Ballard Spahr Senior Counsel Alan S. Kaplinsky and Mark J. Levin, and David Sherwyn, Professor of Law at Cornell University’s School of Hotel Administration, today submitted lengthy comments to the Consumer Financial...more
11/15/2023
/ Arbitration ,
Arbitration Agreements ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
CRA ,
Federal Arbitration Act ,
Financial Institutions ,
Financial Services Industry ,
Notice and Comment ,
Proposed Regulation ,
Proposed Rules ,
Rulemaking Process
The CFPB has released an update to the Filing Instructions Guide for Small Business Lending Data. The Guide is intended to serve as a set of resources for entities who will be required to file small business lending data with...more
8/18/2023
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Financial Protection Bureau v Community Financial Services Association of America Ltd ,
Data Collection ,
Data Reporting ,
Filing Requirements ,
Final Rules ,
Financial Institutions ,
Financial Services Industry ,
SCOTUS ,
Small Business ,
Small Business Loans
The CFPB recently announced that it has entered into a consent order with Lobel Financial Corporation, a company that purchases and services retail installment sales contracts (RISC) originated by subprime auto dealers, to...more
Last week, the CFPB announced the appointment of new members to its advisory committees: Consumer Advisory Board (CAB), Community Bank Advisory Council (CBAC), Credit Union Advisory Council (CUAC), and Academic Research...more
The CFPB has filed a motion seeking the partial dismissal of the lawsuit filed in Massachusetts federal district court by the National Association of Consumer Advocates, U.S. Public Interest Research Group, and Professor...more
The CFPB has issued its Spring 2020 Semi-Annual Report to Congress covering the period September 30, 2019 through March 31, 2020.
The report represents the CFPB’s fourth semi-annual report under Director Kraninger’s...more
7/28/2020
/ Banking Sector ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Fair Lending ,
Financial Institutions ,
Financial Services Committee ,
Financial Services Industry ,
Regulatory Agenda
The CFPB will hold a symposium on the use of cost-benefit analysis in consumer financial protection regulation on July 29, 2020. The event will be webcast on the Bureau’s website....more
The Federal Trade Commission recently provided its annual letter to the CFPB concerning its enforcement activities relating to compliance with Regulation Z (Truth in Lending Act), Regulation M (Consumer Leasing Act), and...more
6/18/2020
/ Annual Reports ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Leasing Act (CLA) ,
Dodd-Frank ,
EFTA ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Popular ,
Regulation E ,
Regulation M ,
Regulation Z ,
Truth in Lending Act (TILA)
The CFPB issued a press release earlier this week to announce that it has made a series of enhancements to its consumer complaint database. The CFPB announced its plans to make the enhancements in September 2019 in...more
The CFPB has published a request for information (RFI) in today’s Federal Register seeking comments and information to assist its Taskforce on Federal Consumer Financial Law. Comments on the RFI must be received by June 1,...more
CFPB Director Kathy Kraninger is scheduled to appear before the Senate Banking Committee today, March 10, at hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” ...more
3/10/2020
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Director Kraninger ,
Financial Services Industry ,
Payday Lending Rule ,
Payday Loans ,
Regulatory Agencies ,
Regulatory Agenda ,
Regulatory Oversight
On March 10, 2020, the CFPB will host a day-long event entitled, “Evolutions in Consumer Debt Relief.” The event will explore options for consumers facing unmanageable unsecured debt and limited credit options....more
The CFPB announced that it will hold a symposium on consumer access to financial records and Section 1033 of the Dodd-Frank Act on February 26, 2020. The event will be webcast on the Bureau’s website....more
2/20/2020
/ Consumer Data Requests ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Data Management ,
Director Kraninger ,
Dodd-Frank ,
Financial Services Industry ,
Personal Data ,
Regulatory Oversight ,
Request For Information
David Silberman, who has served as the CFPB’s Associate Director for Research, Markets, and Regulations since 2011, announced that he has left the agency to become a part-time senior advisor to both the Center for Responsible...more
On March 10, 2020, the CFPB will host a day-long event, “Evolutions in Consumer Debt Relief.” The event will explore options for consumers facing unmanageable unsecured debt and limited credit options. ...more
The CFPB has issued its Fall 2019 Semi-Annual Report to Congress covering the period April 1, 2019 through September 30, 2019. ...more
2/6/2020
/ Ability-to-Repay ,
Annual Reports ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Director Kraninger ,
ECOA ,
Enforcement Actions ,
Fair Lending ,
Financial Services Committee ,
Financial Services Industry ,
Regulatory Agencies ,
Regulatory Oversight ,
Senate Banking Committee
On Wednesday, February 5, the House Financial Services Committee will hold the first part of a two-part hearing on “rent-a-bank” structures. The hearing is titled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to...more
2/3/2020
/ Ability-to-Repay ,
Banks ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Consumer Protection Laws ,
Director Kraninger ,
Fair Lending ,
FDIC ,
Financial Regulatory Reform ,
Financial Services Committee ,
Financial Services Industry ,
Interest Rate Caps ,
Loans ,
Madden v Midland Funding ,
OCC ,
Payday Loans ,
Popular ,
Testimony
The CFPB announced that the following individuals have joined its executive team:
Susan M. Bernard will serve as Assistant Director for Regulations in the Research, Markets and Regulation Division. Before joining the...more
The CFPB has published a notice in the Federal Register announcing that it is seeking applications for membership on its Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic...more
1/16/2020
/ Advisory Committee ,
Community Banks ,
Community Development ,
Consumer Advisory Board ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Debt Collection ,
Debt Collectors ,
Debt Relief ,
Debt-Relief Industry ,
Fair Lending ,
Federal Register ,
Financial Services Industry ,
Membership Interest ,
Mortgages
The CFPB has announced the initial four members of its Taskforce on Federal Consumer Financial Law. This past October, the Bureau announced its plans to establish the Taskforce to examine ways to harmonize and modernize...more
On December 12–13, 2019, the CFPB hosted its fourth research conference on consumer finance. The goal of the conference, as described by the CFPB, was “to connect the core community of researchers and policymakers with the...more
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
The CFPB announced today that it will hold a symposium on Dodd-Frank Act Section 1071 on November 6, 2019. Section 1071 amended the ECOA to require financial institutions to collect and report certain data in connection with...more
10/25/2019
/ Administrative Procedure Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Applicants ,
Data Collection ,
Discriminatory Lending Practices ,
Dodd-Frank ,
ECOA ,
Equal Opportunities ,
Financial Regulatory Reform ,
Financial Services Industry ,
Gender Discrimination ,
Minority-Owned Businesses ,
Race Discrimination ,
Rulemaking Process ,
Small Business ,
Symposium ,
Women-Owned Businesses
CFPB Director Kraninger was the sole witness at a House Financial Services Committee hearing thsi week on the Bureau’s Spring 2019 semi-annual report and at a Senate Banking Committee hearing yesterday on the report.
...more
10/18/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Director Kraninger ,
Dodd-Frank ,
Enforcement Actions ,
Financial Regulatory Agencies ,
Financial Services Committee ,
Financial Services Industry ,
Payday Loans ,
Regulatory Oversight ,
Rulemaking Process ,
Senate Banking Committee ,
UDAAP
Paul Watkins, Director of the CFPB’s Office of Innovation, joined Ballard Spahr partners Alan Kaplinsky and James Kim yesterday for a discussion of the CFPB’s final innovation policies. ...more