Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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Director Cordray to testify at July 30 House hearing on alleged CFPB employee discrimination

On July 30, 2014, the House Financial Services Committee’s Subcommittee on Oversight and Investigations will hold a hearing titled “Allegations of Discrimination and Retaliation and the CFPB Management Culture.” Director...more

7/29/2014 - CFPB Discrimination Richard Cordray

Consumer stories: CFPB birthday presents?

To mark the CFPB’s “third birthday,” Director Cordray sent an e-mail inviting consumers to share their “stories with the CFPB.” In addition, the CFPB has posted several videos on its website that Director Cordray described in...more

7/29/2014 - CFPB Consumer Complaint System

Industry trade groups seek more time to comment on CFPB proposal to disclose consumer complaint narratives

Five prominent industry trade groups have sent a letter to the CFPB asking for at least 90 days to comment on the CFPB’s proposal to expand the complaint data that it publicly discloses in its Consumer Complaint Database to...more

7/25/2014 - CFPB Complaint Procedures Disclosure Requirements Executive Orders

CFPB issues second Financial Literacy Annual Report

The CFPB has issued its second Financial Literacy Annual Report to Congress. The report covers the CFPB’s activities to improve consumer financial literacy during the period from June 2013 through May 2014. The report’s...more

7/24/2014 - CFPB Financial Planning

CFPB now taking complaints on prepaid cards, debt settlement services and more

Although we thought an announcement that the CFPB had begun taking complaints about new products would be made at its field hearing on consumer complaints last week, that announcement was made today. The CFPB announced that...more

7/22/2014 - CFPB Consumer Complaint System Credit Repair Services Debt Settlement Services Pawn Brokers Prepaid Payment Products Title Loans

CFPB issues new “snapshot” report on consumer complaints

The CFPB has issued a report on consumer complaints received from July 21, 2011 through June 30, 2014. According to the CFPB’s “Snapshot,” it handled approximately 395,300 complaints during this period, with its Consumer...more

7/21/2014 - CFPB Consumer Complaint System Information Reports Loan Modifications Payday Loans

CFPB and FTC to hold roundtable on debt collection and the Latino community

On October 23, 2014, the CFPB and FTC will be co-hosting a roundtable titled “Debt Collection & the Latino Community” to examine how debt collection issues affect Latino consumers, especially those who have limited English...more

7/21/2014 - CFPB Debt Collection FTC

OIG finds flaws in approval process used for CFPB headquarters renovation

The ballooning cost estimates for renovating the CFPB’s Washington, D.C. headquarters was the subject of verbal sparring between Director Cordray and Republican Congressmen during Director Cordray’s most recent appearance...more

7/3/2014 - CFPB Federal Contractors IRB Legislative Agendas Legislative Committees OIG Renovations

GAO report recommends increased CFPB participation in virtual currency efforts

In a report issued last week on virtual currencies, the Government Accountability Office recommended increased CFPB participation in interagency efforts related to such currencies. The report, entitled “Virtual...more

7/1/2014 - Banking Sector CFPB Enforcement GAO Information Reports Popular Senate Banking Committee Virtual Currency

CFPB seeking applicants for technology fellowship program

The CFPB has announced that it is now accepting applications for the next round of its Technology & Innovation fellowship program. The CFPB describes the fellowship as “a two year program for software developers, graphic and...more

6/25/2014 - CFPB Cybersecurity Data Protection Technology

CFPB seeking input on eRegulations

Last October, the CFPB announced the launch of its “eRegulations” feature on its website. At the time, the CFPB described eRegulations as “a web-based, open source tool that aims to make regulations easier to find, read, and...more

6/24/2014 - CFPB Regulation E Regulation Z

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

6/20/2014 - Automotive Industry Automotive Loans Banks CFPB Choke Point Discrimination DOD DOJ ECOA Fannie Mae FDIC FHA Financial Services Committee Freddie Mac Information Reports Lenders Military Lending Act Mortgages Qualified Mortgage Rule

CFPB issues final rule on temporary cease-and-desist orders

In a notice published in today’s Federal Register, the CFPB has announced that it has adopted its interim final rule on temporary cease-and-desist orders (C&Ds) without change. The final rule takes effect on July 18, 2014....more

6/18/2014 - Cease and Desist CFPB

CFPB confirms plans for auto finance larger participant rule in rulemaking agenda

In the latest semi-annual update of its rulemaking agenda, the CFPB officially confirmed that it plans to propose a rule to define “larger participants of a market for auto lending.” ...more

5/28/2014 - Automotive Industry Automotive Loans CFPB Debt Collection Dodd-Frank Gramm-Leach-Blilely Act Mortgages Payday Loans Proposed Regulation

CFPB extends comment period on privacy notice proposal

The CFPB is extending the comment period on its proposed rule that would amend Regulation P to allow financial institutions that satisfy certain conditions to deliver annual privacy notices to their customers using an...more

5/28/2014 - CFPB Notice Requirements Privacy Disclosures Public Comment Regulation P

CFPB opening advisory group meetings to public; Consumer Advisory Board to meet on June 18

The CFPB has announced that it is ending its closed-door meeting policy for its four advisory groups and will open the meetings to the public. Those groups consist of the Community Bank Advisory Council, the Credit Union...more

5/22/2014 - CFPB Public Comment

Ninth Circuit rejects Morgan Drexen’s attempt to enjoin CFPB’s enforcement action

As previously reported, in January 2014, the California federal district court hearing the CFPB’s enforcement action against Morgan Drexen rejected Morgan Drexen’s motion to dismiss based on a challenge to the CFPB’s...more

5/22/2014 - CFPB Enforcement Enforcement Actions

CFPB extends comment period on proposal to extend depository institution exception and make other changes to remittance transfer...

The CFPB has extended the comment period on its proposal to extend for five years the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in...more

5/16/2014 - CFPB Public Comment Remittance Transfer Rule

Can the CFPB be far behind?

Yesterday, the FTC announced that it has made its online Complaint Assistant easier to use for consumers who want to file a complaint with the FTC through their mobile device. While the CFPB has optimized its Spanish...more

5/8/2014 - CFPB Consumer Complaint System FTC Mobile Devices

GAO issues report on CFPB financial reporting deficiencies

The Government Accountability Office has issued a report that presents additional information regarding two significant deficiencies identified by the GAO in its audit of the CFPB’s FY 2013 and 2012 financial statements. The...more

5/5/2014 - CFPB GAO Reporting Requirements

House issues subpoenas in connection with investigation of alleged CFPB employee discrimination

According to a Politico report, the House Financial Services Committee’s Subcommittee on Oversight and Investigations voted yesterday to issue three subpoenas in connection with the Subcommittee’s investigation into alleged...more

4/30/2014 - CFPB Discrimination Subpoenas

CFPB announces appointments to Advisory Research Council

The CFPB has announced the appointment of two new members to its Academic Research Council (ARC). The ARC is an advisory body that provides the CFPB’s Office of Research with advice and feedback on its research work. The new...more

4/24/2014 - CFPB Political Appointments

CFPB proposes extension of remittance transfer rule depository institution exception and other revisions

The CFPB has issued a proposal to extend for five years the temporary exception in its remittance transfer rule that allows insured depository institutions to estimate fees and exchange rates in certain circumstances. The...more

4/18/2014 - Banks CFPB Depository Institutions Remittance Transfer Rule

Bill introduced to limit CFPB smaller bank supervisory authority

A bill introduced by Republican Senator Dan Coats would further limit the CFPB’s supervisory authority as to insured depository institutions and credit unions with total assets of $10 billion or less....more

4/18/2014 - Banks CFPB FDIC NCUA OCC Small Business

FDIC regional offices issue UDAP guidance on continuous overdraft fees

Based on the CFPB’s rulemaking agenda issued in December 2013, we continue to expect overdraft programs to be the subject of another CFPB white paper and/or an advance notice of proposed rulemaking this year. (In June 2013,...more

4/17/2014 - Banks CFPB Disclosure Requirements FDIC Overdraft Fees Rulemaking Process Service Charges

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