Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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CFPB manufactured housing white paper may presage future regulation

The CFPB has issued a white paper on the manufactured housing market, including how manufactured housing is financed and the types of consumers who purchase or rent such housing. In the paper’s introduction, the CFPB explains...more

10/2/2014 - Affordable Housing CFPB Manufactured Housing

CFPB seeks organizations to host financial coaches

In July 2013, the CFPB announced its plans to launch a financial coaching project in 2014 for transitioning veterans and economically vulnerable consumers. Last week, the CFPB announced that it has contracted with the Armed...more

10/2/2014 - CFPB Financial Education Initiatives Veterans

CFPB seeking approval for field study of Owning a Home project

The CFPB has published a notice stating that as part of its Owning a Home project, it plans to seek approval from the Office of Management and Budget to conduct a field study of the project. The project consists of a various...more

9/30/2014 - CFPB Mortgages OMB Research Tools

CFPB announces new Project Catalyst project

The CFPB has announced a new project as part of its Project Catalyst initiative, which the CFPB describes as ”designed to encourage consumer-friendly developments in markets for consumer financial products and services.” The...more

9/30/2014 - CFPB Credit Cards Credit Counseling Debt Project Catalyst

Senate passes bill exempting condo unit sales from ILSFDA registration

In May 2013, we reported that the CFPB’s amicus program scored a victory when the U.S. Court of Appeals for the Second Circuit ruled that the sale of a single-floor condominium unit in a multistory building was subject to the...more

9/26/2014 - CFPB Condominiums ILSFDA New Legislation Real Estate Transfers

GAO report finds CFPB needs to improve privacy and security procedures for data collections

A new report from the Government Accountability Office on the CFPB’s data collection efforts finds that the CFPB needs to do more to reduce the risk of improper collection, use or release of such data. The CFPB’s data...more

9/25/2014 - CFPB Data Collection Data Protection GAO

News groups oppose opt in for CFPB’s proposed disclosure of complaint narratives

While industry continues to voice its opposition to the CFPB’s proposal to publicly disclose consumer complaint narratives, some news groups think the CFPB’s proposal doesn’t go far enough. ...more

9/25/2014 - CFPB Complaint Procedures Disclosure Requirements

CFPB and FTC file lawsuits against online payday lenders

Earlier this month, the CFPB and FTC filed lawsuits against different groups of interrelated companies and their individual principals for engaging in allegedly unlawful online payday lending schemes....more

9/19/2014 - CFPB EFTA Enforcement Actions FTC Payday Loans Popular TILA

Florida and Connecticut AGs file lawsuit asserting Dodd-Frank enforcement authority

On July 29, 2014, another Section 1042 lawsuit was filed jointly by the Attorneys General of Florida and Connecticut in a Florida federal court. The lawsuit alleges that four individuals and their four businesses formulated...more

9/18/2014 - Attorney Generals Dodd-Frank Enforcement Mortgage Servicing Rules Mortgages UDAAP

CFPB to hold Oct. 8 forum on checking account screening policies and practices

The CFPB has announced that it will hold a forum on checking account screening policies and practices in Washington, D.C. on October 8, 2014. ...more

9/18/2014 - Banks CFPB Checking Accounts Compliance

Rep. Maloney urges CFPB to limit overdraft fees and expand opt-in rules

Democratic Congresswoman Carolyn Maloney of New York sent a letter to Director Cordray yesterday urging the CFPB to limit overdraft fees and expand opt-in requirements as part of a proposed overdraft rule. In calling...more

9/12/2014 - ACH Payments Banking Sector Banks CFPB Credit Cards Debit Cards Legislative Agendas Opt-In Overdraft Fees

Update on Illinois AG lawsuit using Dodd-Frank authority

As we previously reported, among the lawsuits that have been brought by a state attorney general and a state regulator using their Dodd-Frank enforcement authority is a lawsuit initially filed by the Illinois AG in state...more

9/12/2014 - Colleges Dodd-Frank For Profit Colleges UDAAP Universities

House members propose bill to nullify CFPB indirect auto finance guidance

A bipartisan group of fourteen House members have introduced a bill (H.R. 5403) that would nullify the CFPB’s indirect auto finance guidance issued in March 2013 and require the CFPB to provide for a notice and comment period...more

9/12/2014 - Automotive Industry Automotive Loans CFPB DOJ Federal Reserve FTC Legislative Agendas Minority-Owned Businesses Proposed Legislation Public Comment Small Business Women-Owned Businesses

CFPB and Fed announce increases in Regs Z and M 2015 dollar thresholds

The CFPB and Fed have announced increases in the dollar thresholds in Regulation Z (Truth in Lending Act) and Regulation M (Consumer Leasing Act) for exempt consumer credit and lease transactions. The adjustments reflect the...more

9/11/2014 - Automotive Industry Car Dealerships CFPB Dodd-Frank Federal Reserve Motor Vehicles Regulation M Regulation Z TILA

House to hold Sept. 10 hearing on credit reporting

On Wednesday, September 10, the House Financial Services Committee will hold a hearing entitled “An Overview of the Credit Reporting System.” The scheduled witnesses are...more

9/9/2014 - CFPB Congressional Investigations & Hearings Credit Reporting Agencies Credit Reports Financial Services Committee Legislative Committees

Director Cordray to testify at Sept. 9 Senate hearing

The Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing tomorrow on “Wall Street Reform: Assessing and Enhancing the Financial Regulatory System.” The list of witnesses includes CFPB Director...more

9/8/2014 - CFPB Congressional Investigations & Hearings Financial Regulatory Reform Senate Banking Committee Wall Street

CFPB Consumer Advisory Board to meet on Sept. 11

The CFPB has announced that its Consumer Advisory Board will hold a public meeting on September 11 in Washington, D.C. The meeting will focus on trends and themes related to technology and access to financial services....more

9/5/2014 - CFPB Technology

CFPB announces plans to launch financial coaching project

In a notice published in today’s Federal Register, the CFPB announced that in late 2014, it plans to launch a financial coaching project for transitioning veterans and economically vulnerable consumers and seeks comments to...more

9/4/2014 - CFPB Financial Literacy OMB Training Veterans

CFPB issues report on employee financial wellness

Last week, the CFPB published a report entitled “Financial wellness at work” that reviews “promising practices to promote financial wellness in the workplace.” The CFPB’s research found that particularly since the...more

9/3/2014 - CFPB Dodd-Frank Economic Downturn

CFPB announces senior leadership change and new hires and new advisory board and council members

The CFPB has announced a senior leadership change and two new new hires. It also announced new appointments to its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council....more

8/29/2014 - Administrative Appointments CFPB

CFPB and federal banking agencies issue guidance on unfair or deceptive credit practices in light of Reg AA repeal

Concurrently with a proposal from the Fed to repeal Regulation AA (12 CFR part 227), the CFPB and the federal banking agencies (Fed, OCC, FDIC and NCUA) have issued interagency guidance regarding unfair or deceptive credit...more

8/27/2014 - Banks CFPB Dodd-Frank FDIC FTC NCUA OCC Regulation AA Repeal U.S. Treasury UDAAP Unfair or Deceptive Trade Practices

CFPB extends remittance transfer rule depository institutions exception and finalizes other revisions

The CFPB has issued a final rule that extends for five years (until July 21, 2020) the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in...more

8/26/2014 - Banks CFPB Compliance Depository Institutions Remittance Transfer Rule Transfers

OCC steps up SCRA focus in exams

As we have been reporting, the CFPB has made the Servicemembers Civil Relief Act (SCRA) a major focus and instructs its examiners to look at SCRA compliance during examinations. The OCC has also stepped up its focus on SCRA...more

8/22/2014 - Banking Examinations Banking Sector Banks CFPB OCC SCRA

NCRC white paper seeks expansive CFPB rulemaking on small business lending data collection

The National Community Reinvestment Coalition (NCRC) has issued a white paper that urges the CFPB to take an expansive approach in developing regulations on the collection of small business lending data to implement Section...more

8/22/2014 - CFPB Data Collection Dodd-Frank Fair Lending Small Business

ABA continues to oppose CFPB’s proposed debt collection survey

The American Bankers Association has sent a second comment letter to the CFPB in which it recommends that the Office of Management and Budget not approve the CFPB’s proposed debt collection survey. The CFPB initially...more

8/22/2014 - American Bankers Association Banks CFPB Debt Collection OMB Surveys

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