Last July, the OCC announced its decision to accept applications for special purpose national bank (SPNB) charters from fintech companies. ...more
The Cato Institute announced that it will hold a policy forum in Washington, D.C. on January 17, 2019 at which the topic will be “Promoting Fintech Innovation and Consumer Choice: The Role of Regulatory Sandboxes.”...more
The NY Attorney General and the plaintiffs in Expressions Hair Design v. Schneiderman have filed a joint motion with the U.S. Court of Appeals for the Second Circuit asking the court to vacate the district court’s final...more
1/11/2019
/ Appeals ,
Constitutional Challenges ,
Credit Card Surcharges ,
Credit Cards ,
Debit and Credit Card Transactions ,
Expressions Hair Design v Schneiderman ,
Financial Services Industry ,
First Amendment ,
Free Speech ,
Merchants ,
Retail Market ,
Retailers
New York Governor Andrew Cuomo has nominated Linda Lacewell to become Superintendent of the state’s Department of Financial Services....more
Seventy-four organizations that describe themselves as “consumer, community, civil rights, faith, labor and legal services groups” have sent a letter to CFPB Director Kathy Kraninger to “reiterate our concerns about...more
The CFPB and the federal banking agencies—the FDIC, Fed, and OCC— remain open during the government shutdown as their funding does not come from congressional appropriations. ...more
Maria Vullo, the current Superintendent of the New York Department of Financial Services, has announced that she will leave DFS on February 1, 2019. ...more
At the end of last week, the CFPB announced that it had entered into a consent order with State Farm Bank, FSB to settle allegations that the Bank violated the Fair Credit Reporting Act...more
12/12/2018
/ Banks ,
Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reporting Agencies ,
Consumer Reports ,
Fair Credit Reporting Act (FCRA) ,
Financial Services Industry ,
Regulation V ,
Regulatory Violations ,
State Farm
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 has issued its Spring 2018 Semi-Annual Report to Congress covering the period October 1, 2017 through March 31, 2018. ...more
The CFPB has released a “Remittance Rule Assessment Report.” The report was issued pursuant to Section 1022(d) of the Dodd-Frank Act which requires the CFPB to conduct a review of a significant rule and publish an assessment...more
The New York Court of Appeals has issued an opinion in Expressions Hair Design v. Schneiderman interpreting the state’s law that prohibits merchants from imposing a surcharge on credit card purchases (Section 518 of the...more
10/26/2018
/ Appeals ,
Commercial Speech ,
Constitutional Challenges ,
Credit Card Surcharges ,
Debit and Credit Card Transactions ,
Duty to Disclose ,
Expressions Hair Design v Schneiderman ,
Financial Services Industry ,
First Amendment ,
Free Speech ,
Merchants ,
Retail Market ,
Retailers
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 has issued a “Complaint snapshot: 50 state report” that provides overall complaint data on a state-by-state basis. The report includes the District of Columbia. Last October, the CFPB issued a 50-state snapshot that...more
On October 18, 2018, the CFPB will hold a town hall in Baton Rouge, Louisiana on preventing elder financial exploitation. ...more
Tomorrow, September 18, the Senate Banking Committee will hold a hearing, “Fintech: Examining Digitization, Data, and Technology.” Topics expected to be discussed include data privacy and the Treasury Department’s recent...more
The CFPB’s newly-released Summer 2018 edition of Supervisory Highlights represents the CFPB’s first Supervisory Highlights report covering supervisory activities conducted under Acting Director Mick Mulvaney’s leadership. ...more
9/12/2018
/ Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
Credit Cards ,
Debt Collection ,
ECOA ,
Financial Services Industry ,
Mortgage Servicers ,
Mortgages ,
Payday Loans ,
Regulatory Oversight ,
Small Business Loans ,
Supervisory Highlights ,
Title Loans ,
Transparency
The CFPB has filed a proposed Rule 54(b) judgment in the RD Legal Funding case. The proposed judgment provides that “for the reasons stated in the Court’s June 21, 2018 Order, (ECF No. 80), final judgment is hereby entered...more
The American Bankers Association jointly with state bankers associations, the American Financial Services Association, and the Mortgage Bankers Association are urging the U.S. Department of Housing and Urban Development (HUD)...more
8/31/2018
/ Advanced Notice of Proposed Rulemaking (ANPRM) ,
American Bankers Association ,
Consumer Financial Products ,
Discriminatory Lending Practices ,
Disparate Impact ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Services Industry ,
Housing Market ,
HUD ,
Mortgage Bankers Association ,
Mortgages ,
Popular ,
Race Discrimination ,
Residential Real Estate Market ,
Texas Dept of Housing v Inclusive Communities
Seth Frotman, the CFPB’s Student Loan Ombudsman, has sent a letter to CFPB Acting Director Mulvaney tendering his resignation effective September 1, 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
The CFPB’s Office of Fair Lending and Equal Opportunity has announced that it will hold a day-long symposium, “Building a Bridge to Credit Visibility,” to “explore challenges many consumers face in accessing credit.”...more
According to media sources, the Senate Banking Committee has rescheduled a vote on President Trump’s nomination of Kathy Kraninger to serve as CFPB Director for August 23. There is little doubt that the Committee will approve...more
The CFPB announced that it has settled a lawsuit that it filed in 2014 in a Missouri federal district court alleging that the defendants engaged in unlawful online payday lending schemes. ...more