Two leading industry trade groups have disputed a recent New York Times editorial entitled “When a Car Loan Means Bankruptcy,” which attempted to draw parallels between subprime auto loans and subprime mortgage loans. The...more
The CFPB has announced a settlement with USA Discounters, a retailer that operates a chain of stores near military bases and offers financing for purchases through retail installment sales contracts (RICs), to resolve charges...more
In conjunction with issuing a consumer advisory today on virtual currencies, the CFPB announced that it is now taking complaints about virtual currency products and services. The CFPB’s actions follows the issuance of a...more
The New York Department of Financial Services (DFS) recently issued revised proposed debt collection regulations, which have important implications concerning charged-off and time-barred debt, for third-party debt collectors...more
The CFPB is proposing to expand the complaint data that it publicly discloses in its Consumer Complaint Database to include consumer complaint narratives.
Three prominent industry trade groups are urging the Office of Management and Budget (OMB) not to approve the CFPB’s proposal to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use...more
"Operation Choke Point," the coordinated multiagency federal effort to choke off banking services to alleged fraudsters (according to its defenders) or politically unpopular industries (according to its detractors), has come...more
The CFPB will be publishing a notice in tomorrow’s Federal Register which states that the CFPB is seeking approval from the Office of Management and Budget of its plans to conduct a national telephone survey of 1,000 credit...more
In its Spring 2014 Supervisory Highlights report issued yesterday, the CFPB highlighted deficiencies and violations it found during examinations of consumer reporting agencies (CRAs), debt collectors and payday lenders. The...more
The Consumer Financial Protection Bureau recently published a proposed rule that would amend Regulation P to allow financial institutions, under certain circumstances, to deliver annual privacy notices to their customers...more
We have previously blogged about the ongoing arbitration study which the CFPB is conducting under Section 1028 of Dodd-Frank.
Yesterday, Will Wade-Gery (who is managing the study for the CFPB) spoke at the 19th Annual...more
This Tuesday, April 8, the House Financial Services Committee will hold a hearing entitled “Who’s in Your Wallet: Examining How Washington Red Tape Impairs Economic Freedom.”
Today is the final day of CBA Live 2014, which is being held at the Gaylord Hotel in National Harbor, MD. I spoke at a program yesterday about the CFPB’s ongoing arbitration study under Section 1028 of Dodd-Frank. Based on...more
Last week, New York Attorney General Eric Schneiderman announced settlements with six auto dealers imposing fines ranging from $7,500 to $15,000 for allegedly engaging in deceptive and misleading advertising practices. The...more
In what appears to be the first lawsuit by a state attorney general of its kind, the Illinois AG recently filed a state court lawsuit against a small loan lender alleging violations of the Dodd-Frank prohibition of unfair,...more
The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness has sent a detailed letter to Director Cordray in which it criticizes the CFPB’s approach of “regulation by enforcement settlement combined with...more
The California federal district court hearing the CFPB’s enforcement action against Morgan Drexen has rejected Morgan Drexen’s challenge to the CFPB’s constitutionality. Although similar challenges have been made in other...more
Effective this past November 1, the CFPB ended its controversial practice of having enforcement attorneys regularly participate in examinations of supervised entities. Since first learning of the CFPB’s practice, we had...more
Following up on our earlier post, we have now had a chance to review the CFPB’s 168-page report containing some preliminary results of its consumer arbitration study. While we are encouraged that the Bureau recognizes the...more
The Consumer Financial Protection Bureau’s recently released fall 2013 rulemaking agenda portends aggressive rulemaking by the Bureau in 2014.
With most of the rulemaking mandated by the Dodd-Frank Act now completed,...more
The Consumer Financial Protection Bureau has issued a final rule allowing it to supervise nonbank servicers of private and federal student loans who qualify as “larger participants” in the student loan servicing market. The...more
Charles A. Harwood, Deputy Director of the Bureau of Consumer Protection of the Federal Trade Commission, testified before a U.S. Senate committee last week about military consumer protection issues. Deputy Director Harwood's...more
The CFPB’s auto fair lending guidance continues to draw criticism from members of Congress, most recently from Congressman Blaine Luetkemeyer, a member of the House Financial Service Committee.
In a November 15 letter...more
The CFPB has filed an amicus brief in the U.S. Court of Appeals for the Second Circuit in The Otoe-Missouria Tribe of Indians et al. v. New York Department of Financial Services et al., a case stemming from New York’s...more
The Advance Notice of Proposed Rulemaking (ANPR) on debt collection issued by the CFPB earlier this week solicits comments on an array of issues relating to the debt collection practices of third-party debt collectors and...more