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 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)
For our webinar last Thursday, “Consumer Protection: What’s Happening at the FTC,” we were joined by special guest speakers Andrew Smith, Director of the FTC’s Bureau of Consumer Protection, and Malini Mithal, Associate...more
5/14/2020
/ Antitrust Provisions ,
Artificial Intelligence ,
COPPA ,
Coronavirus/COVID-19 ,
Credit Reports ,
Data Security ,
Enforcement Actions ,
False Advertising ,
Federal Trade Commission (FTC) ,
FinTech ,
Lead Generators ,
Popular ,
Scams ,
Small Business Loans
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
The CFPB has issued its annual report on TILA, EFTA, and the CARD Act which covers activity in 2016 and 2017. The report provides brief summaries of the 2016 and 2017 enforcement actions brought by the CFPB and other federal...more
12/27/2019
/ Annual Reports ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
EFTA ,
Electronic Fund Transfer Act ,
Enforcement Actions ,
FFIEC ,
Regulation E ,
Regulation Z ,
Truth in Lending Act (TILA)
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
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
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
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
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 announced that it has entered into a settlement with the owners of payday loan retail outlets that operated under the name “Cash Tyme” in seven states to resolve alleged violations of the Consumer Financial...more
2/7/2019
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Services Industry ,
Gramm-Leach-Blilely Act ,
Online Marketplace Lending ,
Payday Lending Rule ,
Payday Loans ,
Privacy Notice Rule ,
Regulation P ,
Regulation Z ,
Settlement Agreements ,
Truth in Lending Act (TILA)
The Attorneys General of 42 states and the District of Columbia (collectively, the States) have entered into an Assurance of Voluntary Compliance/Assurance of Discontinuance (Agreement) with Encore Capital Group, Inc. and its...more
Thirteen Republican Senators have sent a letter to FDIC Chairman Jelena McWilliams urging the FDIC to take action to ensure that lawful businesses are no longer at risk of adverse financial consequences as a result of...more
The CFPB announced that it has entered into a consent order with Cash Express, LLC to settle charges that the company engaged in deceptive and abusive acts or practices in violation of the Consumer Financial Protection Act...more
10/25/2018
/ Abusive Acts ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Enforcement Actions ,
Financial Services Industry ,
Restitution ,
Small Lenders ,
Statute of Limitations ,
Time-Barred Debt ,
Unfair or Deceptive Trade Practices
The CFPB is proposing to issue a final rule on annual adjustments to the civil penalties within its jurisdiction. Comments on the proposal must be received by November 13, 2018....more
The CFPB, in a decision and order signed by Acting Director Mulvaney, has denied the petition filed by Firstsource Advantage, LLC (Firstsource) to modify or set aside a civil investigative demand (CID) (Petition) that was...more
RD Legal Funding has filed an answer to the complaint in the lawsuit filed against it by the CFPB and New York Attorney General (NYAG)....more
7/27/2018
/ Constitutional Challenges ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Actions ,
Financial Services Industry ,
Motion to Dismiss ,
RD Legal Funding ,
Removal For-Cause ,
Single Director ,
Title X ,
UDAAP ,
Unfair or Deceptive Trade Practices
The CFPB announced last Friday that it had entered into a consent order with National Credit Adjusters, LLC (NCA), a privately-held company that owns several debt collection companies, and NCA’s former CEO and part-owner...more
In its June 21 decision in Lucia v. Securities & Exchange Commission, the U.S. Supreme Court ruled that administrative law judges (ALJs) used by the SEC are “Officers of the United States” under the Appointments Clause in...more
7/3/2018
/ Administrative Agencies ,
Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Appeals ,
Appointments Clause ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Final Written Decisions ,
Lucia v SEC ,
Officers of the United States ,
Remand ,
Reversal ,
SCOTUS ,
Securities and Exchange Commission (SEC) ,
Securities Violations ,
Special Trial Judges (STJs)
The FTC has announced that beginning in September 2018, it will hold a series of 15 to 20 public hearings “on whether broad-based changes in the economy, evolving business practices, new technologies, or international...more
6/29/2018
/ Algorithms ,
Analytics ,
Antitrust Provisions ,
Artificial Intelligence ,
Big Data ,
Competition ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Privacy Concerns ,
Public Comment ,
Public Hearing ,
Regulatory Oversight ,
Regulatory Standards
According to a Politico report, CFPB Acting Director Mick Mulvaney, speaking at a Washington, D.C. event, commented on changes to the Bureau’s approach to bringing enforcement actions and the Bureau’s plans to review the use...more
A group of 16 Democratic state attorneys general have sent a letter to the CFPB in response to its Request for Information Regarding Bureau Civil Investigative Demands and Associated Processes. ...more
The CFPB has issued a request for information that seeks comment on its handling of consumer complaints and inquiries. ...more
The CFPB has issued a request for information that seeks comment on its consumer financial education programs. Comments on the RFI must be received on or before 90 days after the date the RFI is published in the Federal...more
The FTC has filed comments on the CFPB’s Request for Information regarding its civil investigative demands and investigational hearings.
...more