Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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Another view on Presidential authority to remove Director Cordray

As rumors swirl that President-elect Trump is planning to remove Director Cordray immediately after January 20th, conflicting views have emerged about his authority to do so before the appeal in PHH is resolved. We...more

1/17/2017 - Administrative Proceedings Banking Sector CFPB Constitutional Challenges Dodd-Frank PHH Corp. v CFPB Removal For-Cause RESPA Richard Cordray Single Director Statutory Interpretation Trump Administration

Lawmakers take sides on Director Cordray’s future; Senator Warren urges consumer advocates to defend CFPB

Battle lines over Director Cordray’s future at the CFPB are predictably forming along party lines. Earlier this week, two Republican senators sent a letter to Vice President-elect Pence urging Director Cordray’s removal by...more

1/13/2017 - Banking Sector CFPB Constitutional Challenges Dodd-Frank En Banc Review Financial Services Committee PHH Corp. v CFPB Political Appointments Recess Appointments Removal For-Cause Richard Cordray Trump Administration

CFPB issues final rule to adjust civil penalties for inflation

The CFPB has published a final rule to adjust for inflation the civil penalties within its jurisdiction. The adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990 which, pursuant to a 2015...more

1/13/2017 - Banking Sector CFPB Civil Monetary Penalty Dodd-Frank Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 Federal Civil Penalties Inflation Adjustment Act of 1990 Final Rules Inflation Adjustments OMB RESPA SAFE Act Truth in Lending Act (TILA)

CFPB settles FDCPA claims against debt collection law firms

The CFPB announced that it has entered into a consent order with two law firms specializing in the collection of medical debts and their president for alleged FDCPA violations.  The consent order also settles allegations that...more

1/12/2017 - CFPB Consent Order Debt Collection Debt Collectors FCRA FDCPA Medical Debt Policies and Procedures Redress Payments Regulation V

Plaintiffs in another case challenging CFPB’s constitutionality seek consolidation with PHH

The plaintiffs in State National Bank of Big Spring, Texas, et al. v. Lew, et al. want the D.C. federal district court to hold a status conference to determine how their case “can be most efficiently adjudicated” in light of...more

1/11/2017 - Administrative Proceedings Banking Sector CFPB Constitutional Challenges Dodd-Frank PHH Corp. v CFPB Removal For-Cause RESPA Single Director Statutory Interpretation

Trump transition team releases names of additional CFPB landing team members

The Trump transition team has released the names of three more individuals who will be members of the CFPB landing team.  “Landing teams” are members of the incoming president’s transition team tasked with gathering...more

1/9/2017 - CFPB Donald Trump FDIC Financial Sector FTC OCC Transition Team Trump Administration

CFPB issues fourth report to appropriations committees

The CFPB has issued its fourth report entitled “Report of the Consumer Financial Protection Bureau Pursuant to Section 1017(e)(4) of the Dodd-Frank Act.” That Dodd-Frank section requires the CFPB’s Director to submit an...more

1/9/2017 - Banking Sector CFPB Dodd-Frank

Tenth Circuit ruling on constitutionality of SEC administrative judges: implications for CFPB

Just before year-end, the U.S. Court of Appeals for the Tenth Circuit, in Bandimere v. United States Securities and Exchange Commission, set aside an SEC decision finding the petitioner liable for violating various securities...more

1/9/2017 - Administrative Proceedings ALJ Appointments Clause Article II Banking Sector CFPB Constitutional Challenges Financial Sector Political Appointments Richard Cordray SEC

CFPB announces senior leadership changes

The CFPB announced that the following individuals are joining its senior leadership team: - Leandra English is returning to the CFPB to serve as the Chief of Staff. Ms. English previously served in several senior CFPB...more

1/9/2017 - Administrative Appointments Banking Sector CFPB

State AGs seek to intervene in CFPB enforcement action to modify settlement terms

The Attorneys General for the states of Connecticut, Indiana, Kansas, and Vermont recently took the unusual step of filing a joint motion to intervene to modify the settlement terms of a CFPB enforcement action....more

1/6/2017 - Attorney Generals CFPA CFPB Enforcement Actions FCC Final Judgment Fraudulent Charges Motion To Intervene Redress Payments Settlement Sprint Stipulated Judgment Telecommunications Third-Party

CFPB releases annual employee survey results, 2016-2020 Diversity and Inclusion Strategic Plan

The CFPB released two items at year-end:  the results of its 2016 annual employee survey and its updated Diversity and Inclusion Strategic Plan (Strategic Plan) for 2016-2020....more

1/4/2017 - Banking Sector CFPB Diversity and Inclusion Standards (D&I) Dodd-Frank Financial Institutions Good Faith Minority-Owned Businesses Surveys Women-Owned Businesses

CFPB files SCOTUS amicus brief in FDCPA case on filing bankruptcy proof of claim on time-barred debt

The CFPB has filed an amicus brief in the U.S. Supreme Court in support of the respondent/consumer in Midland Funding, LLC v. Aleida Johnson, a decision of the Eleventh Circuit that held Midland’s alleged filing of an...more

12/30/2016 - Amicus Briefs Bankruptcy Code CFPB Consumer Bankruptcy FDCPA Midland Funding v Johnson Proof of Claims SCOTUS Time-Barred Claims Time-Barred Debt

CFPB seeks new members for Academic Research Council

The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Academic Research Council (ARC). Appointments to the ARC are typically for...more

12/30/2016 - Banking Sector CFPB Dodd-Frank

PHH replies to CFPB’s opposition to PHH’s motion for leave to file supplemental response

PHH has filed a reply to the CFPB’s opposition to PHH’s motion for leave to file a supplemental response to the CFPB’s petition for rehearing en banc. On December 22, PHH and the United States filed responses to the CFPB’s...more

12/30/2016 - Administrative Proceedings Banking Sector CFPB Constitutional Challenges Dodd-Frank En Banc Review Motion for Leave PHH Corp. v CFPB Removal For-Cause RESPA Single Director Statutory Interpretation

CFPB seeking new members for advisory groups

The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Consumer Advisory Board (Board), Community Bank Advisory Council (CBAC), or...more

12/29/2016 - Advisory Committee Banking Sector Banks CFPB Consumer Advisory Board Consumer Financial Products Credit Unions Federal Register Financial Services Industry

CFPB December 2016 complaint report highlights debt collection complaints, complaints from Arizona consumers

The CFPB has issued its December 2016 complaint report which highlights complaints about debt collection. The report also highlights complaints from consumers in Arizona and the Phoenix metro area. General findings...more

12/28/2016 - Banking Sector CFPB Consumer Complaint System Consumer Financial Products Consumer Lenders Debt Collection Prepaid Payment Products

CFPB opposes PHH’s motion for leave to file supplemental response to petition for rehearing en banc

The CFPB has opposed the motion filed by PHH for leave to file a supplemental response to the CFPB’s petition for rehearing en banc. On December 22, PHH and the United States filed responses to the CFPB’s petition with the...more

12/28/2016 - Administrative Proceedings CFPB Constitutional Challenges Dodd-Frank En Banc Review Motion for Leave PHH Corp. v CFPB Removal For-Cause RESPA Single Director Solicitor General Statutory Interpretation

PHH and United States respond to CFPB’s petition for rehearing en banc; PHH seeks leave to file supplemental response

PHH and the United States have filed responses with the D.C. Circuit to the CFPB’s petition for rehearing en banc.  The D.C. Circuit invited the Solicitor General to file a response expressing the views of the United States...more

12/27/2016 - Administrative Proceedings CFPB Constitutional Challenges Dodd-Frank En Banc Review HUD PHH Corp. v CFPB Removal For-Cause RESPA Single Director Solicitor General Statutory Interpretation

Civil rights groups voice support for Director Cordray

Earlier this week, we blogged about reports that Director Cordray has no plans to leave the CFPB before his term expires in July 2018. Yesterday, several national civil rights groups issued a joint statement applauding the...more

12/23/2016 - CFPB Fair Lending Joint Statements Predatory Lending Remedies Richard Cordray

CFPB issues tenth Semi-Annual Report

The CFPB has issued its tenth Semi-Annual Report to the President and Congress covering the period April 1, 2016 through September 30, 2016....more

12/23/2016 - CFPB Information Reports

CFPB announces annual adjustments to HMDA/TILA asset-size exemption thresholds

The CFPB has announced annual adjustments to two asset-size exemption thresholds. First, the CFPB has made no change to the asset-size exemption threshold under HMDA/Regulation C which is currently set at $44 million. ...more

12/23/2016 - Banks CFPB Credit Unions Exemptions Financial Institutions HMDA Mortgages Regulation C Regulation Z Threshold Requirements Truth in Lending Act (TILA)

CFPB sues four pawnbrokers for alleged TILA and CFPA violations

The CFPB announced that it has sued four Virginia-based pawnbrokers in lawsuits filed in a Virginia federal district court for alleged violations of the Truth in Lending Act and the Consumer Financial Protection Act in...more

12/22/2016 - Annual Percentage Rate (APR) CFPA CFPB Consumer Financial Products Enforcement Actions Pawnbrokers Regulation Z Truth in Lending Act (TILA)

CFPB settles with military financing company for alleged TILA/EFTA disclosure violations

The CFPB announced that it has entered into a consent order with Military Credit Services, LLC, a company providing revolving credit to military consumers, to settle allegations that the company’s open-end credit agreements...more

12/22/2016 - CFPB Consent Order EFTA Enforcement Actions Military Lending Act Regulation E Regulation Z Truth in Lending Act (TILA)

Trump nominee to head OMB could create roadblock for CFPB regulations

It has been reported that President-elect Donald Trump has nominated South Carolina Republican Congressman Mick Mulvaney to be Director of the Office of Management and Budget (OMB). Mr. Mulvaney has been described as a...more

12/20/2016 - Banking Sector CFPB Constitutional Challenges OIRA OMB PHH Corp. v CFPB Presidential Nominations Removal For-Cause Statutory Interpretation Trump Administration

Director Cordray reported to have no departure plans

Politico has reported that CFPB Communications Director Jen Howard has indicated in an e-mail that Director Cordray has no current plans to leave the CFPB. According to Politico, Ms. Howard stated “Director Cordray was...more

12/20/2016 - Administrative Proceedings CFPB Constitutional Challenges Dodd-Frank PHH Corp. v CFPB Removal For-Cause RESPA Richard Cordray Single Director Statutory Interpretation

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