News & Analysis as of

Fair Credit Reporting Act (FCRA) Banks Financial Institutions

Orrick, Herrington & Sutcliffe LLP

Second Circuit sides with bank in FCRA case

On May 28, the U.S. Court of Appeals for the Second Circuit affirmed a judgment issued by a district court judge in U.S. SDNY dismissing a plaintiff-appellant’s claims under the FCRA for allegedly failing to reasonably...more

Orrick, Herrington & Sutcliffe LLP

CFPB memo outlines supervision and enforcement agendas under new administration

On April 16, the CFPB’s Chief Legal Officer, Mark Paoletta, issued a memo outlining the CFPB’s 2025 supervision and enforcement priorities, explaining that the CFPB intends to focus resources towards threats to service...more

Nutter McClennen & Fish LLP

Nutter Bank Report: May 2024

Headlines 1. Supreme Court Upholds the Constitutionality of the CFPB’s Funding Structure The Supreme Court has ruled that the statutory authorization that allows the CFPB to draw funds from the earnings of the Federal Reserve...more

Goodwin

The U.S. Government Takes Action on the Silicon Valley Bank and Signature Bank Failures

Goodwin on

Regulatory Developments - The U.S. Government Takes Action on the Silicon Valley Bank and Signature Bank Failures - On March 12, the FDIC, the Federal Reserve, and the U.S. Treasury Department announced that the U.S....more

Ballard Spahr LLP

PLI 25th Annual Consumer Financial Services Institute – 25% discount available

Ballard Spahr LLP on

PLI’s 25th Annual Consumer Financial Services Institute will take place on March 23-24, 2020, in New York City (and by live webcast and groupcast in Philadelphia, Pittsburgh, and Mechanicsburg, Pennsylvania, and New...more

McGuireWoods LLP

Recap of the 30th National Forum on Consumer Finance Class Actions and Government Enforcement

McGuireWoods LLP on

LA-based commercial litigator Arsen Kourinian has provided us with some timely notes from last week’s consumer finance litigation conference in Chicago: - On July 16 and 17, 2018, the American Conference Institute (ACI)...more

Goodwin

Financial Services Weekly News - August 2017 #2

Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) released prototypes of “Know Before You Owe” overdraft disclosure forms and provided an updated rulemaking agenda for 2017; the Federal Reserve...more

Morrison & Foerster LLP

Financial Services Report - Spring 2017

EDITOR’S NOTE - In like a lion, out like a lamb—it works for weather; does it work for new administrations? We’ll have to wait and see. We’ll have to wait and see about the length of CFPB Director Richard Cordray’s...more

BakerHostetler

CFPB Releases Fall 2015 Report Touting Recovery of Millions Through Supervisory Actions

BakerHostetler on

On November 3, the Consumer Financial Protection Bureau (CFPB) released its fall 2015 supervisory report concerning enforcement actions from May 2015 through August 2015. The Bureau highlights violations in the mortgage...more

Baker Donelson

The New Paradigm in Vendor Management Under the CFPB

Baker Donelson on

This past July marked the fifth anniversary of the creation of the Consumer Financial Protection Bureau (CFPB), a period marked by sweeping changes to the regulatory and administrative environment in which financial...more

Baker Donelson

A Treasure Trove: Publication of Complaint Data by the CFPB

Baker Donelson on

The CFPB complaint database was created with altruistic intentions. They envisioned a tool that consumers could use to search a downloadable database for research on a product or specific lender, just as they would research...more

Ballard Spahr LLP

FTC provides guidance on FCRA requirements for employer background checks

Ballard Spahr LLP on

When examining banks and companies subject to CFPB supervisory authority for FCRA compliance, CFPB examiners will look at whether the bank or company has followed FCRA requirements for use of background checks on employees...more

Ballard Spahr LLP

FTC Can Regulate Cybersecurity Practices, Third Circuit Rules

Ballard Spahr LLP on

The Federal Trade Commission (FTC) can regulate cybersecurity policies and procedures as “unfair” acts or practices under Section 5 of the FTC Act, the U.S. Court of Appeals for the Third Circuit has ruled in a very important...more

Stinson LLP

How to Respond to a CFPB Civil Investigative Demand

Stinson LLP on

The Consumer Financial Protection Bureau (“CFPB”) was created to enforce the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) and various consumer finance laws (e.g., Equal Credit Opportunity...more

MoFo Reenforcement

Supervisory Highlights

MoFo Reenforcement on

In This Issue: - Introduction - Supervisory observations ..Consumer reporting ..Debt Collection ..Deposits ..Mortgage servicing ..Student loan servicing ..Fair Lending: CFPB’s HMDA...more

Bradley Arant Boult Cummings LLP

FFIEC Issues Social Media Guidance: Social Media Channels Present Privacy Compliance Challenges

If you are using social media to attract and interact with customers, you should review the recent supervisory guidance from the Federal Financial Institutions Examination Council (FFIEC). The guidance, titled “Social Media:...more

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