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White House announces next FDIC chairperson

The White House announced that President Trump intends to nominate James Clinger to be a FDIC member for a six-year term and to be Chairperson for a five-year term, effective November 29, 2017 when the current FDIC...more

Senate Judiciary Committee Chair seeks DOJ rescission of settlement payments to third parties

Earlier this month, Attorney General Jeff Sessions issued a memorandum in which he prohibited DOJ attorneys from entering into settlement agreements on behalf of the United States that require a payment or loan to any...more

Treasury report on U.S. financial system recommends significant CFPB reforms

The report issued earlier this week by the U.S. Treasury Department to President Trump in response to his February 2017 Executive Order 13772, “A Financial System That Creates Economic Opportunities-Banks and Credit Unions,”...more

CFPB withdraws CID issued to structured settlements purchaser, petition to enforce CID denied as moot

The CFPB’s petition filed in a Pennsylvania federal district court last June to enforce a CID issued to J.G. Wentworth, LLC, a purchaser of structured settlements and annuities, was denied by the court last week as moot. The...more

House passes Financial CHOICE Act

By a vote of 233-188, the House of Representatives passed H.R. 10, the Financial CHOICE Act yesterday. The bill, often referred to as the Dodd-Frank Act replacement bill, includes an overhaul of the CFPB’s structure and...more

Director Corday announces extension of comment period for small business lending RFI, restructuring of debt collection rulemaking

In his prepared remarks for the Consumer Advisory Board meeting held on June 8, 2017, Director Cordray discussed CFPB initiatives in four areas. In addition to the CFPB’s letter to the top retail credit card companies...more

President Trump expected to nominate Joseph Otting to head OCC

The American Bankers Association and numerous media sources, including Politico and American Banker, have reported that the White House has announced that President Trump will nominate Joseph Otting to serve as Comptroller of...more

CFPB May 2017 complaint report highlights complaints from older consumers

The CFPB has issued its May 2017 complaint report highlighting complaints from “older consumers,” who the CFPB defines as consumers who voluntarily reported their age as 62 or older.  The CFPB reports that consumers...more

OIG reports on CFPB’s public website security controls

The Office of Inspector General for the Fed and CFPB has completed a report setting forth its findings from an audit in which it evaluated “selected security controls for protecting the [CFPB’s] consumerfinance.gov website...more

Federal district court refuses to dismiss CFPB lawsuit against law firms and attorneys for unlawful debt relief practices

A California federal district court has refused to dismiss a lawsuit filed by the CFPB in January 2017 against several law firms and attorneys alleging that the defendants violated the FTC’s Telemarketing Sales Rule (TSR) and...more

Two CFPB enforcement actions tried in federal court

Two enforcement actions filed by the CFPB recently went to trial in federal district court. One of the cases was filed by the CFPB in July 2014 in a Wisconsin federal district court against two law firms and four of the...more

CFPB prepaid card rule survives Senate CRA challenge

The CFPB’s final prepaid card rule has survived Republican efforts to nullify the rule under the Congressional Review Act (CRA). The CRA establishes a special set of procedures through which Congress can nullify final...more

Senator Schumer recommends Rohit Chopra to fill Democratic FTC seat

Numerous media sources have reported that Senate Minority Leader Chuck Schumer has recommended Rohit Chopra to fill the open Democratic seat on the FTC....more

House Financial Services Committee passes Financial Choice Act containing CFPB overhaul, significant changes to rulemaking...

Last Thursday, by a party-line vote of 34-26, the House Financial Services Committee approved the Financial CHOICE Act (H.R. 10) proposed by Committee Chairman Jeb Hensarling....more

Federal court upholds FTC opinion applying TSR robocall consent requirement to calls made using soundboard technology

A D.C. federal district court has rejected a trade group’s attempt to invalidate a November 2016 FTC opinion in which the agency concluded that outbound telemarketing calls made using soundboard technology are subject to the...more

House members urge CFPB to facilitate use of API technology for consumer access to personal financial information

In November 2016, the CFPB issued a request for information about market practices related to consumer access to financial information. The RFI contained a series of questions about current market practice related to...more

FTC releases final agenda for May 24 identity theft conference

On May 24, 2017, the FTC will hold a daylong conference on identity theft in Washington, D.C. The conference, “Planning for the Future,” will include panel discussions about how identity thieves acquire and use consumer...more

Trump Administration appointee to serve as OCC Acting Comptroller

The Treasury Department has issued a press release announcing that Treasury Secretary Mnuchin plans to appoint Keith A. Noreika as a Deputy Comptroller and designate him the First Deputy Comptroller of the OCC.  Effective May...more

Academic Research Council to meet on May 17

The CFPB has published a notice in the Federal Register announcing that a meeting of its Academic Research Council will be held on May 17, 2017. ...more

OIG issues report on CFPB contract award controls; updated work plan includes evaluation of CFPB’s supervisory corrective action...

The Office of Inspector General for the Fed and CFPB recently issued an audit report entitled “The CFPB Can Strengthen Contract Award Controls and Administrative Processes.” The objective of the OIG’s audit was to assess the...more

Witnesses announced for April 26 House CHOICE Act hearing

The House Financial Services Committee has released the witness list for the hearing it will hold this Wednesday, April 26, 2017, to discuss the Financial CHOICE Act....more

Court orders former president of debt collection company to pay $2 million penalty to FTC for alleged FDCPA/FTC Act violations

A Texas federal district court has entered a $2 million civil penalty judgment against the former president of a debt collection company for alleged violations of the FDCPA and FTC Act. ...more

4/25/2017  /  CFPB , Debt Collection , FDCPA , FTC , FTC Act , Penalties

House to hold April 26 hearing on revised Financial CHOICE Act

The House Financial Services Committee announced that it will hold a hearing on April 26, 2017 to discuss the Financial CHOICE Act.  It also released a discussion draft of a revised version of the bill....more

FTC announces streamlining initiatives

The FTC issued a press release earlier this week in which it stated that it is “moving aggressively to implement Presidential directives aimed at eliminating wasteful, unnecessary regulations and processes.” ...more

CFPB adopts changes to ex parte policy

The CFPB has adopted changes to its “Policy on Ex Parte Presentations in Rulemaking Proceedings,” which generally requires anyone who communicates with the CFPB about a pending rulemaking to submit a written copy of the...more

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