Last week, the FTC announced a new coordinated effort against unlawful debt collection practices, “Operation Collection Protection.” The FTC also announced that federal, state and local law enforcement agencies have brought...more
The CFPB has issued its October 2015 complaint report, the fourth in its new series of monthly complaint reports. The new report highlights credit card complaints and complaints from consumers in the Chicago, Illinois metro...more
10/29/2015
/ Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Credit Reporting Agencies ,
Credit Reports ,
Debt Collection ,
Debt Collectors ,
Financial Institutions ,
Payday Loans
The FTC has released the agenda and panelists for the workshop it will be holding on October 30, 2015 in Washington, D.C. on lead generation. According to the agenda, the workshop will include case studies on how lead...more
Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more
9/28/2015
/ Banking Sector ,
Banks ,
Community Reinvestment Act ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
CRA ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Investigations ,
Mortgage Brokers ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
OCC ,
Race Discrimination ,
Redlining ,
Statistical Analysis
The CFPB has announced that it will hold a field hearing about arbitration in Denver, Colorado on October 7, 2015 and has asked Alan Kaplinsky, Practice Leader of Ballard Spahr’s Consumer Financial Services Group, to...more
9/25/2015
/ Arbitration ,
Arbitration Agreements ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Institutions ,
Loans ,
Payday Loans ,
SBREFA ,
Small Business
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
9/23/2015
/ CARD Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Final Rules ,
Financial Institutions ,
HOEPA ,
Loans ,
Mortgage Lenders ,
Mortgage Servicers ,
Qualified Mortgage Rule ,
Regulation Z ,
Safe Harbors ,
Threshold Requirements ,
Truth in Lending Act (TILA)
The CFPB has issued its September 2015 complaint report, the third in its new series of monthly complaint reports. The new report spotlights mortgage complaints and complaints from consumers in the Denver, Colorado metro...more
9/23/2015
/ Consumer Complaint Management ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Financial Institutions ,
Foreclosure ,
Loan Modifications ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Payday Loans
84 House members recently wrote to the CFPB to urge it to expedite rulemaking to implement the small business lending data requirements of Dodd-Frank Section 1071. Section 1071 amended the ECOA to require financial...more
9/1/2015
/ Borrowers ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Creditors ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Committee ,
Lenders ,
Minority-Owned Businesses ,
Public Entities ,
Public-Private Entities ,
Regulation B ,
Rulemaking Process ,
Small Business ,
Women-Owned Businesses
Many readers probably remember Edwards v. First American Financial Corp. for its ill-fated journey to the U.S. Supreme Court. The Supreme Court had granted certiorari to decide the issue of whether a plaintiff who brings a...more
8/28/2015
/ Amicus Briefs ,
Article III ,
Certiorari ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Kickbacks ,
Mortgage Brokers ,
Mortgage Lenders ,
Mortgages ,
RESPA ,
Safe Harbors ,
SCOTUS ,
Standing ,
Statutory Damages ,
Title Companies
The CFPB has issued its August 2015 complaint report, the second in its new series of monthly complaint reports. When it announced the launch of the new reports last month, the CFPB stated that each report would spotlight a...more
On July 29, the following four CFPB-related bills were passed by the House Financial Services Committee: H.R. 3192, the “Homebuyers Assistance Act”: The bill would provide a hold harmless period for the TILA/RESPA Integrated...more
8/10/2015
/ Anti-Steering Rules ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
First Time Homebuyers ,
Lenders ,
Minority-Owned Businesses ,
Mortgage Lenders ,
Mortgages ,
Real Estate Market ,
Small Business ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Women-Owned Businesses
The CFPB will be participating in the FTC’s second “Debt Collection Dialogue” to be held in Dallas, Texas on September 29, 2015. Gregory Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to be a...more
The CFPB has filed a complaint in federal district court in New York against a group of commonly-controlled companies for allegedly engaging in unlawful conduct in connection with making payday loans over the Internet. With...more
8/6/2015
/ CashCall ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Institutions ,
Internet ,
Internet Lenders ,
Loans ,
Online Platforms ,
Payday Loans ,
Popular ,
Tribal Loans
The CFPB has issued its 2015 Plain Writing Act Compliance Report. Under the PWA, federal “executive agencies,” including the CFPB, are required to use plain language in documents that: are necessary for obtaining information...more
The Department of Defense (DoD) dramatically expanded the scope of the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s implementing regulation. The DoD consulted with the CFPB in...more
7/28/2015
/ Automotive Loans ,
Consumer Credit Protection ,
Consumer Lenders ,
Department of Defense (DOD) ,
Higher Education Act ,
Lenders ,
Military Lending Act ,
Military Service Members ,
Mortgages ,
Payday Loans ,
Title IV
Earlier this month, American Honda Finance Corporation (AHFC) entered into a settlement with the CFPB and the Department of Justice to resolve charges that it engaged in unlawful discrimination in violation of the Equal...more
The Federal Trade Commission will be holding a workshop in Washington, D.C. onOctober 30, 2015 to explore the growing use of online lead generation in various industries, including consumer lending. The workshop is free and...more
Consumer narratives are now publicly available on the CFPB’s consumer complaint database. In its press release, the CFPB stated that the database now includes “for the first time over 7,700 consumer accounts of problems they...more
A group of more than 80 House and Senate Republicans have sent a letter to Director Cordray asking the CFPB to reopen its arbitration study. The CFPB released the final results of its empirical study of consumer arbitration...more
A new report prepared by Charles River Associates for the Community Financial Services Association of America (CFSA) found that the CFPB’s contemplated proposals for payday (and other small-dollar, high-rate) loans would cut...more
The CFPB has issued its seventh Semi-Annual Report to the President and Congress covering the period from October 1, 2014 through March 31, 2015. The 190-page report recycles information from previously-issued CFPB reports...more
The CFPB will be participating in a “Debt Collection Dialogue” to be hosted by the FTC and the New York AG on June 15, 2015 in Buffalo, NY. Greg Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to...more
Senator Al Franken and 57 other members of Congress signed a letter sent to Director Cordray last week urging the CFPB “to move forward quickly to use its authority under the Dodd-Frank Act to issue strong rules to prohibit...more
In March 2015, the CFPB issued a request for information on 12 topics relating to the credit card market. The request set a due date of May 18, 2015 for comments. In a notice published in yesterday’s Federal Register, the...more
In a new compliance bulletin (Bulletin 2015-02), the CFPB “reminds” creditors of their obligation not to discriminate against applicants because their income includes vouchers from the Section 8 Housing Choice Voucher (HCV)...more