Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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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

Update on state AG/regulator lawsuits using Dodd-Frank authority

We have been following four lawsuits brought by state Attorneys General and a state regulator using their Dodd-Frank enforcement authority. Under Dodd-Frank Section 1042, a state AG or regulator is authorized to bring a civil...more

7/23/2014 - Attorney Generals Dodd-Frank Enforcement Enforcement Actions Experian UDAAP

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

House to hold hearing on impact of Dodd-Frank Act

On Wednesday, July 23, 2014, the House Financial Services Committee will hold a hearing entitled “Assessing the Impact of the Dodd-Frank Act Four Years Later.” (Today is the fourth anniversary of the date on which the Act was...more

7/21/2014 - Congressional Investigations & Hearings Dodd-Frank Legislative Committees

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

New CFPB initiatives to prevent elder financial abuse and improve financial literacy

The CFPB has issued a new guide designed to help operators and staff of nursing facilities and assisted living residences protect residents from financial abuse. The guide indicates that it is for administrators as well as...more

6/20/2014 - Popular

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

Another insurance industry trade association group challenges the HUD disparate impact rule

We have been following the lawsuit in federal district court in D.C. in which two insurance industry trade associations have challenged the HUD disparate impact rule. The complaint in the D.C. action, which was commenced in...more

6/16/2014 - Discrimination Disparate Impact FHA HUD McCarran-Ferguson Act

House 2015 DOJ appropriations bill prohibits DOJ use of disparate impact in FHA enforcement actions

The FY 2015 Commerce, Justice, Science Appropriations Act (H.R. 4660) passed by the House of Representatives includes an amendment (H. Amdt. 768) that prohibits the U.S. Department of Justice from using any of the funding...more

6/13/2014 - Appropriations Bill Disparate Impact DOJ Enforcement FHA HUD

Another Supreme Court disparate impact case?

The U.S. Supreme Court could have its third opportunity since 2012 to provide clarity with respect to disparate impact claims under the Fair Housing Act and (by analogy) the Equal Credit Opportunity Act. After losing on...more

6/11/2014 - Disparate Impact ECOA Fair Housing Act HUD NAACP SCOTUS

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

Illinois AG seeks leave to add Dodd-Frank UDAAP count to complaint against for-profit college

Lisa Madigan, Illinois Attorney General, recently filed a motion in a state court lawsuit against a for-profit college and its owners and operators seeking leave to further amend her complaint to add new counts alleging that...more

5/1/2014 - CFPA Colleges Dodd-Frank UDAAP Universities

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