Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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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

ABA to sponsor July 20 program on CFPB arbitration proposal

On July 20, 2016, from 11:00 AM – 12:00 PM ET, the American Bar Association is sponsoring a program, “CFPB’s Proposed Arbitration Ban — What You Need To Know.” The panelists will discuss the pros and cons of the CFPB’s...more

7/14/2016 - American Bar Association (ABA) 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

GAO report shows continuing CFPB employee concerns related to fair treatment

A report last month issued by the Government Accountability Office (GAO) found that a survey of nonexecutive CFPB employees revealed “heightened concerns related to fair treatment, trust that employees can raise concerns...more

7/12/2016 - CFPB Discrimination Diversity Employee Evaluations Employee Rights Employer Liability Issues GAO Race Discrimination Retaliation

House Financial Services Committee to hold hearing on marketplace lending

Today, July 11, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing titled: “Examining the Opportunities and Challenges with Financial Technology...more

7/11/2016 - Banking Sector Banks Consumer Financial Products Consumer Lenders Financial Services Industry FinTech Online Marketplace Lending

CFPB and DOJ settle fair lending claims involving allegations of redlining, discretionary underwriting and pricing, and overt...

The CFPB and DOJ recently announced a proposed consent order with BancorpSouth Bank to settle charges that the bank’s mortgage lending practices violated the Fair Housing Act and the Equal Credit Opportunity Act....more

7/11/2016 - CFPB Consent Order Discrimination DOJ ECOA Fair Housing Act (FHA) Fair Lending Mortgage Lenders Mortgages Race Discrimination Redlining

House approves FY 2017 appropriations bill containing curbs on CFPB authority

By a vote of 239-185, the House of Representatives has approved a fiscal year 2017 appropriations bill that contains various provisions intended to curb the CFPB’s authority. Those provisions would fund the CFPB through the...more

7/11/2016 - Administrative Authority Appropriations Bill Arbitration Banking Sector CFPB Class Action Class Action Arbitration Waivers Consumer Financial Contracts Consumer Financial Products Dodd-Frank U.S. House

CFPB issues ninth Semi-Annual Report

The CFPB has issued its ninth Semi-Annual Report to the President and Congress covering the period from October 1, 2015 through March 31, 2016. The 188-page report recycles information from previously-issued CFPB reports...more

7/6/2016 - Banking Sector CFPB Civil Monetary Penalty Enforcement Actions Financial Institutions

CFPB issues Summer 2016 Supervisory Highlights

In its Summer 2016 Supervisory Highlights, which covers supervision work generally completed between January and April 2016, the CFPB highlights violations found by its examiners involving automobile origination, debt...more

7/6/2016 - Automotive Loans Banking Sector CFPB Debt Collection ECOA EFTs Fair Lending FCRA Financial Institutions HMDA Mortgage Loan Originators Mortgages Regulation B Regulation V Regulation X Regulation Z RESPA

CFPB June 2016 complaint report highlights consumer loan complaints, complaints from Arkansas consumers

The CFPB has issued its June 2016 complaint report which highlights complaints about consumer loans and complaints from consumers in Arkansas and the Little Rock metro area. The CFPB began taking consumer loan complaints in...more

7/1/2016 - Automotive Loans Banking Sector CFPB Consumer Complaint System Consumer Financial Products Consumer Lenders Debt Collection Mortgage Servicers Online Marketplace Lending Payday Loans Student Loans Title Loans

Text of Dodd-Frank replacement bill released

Last month, Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, released a summary of “The Financial CHOICE Act,” a bill to replace the Dodd-Frank Act. The summary indicated that the...more

7/1/2016 - Arbitration Agreements Banking Reform Bill Banking Sector CFPB Class Action Arbitration Waivers Consumer Financial Products Dodd-Frank Financial Institutions Legislative Committees

Community bank and credit union trade groups raise concerns about CFPB’s payday lending proposal

The Independent Community Bankers of America and the Credit Union National Association have sent a letter to Director Cordray “to express serious concerns” about the CFPB’s proposed rule covering single-payment payday and...more

6/30/2016 - Ability-to-Repay Automotive Loans Banking Sector CFPB Consumer Financial Products Consumer Lenders Credit Unions Independent Community Bankers of America (ICBA) Online Marketplace Lending Payday Loans Title Loans

House bill introduced to impose consumer complaints requirements on CFPB

Republican Congressman Matt Salmon has introduced a bill, the “CFPB Data Accountability Act ” (H.R. 5413), that would impose requirements on how the CFPB handles consumer complaints. The requirements include the following...more

6/17/2016 - Banking Sector CFPB Consumer Complaint Management Consumer Complaint System Consumer Financial Products Financial Services Industry Proposed Legislation

CFPB issues interim rule to adjust civil penalties for inflation

The CFPB has published an interim final rule to adjust the civil penalties within its jurisdiction for inflation. The adjustments were required by the Federal Civil Penalties Inflation Adjustment Act of 1990 which, pursuant...more

6/16/2016 - CFPB Civil Monetary Penalty Dodd-Frank Federal Civil Penalties Inflation Adjustment Act of 1990 Inflation Adjustments Interim Rule Jurisdiction

CFPB unveils Know Before You Owe auto loan initiative; issues report on consumer auto financing experiences

The CFPB has unveiled its latest “Know Before You Owe” initiative aimed at consumers shopping for an auto loan.  The new initiative was accompanied by the CFPB’s release of a report entitled “Consumer Voices on Automobile...more

6/13/2016 - Automotive Industry Automotive Loans Banking Sector CFPB Consumer Financial Products Consumer Lenders

CFPB to host June 22 eRegulations webinar

On June 22, 2016, the CFPB will host a webinar on recent updates to its eRegulations tool.  Acting Deputy Director David Silberman will be a webinar speaker. eRegulations is a tool available on the CFPB’s website that can be...more

6/13/2016 - Banking Sector CFPB HMDA Mortgages Regulation C Regulation DD Regulation Z Truth in Lending Act (TILA) Truth in Savings Act Webinars

FTC Provides 2015 Enforcement Report to CFPB

The Federal Trade Commission (FTC) has provided its annual report to the Consumer Financial Protection Bureau (CFPB) covering the FTC’s enforcement activities in 2015 related to compliance with Regulation Z (Truth in...more

6/10/2016 - Automotive Industry Automotive Loans Banking Sector CFPB EFTA FTC Payday Loans Popular Real Estate Market Regulation E Regulation M Regulation Z Truth in Lending Act (TILA)

CFPB files supplemental amicus brief in Third Circuit FDCPA case to address Spokeo

The CFPB has filed a supplemental amicus brief with the U.S. Court of Appeals for the Third Circuit in Bock v. Pressler & Pressler, LLP, the case in which the district court ruled that a debt collection law firm violated the...more

6/10/2016 - Amicus Briefs Article III CFPB Debt Collection Debt Collectors Debt Settlement Services Debt-Relief Industry FDCPA FTC Spokeo v Robins Standing

CFPB adds to eRegulations platform

The CFPB announced that it has added Regulations C, X, and DD to its eRegulations platform and has updated Regulation Z on the platform so that it includes all of the amendments made to the regulation through March 2016....more

6/10/2016 - Banking Sector CFPB HMDA Regulation C Regulation DD Regulation X Regulation Z RESPA Truth in Lending Act (TILA) Truth in Savings Act

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