Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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CFPB announces steps to improve checking account access

As anticipated, in conjunction with its field hearing today, the CFPB announced several steps it has taken to improve consumer access to checking accounts. These steps consist of a sending a letter to the 25 largest retail...more

2/4/2016 - Banking Sector CFPB Checking Accounts Deposit Accounts Overdraft Fees

CFPB Jan. 2016 complaint report highlights “other financial services complaints,” complaints from NY State/NY metro area consumers

The CFPB has issued its January 2016 complaint report which highlights “other financial service” complaints and complaints from consumers in New York State and the New York metro area. In addition to the major complaint...more

2/2/2016 - CFPB Check Cashing Consumer Complaint System Debt Settlement Services Financial Services Industry Student Loans

Senator Warren to address student loan activists

Senator Elizabeth Warren is scheduled to be the keynote speaker today for “National Student Debt Day,” an event in Washington, D.C. for “student loan activists from around the country.” The event is sponsored by Young...more

1/29/2016 - CFPB Elizabeth Warren Lenders Refinancing Student Loans

CFPB postpones field hearing on checking account access to Feb. 3

The CFPB has announced that due to inclement weather, it has postponed the field hearing about access to checking accounts until February 3, 2016. The hearing, which is to be held in Louisville, Kentucky, was originally...more

1/28/2016 - Banking Sector CFPB Checking Accounts Policies and Procedures Screening Procedures

CFPB announces consent order with buy-here pay-here used car dealer

The CFPB has announced that it has entered into a consent order with a Colorado buy-here pay-here used car dealer to settle charges that the dealer’s sales and advertising practices violated the Truth in Lending Act and the...more

1/26/2016 - Automotive Loans Car Dealerships CFPB Consent Order UDAAP Unfair or Deceptive Trade Practices

OIG issues report on CFPB civil penalty fund victim identification process

The Office of Inspector General for the Fed and CFPB has issued a report on the results of its audit of the CFPB’s process for identifying victims eligible to receive compensation from the Consumer Financial Civil Penalty...more

1/26/2016 - CFPB Civil Penalty Fund Compensation Dodd-Frank Enforcement Actions Popular

CFPB seeking new members for advisory groups

The CFPB has published notices in the Federal Register announcing that it is seeking applications from persons interested in becoming members of its Academic Research Council (ARC), Consumer Advisory Board (Board), Community...more

1/20/2016 - Advisory Committee Banking Sector CFPB Financial Services Industry Membership Interest

Independent audit recommends updates to CFPB privacy policies

The CFPB has released a report for FY 2015 prepared by KPMG LLP of its independent audit of selected CFPB operations and budget. An annual independent audit is required by the Dodd-Frank Act. The report dated December 18,...more

1/16/2016 - Audits CFPB Personally Identifiable Information Privacy Laws Privacy Policy

FTC warns use of big data may violate federal consumer protection laws

A new FTC report, “Big Data: A Tool for Inclusion or Exclusion? Understanding the Issues,” warns that certain uses of big data consisting of consumer information may implicate various federal consumer protection laws. In the...more

1/16/2016 - Big Data CFPB ECOA FCRA FTC FTCA Section 5 UDAAP

CFPB to hold January 27 field hearing on checking account access

The CFPB has announced that it will hold a field hearing in Louisville, Kentucky about access to checking accounts on January 27, 2016. In October 2014, the CFPB held a forum on checking account screening policies and...more

1/16/2016 - Banking Sector CFPB Checking Accounts Consumer Reporting Agencies Public Hearing

CFPB issues guide on pension payouts

The CFPB has issued a guide that is intended to assist near-retirees with private sector payment plans in deciding whether to choose monthly payments or a lump-sum payout. The guide includes a series of questions for...more

1/16/2016 - CFPB Lump Sum Payments Pensions Retirement Retirement Plan Social Security Benefits

CFPB using Google ads to solicit consumer complaints

In an effort to publicize its online complaint system and bring in more complaints, the CFPB is now soliciting complaints through Internet advertising. When browsing the Internet recently, we came across the following...more

1/14/2016 - Advertising CFPB Consumer Complaint System Financial Sector Google

David Silberman to serve as CFPB acting deputy director

According to Politico, David Silberman will replace Meredith Fuchs as the CFPB’s acting Deputy Director beginning next week. Mr. Silberman has been serving as the CFPB’s Associate Director for research, markets, and...more

1/8/2016 - Administrative Appointments CFPB Financial Sector

CFPB issues third appropriations report

The CFPB has issued its third 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 annual...more

1/7/2016 - Administrative Review Allocation of Funds Annual Reports CFPB

CFPB urges federal district court to disclose names of plaintiffs filing lawsuit against CFPB

In October 2015, the D.C. federal district court ruled that the plaintiffs’ names should be redacted in all documents filed in a lawsuit against the CFPB initiated by the plaintiffs. The plaintiffs are a group of businesses...more

12/29/2015 - Anonymity CFPB Civil Investigation Demand Credit Counseling Government Investigations

Money transfer complaints highlighted in CFPB December 2015 complaint report

The CFPB has issued its December 2015 complaint report which highlights money transfer complaints and complaints from consumers in Georgia and the Atlanta metro area. General findings include the following: As of...more

12/28/2015 - CFPB Consumer Complaint System Debt Collection Money Transfer Mortgages

CFPB announces adjustments to HMDA/TILA asset-size exemption thresholds

The CFPB has announced annual adjustments to two asset-size exemption thresholds. First, the CFPB is making no change to the asset-size exemption threshold under HMDA/Regulation C which is currently set at $44 million. Banks,...more

12/22/2015 - CFPB Exemptions HMDA Regulation C Regulation Z Truth in Lending Act (TILA)

CFPB files amicus brief in Seventh Circuit FDCPA case

The CFPB, together with the FTC, has filed an amicus brief in Franklin v. Parking Revenue Recovery Services, Inc., an FDCPA case pending in the Seventh Circuit. The CFPB joined the brief at the request of the FTC, which had...more

12/18/2015 - Amicus Briefs CFPB FDCPA FTC Transaction Fees

New CFPB General Counsel named

According to Politico, the CFPB has named Mary McLeod, formerly the State Department’s top lawyer, to be the CFPB’s new General Counsel. Ms. McLeod will replace Meredith Fuchs, the CFPB’s current General Counsel who has also...more

12/18/2015 - Administrative Appointments CFPB General Contractors

House Financial Services Committee to hold December 16 hearing on CFPB data collection

The House Financial Service Committee’s Subcommittee on Oversight and Investigations has scheduled a hearing for December 16, 2015 on “Examining the Consumer Financial Protection Bureau’s Mass Data Collection Program.”...more

12/15/2015 - CFPB Congressional Investigations & Hearings Data Collection Financial Services Committee GAO

CFPB issues scale to measure financial well-being

Last week, the CFPB released “A guide to using the CFPB Financial Well-Being Scale.” The guide builds on a report issued by the CFPB in January 2015, “Financial well-being: The goal of financial education,” in which it...more

12/15/2015 - CFPB Financial Education Initiatives Financial Literacy

FTC provides advice to consumers on communicating with debt collectors

In a recent blog post, Dan Dwyer, a Staff Attorney with the FTC’s Division of Financial Practices, provided advice to assist consumers in communicating with a debt collector when the consumer does not recognize the debt. The...more

12/11/2015 - CFPB Credit Reports Debt Collectors Dispute Resolution FTC

CFPB’s Ombudsman’s Office issues fourth annual report

The CFPB’s Ombudsman’s Office has issued its fourth annual report covering the Office’s activities during fiscal year 2015 (October 1, 2014 through September 30, 2015). The role of the Ombudsman’s Office is to assist in the...more

12/8/2015 - Annual Reports CFPB Consent Order Consumer Complaint System Ombudsman

CFPB Makes No Change to Exemption Thresholds for Appraisal Requirement, Regs Z, M

The CFPB has published notices in the Federal Register announcing that it is making no change to three exemption thresholds that are subject to annual inflation adjustments. Effective January 1, 2016, through December 31,...more

12/8/2015 - Appraisal Clauses CFPB Inflation Adjustments Mortgages Regulation M Regulation Z Threshold Requirements

Company prevails in challenge to FTC data security complaint

As we have previously observed, banks and other companies subject to the CFPB’s jurisdiction face the possibility that the CFPB could begin using its authority under Sections 1031 and 1036 of the Dodd-Frank Act (which...more

12/2/2015 - ALJ CFPB Cybersecurity Dodd-Frank FTC LabMD Popular Section 5

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