ARC). Appointments to the ARC are typically for...more
PHH has filed a reply to the CFPB’s opposition to 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 CFPB’s...more
12/30/2016
/ Administrative Proceedings ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
En Banc Review ,
Motion for Leave ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statutory Interpretation
The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Consumer Advisory Board (Board), Community Bank Advisory Council (CBAC), or...more
The CFPB has issued its December 2016 complaint report which highlights complaints about debt collection. The report also highlights complaints from consumers in Arizona and the Phoenix metro area.
General findings...more
It has been reported that President-elect Donald Trump has nominated South Carolina Republican Congressman Mick Mulvaney to be Director of the Office of Management and Budget (OMB). Mr. Mulvaney has been described as a...more
In a blog post published last Friday, Patrice Ficklin, Associate Director of the CFPB’s Office of Fair Lending, outlined the CFPB’s fair lending priorities for 2017.
Ms. Ficklin wrote that, going forward, the CFPB will...more
12/19/2016
/ Banking Sector ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Minorities ,
Mortgage Servicers ,
Mortgages ,
Small Business ,
Student Loans
The CFPB announced that it has entered into a consent order with Moneytree, Inc. to settle allegations that the company engaged in deceptive advertising, sent consumers deceptive collection letters, and did not obtain written...more
12/19/2016
/ Banking Sector ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
False Advertising ,
Online Advertisements ,
Online Marketplace Lending ,
Redress Payments ,
UDAAP ,
Unfair or Deceptive Trade Practices
The D.C. Circuit has entered an order that provides the response of the United States to the CFPB’s petition for rehearing en banc is due by December 22, 2016. The order also provides that PHH can file its response by...more
12/13/2016
/ Administrative Proceedings ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
En Banc Review ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Single Director ,
Solicitor General ,
Statutory Interpretation
In a letter sent to Majority Leader McConnell and Minority Leader-elect Schumer, the Consumer Bankers Association, the Credit Union National Association, the Independent Community Bankers of America, and the National...more
12/13/2016
/ Banking Sector ,
Banks ,
Community Banks ,
Congressional Review Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Financial Institutions ,
Financial Regulatory Reform ,
Proposed Legislation ,
Regulatory Oversight ,
Trump Administration
The CFPB announced that it entered into consent orders with three reverse mortgage companies to settle the CFPB’s allegations that the companies engaged in deceptive advertising in violation of the Mortgage Acts and...more
12/9/2016
/ Banking Sector ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
False Advertising ,
Financial Services Industry ,
Misrepresentation ,
Mortgage Servicers ,
Mortgages ,
Regulation N ,
Residential Real Estate Market ,
Reverse Mortgages ,
Unfair or Deceptive Trade Practices
The CFPB’s Ombudsman’s Office has issued its fifth annual report covering the Office’s activities during fiscal year 2016 (October 1, 2015 through September 30, 2016). The role of the Ombudsman’s Office is to assist in the...more
The CFPB has taken another step towards implementing its proposal to add a survey to its current complaint intake form that a consumer could choose to complete to provide feedback on the company’s response to his or her...more
The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more
12/2/2016
/ Advances ,
Arbitration ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Debt Collection ,
Debt Collectors ,
ECOA ,
FDCPA ,
Financial Institutions ,
Minority-Owned Businesses ,
Mortgages ,
Overdraft Fees ,
Payday Loans ,
Regulation C ,
Regulatory Agenda ,
SBREFA ,
Small Business ,
Small Entity Representatives (SERs) ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Title Loans ,
Trump Administration ,
Women-Owned Businesses
A group of 21 current and former members of Congress and a group of 10 consumer advocacy organizations have filed amicus briefs in support of the CFPB’s petition filed with the D.C. Circuit seeking a rehearing of its decision...more
12/1/2016
/ 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 ,
Solicitor General ,
Statutory Interpretation
The CFPB has issued a new compliance bulletin (2016-03) on incentive programs. The issuance of the bulletin reflects the CFPB’s increased focus on such programs.
In the bulletin, the CFPB acknowledges that incentives...more
The CFPB has adopted changes to its Reg Z commentary to memorialize the calculation methods used each year to adjust the thresholds for exempt consumer credit transactions and for transactions exempt from the special...more
11/29/2016
/ Appraisal ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Price Index ,
Dodd-Frank ,
Exemptions ,
Financial Transactions ,
Mortgages ,
Regulation M ,
Regulation Z ,
Threshold Requirements ,
Truth in Lending Act (TILA)
On December 1, 2016, the FDIC will co-host an interagency webinar that will focus on Military Lending Act regulations and the Department of Defense’s recently-released interpretive rule.
In addition to a CFPB...more
11/22/2016
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Defense (DOD) ,
FDIC ,
Federal Reserve ,
Interpretive Rule ,
Military Lending Act ,
Military Service Members ,
OCC ,
Webinars
Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in...more
11/21/2016
/ Article III ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Disgorgement ,
Enforcement Actions ,
Fees ,
Loan Modifications ,
Mortgage Assistance Relief Services (MARS) ,
Obama Administration ,
Petition for Writ of Certiorari ,
Recess Appointments ,
Regulation O ,
Restitution ,
Standing ,
Summary Judgment
In conjunction with its field hearing yesterday on consumer access to financial information, the CFPB has issued a request for information (RFI) about market practices related to such access. Comments in response to the RFI...more
A new CFPB report, “A snapshot of servicemember complaints,” focuses on issues related to VA mortgage refinancing.
The report indicates that as of November 1, 2016, the CFPB had received over 12,500 mortgage complaints...more
On November 17, 2016, the CFPB will hold a field hearing on consumer access to financial records in Salt Lake City, Utah. Director Richard Cordray is scheduled to speak at the hearing.
The field hearing would appear to...more
The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, has finalized guidance setting forth a revised uniform interagency consumer compliance rating system (CCRS). The revisions...more
On November 9, 2016, the Federal Reserve hosted a webinar on overdraft practices. The CFPB was represented by Victoria Pawelski, Counsel, Supervision Policy, Supervision, Enforcement and Fair Lending. In addition to a CFPB...more
On October 28, 2016, the U.S. Supreme Court granted the petition for a writ of certiorari in Grimm v. Gloucester County School Board, a decision of the U.S. Court of Appeals for the Fourth Circuit that marked the first time...more
11/8/2016
/ Appeals ,
Banking Sector ,
Board of Education ,
Civil Rights Act ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Discrimination ,
ECOA ,
Fair Lending ,
Gender Identity ,
LGBTQ ,
Regulation B ,
School Restrooms ,
SCOTUS ,
Sex Discrimination ,
Sexual Orientation ,
Sexual Orientation Discrimination ,
Title IX ,
Title VII ,
Transgender
The CFPB has issued its fourth Financial Literacy Annual Report to Congress. The report covers the CFPB’s activities to improve consumer financial literacy during the period from October 2015 through September 2016. The...more