Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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CFPB and FTC file lawsuits against online payday lenders

Earlier this month, the CFPB and FTC filed lawsuits against different groups of interrelated companies and their individual principals for engaging in allegedly unlawful online payday lending schemes....more

9/19/2014 - CFPB EFTA Enforcement Actions FTC Payday Loans Popular TILA

Florida and Connecticut AGs file lawsuit asserting Dodd-Frank enforcement authority

On July 29, 2014, another Section 1042 lawsuit was filed jointly by the Attorneys General of Florida and Connecticut in a Florida federal court. The lawsuit alleges that four individuals and their four businesses formulated...more

9/18/2014 - Attorney Generals Dodd-Frank Enforcement Mortgage Servicing Rules Mortgages UDAAP

CFPB to hold Oct. 8 forum on checking account screening policies and practices

The CFPB has announced that it will hold a forum on checking account screening policies and practices in Washington, D.C. on October 8, 2014. ...more

9/18/2014 - Banks CFPB Checking Accounts Compliance

Rep. Maloney urges CFPB to limit overdraft fees and expand opt-in rules

Democratic Congresswoman Carolyn Maloney of New York sent a letter to Director Cordray yesterday urging the CFPB to limit overdraft fees and expand opt-in requirements as part of a proposed overdraft rule. In calling...more

9/12/2014 - ACH Payments Banking Sector Banks CFPB Credit Cards Debit Cards Legislative Agendas Opt-In Overdraft Fees

Update on Illinois AG lawsuit using Dodd-Frank authority

As we previously reported, among the lawsuits that have been brought by a state attorney general and a state regulator using their Dodd-Frank enforcement authority is a lawsuit initially filed by the Illinois AG in state...more

9/12/2014 - Colleges Dodd-Frank For Profit Colleges UDAAP Universities

House members propose bill to nullify CFPB indirect auto finance guidance

A bipartisan group of fourteen House members have introduced a bill (H.R. 5403) that would nullify the CFPB’s indirect auto finance guidance issued in March 2013 and require the CFPB to provide for a notice and comment period...more

9/12/2014 - Automotive Industry Automotive Loans CFPB DOJ Federal Reserve FTC Legislative Agendas Minority-Owned Businesses Proposed Legislation Public Comment Small Business Women-Owned Businesses

CFPB and Fed announce increases in Regs Z and M 2015 dollar thresholds

The CFPB and Fed have announced increases in the dollar thresholds in Regulation Z (Truth in Lending Act) and Regulation M (Consumer Leasing Act) for exempt consumer credit and lease transactions. The adjustments reflect the...more

9/11/2014 - Automotive Industry Car Dealerships CFPB Dodd-Frank Federal Reserve Motor Vehicles Regulation M Regulation Z TILA

House to hold Sept. 10 hearing on credit reporting

On Wednesday, September 10, the House Financial Services Committee will hold a hearing entitled “An Overview of the Credit Reporting System.” The scheduled witnesses are...more

9/9/2014 - CFPB Congressional Investigations & Hearings Credit Reporting Agencies Credit Reports Financial Services Committee Legislative Committees

Director Cordray to testify at Sept. 9 Senate hearing

The Senate Committee on Banking, Housing, and Urban Affairs will hold a hearing tomorrow on “Wall Street Reform: Assessing and Enhancing the Financial Regulatory System.” The list of witnesses includes CFPB Director...more

9/8/2014 - CFPB Congressional Investigations & Hearings Financial Regulatory Reform Senate Banking Committee Wall Street

CFPB Consumer Advisory Board to meet on Sept. 11

The CFPB has announced that its Consumer Advisory Board will hold a public meeting on September 11 in Washington, D.C. The meeting will focus on trends and themes related to technology and access to financial services....more

9/5/2014 - CFPB Technology

CFPB announces plans to launch financial coaching project

In a notice published in today’s Federal Register, the CFPB announced that in late 2014, it plans to launch a financial coaching project for transitioning veterans and economically vulnerable consumers and seeks comments to...more

9/4/2014 - CFPB Financial Literacy OMB Training Veterans

CFPB issues report on employee financial wellness

Last week, the CFPB published a report entitled “Financial wellness at work” that reviews “promising practices to promote financial wellness in the workplace.” The CFPB’s research found that particularly since the...more

9/3/2014 - CFPB Dodd-Frank Economic Downturn

CFPB announces senior leadership change and new hires and new advisory board and council members

The CFPB has announced a senior leadership change and two new new hires. It also announced new appointments to its Consumer Advisory Board, Community Bank Advisory Council, and Credit Union Advisory Council....more

8/29/2014 - Administrative Appointments CFPB

CFPB and federal banking agencies issue guidance on unfair or deceptive credit practices in light of Reg AA repeal

Concurrently with a proposal from the Fed to repeal Regulation AA (12 CFR part 227), the CFPB and the federal banking agencies (Fed, OCC, FDIC and NCUA) have issued interagency guidance regarding unfair or deceptive credit...more

8/27/2014 - Banks CFPB Dodd-Frank FDIC FTC NCUA OCC Regulation AA Repeal U.S. Treasury UDAAP Unfair or Deceptive Trade Practices

CFPB extends remittance transfer rule depository institutions exception and finalizes other revisions

The CFPB has issued a final rule that extends for five years (until July 21, 2020) the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in...more

8/26/2014 - Banks CFPB Compliance Depository Institutions Remittance Transfer Rule Transfers

OCC steps up SCRA focus in exams

As we have been reporting, the CFPB has made the Servicemembers Civil Relief Act (SCRA) a major focus and instructs its examiners to look at SCRA compliance during examinations. The OCC has also stepped up its focus on SCRA...more

8/22/2014 - Banking Examinations Banking Sector Banks CFPB OCC SCRA

NCRC white paper seeks expansive CFPB rulemaking on small business lending data collection

The National Community Reinvestment Coalition (NCRC) has issued a white paper that urges the CFPB to take an expansive approach in developing regulations on the collection of small business lending data to implement Section...more

8/22/2014 - CFPB Data Collection Dodd-Frank Fair Lending Small Business

ABA continues to oppose CFPB’s proposed debt collection survey

The American Bankers Association has sent a second comment letter to the CFPB in which it recommends that the Office of Management and Budget not approve the CFPB’s proposed debt collection survey. The CFPB initially...more

8/22/2014 - American Bankers Association Banks CFPB Debt Collection OMB Surveys

Senators introduce bill to increase “large bank” asset threshold for CFPB supervision

A bipartisan bill (S. 2732) has been introduced by Republican Senator Pat Toomey and Democratic Senator Joe Donnelly to increase the asset threshold for “large banks” that are subject to CFPB supervision....more

8/21/2014 - Asset Funds Banks CFPB Proposed Legislation

Industry trade group launches campaign targeting CFPB plan to disclose complaint narratives

The Financial Services Roundtable has launched as multimedia campaign to challenge the CFPB’s proposal to expand the consumer complaint data that it publicly discloses to include complaint narratives....more

8/21/2014 - CFPB Consumer Complaint System Trade Associations

CFPB publishes annual CARD Act, HOEPA and QM adjustments

The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more

8/19/2014 - CARD Act CFPB Dodd-Frank Final Rules HOEPA Qualified Mortgage Rule Regulation Z TILA

OIG updated work plan includes projects focused on CFPB office renovations and employee diversity

The CFPB’s headquarters renovations is now the subject of two ongoing projects of the Office of Inspector General (OIG), according to the OIG’s updated work plan as of July 25, 2014. As the OIG indicates in the work...more

8/7/2014 - CFPB Compliance Diversity OIG

CFPB launches new financial education efforts directed at low-income consumers

Last week, the CFPB announced a new partnership with national and local nonprofit and public social services programs across the country to train staff to provide financial education and tools to clients with low-to-moderate...more

8/4/2014 - CFPB Mortgages

CFPB issues third annual Plain Writing Act compliance report

The CFPB has issued its third annual 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...more

8/1/2014 - CFPB Information Reports Plain Writing Act

GAO issues report on CFPB civil penalty fund

The Government Accountability Office (GAO) has issued a report on the results of its review the CFPB’s Civil Penalty Fund (CPF). The review was requested by Representative Shelley Moore Capito, who chairs the House Financial...more

8/1/2014 - CFPB Civil Monetary Penalty Compliance Dodd-Frank Enforcement Enforcement Actions GAO

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