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 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
9/25/2015
/ Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Debt Collection ,
Financial Institutions ,
Foreclosure ,
Loan Modifications ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages
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
The CFPB announced the appointment of new members to its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council. New members to the Consumer Advisory Board will serve three-year terms and...more
Since opening its doors for business, behavioral economics has played a central role in the CFPB’s regulatory agenda. Behavioral economists posit that consumers are not rational decision makers and instead have certain...more
9/18/2015
/ ATMs ,
Beneficiaries ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debit Cards ,
Disclosure ,
Executive Orders ,
Financial Institutions ,
Obama Administration ,
OMB ,
Overdraft Fees
The CFPB has announced that a meeting of its Community Bank Advisory Council is scheduled for September 30, 2015 in Washington, D.C. Director Cordray will be in attendance and there will be a discussion of consumer challenges...more
Earlier this year, the CFPB filed a complaint in Atlanta federal district court targeting an alleged debt collection scam in which not only were the debt collectors named as defendants (Debt Collectors) but three companies...more
9/11/2015
/ Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Debt Collectors ,
Financial Institutions ,
ISOs ,
Motion to Dismiss ,
Payment Processors ,
Securities Exchange Act ,
UDAAP ,
Underwriting
A Florida federal district court has entered a preliminary injunction against several companies and an individual who were named as defendants in a complaint filed by the CFPB in August 2015 charging them with violations of...more
The CFPB has published a notice indicating that it is seeking approval from the Office of Management and Budget to conduct “a national web survey of 8,000 individuals as part of its study of ATM/debit card overdraft...more
In response to the CFPB’s Request for Information seeking “best practices for normalizing relevant data” in the CFPB’s Consumer Complaint Database, the American Bankers Association has submitted a comment letter in which it...more
The FTC has announced that it is moving its second “Debt Collection Dialogue,” scheduled to be held in Dallas, Texas on September 29, 2015, to a larger venue. The FTC is moving to the larger venue because the number of...more
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
Banks and other companies subject to the CFPB’s jurisdiction face the possibility that the CFPB could begin using its authority under Sections 1031 and 1036 of the Dodd-Frank Act (which proscribe unfair, deceptive or abusive...more
9/1/2015
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Privacy ,
Data Protection ,
Data Security ,
Dodd-Frank ,
Enforcement Actions ,
Federal Trade Commission (FTC) ,
Financial Institutions ,
FTC Act ,
FTC v Wyndham ,
Hackers ,
Jurisdiction ,
Privacy Policy ,
Section 5 ,
Unfair or Deceptive Trade Practices ,
Wyndham
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
The CFPB has entered into a consent order with Springstone Financial, LLC to settle charges that the company was responsible for alleged deceptive and misleading acts and practices in connection with enrolling consumers in a...more
8/21/2015
/ Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Deferred Interest Products ,
Dental Practice ,
Financial Institutions ,
Financing ,
Health Care Providers ,
Healthcare ,
Loans ,
Redress Payments ,
Unfair or Deceptive Trade Practices
The American Banker reported earlier this week that Steven Antonakes, the former CFPB Deputy Director, has joined Eastern Bank in Boston as a senior vice president and chief compliance officer. According to the article, the...more
The CFPB has denied the petition of a lead generation company and its employee to modify or set aside a civil investigative demand (CID). As we reported, among the petitioners’ arguments for why the CID should be set aside...more
The American Bankers Association has sent a letter to the DOJ, Fed, OCC, FDIC, HUD and CFPB requesting confirmation “in interagency guidance, updated exam procedures, and where appropriate amended regulations that the...more
8/11/2015
/ Affordable Housing ,
American Bankers Association ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Discrimination ,
Disparate Impact ,
Disparate Treatment ,
ECOA ,
Fair Housing Act (FHA) ,
FDIC ,
Financial Institutions ,
HUD ,
Interagency Agreement ,
OCC ,
Pattern or Practice ,
Real Estate Market ,
Residential Real Estate Market ,
SCOTUS ,
Texas Dept of Housing v Inclusive Communities
A federal court in Pennsylvania has ruled that a debt collector violated the Fair Debt Collection Practices Act (FDCPA) by sending a collection letter in an envelope that allegedly revealed a barcode in which the plaintiff’s...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