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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

CFPB Community Bank Advisory Council to meet April 25

On April 25 2017, the CFPB will hold a meeting of its Community Bank Advisory Council in Washington, D.C. at which Acting Deputy Director David Silberman will give remarks....more

Director Corday’s appearance before House Committee: strong on theater, weak on substance

Despite its long duration (over five hours including a recess for a vote), the House Financial Services Committee’s hearing on April 5 at which Director Cordray was the sole witness provided a strong dose of political theater...more

CFPB issues annual complaint report

The CFPB has issued its annual Consumer Response Report that provides an analysis of the approximately 291,400 complaints handled by the CFPB between January 1 and December 31, 2016. According to the report, complaint volume...more

DOJ seeks leave to participate in PHH en banc rehearing oral argument

The Department of Justice, with the consent of PHH and the CFPB, has filed an unopposed motion with the D.C. Circuit requesting ten minutes of argument time in the oral argument to be held on May 24, 2017 in the rehearing en...more

CFPB March 2017 complaint report highlights credit card complaints, complaints from Massachusetts consumers

The CFPB has issued its March 2017 complaint report that highlights credit card complaints. The report also highlights complaints from consumers in Massachusetts and the Boston metro area. ...more

Some suggested questions for Director Cordray’s expected appearance at April 5 House hearing

On April 5, 2017, the House Financial Services Committee will hold a hearing, “The 2016 Semi-Annual Reports of the Bureau of Consumer Financial Protection Bureau.” Since Director Cordray has appeared at all of the...more

PLI’s “The CFPB Speaks” panel discussion

Earlier yesterday, at the Practicing Law Institute’s (“PLI”) 22nd Annual Consumer Financial Services Institute in New York City, Alan Kaplinsky (who is co-chairing the event) moderated a panel entitled “The CFPB Speaks,” that...more

OIG report finds CFPB can strengthen conflict of interest controls related to vendor activities

The Office of Inspector General for the Fed and CFPB has issued a report on the results of an evaluation it conducted to determine whether the CFPB effectively mitigates the risk of potential conflicts of interest associated...more

More on Comptroller Curry’s remarks at LendIt USA conference

In a recent blog post, Alan Kaplinsky and Scott Pearson wrote about the remarks made by CFPB Director Richard Cordray and Comptroller of the Currency Thomas Curry at the LendIt USA conference in New York City earlier this...more

CFPB launches assessment of remittance rule

The CFPB has issued a notice regarding its plans to conduct an assessment of its remittance transfer rule which became effective on October 28, 2013. The assessment is being conducted under Section 1022(d) of the...more

CFPB covered by executive order on plan for reorganizing the executive branch

President Trump has signed a new executive order entitled “Presidential Executive Order on a Comprehensive Plan for Reorganizing the Executive Branch.” Unlike the regulatory freeze memo issued on Inauguration Day by...more

Lawmaker seeks CFPB fair lending investigation of fintech small business lenders

A Democratic congressman has raised concerns about potentially discriminatory lending practices used by fintech companies that extend credit to small businesses, calling on the CFPB “to vigorously investigate whether [such...more

PHH files opening en banc brief; seven supporting amicus briefs filed

On Friday, PHH filed its opening en banc brief with the D.C. Circuit in the rehearing of its appeal of Director Cordray’s June 2015 decision that affirmed an administrative law judge’s (ALJ) recommended decision concluding...more

CFPB publishes prepaid card rule compliance guide

As it has done for other CFPB rules, the CFPB has published a small entity compliance guide for its prepaid card rule.  The final rule is generally effective on October 1, 2017. ...more

House passes bill to subject CFPB rules to OIRA review

On March 1,2017, by a vote of 241 to 104, the House passed the “OIRA Insight, Reform, and Accountability Act” (H.R. 1009), which would subject independent regulatory agencies such as the CFPB to the regulatory review process...more

Divided D.C. Circuit panel denies injunction blocking CFPB CID

The D.C. Circuit, in a divided decision, denied a motion for an emergency injunction pending appeal filed by a company seeking to halt all CFPB action adverse to the company, including enforcement of a CID and disclosure of...more

D.C. Circuit grants motion of U.S. for leave to file amicus brief in PHH by March 17; denies motions to intervene

The D.C. Circuit has entered an order granting the unopposed motion of the United States for leave to file an amicus brief in PHH by March 17, 2017.  As we previously observed, the motion appears to signal the DOJ’s intention...more

Motion filed by U.S. seeking leave to file amicus brief by March 17 signals support for PHH

The United States, at the Solicitor General’s request, has filed an “unopposed motion” with the D.C. Circuit for leave to file an amicus brief in PHH by March 17, 2017.  The motion states that both PHH and the CFPB have...more

CFPB February 2017 complaint report highlights credit reporting complaints, complaints from Louisiana consumers

The CFPB has issued its February 2017 complaint report that highlights credit reporting complaints.  The report also highlights complaints from consumers in Louisiana and the New Orleans metro areas....more

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