Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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CFPB publishes annual CARD Act, HOEPA and QM adjustments

The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more

8/19/2014 - CARD Act CFPB Dodd-Frank Final Rules HOEPA Qualified Mortgage Rule Regulation Z TILA

OIG updated work plan includes projects focused on CFPB office renovations and employee diversity

The CFPB’s headquarters renovations is now the subject of two ongoing projects of the Office of Inspector General (OIG), according to the OIG’s updated work plan as of July 25, 2014. As the OIG indicates in the work...more

8/7/2014 - CFPB Compliance Diversity OIG

CFPB launches new financial education efforts directed at low-income consumers

Last week, the CFPB announced a new partnership with national and local nonprofit and public social services programs across the country to train staff to provide financial education and tools to clients with low-to-moderate...more

8/4/2014 - CFPB Mortgages

CFPB issues third annual Plain Writing Act compliance report

The CFPB has issued its third annual Plain Writing Act compliance report. Under the PWA, federal “executive agencies,” including the CFPB, are required to use plain language in documents that: are necessary for obtaining...more

8/1/2014 - CFPB Information Reports Plain Writing Act

GAO issues report on CFPB civil penalty fund

The Government Accountability Office (GAO) has issued a report on the results of its review the CFPB’s Civil Penalty Fund (CPF). The review was requested by Representative Shelley Moore Capito, who chairs the House Financial...more

8/1/2014 - CFPB Civil Monetary Penalty Compliance Dodd-Frank Enforcement Enforcement Actions GAO

Letter from leading Republicans to Director Cordray questions pre-confirmation actions

Following up on his earlier statement about the impact of the Supreme Court’s decision in NLRB v. Noel Canning on Richard Cordray’s actions taken prior to his July 16, 2013 confirmation by the Senate as CFPB Director,...more

7/31/2014 - Canning v NLRB Dodd-Frank NLRB Recess Appointments Richard Cordray SCOTUS Title X

Update on certiorari petition in Texas FHA case

As we reported, the petition for certiorari filed in May 2014 by the Texas Department of Housing and Community Affairs (Texas DHCA) in Inclusive Communities Project v. Texas Dep’t of Housing and Community Affairs could give...more

7/29/2014 - Certiorari Disparate Impact Fair Housing Fair Housing Act SCOTUS

Director Cordray to testify at July 30 House hearing on alleged CFPB employee discrimination

On July 30, 2014, the House Financial Services Committee’s Subcommittee on Oversight and Investigations will hold a hearing titled “Allegations of Discrimination and Retaliation and the CFPB Management Culture.” Director...more

7/29/2014 - CFPB Discrimination Richard Cordray

Consumer stories: CFPB birthday presents?

To mark the CFPB’s “third birthday,” Director Cordray sent an e-mail inviting consumers to share their “stories with the CFPB.” In addition, the CFPB has posted several videos on its website that Director Cordray described in...more

7/29/2014 - CFPB Consumer Complaint System

Industry trade groups seek more time to comment on CFPB proposal to disclose consumer complaint narratives

Five prominent industry trade groups have sent a letter to the CFPB asking for at least 90 days to comment on the CFPB’s proposal to expand the complaint data that it publicly discloses in its Consumer Complaint Database to...more

7/25/2014 - CFPB Complaint Procedures Disclosure Requirements Executive Orders

CFPB issues second Financial Literacy Annual Report

The CFPB has issued its second Financial Literacy Annual Report to Congress. The report covers the CFPB’s activities to improve consumer financial literacy during the period from June 2013 through May 2014. The report’s...more

7/24/2014 - CFPB Financial Planning

Update on state AG/regulator lawsuits using Dodd-Frank authority

We have been following four lawsuits brought by state Attorneys General and a state regulator using their Dodd-Frank enforcement authority. Under Dodd-Frank Section 1042, a state AG or regulator is authorized to bring a civil...more

7/23/2014 - Attorney Generals Dodd-Frank Enforcement Enforcement Actions Experian UDAAP

CFPB now taking complaints on prepaid cards, debt settlement services and more

Although we thought an announcement that the CFPB had begun taking complaints about new products would be made at its field hearing on consumer complaints last week, that announcement was made today. The CFPB announced that...more

7/22/2014 - CFPB Consumer Complaint System Credit Repair Services Debt Settlement Services Pawn Brokers Prepaid Payment Products Title Loans

CFPB issues new “snapshot” report on consumer complaints

The CFPB has issued a report on consumer complaints received from July 21, 2011 through June 30, 2014. According to the CFPB’s “Snapshot,” it handled approximately 395,300 complaints during this period, with its Consumer...more

7/21/2014 - CFPB Consumer Complaint System Information Reports Loan Modifications Payday Loans

House to hold hearing on impact of Dodd-Frank Act

On Wednesday, July 23, 2014, the House Financial Services Committee will hold a hearing entitled “Assessing the Impact of the Dodd-Frank Act Four Years Later.” (Today is the fourth anniversary of the date on which the Act was...more

7/21/2014 - Congressional Investigations & Hearings Dodd-Frank Legislative Committees

CFPB and FTC to hold roundtable on debt collection and the Latino community

On October 23, 2014, the CFPB and FTC will be co-hosting a roundtable titled “Debt Collection & the Latino Community” to examine how debt collection issues affect Latino consumers, especially those who have limited English...more

7/21/2014 - CFPB Debt Collection FTC

OIG finds flaws in approval process used for CFPB headquarters renovation

The ballooning cost estimates for renovating the CFPB’s Washington, D.C. headquarters was the subject of verbal sparring between Director Cordray and Republican Congressmen during Director Cordray’s most recent appearance...more

7/3/2014 - CFPB Federal Contractors IRB Legislative Agendas Legislative Committees OIG Renovations

GAO report recommends increased CFPB participation in virtual currency efforts

In a report issued last week on virtual currencies, the Government Accountability Office recommended increased CFPB participation in interagency efforts related to such currencies. The report, entitled “Virtual...more

7/1/2014 - Banking Sector CFPB Enforcement GAO Information Reports Popular Senate Banking Committee Virtual Currency

CFPB seeking applicants for technology fellowship program

The CFPB has announced that it is now accepting applications for the next round of its Technology & Innovation fellowship program. The CFPB describes the fellowship as “a two year program for software developers, graphic and...more

6/25/2014 - CFPB Cybersecurity Data Protection Technology

CFPB seeking input on eRegulations

Last October, the CFPB announced the launch of its “eRegulations” feature on its website. At the time, the CFPB described eRegulations as “a web-based, open source tool that aims to make regulations easier to find, read, and...more

6/24/2014 - CFPB Regulation E Regulation Z

New CFPB initiatives to prevent elder financial abuse and improve financial literacy

The CFPB has issued a new guide designed to help operators and staff of nursing facilities and assisted living residences protect residents from financial abuse. The guide indicates that it is for administrators as well as...more

6/20/2014 - Popular

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

6/20/2014 - Automotive Industry Automotive Loans Banks CFPB Choke Point Discrimination DOD DOJ ECOA Fannie Mae FDIC FHA Financial Services Committee Freddie Mac Information Reports Lenders Military Lending Act Mortgages Qualified Mortgage Rule

CFPB issues final rule on temporary cease-and-desist orders

In a notice published in today’s Federal Register, the CFPB has announced that it has adopted its interim final rule on temporary cease-and-desist orders (C&Ds) without change. The final rule takes effect on July 18, 2014....more

6/18/2014 - Cease and Desist CFPB

Another insurance industry trade association group challenges the HUD disparate impact rule

We have been following the lawsuit in federal district court in D.C. in which two insurance industry trade associations have challenged the HUD disparate impact rule. The complaint in the D.C. action, which was commenced in...more

6/16/2014 - Discrimination Disparate Impact FHA HUD McCarran-Ferguson Act

House 2015 DOJ appropriations bill prohibits DOJ use of disparate impact in FHA enforcement actions

The FY 2015 Commerce, Justice, Science Appropriations Act (H.R. 4660) passed by the House of Representatives includes an amendment (H. Amdt. 768) that prohibits the U.S. Department of Justice from using any of the funding...more

6/13/2014 - Appropriations Bill Disparate Impact DOJ Enforcement FHA HUD

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