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CFPB and DOJ announce redlining settlement

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

CFPB Highlights Mortgage Complaints in Third Monthly Complaint Report

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

CFPB schedules October 7 field hearing on arbitration; Alan Kaplinsky to represent industry

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

CFPB publishes annual CARD Act, HOEPA and QM adjustments

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

CFPB highlight mortgage complaints in third monthly complaint report

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

CFPB announces new appointments to advisory groups

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

CFPB use of behavioral economics validated by Executive Order

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

CFPB Community Bank Advisory Council to meet on Sept. 30

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

Atlanta federal district court interprets CFPA standard for “substantial assistance” liability

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

CFPB obtains preliminary injunction against debt relief companies

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

CFPB seeking approval for national web survey on overdraft disclosures

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

ABA comments on normalization of CFPB consumer complaint data

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

FTC Dallas debt collection program draws a crowd

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 urge expedited CFPB action on small business lending data collection rules

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

Federal appeals court confirms FTC authority to regulate cybersecurity policies and procedures

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

No deference for CFPB amicus brief from Ninth Circuit

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

CFPB issues second monthly complaint report

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

CFPB enters into consent order with company charged with deceptive health care credit enrollment practices

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

Former CFPB Deputy Director joins Eastern Bank

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

CFPB denies lead generation company’s petition to modify or set aside CID

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

Envelope’s Display of Barcode With Embedded Account Number Violates FDCPA, Federal Court Rules

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

CFPB to participate in Dallas FTC debt collection program

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

CFPB files lawsuit against Internet payday loan companies

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

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