Amanda Mollo

Amanda Mollo

Morrison & Foerster LLP

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Whither the CFPB? In Uncertain Times, Rep. Hensarling’s Vision May See New Life

Given the outcome of the presidential election, the focus is now on President-Elect Trump’s campaign promises to scale back the Dodd-Frank Act and pursue deregulation of financial services. As of now, little is known about...more

11/23/2016 - CFPB Dodd-Frank Donald Trump Financial Services Industry Presidential Elections Separation of Powers Trump Administration

CFPB Requests Information Regarding Data Aggregation Services

On November 17, 2016, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) held a field hearing in Salt Lake City, Utah, and published a Request for Information (“RFI”) regarding access to consumer financial account...more

11/22/2016 - Banking Sector CFPB Consumer Financial Products Dodd-Frank Request For Information

CFPB Forgoes Traditional Rulemaking Process in Announcing that the Equal Credit Opportunity Act and Regulation B Prohibit...

Richard Cordray, director of the Consumer Financial Protection Bureau (“CFPB”), issued a letter dated August 30, 2016 (“Cordray Letter”), expressing the CFPB’s views on whether credit discrimination on the basis of gender...more

10/11/2016 - CFPB ECOA Gender Discrimination Gender Identity Regulation B Rulemaking Process Sexual Orientation Discrimination

HUD Releases New Guidance on Limited English Proficiency Discrimination Under the Fair Housing Act

On September 15, 2016, the U.S. Department of Housing and Urban Development (HUD) issued guidance on how the nondiscrimination provisions in the Fair Housing Act (FHA) apply to persons who consider an individual’s “Limited...more

9/23/2016 - Civil Rights Act Discrimination Disparate Impact Executive Orders Fair Housing Act (FHA) HUD Limited English Proficiency (LEP) National Origin Discrimination New Guidance Title VI

CFPB Levies Largest Civil Money Penalty in Agency History, Alleges “Abusive” Conduct

On September 8, 2016, the Consumer Financial Protection Bureau (CFPB or “Bureau”), the Office of the Comptroller of the Currency (OCC), and the City and County of Los Angeles entered into a Consent Order with Wells Fargo...more

9/12/2016 - CFPB Civil Monetary Penalty Consent Order Financial Institutions OCC UDAAP Wells Fargo

FDIC Releases Proposed Third-Party Lending Guidance

On July 29, 2016, the board of directors of the Federal Deposit Insurance Corporation (FDIC) released a proposal regarding third-party lending guidance (“Proposed Guidance”) as part of a package of materials designed to...more

8/10/2016 - FDIC Financial Institutions Proposed Guidance Public Comment Risk Management Third Party Lenders Transparency

FTC Announces FinTech Forum on Crowdfunding, Peer-to-Peer Payments

On August 3, 2016, the Federal Trade Commission (FTC) released two items in connection with its series of events on the implications of FinTech for consumers. First, the FTC announced it will be hosting the next event in the...more

8/5/2016 - Crowdfunding FinTech FTC Funding Portal Peer-to-Peer Popular Unfair or Deceptive Trade Practices

CFPB Publishes Spring 2016 Regulatory Agenda

On June 9, 2016, the Consumer Financial Protection Bureau (CFPB) released its semi-annual regulatory agenda for Spring 2016. The agenda identifies the CFPB’s priorities through April 2017. While it does not include any major...more

6/13/2016 - Arbitration CFPB Data Collection Debt Collection Mortgage Servicing Rules Payday Loans Prepaid Payment Products Regulatory Agenda RESPA Rulemaking Process Truth in Lending Act (TILA)

CFPB Suffers First Official CID Challenge

On April 21, 2016, Judge Richard J. Leon of the United States District Court for the District of Columbia ruled on the first judicial challenge to the Consumer Financial Protection Bureau’s (“CFPB,” or “Bureau”) authority to...more

4/28/2016 - Accreditation Administrative Appeals Appeals CFPB Civil Investigation Demand For Profit Colleges Statutory Authority Unfair or Deceptive Trade Practices

Supreme Court Affirmation of Hawkins Case Raises More Questions Than It Answers

On March 22, 2016, the Supreme Court of the United States issued an order in Hawkins v. Community Bank of Raymore. An evenly divided Court affirmed the Eighth Circuit decision without issuing an opinion, thereby resolving...more

3/28/2016 - Commercial Loans ECOA Family Status Discrimination Guarantors Hawkins v Community Bank of Raymore Reaffirmation Regulation B SCOTUS Split of Authority Spouses

CFPB Publishes No-Action Letter Policy Statement

On February 22, 2016, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) published its Final Policy Statement (“Final Policy”) on No-Action Letters (“NALs”). The Final Policy follows a Proposed Policy on...more

2/23/2016 - CFPB Final Action No-Action Letters Policies and Procedures

Bureau Tells Banks to Offer Overdraft-Free Accounts, Sends Warning on Reporting

On February 3, 2016, the Consumer Financial Protection Bureau (CFPB or “Bureau”) announced a series of steps designed to improve consumer access to checking accounts by (a) encouraging banks and credit unions to make...more

2/4/2016 - Banking Sector CFPB Checking Accounts Consumer Reporting Agencies Deposit Accounts Overdraft Fees

CFPB Releases Second CARD Act Report

On December 3, 2015, the Consumer Financial Protection Bureau ("CFPB" or “Bureau”) released its second biennial report on the consumer credit card market (“Report”), as required by the Credit Card Accountability...more

12/11/2015 - CARD Act CFPB Credit Access Credit Cards Debt Collection Deferred Interest Products Rewards Programs

Deposit Processing Is Subject of New UDAAP Enforcement

The CFPB, OCC and FDIC (“the regulators”) took action on August 12, 2015 against three banks in the Citizens Bank corporate family, resulting in $11 million in required restitution and a total of $20.5 million in federal...more

8/14/2015 - Banking Sector CFPB Civil Monetary Penalty Consent Order Deposit Accounts FDIC OCC Restitution UDAAP

CFPB’s No. 2 to Resign, American Banker Reports

After two years in the CFPB’s No. 2 spot, Steven Antonakes is reportedly resigning from the Bureau. American Banker has reported that it obtained an internal agency memo in which the Deputy Director announced to staff that he...more

7/19/2015 - Administrative Resignation CFPB

Agencies Publish Diversity Standards for Financial Institutions

On June 10, 2015, six federal financial agencies (collectively, “Agencies”) jointly published a final Interagency Policy Statement, as required by Section 342 of the Dodd-Frank Act, outlining standards for assessing the...more

6/15/2015 - Diversity Dodd-Frank Financial Institutions

CFPB Proposes Suspending Quarterly Credit Card Agreement Submission Requirements

On February 26, 2015, the Consumer Financial Protection Bureau (“CFPB”) published a proposed rule (“Proposed Rule”) that would suspend for one year the requirement that credit card issuers submit their agreements to the CFPB...more

3/2/2015 - CARD Act CFPB Credit Cards Proposed Regulation Regulation Z Truth in Lending Act (TILA)

CFPB Takes Action Against Carrier for Charging for Unwanted Services

On December 17, 2014, the Consumer Financial Protection Bureau (“CFPB”) announced that it had filed a lawsuit against a telecommunications carrier, alleging that the carrier was allowing third-party merchants to place...more

12/19/2014 - CFPB Cramming Enforcement Actions Fraudulent Charges Mobile Payments Sprint Telecommunications Third-Party UDAAP

CFPB Issues Final Privacy Notice Rule

The CFPB has finalized its proposal allowing financial institutions to forgo mailing annual privacy notices by posting such notices online. Unfortunately, despite numerous pleas from the industry that the proposal would do...more

11/9/2014 - CFPB Disclosure Requirements Financial Institutions Gramm-Leach-Blilely Act Notice Requirements Privacy Notice Rule

CFPB Forum on Access to Checking Accounts Raises Industry Trepidation

On October 8, 2014, the Consumer Financial Protection Bureau held a forum in Washington, D.C. on access to checking accounts. While the CFPB states that the purpose of the event was “to learn more about how the screening...more

11/7/2014 - Banks CFPB Checking Accounts Richard Cordray

CFPB Complaints Database Expands to Include Prepaid Cards and Nonbank Products

On July 21, 2014, the Consumer Financial Protection Bureau (“CFPB”) announced that it has further expanded its Consumer Complaint Database (“Database”) to include additional types of financial products. Specifically, the CFPB...more

7/23/2014 - CFPB Consumer Complaint System Credit Repair Services Debt Settlement Services Prepaid Payment Products

Bureau Proposes Sharing Consumer Narratives in Complaints Database

On July 17, 2014, the Consumer Financial Protection Bureau (“CFPB”) held a field hearing in El Paso, Texas to announce a new policy proposal (“Proposal”) that would expand the Consumer Complaint Database (“Database”) to allow...more

7/22/2014 - CFPB Consumer Complaint System

Individual Liability: What’s Behind The Headlines?

It’s been open season on financial institutions since the 2008-2009 financial crisis (“Financial Crisis”). State and federal prosecutors and regulators are competing with each other for press coverage of their latest consent...more

7/15/2014 - Banking Crisis Banking Sector C-Suite Executives CFPB Civil Monetary Penalty Consent Order Corporate Officers D&O Insurance Directors DOJ FDIC Financial Conduct Authority (FCA) FinCEN FIRREA Individual Accountability Judge Rakoff Legislative Agendas Liability Insurance Personal Liability

CFPB Holds Field Hearing on Mobile Financial Services

Yesterday, at the historic Old U.S. Mint in New Orleans, Louisiana, the Consumer Financial Protection Bureau (“CFPB”) held a field hearing on mobile financial services in connection with its newly released formal Request for...more

6/16/2014 - CFPB Mobile Payments Public Forum Request For Information Smartphones

The Fed’s Report on Mobile Financial Services: Slow Growth in Mobile Payments

Earlier this year, the Board of Governors of the Federal Reserve System (“Board”) released a report on its third annual Survey of Consumers’ Use of Mobile Financial Services (the “2013 Survey”). The 2013 Survey are part of...more

5/27/2014 - Mobile Apps Mobile Banking Mobile Devices

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