Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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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 - Administrative Workshops CFPB Civil Investigation Demand Consumer Financial Products Consumer Lenders FTC Lead Generation Unfair or Deceptive Trade Practices

More on the CFPB’s administrative law judge job posting

We reported earlier this week that the CFPB had recently posted a job opening for an administrative law judge (ALJ) and that the government jobs website indicated that the position was closed. We saw this as suggesting that...more

7/24/2015 - Administrative Appointments ALJ Appointments Clause Article II CFPB Preliminary Injunctions SEC

Lead generator files petition to set aside CFPB CID

A lead generation company and its employee recently filed a petition with the CFPB to modify or set aside a civil investigative demand (CID). Among the arguments made in the petition for why the CID should be set aside is...more

7/22/2015 - Bank Service Providers CFPB Civil Investigation Demand Consumer Financial Products Dodd-Frank Lead Generators Motion to Set Aside

CFPB sends warning letters on military allotment practices

The CFPB announced that it sent warning letters this month to several companies that sell retail goods to military servicemembers regarding their acceptance of payments made through military allotments. The military...more

7/22/2015 - CFPB Department of Defense DOD Financial Institutions Internet Retailers Military Allotments Military Service Members Settlement Unfair or Deceptive Trade Practices

CFPB seeks to hire administrative law judge

The CFPB recently posted a job opening for an administrative law judge (ALJ). According to the government jobs website, the position is closed which suggests that it has been filled. A recent Politico article indicated that...more

7/21/2015 - ALJ Appointments Clause Article II CFPB Inferior Officers Preliminary Injunctions Presidential Appointments SEC

Deputy Director Antonakes to leave CFPB

According to the American Banker and Politico, Deputy Director Steven Antonakes is leaving the CFPB to pursue opportunities in Massachusetts, his home state. Mr. Antonakes, the CFPB’s second-in-command, has been with the...more

7/17/2015 - Administrative Resignation CFPB Enforcement Fair Lending

CFPB issues financial guides for new immigrants

The CFPB recently announced that it has developed “the Newcomer’s Guides to Managing Money to provide recent immigrants with straightforward information about basic money decisions.” According to the CFPB, each guide...more

7/16/2015 - ATMs Banking Sector Banks CFPB Complaint Procedures Credit Unions Debit Cards Financial Institutions

FCC Order Creates New TCPA Challenges for Companies

As previously reported, the Federal Communications Commission recently approved a Declaratory Ruling and Order (the Order) addressing a number of petitions that requested the FCC clarify its interpretations of the Telephone...more

7/14/2015 - Auto-Dialed Calls Collection Agencies Debt Collection Declaratory Rulings Exemptions FCC Financial Institutions Healthcare Prior Express Consent Revocation TCPA Telemarketing Text Messages

U.S. Senators urge expedited CFPB action on small business lending data collection rules

We recently blogged about an American Banker article written by officials of three community groups that urged President Obama to publicly denounce Director Cordray for failing to issue regulations implementing the small...more

7/14/2015 - Barack Obama CFPB Data Collection ECOA Lending Section 1071 Small Business U.S. Senate

OCC Identifies Safety and Soundness Risks to National Banks and Federal Savings Associations and Supervisory Priorities

A new report issued by the federal Office of the Comptroller of the Currency (OCC) identifies top safety and soundness risks to national banks and federal savings associations, as well as OCC supervisory priorities for the...more

7/14/2015 - Anti-Money Laundering Bank Secrecy Act Banking Industry Regulations Banks BSA/AML CFPB Cybersecurity Fair Lending Federal Savings Associations Financial Institutions National Banks OCC RESPA Third-Party TILA

OIG updated work plan includes new projects

Since we last blogged about the Office of Inspector General’s work plan, the OIG has updated its work plan to add several new projects and move back the estimated completion dates of several ongoing projects....more

7/11/2015 - CFPB OIG

Director Cordray to appear before Senate Banking Committee on July 15

On July 15, 2015, the Senate Committee on Banking, Housing and Urban Affairs will hold a hearing on “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” Director Cordray is the only scheduled witness....more

7/7/2015 - CFPB Richard Cordray

OIG seeks improved CFPB approach for notifying prudential regulators of violations by smaller financial institutions

The Office of Inspector General for the Fed/CFPB has sent a memorandum to the CFPB, the subject of which is “The CFPB Can Enhance Its Process for Notifying Prudential Regulators of Potential Material Violations.” The memo...more

7/7/2015 - CFPB Credit Unions Dodd-Frank Enforcement Financial Institutions OIG

Briefing completed in Ninth Circuit tribal lending case challenging CFPB authority

Briefing has now been completed in CFPB v. Great Plains Lending, LLC, et al., the case before the U.S. Court of Appeals for the Ninth Circuit in which three tribally-affiliated payday lenders are challenging the CFPB’s...more

7/7/2015 - CFPB Civil Investigation Demand Foreign Sovereigns Payday Loans Sovereign Immunity Tribal Corporations

Community groups want CFPB action on small business lending data collection rules

A recent American Banker article written by officials of three community groups urges President Obama to publicly denounce Director Cordray for failing to issue regulations implementing the small business lending data...more

7/3/2015 - Banks Barack Obama Data Collection Dodd-Frank ECOA Richard Cordray Small Business

Senator seeks GAO investigation of CFPB payday loan rulemaking

In a letter to the Government Accountability Office (GAO), Senator David Vitter questioned “the adequacy and thoroughness of the CFPB’s analysis of small business impacts” in connection with its payday lending rulemaking...more

6/30/2015 - CFPB GAO Payday Loans Popular SBREFA Small Business

CFPB seeks comments on new information collection requests

The CFPB has published notices in today’s Federal Register seeking comments on the following information collections: “Consumer Response Government and Congressional Boarding Forms.” The notice states that the CFPB has...more

6/26/2015 - CFPB Consumer Complaint System Data Collection Data-Sharing Public Entities

CFPB supervisory report highlights violations in consumer reporting, debt collection, student loan servicing, mortgage origination...

In its Summer 2015 Supervisory Highlights, which covers supervision work generally completed between January and April 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving...more

6/26/2015 - CFPB Consumer Reporting Agencies Debt Collection Fair Lending Information Reports Loan Servicing Mortgage Loan Originators Student Loans Supervision

Chopra joins Center for American Progress

Despite a reported endorsement from Senator Elizabeth Warren, it appears that, at least for now, Rohit Chopra, the CFPB’s former student loan ombudsman, will not be moving into the job of Superintendent of the New York...more

6/26/2015 - CFPB Ombudsman

CFPB begins public disclosure of consumer complaint narratives

Consumer narratives are now publicly available on the CFPB’s consumer complaint database. In its press release, the CFPB stated that the database now includes “for the first time over 7,700 consumer accounts of problems they...more

6/26/2015 - CFPB Consumer Complaint System Consumer Financial Products Consumer Lenders Financial Institutions

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