The CFPB has taken a significant step towards issuing regulations to implement Section 1071 of the Dodd-Frank Act by releasing an outline of the proposals it is considering in preparation for convening a small business...more
9/21/2020
/ Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Fair Lending ,
Financial Institutions ,
Financial Services Industry ,
Minority-Owned Businesses ,
Proposed Rules ,
Regulatory Requirements ,
Rulemaking Process ,
SBREFA ,
Section 1071 ,
Small Business ,
Women-Owned Businesses
The Student Borrower Protection Center has sent a letter to CFPB Director Kraninger urging her to designate the National Student Clearinghouse as a “consumer reporting agency,” supervise it as a “larger participant,” and add...more
The New York Department of Financial Services has sent a letter to the institutions that it regulates requiring each such institution, by February 7, 2020, to provide to DFS a description of its “plan to address its LIBOR...more
1/9/2020
/ Consumer Financial Products ,
Consumer Lenders ,
Depository Institutions ,
Federal Reserve ,
Financial Institutions ,
Financial Services Industry ,
Health Insurance ,
Housing Market ,
Libor ,
Life Insurance ,
Loans ,
Mortgages ,
Non-Depository Institutions ,
NYDFS ,
Popular ,
Property Insurance ,
Real Estate Transactions ,
Regulatory Oversight ,
Regulatory Standards ,
Secured Overnight Funding Rate (SOFR) ,
Transitional Arrangements
In less than a year, pre-dispute arbitration agreements will be clearly permissible again now that the Department of Education has finalized its proposal to rescind the Obama administration’s “Borrower Defense” rule issued in...more
9/16/2019
/ Arbitration ,
Arbitration Agreements ,
Borrower Defense Rule ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Financial Products ,
Department of Education ,
Federal Family Education Loan Program (FFEL) ,
Federal Funding ,
Final Rules ,
Financial Institutions ,
Financial Responsibility Standards ,
Labor Regulations ,
Pre-Dispute Arbitration ,
Student Loans ,
Title IV
The CFPB has filed an amicus brief in the U.S. Court of Appeals for the Third Circuit in the Pennsylvania Attorney General’s lawsuit against Navient Corp. The PA AG’s lawsuit includes claims that Navient violated the...more
9/6/2019
/ Amicus Briefs ,
Appointments Clause ,
Consumer Financial Products ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Institutions ,
Financial Services Industry ,
Motion to Dismiss ,
Navient ,
Regulatory Violations ,
State Attorneys General ,
Student Loans ,
Take Care Clause ,
UDAAP ,
Unfair or Deceptive Trade Practices
The CFPB has issued an update to its 2016 advisory that contained recommendations for banks and credit unions on how to prevent, recognize, report, and respond to financial exploitation of older Americans....more
A new report issued by the Government Accountability Office titled, “Private Student Loans: Clarification from CFPB Could Help Ensure More Consistent opportunities and Treatment for Borrowers,” calls on the CFPB to provide...more
The FDIC and the Federal Reserve Board of Governors issued a joint advisory to make financial institutions aware of a 2018 amendment to the Fair Credit Reporting Act that provides that a financial institution may, but is not...more
The U.S. Senate on March 14 passed S.2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (the Act), by a vote of 67 to 31. Although the Act would not make the sweeping changes to the Dodd-Frank Act found...more
3/16/2018
/ Appraisal ,
Banking Sector ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Financial Institutions ,
Financial Regulatory Reform ,
FIRREA ,
FSOC ,
HMDA ,
Legislative Agendas ,
Mortgages ,
Online Marketplace Lending ,
Orderly Liquidation Authority ,
PACE ,
Proposed Legislation ,
Regulatory Oversight ,
Student Loans ,
TILA-RESPA Integrated Disclosure Rule (TRID) ,
Truth in Lending Act (TILA)
The CFPB has issued two new reports concerning student loans. The first report, “CFPB Data Point: Student Loan Repayment,” examines how the payment patterns of student loan borrowers have changed over the last 14 years. The...more
The Minnesota Supreme Court recently ruled that two for-profit postsecondary education schools had charged usurious interest rates on student loans and could not charge rates greater than 8% without obtaining a lending...more
An informative new American Banker podcast discusses recent and possible future changes to traditional credit scores, what they mean for industry, and possible industry responses.
The podcast begins with a discussion of...more
One of the hallmarks of the CFPB’s enforcement actions has been its use of those actions to announce new legal standards. Navient attacks this enforcement strategy in its motion to dismiss a recent case brought against it by...more
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
A collection letter potentially violated the Fair Debt Collection Practices Act (FDCPA) because a box the plaintiff could check to indicate she disputed the validity of the debt was accompanied by a statement that a reason...more
In a new white paper, “An Overview of the Analytical Flaws and Methodological Shortcomings of the CFPB’s Survey of Consumer Experiences with Debt Collection,” ACA International takes aim at the report released by the CFPB in...more
A collection letter potentially violated the Fair Debt Collection Practices Act (FDCPA) because a box that the plaintiff could check to indicate that she disputed the validity of the debt was accompanied by a statement that a...more
The D.C. Circuit will hear oral argument on February 2, 2017 on the CFPB’s appeal from the D.C. federal district court’s April 2016 ruling that the CFPB exceeded its statutory authority when it issued a CID to the Accrediting...more
12/16/2016
/ Accreditation ,
Appeals ,
CID ,
Colleges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Financial Aid ,
Financial Institutions ,
For Profit Colleges ,
For Profit Education ,
Statutory Authority
In May 2015, the CFPB issued a report, “Data Point: Credit Invisibles,” that documented the results of a research project undertaken by the CFPB to better understand the demographic characteristics of consumers without...more
A federal district court in Florida has ruled that a debt collector did not violate the Fair Debt Collection Practices Act (FDCPA) by sending a collection letter in an envelope that allegedly revealed a barcode in which the...more
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 U.S. Supreme Court granted certiorari last week in Midland Funding, LLC v. Aleida Johnson, a decision of the 11th Circuit that held that Midland’s filing of a proof of claim in the plaintiff’s bankruptcy case on a...more