Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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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

CFPB alerts Google to student debt relief scammers

Rohit Chopra, the CFPB’s outgoing Student Loan Ombudsman, has sent a letter to Google to alert the company that “student loan debt relief scammers may be targeting student loan borrowers through the company’s search...more

6/23/2015 - CFPB Debt Relief Debt-Relief Industry Google Ombudsman Scams Student Loans

Rohit Chopra to leave CFPB

The Wall Street Journal and Politico have reported that Rohit Chopra, the CFPB’s student loan ombudsman, will be leaving the CFPB next week. According to the reports, Mr. Chopra did not indicate in his resignation letter to...more

6/19/2015 - Administrative Resignation CFPB Ombudsman

Lawmakers urge CFPB to reopen arbitration study

A group of more than 80 House and Senate Republicans have sent a letter to Director Cordray asking the CFPB to reopen its arbitration study. The CFPB released the final results of its empirical study of consumer arbitration...more

6/19/2015 - Arbitration CFPB Consumer Financial Contracts Consumer Financial Products Consumer Lenders Dodd-Frank Richard Cordray Trade Associations

House appropriations amendment would create new requirements for CFPB arbitration rule

According to a Politico report, the House Appropriations Committee has approved an amendment to the FY 2016 Financial Services Appropriations bill that would impose new requirements on the CFPB before it can issue a rule...more

6/19/2015 - Appropriations Bill Arbitration CFPB Dodd-Frank Financial Services Committee Public Comment

New report shows negative effect of CFPB’s contemplated payday loan proposals on credit availability

A new report prepared by Charles River Associates for the Community Financial Services Association of America (CFSA) found that the CFPB’s contemplated proposals for payday (and other small-dollar, high-rate) loans would cut...more

6/19/2015 - CFPB Consumer Financial Products Consumer Lenders Payday Loans Proposed Regulation

CFPB issues seventh Semi-Annual Report

The CFPB has issued its seventh Semi-Annual Report to the President and Congress covering the period from October 1, 2014 through March 31, 2015. The 190-page report recycles information from previously-issued CFPB reports...more

6/18/2015 - CFPB Consumer Lenders Enforcement Statistics Financial Institutions Information Reports

CFPB FY 2014 service contract inventory available

The CFPB has announced that its FY 2014 service contract inventory is available for public viewing. The inventory provides information on service contracts over $25,000 funded by the CFPB in FY 2014. In addition to the...more

6/16/2015 - CFPB ECOA Service Contracts

Company that entered into CFPB consent order loses motion to dismiss class action

A California federal judge has rejected the attempt of Castle & Cooke Mortgage, LLC, the mortgage company that entered into a consent order with the CFPB in November 2013 to settle charges that it violated the Regulation Z...more

6/16/2015 - CFPB Class Action Consent Order Loan Originator Compensation Rule Mortgage Lenders Mortgage Loan Originators Popular Regulation Z TILA

FTC provides 2014 enforcement report to CFPB

The Federal Trade Commission has provided its annual Financial Acts Enforcement Report to the CFPB covering the FTC’s enforcement activities in 2014 related to compliance with Regulation Z (Truth in Lending), Regulation M...more

6/12/2015 - CFPB Dodd-Frank Enforcement Authority Enforcement Statistics FTC Regulation E Regulation M Regulation Z TILA

CFPB files amicus brief in U.S. Supreme Court ECOA case

The CFPB, together with the Solicitor General, has submitted an amicus brief in Hawkins v. Community Bank of Raymore, the case in which the question before the U.S. Supreme Court is whether the Equal Credit Opportunity Act...more

6/12/2015 - CFPB Commercial Loans ECOA Guarantors Hawkins v Community Bank of Raymore Real Estate Development SCOTUS

ABA raises concerns about costs to industry resulting from CFPB information gathering

In a memo to state banking associations, the American Bankers Association raises concerns about the costs to industry of the CFPB’s use of its expansive authority to gather information under Section 1022 of the Dodd-Frank...more

6/9/2015 - American Bankers Association Banks CFPB Data Collection Dodd-Frank Rulemaking Process

CFPB settles loan originator compensation case

The CFPB has entered into a proposed consent order with a mortgage company and its CEO to settle charges that the company paid bonuses and higher commissions to loan officers in violation of the Regulation Z loan originator...more

6/5/2015 - CFPB Civil Monetary Penalty Consent Order Mortgage Loan Originators Redress Payments Regulation Z

CFPB to participate in debt collection program with FTC and NY regulators

The CFPB will be participating in a “Debt Collection Dialogue” to be hosted by the FTC and the New York AG on June 15, 2015 in Buffalo, NY. Greg Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to...more

6/4/2015 - CFPB Consumer Lenders Debt Collection FTC Public Meetings

CFPB launches initiative for individuals with disabilities

The CFPB has launched “a first-of-its-kind nationwide initiative to provide financial counseling services to people with disabilities who are working or transitioning into the workforce.” The program is named “ROADS to...more

6/4/2015 - CFPB Disabled Financial Education Initiatives

CFPB Spring 2015 Agenda: Significant Rulemaking Actions on the Horizon

Just in time for the holiday weekend, the CFPB released its Spring 2015 rulemaking agenda last Friday. The agenda sets the following timetables: Debt collection. In November 2013, the CFPB issued an Advance Notice of...more

6/4/2015 - CFPB Debt Collection HMDA Popular Rulemaking Process

CFPB and Florida AG obtain judgments against foreclosure relief companies

The CFPB announced that, together with the Florida AG, it has obtained judgments against several Florida companies and their individual operators who were charged in a complaint filed in a Florida federal court with using...more

6/2/2015 - CFPB Default Judgment Foreclosure Relief Companies Mortgages Receivership Regulation O Unfair or Deceptive Trade Practices

Trade groups urge CFPB to solicit public comments on arbitration study

Five leading financial services industry trade groups have sent a letter to the CFPB urging it to solicit public comments on the final results of its arbitration study before deciding whether to initiate a rulemaking...more

5/28/2015 - American Bankers Association Arbitration CFPB Chamber of Commerce Debt Collection Dodd-Frank Prepaid Payment Products Public Comment SBREFA

255 members of Congress seek TILA/RESPA integrated disclosure rule grace period

A bipartisan group of 255 members of Congress have sent a letter to the CFPB seeking a grace period for enforcement of the TILA-RESPA Integrated Disclosure (TRID) rule which becomes effective on August 1, 2015. They ask for...more

5/28/2015 - Bipartisan Negotiations CFPB Financial Institutions Good Faith TILA-RESPA Integrated Disclosure Rule (TRID)

CFPB Spring 2015 agenda: significant rulemaking actions on the horizon

Just in time for the holiday weekend, the CFPB released its Spring 2015 rulemaking agenda last Friday. The agenda sets the following timetables: Prepaid financial products. In November 2014, the CFPB issued a proposed rule...more

5/26/2015 - CFPB Regulatory Agenda Rulemaking Process

58 members of Congress urge CFPB to ban consumer arbitration

Senator Al Franken and 57 other members of Congress signed a letter sent to Director Cordray last week urging the CFPB “to move forward quickly to use its authority under the Dodd-Frank Act to issue strong rules to prohibit...more

5/26/2015 - Arbitration CFPB Consumer Financial Contracts Consumer Lenders Legislative Agendas Richard Cordray

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