The House Financial Services Committee’s Task Force on Financial Technology will hold a hearing entitled “The Future of Real-Time Payments,” at 2:00 p.m. on Thursday, September 26, 2019. There will be a live webcast of the...more
The FTC announced settlements of two lawsuits filed in a California federal district court alleging similar violations of the FTC Act, the Telemarketing Sales Rule (TSR), and the Truth in Lending Act by providers of student...more
9/17/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Buyers ,
Debt Relief ,
Debt-Relief Industry ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Fees ,
Financial Services Industry ,
FTC Act ,
Regulatory Violations ,
Settlement Agreements ,
Student Loans ,
Telemarketing Sales Rule ,
Truth in Lending Act (TILA) ,
Unfair or Deceptive Trade Practices
The CFPB announced on Friday that it will hold a symposium on behavioral law and economics on September 19. The symposium will be the second in the series announced by the Bureau in April 2019. The first symposium, which...more
Nicholas Smyth, Assistant Director of the Pennsylvania Attorney General’s Bureau of Consumer Protection, was our guest speaker for a webinar yesterday. Formerly a CFPB enforcement attorney, Nick was appointed by PA Attorney...more
A motion to dismiss has been filed by the group of credit repair companies sued by the CFPB in Utah federal district court for alleged violations of the Telemarketing Sales Rule (TSR) and the Consumer Financial Protection Act...more
7/25/2019
/ Client Referrals ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Financial Services Industry ,
Fraudulent Marketing ,
Illusory Contracts ,
Misrepresentation ,
Motion to Dismiss ,
Regulatory Violations ,
Removal For-Cause ,
Single Director ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
The Office of Inspector General for the CFPB (and the Fed) recently issued a report on its evaluation of the Office of Consumer Response’s sharing of complaint data within the CFPB. ...more
The CFPB announced that it has settled the lawsuit it filed 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...more
7/12/2019
/ Civil Monetary Penalty ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Debt Settlement Services ,
Enforcement Actions ,
Final Judgment ,
Financial Services Industry ,
Regulatory Violations ,
Restitution ,
Stipulated Judgment ,
Telemarketing Sales Rule ,
Unfair or Deceptive Trade Practices
This week, Congress will be holding a hearing focused on fintech and two hearings at which artificial intelligence (AI) will be the focus.
Fintech:
Tomorrow, June 25, the House Financial Services Committee’s Task Force on...more
Democratic Senators Elizabeth Warren and Doug Jones have sent a letter to the CFPB, Federal Reserve, OCC, and FDIC expressing concern that fintech and traditional lenders using algorithms in their underwriting processes are...more
Having announced in April 2018 that it would be holding a symposia series, the CFPB has now set a date for the first symposium of the series. The first symposium, to be held on June 25, 2019, will focus on the Dodd-Frank...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
6/11/2019
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
EFTA ,
Enforcement Authority ,
Enforcement Statistics ,
Federal Trade Commission (FTC) ,
Financial Services Industry ,
Regulation E ,
Regulation M ,
Regulation Z ,
Truth in Lending Act (TILA)
The FTC has launched a dedicated FinTech page on its website where it has assembled FinTech-related materials....more
The CFPB has published its Spring 2019 rulemaking agenda as part of the Spring 2019 Unified Agenda of Federal Regulatory and Deregulatory Actions, which is coordinated by the Office of Management and Budget (OMB). ...more
5/24/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Deregulation ,
Director Kraninger ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Regulatory Reform ,
Financial Services Industry ,
HMDA ,
Minority-Owned Businesses ,
OMB ,
PACE ,
Payday Lending Rule ,
Regulatory Agenda ,
Rulemaking Process ,
Women-Owned Businesses
The CFPB’s proposed debt collection rules were published in Tuesday's Federal Register....more
The CFPB has issued a plan for the periodic review of its rules that have a significant economic impact upon a substantial number of small business entities. It also announced that it was launching the first such review,...more
Last week, the House Financial Services Committee established two task forces, one on financial technology and the other on artificial intelligence. Both task forces were established pursuant to resolutions adopted by...more
The CFPB has filed a complaint in Utah federal district court against a related group of companies that provide credit repair services for alleged violations of the Telemarketing Sales Rule (TSR) and the Consumer Financial...more
The CFPB has announced that it will hold a symposia series “exploring consumer protections in today’s dynamic financial services marketplace.” Director Kraninger revealed the Bureau’s plans to hold the symposia series in her...more
CFPB Director Kraninger is scheduled to give public remarks at a Bipartisan Policy Center program scheduled for April 17, 2019 at 10 a.m. in Washington, D.C. ...more
Alan Kaplinsky, who leads our Consumer Financial Services Group, has been invited to testify before the Senate Judiciary Committee tomorrow, April 2....more
A group of 24 Democratic state attorneys general and the D.C. attorney general have submitted a comment letter to the CFPB setting forth their opposition to the CFPB’s proposal to delay the compliance date for the...more
3/22/2019
/ Ability-to-Repay ,
Automotive Loans ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Services Industry ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Regulatory Agenda ,
Rulemaking Process ,
Title Loans ,
UDAAP
Director Kraninger was sharply criticized by Democrats at today’s hearing on the Bureau’s semi-annual report held by the Senate Banking Committee....more
3/13/2019
/ Ability-to-Repay ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Director Kraninger ,
Dodd-Frank ,
Financial Regulatory Agencies ,
Financial Services Committee ,
Financial Services Industry ,
Military Lending Act ,
Regulatory Oversight ,
Rulemaking Process ,
Senate Banking Committee
Yesterday’s hearing on the CFPB held by the House Financial Services Committee highlighted the continuing partisan divide over the CFPB’s implementation of its consumer protection mission but with Democratic and Republican...more
3/8/2019
/ Ability-to-Repay ,
Administrative Authority ,
Congressional Investigations & Hearings ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Committee ,
Financial Services Industry ,
Military Lending Act ,
Payday Loans ,
Regulatory Agenda ,
Rulemaking Process
The House Financial Services Committee has updated its website to confirm that CFPB Director Kraninger is scheduled to appear at the Committee’s hearing tomorrow entitled “Putting Consumers First? ...more
The Senate Banking Committee has announced that it will hold a hearing on March 12, 2019 entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress” at which CFPB Director Kraninger is scheduled to...more