The CFPB’s newly-released Spring 2017 edition of Supervisory Highlights covers supervisory activities generally completed between September and December 2016. The report indicates that supervisory resolutions resulted in...more
4/28/2017
/ Ability-to-Repay ,
Automotive Loans ,
Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Fair Lending ,
Financial Services Industry ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Regulation X ,
Regulation Z ,
Supervisory Highlights
A group of 20 state attorneys general, the D.C. attorney general, and the Executive Director of the Office of Consumer Protection of Hawaii have sent a letter to U.S. Department of Education Secretary Betsy DeVos criticizing...more
4/27/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Department of Education ,
Financial Institutions ,
Financial Services Industry ,
Loan Servicer ,
Regulatory Standards ,
Student Loans
In its new annual report covering its fair lending activities during 2016, the CFPB identifies the following three areas on which it “will increase our focus” in 2017...more
4/20/2017
/ Banking Sector ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
HMDA ,
Loans ,
Mortgages ,
Regulation B ,
Regulation C ,
Small Business ,
Student Loans
The CFPB has issued another request for information about the credit card market that identifies significant new issues of CFPB interest. The request is intended to inform the CFPB’s biennial review of the credit card market...more
3/10/2017
/ Banking Sector ,
CARD Act ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Creditors ,
Debt Collection ,
Deferred Interest Products ,
EMV ,
Innovation ,
Online Banking ,
Request For Information ,
Rewards Programs ,
Subprime Loans
Washington, D.C., and New York recently moved forward with efforts to license and regulate student loan servicers. In Washington, D.C., servicers of student loans made to District of Columbia residents are subject to a new...more
In December 2016, the Secretary of Education issued a decision adopting the decision of the Department of Education’s Senior Department Official terminating and withdrawing the Department’s recognition of the Accrediting...more
2/24/2017
/ Accreditation ,
Banking Sector ,
CID ,
Colleges ,
Consumer Financial Protection Bureau (CFPB) ,
Department of Education ,
Educational Institutions ,
Preliminary Injunctions ,
Restraining Orders ,
Secretary of Education ,
Title IV
The CFPB recently revised the prototype student loan Payback Playbook disclosures it has been developing with the Departments of Education and Treasury. These revisions were based on feedback from nearly 3,500 individual...more
The U.S. Department of Justice (DOJ) recently commenced a redlining lawsuit against KleinBank, a state-chartered Minnesota bank subject to the regulatory authority of the Federal Deposit Insurance Corporation (FDIC). The...more
1/31/2017
/ Banking Sector ,
Community Reinvestment Act ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Fair Housing Act (FHA) ,
HMDA ,
Mortgage Lenders ,
Mortgages ,
Race Discrimination ,
Redlining
The CFPB has released a new report, “Snapshot of older consumers and student loan debt,” that provides statistics on the growing number of consumers age 60 and over (older consumers) who owe student loan debt and the growing...more
The U.S. Department of Justice (DOJ) has filed a consent order against Union Savings Bank and Guardian Savings Bank to resolve redlining allegations. The complaint alleges that the banks violated the Fair Housing Act (FHA)...more
1/5/2017
/ Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Products ,
Department of Justice (DOJ) ,
ECOA ,
Fair Housing Act (FHA) ,
FDIC ,
Financial Services Industry ,
Jurisdiction ,
Mortgages ,
OCC ,
Race Discrimination ,
Redlining
The CFPB released its annual report on college credit card agreements (the fifth issued by the CFPB), together with a compliance bulletin regarding the obligation of colleges and universities under the CARD Act to publicly...more
12/16/2016
/ Banking Sector ,
CARD Act ,
CFPB Bulletins ,
Colleges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Card Agreements ,
Credit Cards ,
Department of Education ,
Higher Education Act ,
Reporting Requirements ,
Students ,
Universities
The CFPB has filed an amicus brief in support of the plaintiff in Arias v. Gutman, Mintz, Baker & Sonnenfeldt, PC and 1700 Development Co., a FDCPA case on appeal to the U. S. Court of Appeals for the Second Circuit. In its...more
11/17/2016
/ Amicus Briefs ,
Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Default Judgment ,
Elder Issues ,
FDCPA ,
Garnishment ,
Landlords ,
Rent ,
Social Security Benefits ,
Unfair or Deceptive Trade Practices
Serving consumers with limited English proficiency (“LEP Consumers”) is one of the most challenging issues facing financial institutions today. The logistical challenges of ensuring accurate translations, dealing with...more
In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto...more
11/7/2016
/ Ability-to-Repay ,
Automotive Loans ,
Banking Sector ,
Consumer Contracts ,
Consumer Financial Protection Bureau (CFPB) ,
Debt Collection ,
Dodd-Frank ,
Fair Credit Reporting Act (FCRA) ,
Fair Lending ,
FDCPA ,
Fees ,
Financial Institutions ,
Financial Services Industry ,
HMDA ,
Industry Examinations ,
Limited English Proficiency (LEP) ,
Mortgage Loan Originators ,
Mortgage Servicers ,
Mortgages ,
Popular ,
Regulation E ,
Regulation Z ,
Student Loans ,
Supervisory Highlights ,
UDAAP
The CFPB has released its fifth Annual report of the CFPB Student Loan Ombudsman discussing complaints received by the CFPB about private and federal student loans and the lessons drawn by the Ombudsman from those complaints....more
10/20/2016
/ Banking Sector ,
Borrowers ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Federal Student Loans ,
Financial Institutions ,
Ombudsman ,
Student Loans
The Federal Trade Commission (FTC) has filed an action against nine auto dealerships and their individual owners in a California federal court that the FTC described as its "first action against an auto dealer for 'yo-yo'...more
10/14/2016
/ Advertising ,
Automotive Industry ,
Automotive Loans ,
Banking Sector ,
Car Dealerships ,
Consumer Financial Products ,
Consumer Lenders ,
False Advertising ,
Federal Trade Commission (FTC) ,
Regulation M ,
Regulation Z ,
Retail Installment Sales Contracts ,
Title Loans ,
Unfair or Deceptive Trade Practices
The U.S. Department of Justice (DOJ) has announced a proposed consent order with Charter Bank to settle charges that the bank violated the Equal Credit Opportunity Act (ECOA) by discriminating on the basis of national origin...more
10/11/2016
/ Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Products ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discretionary Functions ,
Discrimination ,
Disparate Treatment ,
ECOA ,
FDIC ,
Interest Rates ,
Loans ,
National Origin ,
National Origin Discrimination
In a new blog post by Student Loan Ombudsman Seth Frotman, the CFPB discusses its concerns regarding how student loan servicers may be responding to borrowers seeking to make partial prepayments on their student loans and...more
9/29/2016
/ Banking Sector ,
Borrowers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Financial Services Industry ,
Loan Servicer ,
Ombudsman ,
Payment Terms ,
Private Student Loans ,
Student Loans ,
Students
New guidance issued by the U.S. Department of Housing and Urban Development (HUD) on Fair Housing Act (FHA) protections for persons with limited English proficiency (LEP) could have reverberations under the Equal Credit...more
While CFPB officials have suggested in public remarks that the Equal Credit Opportunity Act’s prohibition against discrimination on the basis of “sex” includes discrimination based on gender identity and sexual orientation, a...more
9/22/2016
/ Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Corporate Counsel ,
ECOA ,
Fair Lending ,
Financial Services Industry ,
Gender Discrimination ,
Gender Identity ,
LGBTQ ,
Policies and Procedures ,
Richard Cordray ,
Sex Discrimination ,
Sexual Orientation Discrimination ,
Transgender
In a new blog post, the CFPB states that recent research “underscores the disproportionate impact of student debt on communities of color.” According to the CFPB, federal government data shows that over 90 percent of...more
A plaintiff did not have Article III standing to assert claims under the Telephone Consumer Protection Act (TCPA) for alleged autodialed calls made to her without her consent, a California federal district court recently...more
9/7/2016
/ Article III ,
ATDS ,
Auto-Dialed Calls ,
Banking Sector ,
Consumer Lenders ,
Debt Collection ,
Debt Collectors ,
Invasion of Privacy ,
Prior Express Consent ,
Robocalling ,
Spokeo v Robins ,
Standing ,
TCPA
The CFPB has issued a new elder financial abuse report, “Report and Recommendations: Fighting Elder Financial Exploitation through Community Networks,” and a related resource guide, “A Resource Guide for Elder Financial...more
The CFPB’s Student Loan Ombudsman has released a new “Mid-year update on student loan complaints” that highlights issues related to income-driven repayment plan (IDR) application issues.
The update covers complaints...more
A plaintiff did not have Article III standing to assert claims under the Telephone Consumer Protection Act (TCPA) for alleged autodialed calls made to her without her consent, a California federal district court recently...more
8/22/2016
/ Article III ,
Auto-Dialed Calls ,
Banking Sector ,
Corporate Counsel ,
Debt Collection ,
Dismissals ,
Injury-in-Fact ,
Popular ,
Prior Express Consent ,
Robocalling ,
Standing ,
TCPA