On July 20, 2016, from 11:00 AM – 12:00 PM ET, the American Bar Association is sponsoring a program, “CFPB’s Proposed Arbitration Ban — What You Need To Know.” The panelists will discuss the pros and cons of the CFPB’s...more
7/14/2016
/ American Bar Association (ABA) ,
Arbitration ,
Arbitration Agreements ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Mandatory Arbitration Clauses
Today, July 11, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing titled: “Examining the Opportunities and Challenges with Financial Technology...more
Republican Congressman Matt Salmon has introduced a bill, the “CFPB Data Accountability Act ” (H.R. 5413), that would impose requirements on how the CFPB handles consumer complaints. The requirements include the following...more
Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee Chairman, released a summary of a bill to replace the Dodd-Frank Act. The bill is entitled “The Financial CHOICE Act,” with “CHOICE”...more
The fiscal year 2017 appropriations bill approved last week by the House Financial Services and General Government Appropriations Subcommittee of the House Appropriations Committee includes the following provisions intended...more
6/1/2016
/ Appropriations Bill ,
Arbitration ,
Arbitration Agreements ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Services Industry ,
Legislative Committees
The Consumer Financial Protection Bureau (CFPB) has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives:
Arbitration. The Spring 2016 agenda does not...more
5/27/2016
/ Arbitration ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Financial Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Reports ,
Debt Collection ,
Dodd-Frank ,
ECOA ,
Financial Institutions ,
Financial Services Industry ,
Mandatory Arbitration Clauses ,
Mortgages ,
Online Marketplace Lending ,
Overdraft Fees ,
Payday Loans ,
Popular ,
Prepaid Payment Products ,
Rulemaking Process ,
Small Business ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID)
With the publication of the CFPB’s proposed arbitration rule in today’s Federal Register, the 90-day comment period is now running. Comments on the proposal must be received on or before Monday, August 22, 2016....more
5/24/2016
/ Arbitration ,
Arbitration Agreements ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Mandatory Arbitration Clauses ,
Public Comment ,
Service Contracts
On May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public...more
5/16/2016
/ Arbitration ,
Arbitration Agreements ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Services Industry ,
Legislative Committees ,
Mandatory Arbitration Clauses ,
Service Contracts
On April 20, 2016, Congressman Sean Duffy sent a letter to Director Cordray indicating that the House Financial Services Committee is investigating “the examination and possible regulation by the [CFPB] of pre-dispute...more
5/6/2016
/ Arbitration ,
Arbitration Agreements ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Investigations & Hearings ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Committee ,
Financial Services Industry ,
SBREFA
Alan Kaplinsky, who leads Ballard Spahr’s Consumer Financial Services Group, has been asked by the CFPB to testify as an industry representative at the CFPB’s May 5 field hearing on arbitration. We expect the hearing to...more
The CFPB has issued its April 2016 complaint report which highlights complaints about mortgages and complaints from consumers in California. The CFPB began taking complaints about mortgages in December 2011....more
The Office of the Comptroller of the Currency recently issued a revised Policies and Procedures Manual (PPM) for assessing civil money penalties (CMP). The PPM applies to CMPs assessed against all national banks, federal...more
The CFPB has issued its February 2016 complaint report which highlights complaints about prepaid cards and complaints from consumers in Texas and the Houston metro area. The CFPB began taking complaints about prepaid cards in...more
The CFPB has issued its January 2016 complaint report which highlights “other financial service” complaints and complaints from consumers in New York State and the New York metro area. In addition to the major complaint...more
The CFPB has published notices in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Academic Research Council (ARC), Consumer Advisory Board (Board), Community...more
Director Cordray is scheduled to be a panelist at the Financial Inclusion Forum to be held in Washington, D.C. on December 1, 2015. Hosted by the U.S. Department of the Treasury and the U.S. Agency for International...more