Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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Director Cordray to testify on March 3 before House Financial Services Committee

The House Financial Services Committee will hold a hearing tomorrow, March 3, entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection” at which Director Cordray is expected to testify. The most recent...more

3/2/2015 - CFPB Congressional Investigations & Hearings Financial Services Committee Richard Cordray

CFPB proposes temporary suspension of TILA requirement for credit card issuers to submit card agreements quarterly

The CFPB has issued a proposal to suspend for one year the Truth in Lending Act/Regulation Z requirement for issuers of open-end credit cards to send their credit card agreements to the CFPB quarterly for posting in a public...more

2/26/2015 - CFPB consumer Consumer Financial Products Credit Cards Public Disclosure Regulation Z TILA

Director Cordray speaks to the National Association of Attorneys General

As he has done in prior years, Director Cordray spoke earlier this week to the National Association of Attorneys General. His prepared remarks focused on the familiar theme of “the four Ds” that create obstacles for consumers...more

2/26/2015 - Attorney Generals CFPB Consumer Financial Products Debt Discrimination Enforcement Statistics Richard Cordray Unfair or Deceptive Trade Practices

Supervisory or enforcement action: Deputy Director Antonakes explains how the CFPB decides

In his prepared remarks for an appearance last week at the Exchequer Club, CFPB Deputy Director Steven Antonakes discussed the CFPB’s risk-based approach to supervision. (The Exchequer Club’s members include senior...more

2/24/2015 - Banks CFPB Financial Institutions

Payday loan rulemaking prediction: CFPB will issue proposal this summer

Isaac Boltansky of Compass Point has issued an estimated timeline for the CFPB’s payday loan rulemaking that includes a July 2015 expected date for the CFPB’s release of a proposed rule. Mr. Boltansky estimates that the CFPB...more

2/20/2015 - CFPB Payday Loans Rulemaking Process SBREFA

Trade groups urge CFPB to respond to AFSA vehicle sales finance study

Five prominent industry trade groups sent a letter to the CFPB yesterday seeking “to engage the CFPB in a constructive dialogue” on the study of indirect auto financing commissioned by the American Financial Services...more

2/19/2015 - Automotive Industry Automotive Loans Car Dealerships CFPB Consumer Lenders Trade Associations

FTC sends ECOA report to CFPB

The FTC recently sent a letter to the CFPB reporting on the FTC’s 2014 activities related to compliance with the Equal Credit Opportunity Act and Regulation B. Although the FTC has authority to enforce the ECOA and Reg B as...more

2/19/2015 - CFPB ECOA FTC Nonbank Firms Regulation B

FTC touts partnership with CFPB in annual debt collection report

In the FTC’s 2014 annual letter to the CFPB summarizing the FTC’s debt collection activities, the FTC describes the CFPB as a “valuable partner” with whom the FTC anticipates an “even stronger [partnership] in the...more

2/11/2015 - CFPB Debt Collection FDCPA FTC Rulemaking Process

CFPB issues report on reverse mortgage complaints

The CFPB has issued a “Snapshot of reverse mortgage complaints” covering complaints submitted to the CFPB from December 2011 (when the CFPB began accepting consumer complaints on reverse mortgages) through December 2014....more

2/11/2015 - CFPB Consumer Financial Products Mortgages Public Complaint Reverse Mortgages

NY Regulator and House Republicans weigh in on CFPB payday loan rulemaking

Not surprisingly, letters sent to the CFPB this week by New York Financial Services Superintendent Benjamin Lawsky and by 12 House Republicans urge the CFPB to take very different approaches as it considers payday and...more

2/9/2015 - CFPB Legislative Agendas Payday Loans

NCLC urges CFPB to ban collection of time-barred debts

The National Consumer Law Center is urging the CFPB to ban the collection of debts on which the statute of limitations has run. The recommendation is made in a new NCLC report titled “Zombie Debt: What the CFPB Should...more

2/5/2015 - CFPB Debt Collection NCLC Statute of Limitations Unfair or Deceptive Trade Practices

ABA seeks removal of mortgage rate calculator from CFPB website

The American Bankers Association has sent a letter to the CFPB urging it to take down from its website its new mortgage interest rate calculator tool. The CFPB launched the new tool earlier this month, in conjunction with its...more

1/30/2015 - American Bankers Association Banks CFPB Interest Rates Mortgage Lenders Mortgages

CFPB issues compliance bulletin on treatment of confidential supervisory information

In a new compliance bulletin (2015-01), the CFPB reminds supervised financial institutions, including nonbanks, of their obligations regarding the disclosure of confidential supervisory information (CSI)....more

1/29/2015 - Banking Sector Banks CFPB Confidential Information Disclosure Requirements Financial Institutions Nonbank Firms Supervision

CFPB issues report on financial well-being

A new CFPB report entitled “Financial well-being: The goal of financial education” describes the CFPB’s initial research into how people acquire financial capability. The CFPB states in the report that it undertook the...more

1/29/2015 - CFPB Financial Education Initiatives

Financial Services Roundtable and CFPB join forces in financial education initiative

The Financial Services Roundtable and CFPB are joining forces in a nationwide public-private initiative to promote effective financial education. According to an announcement posted on the Roundtable’s website, the CFPB and...more

1/29/2015 - CFPB Financial Education Initiatives

Update on state AGs/regulator lawsuits using Dodd-Frank authority

Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Under Dodd-Frank Section 1042, a state AG or regulator is...more

1/28/2015 - Automotive Loans CFPA Consumer Lenders Dodd-Frank Enforcement Actions Experian For Profit Colleges Popular Subprime Mortgages TILA UDAAP Unfair Trade Practices Act

CFPB announces leadership additions and changes

Last Friday, the CFPB announced the following additions to its senior leadership team: In its announcement, the CFPB confirmed that Anthony Alexis will become the CFPB’s Assistant Director of Enforcement. Mr. Alexis...more

1/26/2015 - CFPB Political Appointments

House Financial Services Committee approves oversight plan; Committee chair gets new subpoena authority

The House Financial Services Committee voted unanimously today to approve the Committee’s oversight plan for the 114th Congress. The plan provides that the Committee intends to continue its close examination of the...more

1/22/2015 - Amended Regulation CFPB Choke Point Consumer Financial Products Dodd-Frank Financial Services Committee Mortgages

ABA criticizes CFPB study on high-cost credit extended to servicemembers

The American Bankers Association has sent a letter to the Department of Defense “to alert the Department to shortcomings” in the CFPB’s study entitled “The extension of high-cost credit to servicemembers and their families”...more

1/22/2015 - American Bankers Association Banks CFPB DOD Military Lending Act Military Service Members

CFPB seeking new members for advisory groups

The CFPB has published a notice in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Consumer Advisory Board, Community Bank Advisory Council, or Credit Union...more

1/19/2015 - Administrative Appointments CFPB Community Banks Consumer Advisory Board

ABA urges OIG to expand scope of consumer complaint database audit

The American Bankers Association (ABA) has sent a letter to the Office of the Inspector General (OIG) urging it to expand two of its ongoing CFPB projects: an audit of the CFPB’s public consumer complaint database and a...more

1/16/2015 - American Bankers Association Audits CFPB Consumer Complaint System OIG

CFPB attorney addresses impact of CFPB expectations on existing service provider contracts

Peggy Twohig, the CFPB’s Assistant Director for Nonbank Supervision, was a member of a panel today on service provider and vendor management compliance issues at this week’s meeting in New Orleans of the American Bar...more

1/12/2015 - Bank Service Providers Banks CFPB Enforcement Actions Nonbank Firms

CFPB plans to launch financial education project for disabled individuals

The CFPB continues to seek comments on its plans to launch in the winter of 2015 what it describes as “a multi-site financial education demonstration project to provide one-on-one and group financial counseling/coaching...more

1/9/2015 - CFPB Disabled Financial Education Initiatives

CFPB makes two leadership changes

According to the Wall Street Journal, the CFPB is making two changes in leadership. Tony Alexis, who previously served as Deputy Director of Enforcement Field Litigation and is currently serving as Acting Director of...more

1/8/2015 - Administrative Appointments CFPB

CFPB issues second appropriations report

The CFPB has issued its second report entitled “Report of the Consumer Financial Protection Bureau Pursuant to Section 1017(e)(4) of the Dodd-Frank Act.” That Dodd-Frank section requires the CFPB’s Director to submit an...more

1/6/2015 - Annual Reports Appropriation CFPB Dodd-Frank

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