Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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Director Cordray responds to letter from Senators seeking tailored rulemaking for community banks and credit unions

Last month, a bipartisan group of 70 Senators were signatories to a letter sent to Director Cordray urging the CFPB to “carefully tailor its regulations to match the unique nature of community banks and credit unions.” In...more

8/23/2016 - Banking Sector Banks CFPA CFPB Community Banks Consumer Financial Products Credit Unions Dodd-Frank Financial Institutions Regulatory Oversight Richard Cordray

CFPB announces new appointments to advisory groups

The CFPB has announced the appointment of new members to its Consumer Advisory Board, Community Bank Advisory Council, Credit Union Advisory Council, and Academic Research Council. In January 2016, the CFPB published a...more

8/23/2016 - Advisory Board CFPB Community Banks Consumer Advisory Board Credit Unions Financial Services Industry

GAO Issues Report on CFPB SBREFA Panels

The Government Accountability Office (GAO) has issued a report on the Consumer Financial Protection Bureau's (CFPB) use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process. The...more

8/23/2016 - Banking Sector CFPB GAO HMDA Mortgages Rulemaking Process SBREFA Small Business TILA-RESPA Integrated Disclosure Rule (TRID)

CFPB Credit Union Advisory Council to meet Sept. 1

The CFPB has published a notice in the Federal Register announcing that a meeting of its Credit Union Advisory Council (CUAC) will be held on September 1, 2016. The notice indicates that the CUAC will discuss youth financial...more

8/17/2016 - Banking Sector CFPB Credit Unions Debt Collection Federal Register SBREFA

GAO issues report on CFPB SBREFA panels

The Government Accountability Office has issued a report on the CFPB’s use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process. The report, “Observations from Small Business Review...more

8/17/2016 - Arbitration Banking Sector CFPB Consumer Lenders Debt Collection GAO HMDA Loan Originator Compensation Rule Mortgage Loan Originators Mortgage Servicers Mortgages Online Marketplace Lending Payday Loans SBREFA Small Business TILA-RESPA Integrated Disclosure Rule (TRID)

House defeats amendment to 2017 appropriations bill striking requirements for CFPB arbitration rule

By a vote of 236-181, the House of Representatives rejected an amendment offered by two Democratic Congressman to H.R. 5485, the Financial Services and General Government Appropriations Act, which covers appropriations for...more

8/16/2016 - Arbitration Arbitration Agreements CFPB Class Action Class Action Arbitration Waivers Consumer Contracts Consumer Financial Products Dodd-Frank Financial Sector Financial Services Industry Mandatory Arbitration Clauses Proposed Legislation Service Contracts U.S. House

D.C Circuit rejects constitutional challenge to SEC’s use of administrative law judges

A challenge to the constitutionality of the SEC’s use of administrative law judges (ALJ) was rejected by the U.S. Court of Appeals for the D.C. Circuit. In Raymond J. Lucia Companies, Inc. et al. v. Securities and Exchange...more

8/11/2016 - Administrative Proceedings ALJ Appeals Appointments Clause Article II Enforcement Actions Investment Advisers Act of 1940 Sanctions SEC

Fed to host conference on financial innovation

While the CFPB has indicated it will be monitoring FinTech innovations, it has not yet held a public event devoted to FinTech or financial innovation. Both the FTC and OCC have already held such events this year and now the...more

8/10/2016 - Banking Sector CFPB Financial Institutions FinTech Innovative Technology Popular Technology Sector

CFPB issues 2016 Plain Writing Act Compliance Report

The CFPB has issued its 2016 Plain Writing Act Compliance Report. Under the PWA, federal “executive agencies,” including the CFPB, are required to use plain language in documents that: are necessary for obtaining information...more

8/5/2016 - CFPB Financial Services Industry Information Reports Regular Business Communications

CFPB previews debt collection rule in SBREFA outline

The CFPB has moved a step closer to issuing a debt collection rule by releasing an outline of the proposals it is considering in preparation for convening a small business review panel. The Small Business Regulatory...more

8/1/2016 - CFPB Debt Buyers Debt Collection Debt Collectors Dodd-Frank FDCPA Financial Sector SBREFA Small Business Third-Party Service Provider Time-Barred Debt

CFPB July 2016 complaint report highlights credit card complaints, complaints from Washington consumers

CFPB has issued its July 2016 complaint report which highlights complaints about credit cards and complaints from consumers in Washington and the Seattle metro area. The CFPB began taking credit card complaints on July 21,...more

7/28/2016 - Banking Sector CFPB Consumer Complaint Management Consumer Financial Products Consumer Lenders Credit Cards Debt Collection Mortgages Online Marketplace Lending Payday Loans Student Loans

ABA and CBA seek revisions to generic clearance process

The American Bankers Association and the Consumer Bankers Association (the Associations) have sent a letter to the Office of Information and Regulatory Affairs (OIRA) (part of the Office of Management and Budget (OMB)) urging...more

7/27/2016 - American Bankers Association Bank Accounts Banking Sector Banks CFPB Consumer Bankruptcy Data Collection OIRA OMB Overdraft Fees

CFPB corrects (and extends) comment deadline for payday loan RFI

The CFPB is publishing a notice in tomorrow’s Federal Register to correct the comment deadline for its payday loan Request for Information (RFI). The corrected deadline will be November 7, 2016. The RFI seeks feedback...more

7/27/2016 - Ability-to-Repay Banking Sector CFPB Comment Period Consumer Financial Products Consumer Lenders Federal Register Online Marketplace Lending Payday Loans Request For Information

CFPB and Fed propose new Regs M and Z commentary on adjustments to exemption thresholds

The CFPB and Federal Reserve Board have proposed amendments to their official Regulations Z and M staff commentaries to memorialize the calculation method used by the agencies each year to adjust the thresholds for exempt...more

7/26/2016 - Banking Sector CFPB Comment Period Exemptions Federal Reserve Leases Proposed Amendments Regulation M Regulation Z Threshold Requirements Truth in Lending Act (TILA)

CFPB touts initiatives in “fact sheets”

To commemorate its fifth anniversary, the CFPB released a series of “fact sheets” touting its initiatives. The “fact sheets” consist of the following: CFPB: By the numbers. The CFPB lists various statistics, such as...more

7/26/2016 - Automotive Loans Banking Sector Banks CFPB Civil Monetary Penalty Consumer Complaint Management Debt Collection Debt Relief Discriminatory Lending Practices Enforcement Actions Mortgages Popular RESPA Student Loans

CFPB to Hold Second Research Conference

The Consumer Financial Protection Bureau (CFPB) has announced that it plans to host its second research conference on consumer finance on December 15-16, 2016. (The first such conference was held in May 2015.)...more

7/25/2016 - Banking Sector Borrowers CFPB Consumer Financial Products Consumer Lenders Financial Institutions Mortgages Student Loans

CFPB extends comment deadline for payday loan proposal

The CFPB’s proposed payday loan rule and related Request for Information (RFI) were published in this past Friday’s Federal Register.  The RFI seeks feedback regarding consumer protection concerns pertaining to (1) loan...more

7/25/2016 - Ability-to-Repay Banking Sector CFPB Comment Period Consumer Financial Products Consumer Lenders Federal Register Online Marketplace Lending Payday Loans Request For Information

Democratic Senators want stronger payday loan rule

A group of 27 Democratic Senators joined by Independent Senator Bernie Sanders have sent a letter to Director Cordray urging the CFPB to “strengthen” its proposed payday loan rule. The Senators take aim at the proposal’s...more

7/22/2016 - Ability-to-Repay Banking Sector CFPB Consumer Financial Products Consumer Lenders Online Marketplace Lending Payday Loans SBREFA

A fifth anniversary for the CFPB

Today, July 21, 2016, marks the fifth anniversary of the date on which the CFPB officially opened its doors for business. Since then, the CFPB has embarked on unprecedented initiatives that have dramatically changed the face...more

7/21/2016 - Banking Sector Banks CFPB Consumer Financial Products Financial Services Industry

CFPB announces leadership changes

The CFPB has announced the following senior leadership changes: - Chris D’Angelo will serve as the CFPB’s Associate Director for Supervision, Enforcement and Fair Lending. He will replace David Bleicken. Mr. D’Angelo...more

7/20/2016 - Administrative Appointments Banking Sector CFPB

CFPB releases issue brief on financial education programs serving immigrant populations

The CFPB has released an “issue brief” entitled “Financial Education Programs Serving Immigrant Populations.”  The report is intended “to raise visibility about the financial education challenges that many immigrants face.”...more

7/20/2016 - CFPB Financial Education Initiatives Financial Institutions Financial Sector Immigrants Limited English Proficiency (LEP)

CFPB files amicus brief in Ninth Circuit in remanded Article III standing case

This past May, the U.S. Supreme Court, in Spokeo, Inc. v. Robins, ruled 6-2 that a plaintiff alleging a Fair Credit Reporting Act violation does not have standing under Article III of the U.S. Constitution to sue for...more

7/19/2016 - Amicus Briefs Article III Background Checks Class Action FCRA Hiring & Firing Injury-in-Fact Screening Procedures Spokeo v Robins Standing

CFPB to hold second research conference

The CFPB has announced that it plans to host its second research conference on consumer finance on December 15-16, 2016. (The first such conference was held in May 2015.) The announcement contains a call for complete...more

7/19/2016 - Banking Sector Borrowers CFPB Consumer Financial Products Consumer Lenders Financial Institutions Financial Markets Market Research Mortgages Student Loans

CFPB to hold July 28 debt collection field hearing

The CFPB has announced that it will hold a field hearing about debt collection on July 28, 2016 in Sacramento, California. We expect the field hearing to coincide with the CFPB’s release of an outline of the proposals it is...more

7/18/2016 - CFPB Debt Collection Dodd-Frank SBREFA Small Business

D.C. federal district court rejects recess appointment challenge

The D.C. federal district court has rejected the plaintiffs’ attempt in State National Bank of Big Spring, Texas, et al. v. Lew, et al. to invalidate the actions taken by Director Cordray while he was a recess appointee. The...more

7/14/2016 - Administrative Appointments Appointments Clause Article II Banking Sector Canning v NLRB CFPB Constitutional Challenges Dodd-Frank Enforcement Actions Recess Appointments Richard Cordray

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