The CFPB has issued its Consumer Response Annual Report that provides an analysis of the approximately 320,200 complaints received by the CFPB between January 1 and December 31, 2017. (In 2016, the CFPB received...more
The CFPB has issued a request for information that seeks comment on its guidance and implementation support. Comments on the RFI must be received on or before 90 days after the date the RFI is published in the Federal...more
3/29/2018
/ Banking Sector ,
Civil Investigation Demand ,
Comment Period ,
Consumer Complaint Management ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Oversight ,
Request For Information ,
Rulemaking Process
The CFPB has apparently decided to put its monthly complaint reports on hold.
The CFPB’s last monthly complaint report was its October 2017 report, a “special edition” report that provided data on servicemember complaints...more
Politico has reported that Republican Senator Jerry Moran has introduced a resolution under the Congressional Review Act (CRA) to overturn the CFPB’s 2013 auto finance guidance....more
The CFPB has published a notice in the Federal Register soliciting applications for membership on its Consumer Advisory Board and its Credit Union Advisory Council. Submissions must be received by April 23, 2018....more
As we previously reported, on March 23, 2018 in Washington, D.C., the FTC and FCC will co-host a joint policy forum that will cover recent policy changes and enforcement actions as well as the agencies’ efforts to encourage...more
In the absence of federal action, state legislators continue to propose bills that would increase data privacy and security protections for consumers. Any entity that does business in these states or maintains confidential...more
According to its newly-released Consumer Sentinel Network Data Book, the FTC received complaints from 2.68 million consumers in 2017, a decrease from 2016 when 2.98 million consumers submitted complaints....more
The CFPB has published a notice in the Federal Register announcing two public subcommittee meetings of its Consumer Advisory Board (CAB) that will take place by conference call....more
The CFPB’s newly-released strategic plan for fiscal years 2018-2022 reflects the restrained approach to the CFPB’s exercise of its authority previously outlined by Mick Mulvaney, President Trump’s designee as CFPB Acting...more
Appearing before the House Financial Services Committee Tuesday at a hearing entitled “The Annual Report of the Financial Stability Oversight Council” (FSOC), Treasury Secretary Mnuchin indicated that he intends to discuss...more
2/8/2018
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Cyber Attacks ,
Data Breach ,
Enforcement Actions ,
Equifax ,
Financial Services Industry ,
FSOC ,
Government Investigations ,
Hackers ,
Personally Identifiable Information ,
Popular ,
Regulatory Agenda
The U.S. District Court for the Southern District of New York has dismissed for lack of Article III standing the lawsuit filed by a credit union challenging President Trump’s appointment of Mick Mulvaney as CFPB Acting...more
2/6/2018
/ Administrative Agencies ,
Administrative Appointments ,
Article III ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Unions ,
Federal Vacancies Reform Act ,
Financial Services Industry ,
HMDA ,
Motion to Dismiss ,
Oral Argument ,
Preliminary Injunctions ,
Presidential Appointments ,
Standing ,
Trump Administration
The CFPB has submitted its Fall 2017 rulemaking agenda to the Fall 2017 Unified Agenda of Federal Regulatory and Deregulatory Actions issued by the Office of Information and Regulatory Affairs, a part of the Office of...more
A New York federal district court has dismissed the lawsuit filed by the New York Department of Financial Services (DFS) challenging the OCC’s authority to grant special purpose national bank (SPNB) charters to nondepository...more
12/14/2017
/ Article III ,
Banking Sector ,
CSBS ,
Dismissals ,
Financial Services Industry ,
FinTech ,
National Bank Charters ,
NYDFS ,
OCC ,
Popular ,
Regulatory Oversight ,
Special Purpose National Bank Charter ,
Standing ,
Technology Sector
The CFPB has filed a lawsuit 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 Telemarketing Sales Rule (TSR). ...more
11/14/2017
/ Banking Sector ,
Civil Monetary Penalty ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Repair Services ,
Debt Settlement Services ,
Financial Services Industry ,
Injunctive Relief ,
Redress Payments ,
Telecommunications ,
Telemarketing Sales Rule
The CFPB has published the following notices in today’s Federal Register:
- Request for Information. Through the RFI, the CFPB seeks to learn more about consumers’ experience with access to free credit scores and the...more
The Federal Reserve Board announced that it had issued a Consent Order against Mid America Bank and Trust Company (Bank) for alleged deceptive marketing practices in violation of section 5 of the FTC Act related to balance...more
11/7/2017
/ Banking Sector ,
Consent Order ,
Consumer Financial Products ,
Credit Cards ,
Debt Relief ,
Disclosure Requirements ,
Federal Reserve ,
Finance Charges ,
Financial Institutions ,
Financial Services Industry ,
FTC Act ,
ISOs ,
Marketing ,
Out-of-State Judgments ,
Restitution ,
Section 5 ,
Statute of Limitations ,
UDAAP ,
Unfair or Deceptive Trade Practices
In May 2017, we blogged about press reports that the Government Accountability Office (GAO) had accepted a request from Senator Patrick Toomey for a determination concerning whether the CFPB Bulletin 2013-02, titled “Indirect...more
10/27/2017
/ Add-ons ,
Administrative Procedure Act ,
Automotive Loans ,
Banking Sector ,
CFPB Bulletins ,
Congressional Review Act ,
Consumer Financial Products ,
Consumer Lenders ,
Credit Reports ,
Debt Collection ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
GAO ,
Interagency Guidance ,
Interest Rates ,
Leveraged Lending ,
Regulation B ,
Regulatory Oversight
The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board will be held in Tampa, Florida on November 2, 2017....more
Last week, the CFPB filed a lawsuit in Maryland federal court against two commonly-owned debt relief companies, their affiliated payment processor, and three individual principals for alleged violations of the Telemarketing...more
Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more
10/13/2017
/ Banking Sector ,
Consumer Bankruptcy ,
Data Collection ,
Depository Institutions ,
Disclosure Requirements ,
Financial Services Committee ,
Financial Services Industry ,
Gramm-Leach-Blilely Act ,
HMDA ,
Interest Rates ,
Legislative Agendas ,
Madden v Midland Funding ,
Manufactured Housing ,
Mortgage Loan Originators ,
Non-Bank Lenders ,
Online Marketplace Lending ,
Operation Choke Point ,
Payday Loans ,
Privacy Notice Rule ,
Proposed Legislation ,
Risk Management ,
Truth in Lending Act (TILA)
An Assistant Illinois Attorney General, in a letter sent to Experian’s CEO on behalf of the Illinois AG and the AGs of 35 other states and the District of Columbia, has asked Experian not to charge any credit freeze-related...more
Among the more than 20 bills that the House Financial Services Committee is scheduled to mark-up this Wednesday, October 11, is a bill to provide a “Madden fix” as well as several others relevant to consumer financial...more
10/10/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Data Collection ,
Disclosure Requirements ,
Financial Services Committee ,
Financial Services Industry ,
HMDA ,
Interest Rates ,
Loans ,
Madden v Midland Funding ,
Manufactured Housing ,
Mortgage Loan Originators ,
Mortgages ,
National Bank Act ,
Online Marketplace Lending ,
Payday Loans ,
Proposed Legislation ,
Regulatory Oversight ,
Threshold Requirements ,
Truth in Lending Act (TILA) ,
U.S. House
In a letter dated August 16, 2017 to House Judiciary Committee Chairman Bob Goodlatte, Assistant U.S. Attorney General Stephen Boyd stated that “[a]ll of the [DOJ’s] bank investigations conducted as part of Operation...more
The Minnesota Attorney General announced that she has filed a lawsuit in state court against two pension advance companies.
According to the AG’s press release, the companies often solicited borrowers through their own...more