At the end of March 2023, the CFPB issued its long-awaited final rule to implement Section 1071 of the Dodd-Frank Act. Section 1071 amended the Equal Credit Opportunity Act to require financial institutions to collect and...more
Third-party debt collectors, first-party creditors, and debt buyers face an ever-evolving federal and state regulatory landscape as well as ongoing private litigation. We first look at the impact of the CFPB’s most recent...more
Three bills that will update California’s data breach notification requirements have been signed into law by Governor Jerry Brown. The bills impose specific requirements on providing breach notification to consumers, add a...more
10/20/2015
/ Automatic License Plate Readers ,
Breach Notification Rule ,
Compliance ,
Cyber Attacks ,
Cyber Crimes ,
Data Breach ,
Encryption ,
Hackers ,
New Legislation ,
Personal Data ,
Personally Identifiable Information ,
Posting Requirements ,
Privacy Laws ,
Surveillance
New York City’s Responsible Banking Act (RBA) is preempted by federal and state law, a federal court has ruled. Pursuant to the New York City Charter, only financial institutions that are designated “deposit banks” by the...more
To resolve charges by the Consumer Federal Protection Bureau (CFPB) and the Department of Justice (DOJ) that it engaged in unlawful discrimination in violation of the Equal Credit Opportunity Act (ECOA), American Honda...more
7/17/2015
/ Automotive Industry ,
Automotive Loans ,
Borrowers ,
Compensation Agreements ,
Compliance ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discrimination ,
Disparate Impact ,
ECOA ,
Fair Housing Act (FHA) ,
Fair Lending ,
Financial Institutions ,
Honda ,
Interest Rates ,
Lenders ,
Race Discrimination ,
SCOTUS ,
Texas Dept of Housing v Inclusive Communities
A new report issued by the federal Office of the Comptroller of the Currency (OCC) identifies top safety and soundness risks to national banks and federal savings associations, as well as OCC supervisory priorities for the...more
Tony Alexis, the head of enforcement at the CFPB, spoke today in Chicago at a program sponsored by the Committee on Consumer Financial Services at the American Bar Association Section of Business Law’s Annual Meeting. The...more
The CFPB has issued a bulletin warning credit card issuers that offer certain promotional APRs of the risk that they may be engaging in deceptive and/or abusive acts or practices when making solicitations for such offers even...more
June 2014 saw the publication of some interagency FAQs on the Volcker Rule (the Rule) and interim procedures from the Office of the Comptroller of the Currency (OCC) for its examiners to use in assessing progress by national...more
Benjamin M. Lawsky, who heads the New York State Department of Financial Services (DFS), indicated that his agency is seriously considering more aggressive investigation and pursuit of individuals whose malfeasance has led...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
The Federal Trade Commission recently announced the settlement of its first enforcement action for alleged violations of the Fair Credit Reporting Act (FCRA) risk-based pricing rule (Rule). The settlement demonstrates that...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 New York Department of Financial Services (DFS) opened a new front in its campaign against the payday lending industry by subpoenaing 16 online lead generation firms that allegedly collected and sold consumers’...more
The Office of the Comptroller of the Currency (OCC) recently issued a new Bulletin 2013-29 containing substantially more onerous risk management guidance for third-party business relationships (3PRs) of national banks and...more
The Office of the Comptroller of the Currency (OCC) recently issued guidance on what it looks for when requiring national banks and federal thrifts in enforcement orders to engage third-party consultants (3PCs). Bulletin...more
In a speech last week to the Reuters Washington Summit, Director Cordray is reported to have indicated that the CFPB is committed to pursuing individuals, and not just companies, when exercising its enforcement authority. Mr....more
The Consumer Financial Protection Bureau has issued a bulletin warning employers that they cannot require employees to receive their wages on payroll cards. The bulletin appears to respond to the explosive growth in the use...more
Yesterday, the CFPB filed a lawsuit against Morgan Drexen, the company that on July 22 sued the CFPB claiming that the Bureau’s structure violates the Constitution’s separation of powers....more
My colleagues, Chris Willis and Barbara Mishkin, have previously blogged here and here about the CFPB’s recent guidance advising banks and non-banks subject to its jurisdiction to investigate and self-report to the Bureau...more
The Cuomo administration, through the New York State Department of Financial Services (DFS), recently announced aggressive enforcement-related activities in an ongoing DFS investigation designed to stop supposedly unlawful...more
The Federal Trade Commission’s recent announcement that it entered into a record settlement with “the world’s largest debt collection operation” demonstrates that it intends to continue its vigorous enforcement of the Fair...more
The Consumer Financial Protection Bureau made clear that debt collection continues to be a major focus by issuing two new bulletins and five action letters for consumers to use when responding to debt collectors....more
Oklahoma has enacted new requirements for private student loans that become effective on July 1, 2013. The requirements are set forth in the Oklahoma Private Student Loan Transparency Act, a part of House Bill No. 1829....more