Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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CFPB’s Ombudsman’s Office issues fifth annual report

The CFPB’s Ombudsman’s Office has issued its fifth annual report covering the Office’s activities during fiscal year 2016 (October 1, 2015 through September 30, 2016).  The role of the Ombudsman’s Office is to assist in the...more

12/7/2016 - Annual Reports Banking Sector CFPB Consumer Complaint System Consumer Financial Products Disclosure Ex-Parte Communications Ombudsman Regulatory Oversight

CFPB submits proposal to expand consumer complaint feedback for OMB approval

The CFPB has taken another step towards implementing its proposal to add a survey to its current complaint intake form that a consumer could choose to complete to provide feedback on the company’s response to his or her...more

12/2/2016 - Banking Sector Banks CFPB Comment Period Consumer Complaint System Consumer Financial Products Financial Institutions Financial Services Industry OMB Rating System

Members of Congress, consumer advocates file amicus briefs supporting CFPB’s petition for rehearing en banc in PHH case

A group of 21 current and former members of Congress and a group of 10 consumer advocacy organizations have filed amicus briefs in support of the CFPB’s petition filed with the D.C. Circuit seeking a rehearing of its decision...more

12/1/2016 - Administrative Proceedings Amicus Briefs Banking Sector CFPB Constitutional Challenges Dodd-Frank PHH Corp. v CFPB Removal For-Cause RESPA Single Director Solicitor General Statutory Interpretation

CFPB November 2016 complaint report highlights other financial services complaints, complaints from Oklahoma consumers

The CFPB has issued its November 2016 complaint report which highlights complaints about “other financial services,” a category that includes debt settlement, credit repair, check cashing, and money orders.  The report also...more

12/1/2016 - CFPB Check Cashing Consumer Complaint System Consumer Financial Products Credit Repair Services Debt Collection Debt Settlement Services Financial Sector Financial Services Industry Fraud Money Orders Scams

How does the PHH case impact presidential authority to remove Director Cordray?

A blog post entitled “The President’s Removal Power and the PHH Litigation” by Aditya Bamzai, an Associate Professor of Law at the University of Virginia School of Law, challenges the assumption of many observers that the new...more

12/1/2016 - Administrative Proceedings CFPB Constitutional Challenges Dodd-Frank PHH Corp. v CFPB Removal For-Cause RESPA Single Director Statutory Interpretation Trump Administration

CFPB issues bulletin on incentive programs

The CFPB has issued a new compliance bulletin (2016-03) on incentive programs. The issuance of the bulletin reflects the CFPB’s increased focus on such programs. In the bulletin, the CFPB acknowledges that incentives...more

11/30/2016 - Banking Sector CFPB CFPB Bulletins Financial Services Industry Incentive Compensation

CFPB amends commentary on adjustments to exemption thresholds; makes no changes to 2017 thresholds

The CFPB has adopted changes to its Reg Z commentary to memorialize the calculation methods used each year to adjust the thresholds for exempt consumer credit transactions and for transactions exempt from the special...more

11/29/2016 - Appraisal Banking Sector CFPB Consumer Price Index Dodd-Frank Exemptions Financial Transactions Mortgages Regulation M Regulation Z Threshold Requirements Truth in Lending Act (TILA)

D.C. Circuit orders PHH to respond to CFPB’s petition for rehearing en banc; invites response from Solicitor General

The D.C. Circuit has entered an order directing PHH Corporation to file a response to the CFPB’s petition for rehearing en banc in CFPB v. PHH Corporation. The order, filed November 23, 2016, requires PHH to file its...more

11/28/2016 - Administrative Proceedings CFPB Constitutional Challenges Dodd-Frank En Banc Review PHH Corp. v CFPB Removal For-Cause RESPA Single Director Solicitor General Statutory Interpretation

Trump transition team names former SEC commissioner to CFPB landing team

According to Politico, the Trump transition team has created “landing teams” that will be tasked with going into federal agencies to prepare for the change in Administrations. Politico has reported that Paul Atkins, who...more

11/23/2016 - Administrative Appointments CFPB Donald Trump FDIC Financial Sector OCC SEC Transition Team Trump Administration

CFPB files lawsuit against structured settlement purchaser

The CFPB has filed a lawsuit in a Maryland federal district court against: (1) Access Funding, LLC (Access), a limited liability company that purchases structured settlements from consumers; (2) Access’ managing member...more

11/22/2016 - CFPA CFPB Dodd-Frank Financial Sector Financial Services Industry Purchasers Settlements Structured Settlements UDAAP Unfair or Deceptive Trade Practices

CFPB to participate in interagency MLA webinar

On December 1, 2016, the  FDIC will co-host an interagency webinar that will focus on Military Lending Act regulations and the Department of Defense’s recently-released interpretive rule. In addition to a CFPB...more

11/22/2016 - Banking Sector CFPB Consumer Financial Products Consumer Lenders Department of Defense (DOD) FDIC Federal Reserve Interpretive Rule Military Lending Act Military Service Members OCC Webinars

Petition for writ of certiorari filed in case asserting recess appointment defense to CFPB enforcement action

Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in...more

11/21/2016 - Article III Banking Sector CFPA CFPB Disgorgement Enforcement Actions Fees Loan Modifications Mortgage Assistance Relief Services (MARS) Obama Administration Petition for Writ of Certiorari Recess Appointments Regulation O Restitution Standing Summary Judgment

CFPB issues request for information on consumer access to financial information

In conjunction with its field hearing yesterday on consumer access to financial information, the CFPB has issued a request for information (RFI) about market practices related to such access.  Comments in response to the RFI...more

11/18/2016 - Banking Sector CFPB Consumer Financial Products Dodd-Frank Financial Institutions Financial Records Financial Services Industry Request For Information

CFPB issues report on servicemember complaints

A new CFPB report, “A snapshot of servicemember complaints,” focuses on issues related to VA mortgage refinancing. The report indicates that as of November 1, 2016, the CFPB had received over 12,500 mortgage complaints...more

11/14/2016 - Banking Sector CFPB Consumer Complaint System Military Service Members Mortgages Refinancing Underwriting Veterans

CFPB to hold Nov. 17 field hearing on consumer access to financial records

On November 17, 2016, the CFPB will hold a field hearing on consumer access to financial records in Salt Lake City, Utah. Director Richard Cordray is scheduled to speak at the hearing. The field hearing would appear to...more

11/14/2016 - Bank Records Banking Sector CFPB Financial Institutions Project Catalyst Webinars

FFIEC finalizes revised consumer compliance rating system

The Federal Financial Institutions Examination Council (FFIEC), whose members include the CFPB, has finalized guidance setting forth a revised uniform interagency consumer compliance rating system (CCRS).  The revisions...more

11/11/2016 - Banking Sector CFPB Cooperative Compliance Regime FFIEC Financial Institutions Rating System Regulatory Oversight Risk Assessment

CFPB participates in Fed webinar on overdraft practices

On November 9, 2016, the Federal Reserve hosted a webinar on overdraft practices.  The CFPB was represented by Victoria Pawelski, Counsel, Supervision Policy, Supervision, Enforcement and Fair Lending.  In addition to a CFPB...more

11/10/2016 - Banking Sector Banks CFPB Checking Accounts Consumer Complaint System Enforcement Actions Federal Reserve Overdraft Fees Webinars

CFPB files lawsuit against pawnbroker for alleged TILA and CFPA violations

The CFPB announced that it filed a lawsuit in a Virginia federal district court against B&B Pawnbrokers, Inc., for alleged violations of the Truth in Lending Act and the Consumer Financial Protection Act in connection with...more

11/8/2016 - CFPA CFPB Consumer Lenders Finance Charges Financial Sector Pawn Brokers Regulation Z Truth in Lending Act (TILA)

SCOTUS Grimm decision could impact CFPB position on ECOA protection for gender identity and sexual orientation

On October 28, 2016, the U.S. Supreme Court granted the petition for a writ of certiorari in Grimm v. Gloucester County School Board, a decision of the U.S. Court of Appeals for the Fourth Circuit that marked the first time...more

11/8/2016 - Appeals Banking Sector CFPB Civil Rights Act Consumer Lenders Discrimination ECOA Fair Lending Gender Identity LGBT LGBTQ Public School Boards Regulation B School Restrooms SCOTUS Sex Discrimination Sexual Orientation Sexual Orientation Discrimination Title IX Title VII Transgender

CFPB and NY Attorney General file federal court action against debt buyers

The CFPB announced that, jointly with the New York Attorney General, it has filed a lawsuit in a New York federal court against three companies that purchased consumer debts and two of the companies’ individual principals...more

11/4/2016 - CFPA CFPB Debt Buyers Debt Collection Debt Collectors FDCPA UDAAP

What the PHH decision means for the CFPB’s UDAAP authority

In addition to its implications for CFPB rulemaking, the D.C. Circuit’s decision in PHH Corporation v. CFPB has significant implications for the CFPB’s authority to enforce federal consumer financial protection laws as well...more

11/4/2016 - Administrative Proceedings ALJ CFPB Constitutional Challenges Dodd-Frank EFTA HUD Mortgages PHH Corp. v CFPB Removal For-Cause RESPA Single Director Statute of Limitations Statutory Interpretation Truth in Lending Act (TILA) UDAAP

CFPB issues fourth Financial Literacy Annual Report

The CFPB has issued its fourth Financial Literacy Annual Report to Congress. The report covers the CFPB’s activities to improve consumer financial literacy during the period from October 2015 through September 2016. The...more

11/3/2016 - Banking Sector Banks CFPB Financial Institutions Financial Literacy

CFPB and banking agencies begin review of bank sales practices

According to Politico, the CFPB, OCC, Fed and FDIC have launched a review of bank sales practices, with the reviews to be conducted as special reviews rather than as part of the regular examination process....more

10/28/2016 - Banking Sector CFPB Consumer Financial Products Consumer Lenders Depository Institutions FDIC Federal Reserve Loans OCC Sales Small Business Wealth Management

CFPB October 2016 complaint report highlights prepaid card complaints, complaints from North Carolina consumers

The CFPB has issued its October 2016 complaint report which highlights complaints about prepaid cards and complaints from consumers in North Carolina and the Charlotte metro area.  The CFPB began taking prepaid card...more

10/27/2016 - CFPB Consumer Complaint Database Consumer Financial Products Credit Cards Debt Collection Financial Sector Mortgages Online Marketplace Lending Payday Loans Prepaid Payment Products Real Estate Market Student Loans

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