Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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No deference for CFPB amicus brief from Ninth Circuit

Many readers probably remember Edwards v. First American Financial Corp. for its ill-fated journey to the U.S. Supreme Court. The Supreme Court had granted certiorari to decide the issue of whether a plaintiff who brings a...more

8/28/2015 - Amicus Briefs Article III Certiorari CFPB Consumer Lenders Financial Services Industry Kickbacks Mortgage Brokers Mortgage Lenders Mortgages RESPA Safe Harbors SCOTUS Standing Statutory Damages Title Companies

CFPB issues second monthly complaint report

The CFPB has issued its August 2015 complaint report, the second in its new series of monthly complaint reports. When it announced the launch of the new reports last month, the CFPB stated that each report would spotlight a...more

8/28/2015 - Banking Sector Banks CFPB Consumer Complaint System Consumer Lenders Financial Sector Financial Services Industry Mortgage Lenders Mortgage Servicers Mortgages

CFPB enters into consent order with company charged with deceptive health care credit enrollment practices

The CFPB has entered into a consent order with Springstone Financial, LLC to settle charges that the company was responsible for alleged deceptive and misleading acts and practices in connection with enrolling consumers in a...more

8/21/2015 - Banking Sector Banks CFPB Consent Order Credit Cards Deferred Interest Products Dental Practice Financial Institutions Financial Services Industry Financing Healthcare Healthcare Providers Loans Redress Payments Unfair or Deceptive Trade Practices

CFPB issues state-specific guides for financial caregivers

In October 2013, the CFPB released four “Managing Someone Else’s Money” guides for financial caregivers, particularly those who handle the finances of older Americans. The booklets were designed for four different categories...more

8/20/2015 - Caregivers CFPB Elder Issues Fiduciaries Guardians Power of Attorney Trustees Veterans

OIG adds four new projects to work plan

Since our last blog post about the OIG’s work plan, the work plan has been updated as of August 7, 2015 to add four new projects. A newly added ongoing project is a “Security Control Review of the CFPB’s SQL Environment.” (An...more

8/18/2015 - CFPB Data Privacy Data Protection Databases OIG Personally Identifiable Information Risk Assessment

Former CFPB Deputy Director joins Eastern Bank

The American Banker reported earlier this week that Steven Antonakes, the former CFPB Deputy Director, has joined Eastern Bank in Boston as a senior vice president and chief compliance officer. According to the article, the...more

8/13/2015 - Administrative Appointments Banking Sector Banks CFPB Chief Compliance Officers Financial Institutions General Counsel

CFPB denies lead generation company’s petition to modify or set aside CID

The CFPB has denied the petition of a lead generation company and its employee to modify or set aside a civil investigative demand (CID). As we reported, among the petitioners’ arguments for why the CID should be set aside...more

8/11/2015 - CFPB CID Civil Investigation Demand Dodd-Frank EEOC FCRA Financial Services Industry FTC

Envelope’s Display of Barcode With Embedded Account Number Violates FDCPA, Federal Court Rules

A federal court in Pennsylvania has ruled that a debt collector violated the Fair Debt Collection Practices Act (FDCPA) by sending a collection letter in an envelope that allegedly revealed a barcode in which the plaintiff’s...more

8/11/2015 - Debt Collection Debt Collectors Electronic Barcoding FDCPA Financial Services Industry Motion to Dismiss Privacy Concerns

CFPB to participate in Dallas FTC debt collection program

The CFPB will be participating in the FTC’s second “Debt Collection Dialogue” to be held in Dallas, Texas on September 29, 2015. Gregory Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to be a...more

8/7/2015 - Best Practices CFPB Compliance Consumer Lenders Debt Collection Debt Collectors Enforcement Actions Financial Institutions Financial Services Industry FTC Regulatory Standards

CFPB files lawsuit against Internet payday loan companies

The CFPB has filed a complaint in federal district court in New York against a group of commonly-controlled companies for allegedly engaging in unlawful conduct in connection with making payday loans over the Internet. With...more

8/6/2015 - CashCall CFPB Consumer Lenders Financial Services Industry Internet Internet Lenders Loans Online Platforms Payday Loans Popular Tribal Loans

OIG finds CFPB headquarters renovation costs to be reasonable

The Office of Inspector General for the Fed and CFPB (OIG) has issued a report on the results of its audit of the construction costs for the CFPB’s Washington, D.C. headquarters renovation. The renovation costs have been the...more

8/6/2015 - Audits CFPB Contractor Audits GSA IRB OIG Renovations

CFPB sends debt collection questionnaire

The CFPB has sent a questionnaire which, according to the CFPB’s accompanying cover letter, is intended to help the CFPB “better understand operational costs and other factors associated with debt collection.” The cover...more

8/4/2015 - CFPB Creditors Debt Collection Debt Collectors Financial Services Industry

CFPB issues 2015 Plain Writing Act Compliance Report

The CFPB has issued its 2015 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 information...more

8/4/2015 - CFPB Closing Documents Compliance Consumer Lenders Loan Documentation

CFPB to hold event on financial management for seniors

The CFPB has announced that it will hold an event in Springfield, Virginia on August 17, 2015 about financial management for seniors and their caregivers. The event will feature remarks from Director Cordray and Virginia...more

8/4/2015 - Assisted Living Facility Banks CFPB Elder Abuse Financial Abuse Financial Institutions Financial Planning Financial Services Industry Mortgages Nursing Homes Popular Reverse Mortgages Skilled Nursing Facility

OIG identifies information security deficiencies in CFPB’s DT Complaint Database

The Office of Inspector General (OIG) for the Fed and CFPB recently completed its review of the information system security controls for the CFPB’s Data Team (DT) Complaint Database. The DT Complaint Database supports the...more

8/3/2015 - CFPB Consumer Complaint System FISMA OIG

Texas Bankers Association files FOIA request with CFPB

The Texas Bankers Association (TBA) announced on its website that it has filed a Freedom of Information Act (FOIA) Request with the CFPB to obtain all documentation the CFPB requested from bank software processors on the...more

7/31/2015 - American Bankers Association Banking Sector Banks CFPB Dodd-Frank Financial Institutions Financial Services Industry FOIA Overdraft Fees

Defense Department dramatically expands scope of Military Lending Act

The Department of Defense (DoD) dramatically expanded the scope of the Military Lending Act (MLA) on July 22, 2015, publishing its Final Rule amending the MLA’s implementing regulation. The DoD consulted with the CFPB in...more

7/28/2015 - Automotive Loans Consumer Credit Protection Consumer Lenders DOD Higher Education Act Lenders Military Lending Act Military Service Members Mortgages Payday Loans Title IV

Challenge to CFPB’s constitutionality reemerges

The issue of the CFPB’s constitutionality reemerged last week in court and Congress. On the judicial front, the U.S. Court of Appeals for the D.C. Circuit, in State National Bank of Big Spring, Texas, et al. v. Lew, et al.,...more

7/28/2015 - Banking Sector Banks Canning v NLRB CFPB Dodd-Frank Financial Institutions FSOC Motion to Dismiss Richard Cordray SCOTUS Standing Title II

Auto finance company agrees to change dealer compensation policy to settle CFPB and DOJ fair lending claims

Earlier this month, American Honda Finance Corporation (AHFC) entered into a settlement with the CFPB and the Department of Justice to resolve charges that it engaged in unlawful discrimination in violation of the Equal...more

7/28/2015 - Automotive Industry Automotive Loans CFPB Compensation Agreements Consumer Lenders DOJ ECOA Financial Services Industry Honda

CFPB settles action against provider of student financial aid assistance

The CFPB has announced a proposed settlement with Student Financial Aid Services, Inc. (SFAS) to resolve charges that the company engaged in unlawful sales and billing practices in connection with offering fee-based financial...more

7/24/2015 - CFPB Electronic Fund Transfer Act FAFSA Final Judgment Financial Aid Military Service Members Settlement Students Telemarketing Telemarketing Sales Rule Unfair or Deceptive Trade Practices

Senate Judiciary Committee holds hearing on Dodd-Frank constitutional issues

The Senate Judiciary Committee held a hearing yesterday entitled “The Administrative State v. The Constitution: Dodd-Frank at Five Years.” The hearing was focused on constitutional issues relating to the Dodd-Frank Act,...more

7/24/2015 - CFPB Congressional Investigations & Hearings Dodd-Frank Senate Judiciary Committee

FTC to hold workshop on lead generation

The Federal Trade Commission will be holding a workshop in Washington, D.C. onOctober 30, 2015 to explore the growing use of online lead generation in various industries, including consumer lending. The workshop is free and...more

7/24/2015 - CFPB Civil Investigation Demand Consumer Financial Products Consumer Lenders FTC Unfair or Deceptive Trade Practices

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