Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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Alan Kaplinsky and Professor Sovern: the arbitration debate continues

In a new American Banker article, Alan Kaplinsky, Practice Leader of Ballard Spahr’s Consumer Financial Services Group, responded to an article by Professor Jeff Sovern that called into question Alan’s prediction that the...more

11/24/2015 - Arbitration CFPB Class Action Class Action Arbitration Waivers JAMS

CFPB Fall 2015 rulemaking agenda includes delays for payday loan and other rules

The CFPB released its Fall 2015 rulemaking agenda last Friday. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Fall 2015 agenda gives a December 2015 date for further prerule...more

11/24/2015 - Arbitration CFPB Debt Collection Overdraft Fees Payday Loans Student Loans

CFPB brings administrative action against online lender

The CFPB announced earlier this week that it has initiated an administrative action against a Delaware-based online lender and its CEO for alleged violations of Truth in Lending Act, the Electronic Fund Transfer Act (EFTA),...more

11/20/2015 - CFPB EFTA Internet Lenders Truth in Lending Act (TILA) UDAAP

House passes bill to nullify CFPB indirect auto finance guidance

Wednesday, by a vote of 332-96, the House of Representatives passed H.R. 1737, the “Reforming CFPB Indirect Auto Financing Guidance Act,” which would nullify the CFPB’s indirect auto finance guidance issued in March 2013 and...more

11/20/2015 - Automotive Loans CFPB ECOA Enforcement Guidance Pending Legislation

CFPB issues FY 2015 financial report

The CFPB has issued its financial report for its 2015 fiscal year, which ended on September 30, 2015. The report indicates that the number of CFPB employees grew from 1,443 in FY 2014 to 1,529 in FY 2015. Transfers to the...more

11/19/2015 - CFPB Dodd-Frank Financial Reporting

NY Times publishes another article on arbitration

This past Sunday, the NY Times published an article carrying the headline, “Efforts to Rein in Arbitration Come Under Well-Financed Attack.” The “well-financed attack” to which the headlined refers appears to be an...more

11/18/2015 - Arbitration CFPB Class Action Arbitration Waivers Financial Sector SCRA

Financial literacy highlighted in Director Cordray’s remarks to the American Bankers Association

Financial literacy was the focus of Director Cordray’s remarks last week at the American Bankers Association Annual Convention. He identified three areas where the CFPB is focusing its efforts and where financial institutions...more

11/16/2015 - CFPB Elder Issues Financial Education Initiatives Financial Institutions

CFPB releases report on retirement security and planning tool

In conjunction with the retirement planning event that the CFPB is holding in Washington, D.C. today with the Social Security Administration, the CFPB has issued a report, “Issue Brief: Social Security claiming age and...more

11/13/2015 - CFPB Financial Planning Retirement Social Security Benefits

CFPB seeking Assistant Director to advise on small business lending data collection rules

The CFPB’s Division of Research, Markets & Regulations recently posted a job opening for an individual to serve as the “Assistant Director for Small Business Lending Markets.” According to the job posting, the Assistant...more

11/11/2015 - CFPB Consumer Lenders Data Collection ECOA Small Business

More criticism for NY Times arbitration stance in Forbes article

Daniel Fisher of Forbes has written another article criticizing the NY Times for its stance on arbitration. Last week, Mr. Fisher criticized the first article in the Times’ three-part series on arbitration for disregarding...more

11/10/2015 - Arbitration Attorney's Fees CFPB Class Action New York Times

CFPB announces consent order with employment background screening report providers

The CFPB recently announced that it has entered into a consent order with two affiliated companies that generate and provide employment background screening reports. The consent order settles charges that the companies, which...more

11/9/2015 - Background Checks CFPB Compliance Consumer Reporting Agencies FCRA

CFPB issues Fall 2015 supervisory report

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

11/6/2015 - CFPB Compliance Consumer Reports Debt Collection Mortgage Loan Originators Student Loans Supervisory Highlights

ABA comments on CFPB proposed overdraft survey

The American Bankers Association has submitted a letter commenting on the CFPB’s request for approval from the Office of Management and Budget to conduct “a national web survey of 8,000 individuals as part of its study of...more

11/6/2015 - American Bankers Association ATMs CFPB Consumer Financial Products Debit Cards Overdraft Fees

U.S. Chamber of Commerce criticizes NY Times arbitration articles

The U.S. Chamber of Commerce has issued strong criticism of the first two articles on arbitration published in the New York Times this past Sunday and earlier this week. (The articles were part of a series of three reports.)...more

11/5/2015 - Arbitration Banking Sector Banks CFPB Chamber of Commerce Class Action Class Action Arbitration Waivers Financial Institutions New York Times Service Agreements

CFPB sues company and owner for alleged student financial aid scam

A new lawsuit filed by the CFPB in a California federal district court alleges that the defendants, a company and its individual owner, are engaged in a nationwide student financial aid scam. In addition to injunctive relief,...more

11/3/2015 - CFPB Civil Monetary Penalty Consumer Financial Products Financial Aid Financial Institutions Injunctive Relief Redress Payments Regulation P Student Loans UDAAP Unfair or Deceptive Trade Practices

CFPB issues third Financial Literacy Annual Report

The CFPB has issued its third Financial Literacy Annual Report to Congress. The report covers the CFPB’s activities to improve consumer financial literacy during the period from June 2014 through September 2015. The report’s...more

11/3/2015 - Annual Reports Arbitration Banking Sector Banks CFPB Dispute Resolution Financial Institutions Financial Literacy

CFPB to hold retirement planning event

The CFPB has announced that it will be holding an event about retirement planning with the Social Security Administration in Washington, D.C. on November 12, 2015. After remarks from Director Cordray and Acting Commissioner...more

11/2/2015 - CFPB Elder Issues Financial Planning Retirement Social Security Administration (SSA)

Beating a dead horse: CFPB announces default judgment against Corinthian

The CFPB announced that it has obtained a final default judgment against Corinthian Colleges, Inc. from the Illinois federal court in which it sued Corinthian in September 2014. In May 2015, Corinthian filed a petition under...more

10/30/2015 - Bankruptcy Code CFPA CFPB Chapter 11 Colleges Commercial Bankruptcy Debt Collection Default Judgment Educational Institutions FDCPA Liquidation Private Student Loans UDAAP Unfair or Deceptive Trade Practices

CFPB highlights credit card complaints in fourth monthly complaint report

The CFPB has issued its October 2015 complaint report, the fourth in its new series of monthly complaint reports. The new report highlights credit card complaints and complaints from consumers in the Chicago, Illinois metro...more

10/29/2015 - CFPB Consumer Complaint System Consumer Financial Products Consumer Lenders Credit Cards Credit Reporting Agencies Credit Reports Debt Collection Debt Collectors Financial Institutions Payday Loans

Federal district court issues ruling on confidentiality in CFPB investigations

The D.C. federal district court recently 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 and an...more

10/28/2015 - CFPA CFPB CID Credit Counseling Enforcement Actions Financial Institutions Investigations Popular Privacy Concerns TRO

CFPB releases financial education curriculum tool

The CFPB has released a “youth financial education curriculum review tool” for curriculum developers and educators to use to review financial education materials and determine which curricula best suits their students. The...more

10/22/2015 - Banking Sector Banks CFPB Financial Education Initiatives Financial Institutions

CFPB to participate in FTC Atlanta debt collection program

The CFPB will be participating in the FTC’s third “Debt Collection Dialogue” to be held in in Atlanta, Georgia on November 18, 2015. Gregory Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to be...more

10/22/2015 - Best Practices CFPB Compliance Consumer Complaint System Debt Collection Enforcement Actions FTC OCC Regulatory Agenda

FTC releases agenda and panelists for lead generation workshop

The FTC has released the agenda and panelists for the workshop it will be holding on October 30, 2015 in Washington, D.C. on lead generation. According to the agenda, the workshop will include case studies on how lead...more

10/20/2015 - CFPB Consumer Lenders DOE Financial Institutions FTC Lending Safer Consumer Product Regulations

CFPB Consumer Advisory Board to discuss arbitration at October 22 meeting

The CFPB has announced that its Consumer Advisory Board will meet on October 22, 2015 in Washington, D.C. The meeting, at which Director Cordray is scheduled to give opening remarks, will include a discussion of arbitration,...more

10/13/2015 - Arbitration CFPB Class Action Class Action Arbitration Waivers Consumer Advisory Board Financial Institutions

CFPB and DOJ Announce Redlining Settlement

Consistent with recent indications from CFPB and Department of Justice officials that more redlining cases would soon be coming, the CFPB and DOJ have announced a proposed consent order with Hudson City Savings Bank to settle...more

10/9/2015 - Banking Sector Banks CFPB DOJ ECOA Fair Housing Act (FHA) Financial Institutions Mortgage Lenders Mortgages Race Discrimination Redlining Residential Real Estate Market

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