With the growth of technology and the development of the fintech market, an unprecedented amount of consumer financial data has become available. While protections through the FTC Safeguard Rule and EFTA provide certain...more
10/26/2017
/ Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Customer Information ,
Data Breach ,
Data Protection ,
Data Security ,
Electronic Data Transmissions ,
Financial Services Industry ,
Information Security ,
Informed Consent ,
Request For Information
The CFPB has issued its monthly complaint report. The report is a high level snapshot of trends in consumer complaints. The report traditionally provides a summary of the volume of complaints by product category, by company...more
The Fourth Circuit recently examined the issue of Article III standing in the context of the FDCPA. In Ben-Davies v. Blibaum & Associates, P.A., 2017 U.S. App. LEXIS 9667 (4th Cir. June 1, 2017), the consumer sought to...more
6/7/2017
/ Article III ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Debt Buyers ,
Debt Collection ,
Debt Collectors ,
FDCPA ,
Federal Rule 12(b)(1) ,
Financial Services Industry ,
Injury-in-Fact ,
Standing ,
Third-Party Service Provider
As required by the Dodd-Frank Act, the CFPB is conducting an assessment of its RESPA Mortgage Servicing Final Rule, which took effect on January 10, 2014. The assessment will seek to compare servicer and consumer activities...more
The CFPB’s most recent monthly report on consumer complaints spotlights student loans. The report is a high level snapshot of trends in consumer complaints. The Report provides a summary of the volume of complaints by product...more
This week the CFPB filed suit in the Northern District of Ohio against Weltman, Weinberg & Reis, an Ohio law firm. The complaint is a continuation of the CFPB’s attack on collection law firms and their level of meaningful...more
The CFPB has issued its 2016 Fair Lending Report which provides a summary of the Bureau’s efforts in fair lending for 2016. The Report also includes an indication of the Bureau’s fair lending priorities for 2017. Here are...more
The CFPB issued its monthly report on consumer complaints this week. The report is a high level snapshot of trends in consumer complaints. The Report provides a summary of the volume of complaints by product category, by...more
3/31/2017
/ Banking Sector ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Surcharges ,
Credit Cards ,
Debt Collection ,
Mortgages ,
Regulatory Oversight ,
Rewards Programs ,
Student Loans
The CFPB confirmed credit reporting remains a high priority for the agency by issuing a special Supervisory Highlights devoted to credit reporting earlier this month. The report was generally complimentary of the strides...more
The CFPB issued its monthly report on consumer complaints this month, providing a high-level snapshot of the recent trends in consumer complaints. The Report provides a summary of the volume of complaints by product category...more
The CFPB issued its monthly report on consumer complaints last week. The report is a high-level snapshot of trends in consumer complaints. The Reportprovides a summary of the volume of complaints by product category, by...more
The D.C. Circuit has vacated its prior order in PHH Corporation v. Consumer Financial Protection Bureau and ordered the matter be reheard en banc. The parties have been specifically asked to address the following issues in...more
2/21/2017
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Appointments Clause ,
Article II ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
En Banc Review ,
PHH Corp. v CFPB ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statutory Interpretation ,
Vacated
The CFPB continues to flex its muscle and expand its reach, this time punishing a prepaid card provider and its vendor for a conversion to a new system that did not go as planned. The consent order, which was entered into...more
The CFPB has issued its monthly complaint report and is shining its spotlight on mortgage products. The Monthly Complaint Report provides a high level snap shot of trends in consumer complaints, using a three month rolling...more
2/17/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Escrow Accounts ,
Financial Institutions ,
Loans ,
Mortgage Lenders ,
Mortgage Servicers ,
Mortgages ,
Prepaid Payment Products ,
Real Estate Market ,
Student Loans
The CFPB recently entered into consent orders with several Citibank subsidiaries attacking their mortgage servicing practices during the early days of the Mortgage Servicing Rules despite the CFPB’s assurances that early...more
The CFPB recently released its findings from its Survey of Consumer Views on Debt. The report is of limited value as it contains a relatively small sampling of consumers. 10,876 consumers were selected based upon...more
The CFPB’s concern with incentives and overdrafts continues and has resulted in a lawsuit filed against a Minnesota based TCF National Bank. In the lawsuit, the CFPB alleges that TCF National Bank violated the UDAAP...more
1/24/2017
/ Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Protection Laws ,
EFTA ,
Enforcement Actions ,
Financial Institutions ,
Incentive Awards ,
Informed Consent ,
Opt-In ,
Overdraft Fees ,
Regulation E ,
UDAAP
The CFPB recently issued its third consent order involving a debt collection law firm and appears to be expanding its interpretation of “meaningful involvement”. The order, which was entered against two related debt...more
Marketing practices remain at the forefront of CFPB activity as evidenced by two recent consent orders entered into with TransUnion and Equifax. The consent orders combine to require the CRAs to pay more than $17.6 million...more
1/17/2017
/ Advertising ,
Civil Monetary Penalty ,
Compliance Management Systems ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Disclosure Requirements ,
Equifax ,
Failure To Disclose ,
Informed Consent ,
Marketing ,
Restitution ,
TransUnion ,
UDAAP
This past November, in the wake of the Wells Fargo debacle, the CFPB issued a Compliance Bulletin which addressed employee incentives and the consumer risks associated with them. CFPB Compliance Bulletins are non-binding...more
1/10/2017
/ Auditor Independence ,
Board of Directors ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
Corrective Actions ,
Employee Incentive Plans ,
Employee Monitoring ,
Employee Training ,
Internal Audit Functions ,
Oversight Committee ,
Policies and Procedures ,
Wells Fargo
The Department of Justice has entered into a proposed consent order with two Ohio based banks resolving allegations that the banks engaged in a pattern or practice of redlining in their mortgage lending practices by...more
1/4/2017
/ Banks ,
Compliance Management Systems ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Fair Lending ,
HMDA ,
Mortgage Lenders ,
Race Discrimination ,
Redlining
The CFPB recently issued its monthly report of consumer complaints and turned its focus back to debt collection. The Report is a high level snapshot of trends in consumer complaints and provides a summary of the volume of...more
A recent series of CFPB consent orders should remind the mortgage industry to carefully monitor its advertising practices. The MAP Rule prohibits deceptive and misleading commercial communications regarding any term of any...more
12/28/2016
/ Advertising ,
Civil Monetary Penalty ,
Compliance ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Document Retention Policies ,
Dodd-Frank ,
Employee Training ,
Enforcement Actions ,
MAP Rule ,
Mortgage Lenders ,
Remediation ,
Reverse Mortgages ,
Unfair or Deceptive Trade Practices
The CFPB published its Fall Supervisory Highlights last week, highlighting its examination observations across various financial products for examinations conducted between May and August 2016. The Report highlights key...more
11/11/2016
/ Audit Policies ,
Automotive Loans ,
Board of Directors ,
Compliance ,
Compliance Management Systems ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Corrective Actions ,
Debt Collection ,
Fair Lending ,
Internal Controls ,
Mortgage Lenders ,
Policies and Procedures ,
Policy Statement