Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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CFPB Spring 2015 agenda: significant rulemaking actions on the horizon

Just in time for the holiday weekend, the CFPB released its Spring 2015 rulemaking agenda last Friday. The agenda sets the following timetables: Prepaid financial products. In November 2014, the CFPB issued a proposed rule...more

5/26/2015 - CFPB Regulatory Agenda Rulemaking Process

58 members of Congress urge CFPB to ban consumer arbitration

Senator Al Franken and 57 other members of Congress signed a letter sent to Director Cordray last week urging the CFPB “to move forward quickly to use its authority under the Dodd-Frank Act to issue strong rules to prohibit...more

5/26/2015 - Arbitration CFPB Consumer Financial Contracts Consumer Lenders Legislative Agendas Richard Cordray

Senator Perdue renews attempt to change CFPB funding

Republican Senator David Perdue has introduced a bill, S.1383 entitled the ‘‘Consumer Financial Protection Bureau Accountability Act of 2015,” that would make the CFPB subject to the congressional appropriations process....more

5/22/2015 - Appropriations Bill CFPB Federal Funding Proposed Legislation

CFPB launches financial coaching initiative

The CFPB has announced the launch of its Financial Coaching Initiative which targetsrecently-transitioned veterans and economically vulnerable consumers. (The CFPB first announced its plans for launching the program in 2013,...more

5/21/2015 - CFPB Financial Education Initiatives Veterans

Democrats release alternative regulatory relief bill

Democrats on the Senate Banking Committee have released a regulatory relief bill intended to be an alternative to the bill released by Senator Richard Shelby. While Senator Shelby’s bill is entitled the “Financial Regulatory...more

5/21/2015 - CFPA Financial Regulatory Reform Gramm-Leach-Blilely Act Pending Legislation Senate Banking Committee

CFPB Issues Compliance Bulletin on Unlawful Discrimination Based on Receipt of Mortgage Assistance

In a new compliance bulletin (Bulletin 2015-02), the CFPB “reminds” creditors of their obligation not to discriminate against applicants because their income includes vouchers from the Section 8 Housing Choice Voucher (HCV)...more

5/20/2015 - Affordable Housing CFPB Discrimination Housing Choice Vouchers Mortgages Section 8

Pew continues call for checking account arbitration ban and overdraft limits

In its latest report evaluating the checking account practices of the nation’s largest banks, the Pew Charitable Trusts continues to press the CFPB to write new overdraft and other rules for checking accounts. Pew’s new...more

5/19/2015 - Arbitration Banks CFPB Checking Accounts Pew Foundation

CFPB Files Complaint Against Companies Offering Mortgage Payment Program

In a complaint filed yesterday in a California federal court, the CFPB alleges that two related companies offering a biweekly mortgage payment program and their individual owner engaged in deceptive telemarketing acts or...more

5/18/2015 - CFPB Enforcement Actions Mortgages Telemarketing Sales Rule

Bipartisan House Bill Introduced To Create Temporary Safe Harbor from Enforcement of TILA-RESPA Integrated Disclosure Rules

Republican Congressman Steve Pearce and Democratic Congressman Brad Sherman have introduced a bill in the House of Representatives (H.R. 2213) that would provide lenders with a temporary safe harbor from enforcement of the...more

5/15/2015 - American Bankers Association Banking Sector Integrated Disclosures Mortgage Lenders Proposed Legislation RESPA Safe Harbors TILA TILA-RESPA Integrated Disclosure Rule (TRID)

CFPB extends comment period on credit card issues

In March 2015, the CFPB issued a request for information on 12 topics relating to the credit card market. The request set a due date of May 18, 2015 for comments. In a notice published in yesterday’s Federal Register, the...more

5/14/2015 - Banking Sector CFPB Comment Period Consumer Financial Contracts Consumer Financial Products Consumer Lenders Credit Cards

CFPB files complaint against companies offering mortgage payment program

In a complaint filed yesterday in a California federal court, the CFPB alleges that two related companies offering a biweekly mortgage payment program and their individual owner engaged in deceptive telemarketing acts or...more

5/12/2015 - CFPB Enforcement Actions Mortgage Lenders Robocalling Telemarketing Sales Rule Unfair or Deceptive Trade Practices

CFPB issues compliance bulletin on unlawful discrimination based on receipt of mortgage assistance

In a new compliance bulletin (Bulletin 2015-02), the CFPB “reminds” creditors of their obligation not to discriminate against applicants because their income includes vouchers from the Section 8 Housing Choice Voucher (HCV)...more

5/12/2015 - CFPB Consumer Lenders Discrimination HUD Mortgage Lenders Section 8

House to hold March 14 hearing on TILA-RESPA integrated disclosures

On March 14, 2015, the House Financial Services Committee’s Subcommittee on Housing and Insurance will hold a hearing on “TILA-RESPA Integrated Disclosure: Examining the Costs and Benefits of Changes to the Real Estate...more

5/12/2015 - Congressional Investigations & Hearings RESPA TILA TILA-RESPA Integrated Disclosure Rule (TRID)

Bipartisan House bill introduced to create temporary safe harbor from enforcement of TILA-RESPA integrated disclosure rule

Republican Congressman Steve Pearce and Democratic Congressman Brad Sherman have introduced a bill in the House of Representatives (H.R. 2213) that would provide lenders with a temporary safe harbor from enforcement of the...more

5/8/2015 - CFPB Integrated Disclosures Proposed Legislation RESPA Safe Harbors TILA TILA-RESPA Integrated Disclosure Rule (TRID)

CFPB settles action against land developers for ILSA violations

The CFPB recently announced that it had entered into a consent order with a land-development company and several individuals involved in the company’s operations to settle charges that the respondents violated the Interstate...more

5/8/2015 - CFPB Consent Order Enforcement Actions HUD ILSA Real Estate Development

CFPB settles first overdraft opt-in rule enforcement action

The CFPB announced yesterday that it had reached a settlement with Regions Bank regarding claims that the bank unlawfully charged overdraft fees to customers who had not opted-in for overdraft coverage. The matter is the...more

4/30/2015 - Banking Sector CFPB Debit Cards Depository Institutions Enforcement Actions Opt-In Overdraft Fees Regulation E Settlement

CFPB issues 2014 fair lending report

The CFPB has issued a fair lending report covering its fair lending activities during 2014. The report states that in 2014, CFPB fair lending supervisory and public enforcement actions required institutions to provide...more

4/30/2015 - CFPB Consumer Lenders Enforcement Actions Enforcement Statistics Fair Lending

Supreme Court takes case on statutory damages recovery even without any actual harm

The U.S. Supreme Court agreed yesterday to hear an important case that will decide whether a plaintiff who cannot show any actual harm from a violation of the Fair Credit Reporting Act nevertheless has standing under Article...more

4/29/2015 - Article III FCRA Federal Jurisdiction Imminent Harm SCOTUS Spokeo v Robins Standing Statutory Damages

CFPB praises FICO announcement on credit score sharing

The CFPB has praised an announcement by FICO that it will make credit scores available to financially struggling consumers through nonprofit credit and financial counseling organizations as “a step in the right direction”...more

4/25/2015 - CFPB credit Experian

Justice Department’s ECOA report describes joint CFPB activity

The U.S. Department of Justice recently issued the Attorney General’s 2014 Annual Report to Congress Pursuant to the Equal Credit Opportunity Act Amendments of 1976. The report discusses the DOJ’s 2014 ECOA enforcement...more

4/25/2015 - Automotive Loans CFPB Discrimination DOJ ECOA Fair Housing Act SCRA

House passes bill to cut CFPB funding; White House threatens veto

Yesterday, the House of Representatives, by a vote of 235-183, passed H.R. 1195, titled the “Bureau of Consumer Financial Protection Advisory Boards Act.” As originally proposed, the bill would codify the CFPB’s existing...more

4/24/2015 - CFPB New Legislation

CFPB files amicus brief in Fifth Circuit TILA case

The CFPB has filed an amicus brief in Billings v. Propel Financial Services, LLC, a case on appeal to the U.S. Court of Appeals for the Fifth Circuit. The issue in the case is whether a private lender extends“consumer credit”...more

4/23/2015 - Appeals CFPB Class Action Consumer Financial Contracts Consumer Financial Products Consumer Lenders Property Tax Regulation Z Tax Liens TILA

CFPB announces settlement with processors of military allotments

The CFPB has announced a settlement with two companies that processed military allotments and were alleged to have charged fees to servicemembers that the companies failed to adequately disclose. The consent order requires...more

4/21/2015 - CFPB Consent Order Creditors Military Service Members Processing Fees Settlement Unfair or Deceptive Trade Practices

CFPB finalizes temporary suspension of TILA requirement for quarterly submission of credit card agreements

The CFPB has issued a final rule adopting its 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...more

4/16/2015 - CFPB Credit Card Agreements Credit Cards Final Rules Public Disclosure Regulation Z TILA

House passes regulatory reform bills

Earlier this week, the House of Representatives, in bi-partisan votes, passed the following regulatory reform bills: The “Eliminate Privacy Notice Confusion Act, H.R. 601, would create an exemption from the Gramm-Leach-Bliley...more

4/16/2015 - CFPB Gramm-Leach-Blilely Act New Legislation Regulatory Reform Rural Development SAFE Act

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