Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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CFPB proposes extension of remittance transfer rule depository institution exception and other revisions

The CFPB has issued a proposal to extend for five years the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in certain circumstances. The...more

4/18/2014 - Banks CFPB Depository Institutions Remittance Transfer Rule

Bill introduced to limit CFPB smaller bank supervisory authority

A bill introduced by Republican Senator Dan Coats would further limit the CFPB’s supervisory authority as to insured depository institutions and credit unions with total assets of $10 billion or less....more

4/18/2014 - Banks CFPB FDIC NCUA OCC Small Business

FDIC regional offices issue UDAP guidance on continuous overdraft fees

Based on the CFPB’s rulemaking agenda issued in December 2013, we continue to expect overdraft programs to be the subject of another CFPB white paper and/or an advance notice of proposed rulemaking this year. (In June 2013,...more

4/17/2014 - Banks CFPB Disclosure Requirements FDIC Overdraft Fees Rulemaking Process Service Charges

No CFPB regulations in 2014 implementing expanded ECOA small business data collection requirements

Section 1071 of Dodd-Frank amended the Equal Credit Opportunity Act to require financial institutions to collect and maintain certain data in connection with credit applications made by women- or minority-owned businesses and...more

4/10/2014 - CFPB Data Collection ECOA Small Business

Bill to create CFPB small business advisory board introduced

A bill to require the CFPB to establish a small business advisory board was recently introduced by Republican Congressmen Robert Pittenger and Denny Heck....more

4/10/2014 - CFPB Small Business

CFPB’s Office of Minority and Women Inclusion issues second annual report

The CFPB’s Office of Minority and Women Inclusion (OMWI) has issued its second annual report to Congress covering the OMWI’s activities in 2013. The Dodd-Frank Act required the CFPB and various other federal agencies...more

4/9/2014 - CFPB Contractors Diversity Dodd-Frank Employment Policies Federal Contractors OMWI Procurement Guidelines Subcontractors

CFPB employee testifies at House hearing on alleged CFPB employee discrimination

At yesterday’s hearing on alleged CFPB employee discrimination conducted by the House Financial Services Committee’s Subcommittee on Oversight and Investigations, a CFPB employee is reported to have testified that the agency...more

4/4/2014 - CFPB Discrimination

OIG finds CFPB’s supervision program needs improvement

Earlier this week, the results of an evaluation of the CFPB’s supervision program conducted by the Office of Inspector General (OIG) that the CFPB shares with the Fed were released in a report entitled “The CFPB Can Improve...more

4/4/2014 - CFPB ECOA OIG Supervision

CFPB issues second annual complaints report

In issuing its Consumer Response Annual Report analyzing complaints handled in 2013, the CFPB’s headline was that volume nearly doubled from 91,000 complaints received in 2012 to 163,700 complaints received in 2013. ...more

4/3/2014 - CFPB Compliance

CFPB launching community financial education project

The CFPB has announced that it plans to launch a new Community Financial Education Project in which it will work with public libraries across the country to help them provide free financial information and referrals. The...more

4/3/2014 - CFPB Websites

Report says CFPB representatives will not appear at House hearing on alleged CFPB employee discrimination

According to a Politico report, a CFPB spokesman has said that the two invited CFPB representatives will not be participating in the hearing scheduled for this Wednesday, April 2 by the House Financial Services Committee’s...more

4/1/2014 - CFPB Discrimination

D.C. federal court reconsiders decision on FOIA requests to CFPB

Last September, a federal district court in Washington, D.C. issued an opinion on Freedom of Information Act (FOIA) requests made by Judicial Watch to the CFPB for documents relating to Richard Cordray’s recess appointment as...more

4/1/2014 - Attorney-Client Privilege CFPB FOIA Richard Cordray Work Product Privilege

Senate Banking subcommittee holding hearing on alternative financial products

The Senate Banking Committee’s subcommittee on Financial Institutions and Consumer Protection is holding a hearing today titled: “Are Alternative Financial Products Serving Consumers?” Observers have noted that the hearing...more

3/26/2014 - CFPB Financial Products Senate Banking Committee

CFPB releases report on employee reviews

The CFPB appears to have reacted to the American Banker’s recent article revealing that CFPB staff evaluations showed a pattern of racial disparities by releasing the internal report that was the basis for the article....more

3/26/2014 - CFPB Performance Reviews Racial Discrimination

CFPB service contract inventory available

A notice was published by the CFPB in today’s Federal Register that an inventory and summary of the service contracts over $25,000 it awarded in FY 2013 are available for public viewing. (The inventory and a summary are...more

3/25/2014 - CFPB Service Contracts

More on the CFPB’s closed-door meeting policy

Last week, we reported that Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, has called on the CFPB to end its closed-door meeting policy for its four advisory groups. Those groups...more

3/25/2014 - CFPB

Newspaper publisher sues CFPB for documents on headquarters renovation

We recently reported that the CFPB had issued its first Annual Freedom of Information Act (FOIA) Report which provided statistical information for FOIA requests the CFPB received in FY 2013. It turns out that one of those...more

3/24/2014 - CFPB Document Requests FOIA

U.S. Supreme Court denies certiorari in EFTA standing case

We have previously written about Charvat v. Mutual First Federal Credit Union, the case in which the Eighth Circuit held last year that denial of a statutory right is a sufficient injury to confer standing, even if the injury...more

3/20/2014 - EFTA SCOTUS Standing

Hensarling calls on CFPB to open advisory group meetings

Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, called on the CFPB this week to end its closed-door meeting policy for its four advisory groups. Those groups consist of the Community...more

3/19/2014 - CFPB Credit Unions Transparency

CFPB testing prepaid card disclosures

Yesterday, the CFPB unveiled two model forms of prepaid card packaging disclosures that it is testing with consumers in Los Angeles. According to its blog post, the CFPB is developing the disclosures in connection with a...more

3/19/2014 - CFPB Credit Cards Disclosure Requirements Prepaid Payment Products

Director Cordray gives prepaid card advice to state regulators

Director Cordray’s speech yesterday to the National Association of State Treasurers consisted primarily of his standard remarks about the CFPB’s handling of consumer complaints, financial education initiatives, and mortgage...more

3/19/2014 - CFPB Credit Cards Prepaid Payment Products Richard Cordray

CFPB issues FOIA reports

Last week, the CFPB issued its first Annual Freedom of Information Act (FOIA) Report, which was accompanied by the report of its Chief FOIA Officer. The Chief FOIA Officer’s report contains narrative answers to a series of...more

3/18/2014 - CFPB FOIA

CFPB staff evaluations show racial disparities, American Banker reports

Given the CFPB’s fair lending focus, there is certainly a strong dose of irony in the American Banker’s report yesterday that CFPB staff evaluations show a pattern of racial disparities. The article states that, according to...more

3/7/2014 - CFPB Mortgages Performance Reviews Racial Discrimination

CFPB sends complaint solicitation as IRS refund check stuffer

As it reportedly did last year, we understand the CFPB is again this year soliciting consumer complaints through the use of a stuffer sent with IRS refund checks mailed to consumers. The stuffer indicates that it is...more

3/6/2014 - CFPB IRS Tax Refunds

OIG updated work plan includes review of CFPB headquarters renovation

Since issuing its work plan updated as of January 21, 2014, the only new notable item added by the by the Office of Inspector General (OIG) to its work plan updated as of March 3, 2014 is an evaluation of the CFPB’s...more

3/6/2014 - CFPB OIG Public Projects

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