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
According to American Banker, Kristen Donoghue, who has served as the CFPB’s Assistant Director of Enforcement since November 2017, has resigned. ...more
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
A payment processor and its individual owner have entered into a settlement with the FTC to settle charges that they violated a 2009 federal district court order that required them to review and monitor their merchant clients...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
The Labor, Health and Human Services, Education, and Related Agencies subcommittee of the House Appropriations Committee is scheduled to hold a hearing on March 6, 2019 entitled “Protecting Student Borrowers: Loan Servicing...more
The CFPB has published notices in the Federal Register announcing that its Consumer Advisory Board, Credit Union Advisory Council, and Community Bank Advisory Council will hold meetings in Washington, D.C. on March 14, 2019....more
House Financial Services Committee Maxine Waters has announced a series of hearings for next month, including one entitled “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau” scheduled...more
H.J. Res. 31, the appropriations bill signed into law by President Trump on February 15 that ended the partial government shutdown and provides funding for fiscal year 2019 through September 30, 2019, includes a provision...more
The CFPB recently issued its Fall 2018 Semi-Annual Report to Congress covering the period April 1, 2018 through September 30, 2018....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)
Congresswoman Maxine Waters, the new Democratic Chairwoman of the House Financial Services Committee, announced that the Democratic Committee members indicated here in will serve as Subcommittee Chairs. ...more
Last Friday, the CFPB announced several changes in senior leadership. The individuals and their backgrounds as set forth in the CFPB’s press release are as follows:...more
The U.S. Supreme Court has denied the petition for certiorari filed by State National Bank of Big Spring (SNB) which, together with two D.C. area non-profit organizations that also joined in the petition, had brought one of...more