A report by the majority staff of the House Financial Services Committee concludes that there is a “valid and factual basis” for instituting contempt of Congress proceedings against Director Cordray. The report states that...more
8/8/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Contempt ,
Dodd-Frank ,
Financial Services Committee ,
Financial Services Industry ,
Richard Cordray
The CFPB has issued another report on checking account overdraft services, “Data Point: Frequent Overdrafts.” The new report represents the CFPB’s third report dealing with overdraft services. It previously issued a white...more
The CFPB’s July 2017 complaint report, which the CFPB calls another “special edition complaint report,” departs from the format of the CFPB’s standard monthly reports. (The CFPB’s June 2017 complaint report was also called a...more
Since our last blog post about the Office of Inspector General’s work plan for the CFPB, the work plan has been updated as of July 1, 2017 to add one new planned project....more
A report prepared by the Democratic staff of the House Financial Services Committee takes aim at Republicans for “attempt[ing] to ensure that the country reverts back to a big bank-oriented regulatory environment and to...more
7/27/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
A group of 11 trade associations have sent a letter to members of Congress expressing their “strong disapproval” of the CFPB’s final arbitration rule and urging Congress to pass the resolutions introduced in the House and...more
7/26/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
Based on a Law360 article reporting on an interview with Thomas Paul, the Acting Director of the FTC Bureau of Consumer Protection, it appears that under its new leadership, the FTC will take a less aggressive approach to...more
Pennsylvania’s Attorney General, Josh Shapiro, announced last Friday that his office is creating a Consumer Financial Protection Unit “to better protect Pennsylvania consumers from financial scams.”...more
House and Senate Republicans announced yesterday that they are sponsoring Congressional Review Act resolutions to override the CFPB’s final arbitration rule, which was published in the Federal Register. ...more
7/21/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Federal Register ,
Financial Services Industry
State bankers associations from all 50 states and Puerto Rico have sent a letter to Senate Majority Leader Mitch McConnell and Senate Minority Leader Charles Schumer urging them to support efforts to override the CFPB’s final...more
7/18/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
This past Thursday, by a vote of 31-21, the House Appropriations Committee approved the fiscal year 2018 Financial Services and General Government Appropriations bill. In addition to multiple provisions to reform the CFPB,...more
7/18/2017
/ Appropriations Bill ,
Arbitration ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Buyers ,
Financial Services Industry ,
Interest Rates ,
Lead Supervisory Authority ,
Madden v Midland Funding ,
National Bank Act ,
Pending Legislation ,
UDAAP
This Wednesday, July 19, the U.S. Chamber’s Center for Capital Markets Competitiveness and U.S. Chamber Institute for Legal Reform will hold an event in Washington, D.C. entitled “CFPB’s Anti-Arbitration Rule: Analysis &...more
7/17/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
On July 12, 2017, a subcommittee of the House Financial Services Committee will hold a hearing entitled “Examining Legislative Proposals to Provide Targeted Regulatory Relief to Community Financial Institutions.” The...more
7/11/2017
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Buyers ,
Debt Collectors ,
FDCPA ,
Financial Institutions ,
Financial Services Committee ,
Financial Services Industry ,
GAO ,
Mortgages ,
Regulatory Requirements ,
Truth in Lending Act (TILA) ,
UDAAP
The CFPB’s petition filed in a Pennsylvania federal district court last June to enforce a CID issued to J.G. Wentworth, LLC, a purchaser of structured settlements and annuities, was denied by the court last week as moot. The...more
The CFPB has issued its May 2017 complaint report highlighting complaints from “older consumers,” who the CFPB defines as consumers who voluntarily reported their age as 62 or older. The CFPB reports that consumers...more
6/2/2017
/ Consumer Complaint Database ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Elder Issues ,
Escrow Accounts ,
Financial Services Industry ,
HECM ,
Loan Modifications ,
Mortgages ,
Reverse Mortgages
The CFPB’s final prepaid card rule has survived Republican efforts to nullify the rule under the Congressional Review Act (CRA). The CRA establishes a special set of procedures through which Congress can nullify final...more
Last Thursday, by a party-line vote of 34-26, the House Financial Services Committee approved the Financial CHOICE Act (H.R. 10) proposed by Committee Chairman Jeb Hensarling....more
5/9/2017
/ Chevron Deference ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
ECOA ,
Financial Services Industry ,
Madden v Midland Funding ,
Minority-Owned Businesses ,
OIRA ,
Proposed Legislation ,
Rulemaking Process ,
Small Business ,
UDAAP ,
Valid When Made Doctrine ,
Women-Owned Businesses
On May 24, 2017, the FTC will hold a daylong conference on identity theft in Washington, D.C.
The conference, “Planning for the Future,” will include panel discussions about how identity thieves acquire and use consumer...more
The CFPB has published a notice in the Federal Register announcing that a meeting of its Academic Research Council will be held on May 17, 2017. ...more
The House Financial Services Committee announced that it will hold a hearing on April 26, 2017 to discuss the Financial CHOICE Act. It also released a discussion draft of a revised version of the bill....more
The CFPB has issued its annual Consumer Response Report that provides an analysis of the approximately 291,400 complaints handled by the CFPB between January 1 and December 31, 2016. According to the report, complaint volume...more
The CFPB has issued its March 2017 complaint report that highlights credit card complaints. The report also highlights complaints from consumers in Massachusetts and the Boston metro area. ...more
4/4/2017
/ Banking Sector ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Reports ,
Debt Collection ,
Deferred Interest Products ,
Financial Services Industry ,
Fraudulent Charges ,
Payday Loans ,
Student Loans
On April 5, 2017, the House Financial Services Committee will hold a hearing, “The 2016 Semi-Annual Reports of the Bureau of Consumer Financial Protection Bureau.” Since Director Cordray has appeared at all of the...more
3/31/2017
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Arbitration ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Executive Orders ,
Financial Services Committee ,
Financial Services Industry ,
PHH Corp. v CFPB ,
Regulatory Reform ,
Richard Cordray ,
SBREFA ,
Statute of Limitations ,
Trump Administration
Earlier yesterday, at the Practicing Law Institute’s (“PLI”) 22nd Annual Consumer Financial Services Institute in New York City, Alan Kaplinsky (who is co-chairing the event) moderated a panel entitled “The CFPB Speaks,” that...more
3/28/2017
/ Administrative Law Judge (ALJ) ,
Automotive Loans ,
Banking Sector ,
CashCall ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Enforcement Actions ,
Financial Services Industry ,
PHH Corp. v CFPB ,
Removal For-Cause ,
Single Director ,
Tribal Loans ,
True Lender
The Office of Inspector General for the Fed and CFPB has issued a report on the results of an evaluation it conducted to determine whether the CFPB effectively mitigates the risk of potential conflicts of interest associated...more