Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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CFPB sues company for alleged credit card sham

A new lawsuit filed by the CFPB alleges that a Texas-based company, Union Workers Credit Services, deceived consumers into paying fees to sign up for a “platinum card” that purported to be a general-use credit card but, in...more

12/18/2014 - CFPB Credit Cards Enforcement Actions FCRA Regulation V

CFPB sues company for alleged credit card sham

A new lawsuit filed by the CFPB alleges that a Texas-based company, Union Workers Credit Services, deceived consumers into paying fees to sign up for a “platinum card” that purported to be a general-use credit card but, in...more

12/18/2014 - CFPB Credit Cards Enforcement Actions FCRA Regulation V Unfair or Deceptive Trade Practices

CFPB announces pilot to promote consumer savings

As part of its Project Catalyst, the CFPB’s initiative for facilitating innovation in consumer-friendly financial products and services, the CFPB has announced a new research pilot using insights from behavioral economics and...more

12/17/2014 - American Express CFPB Consumer Financial Products Credit Cards Financial Products Prepaid Payment Products Project Catalyst Savings Plans

CFPB announces lawsuits against student loan debt relief companies

On December 11, the CFPB announced lawsuits against two student loan debt relief companies alleged to have deceived borrowers into paying upfront fees for federal student loan repayment benefits that are available for free....more

12/15/2014 - CFPB Debt Collectors Debt-Relief Industry Enforcement Actions Federal Student Loans Student Loans

CFPB’s proposed boarding form for online consumer complaint company portal now available

Last week, the CFPB published a Federal Register notice stating that it was developing a form to allow companies to “proactively participate” in its online company portal for viewing and responding to consumer complaints....more

12/12/2014 - CFPB Consumer Complaint System

Director Cordray provides update on CFPB’s public library partnerships

In his remarks last week at the Columbus Metropolitan Library, Director Cordray spoke about the partnerships that the CFPB is building with public libraries around the country to promote accessible financial education...more

12/11/2014 - CFPB Libraries P3s Public-Private Partnerships Richard Cordray

CBO issues cost estimate for Bureau Advisory Opinion Act

The Congressional Budget Office (CBO) recently released a cost estimate for H.R. 4662, entitled the “Bureau Advisory Opinion Act.” This was part of series of bills reported in June 2014 by the House Committee on Financial...more

12/9/2014 - CBO Report CFPB

CFPB issues sixth Semi-Annual Report

The CFPB has issued its sixth Semi-Annual Report to the President and Congress covering the period from April 1 through September 30, 2014. As we have found with previous CFPB semi-annual reports, despite its 188-page...more

12/9/2014 - Annual Reports CARD Act CFPB EFTA Enforcement Actions TILA

CFPB announces consent order relating to alleged debt relief scam

The CFPB has announced that it has entered into a proposed consent order with Premier Consulting Group LLC and a related law firm to settle claims that the defendants charged consumers upfront fees in violation of the...more

12/5/2014 - CFPB Civil Monetary Penalty Consent Order Debt Settlement Services Debt-Relief Industry Enforcement Actions Telemarketing Sales Rule

CFPB creating boarding form for online consumer complaint company portal

The CFPB has published a notice in today’s Federal Register stating that the CFPB is developing a form to allow companies to “proactively participate” in its online company portal for viewing and responding to consumer...more

12/5/2014 - CFPB Consumer Complaint Management Consumer Complaint System

CFPB’s Ombudsman’s Office issues third annual report

Last week, the CFPB’s Ombudsman’s Office issued its third annual report covering the Office’s activities during fiscal year 2014 (October 1, 2013 through September 30, 2014). The role of the Ombudsman’s Office is to assist in...more

12/2/2014 - Annual Reports Banking Examinations Banking Sector Banks CFPB Information Sharing

CFPB Fall 2014 rulemaking agenda indicates further delay in proposed debt collection and other rules

Based on the CFPB’s Fall 2014 rulemaking agenda, proposed rules dealing with payday loans/deposit advance products, overdrafts, and debt collection are still months away. The CFPB’s timetables for “prerule activities”...more

11/25/2014 - CFPB Debt Collection Overdraft Fees Payday Loans Prepaid Payment Products Proposed Regulation Rulemaking Process

CFPB’s first criminal referral ends in 9-year sentence

The CFPB’s first publicly announced criminal referral has resulted in a nine-year sentence for the principal of a debt settlement company, who pled guilty to several of the charges. The referral, which was made to the U.S....more

11/25/2014 - CFPB Criminal Prosecution Debt Settlement Services

CFPB praises change in military discretionary allotment system

CFPB Assistant Director for Servicemember Affairs Holly Petraeus has issued a statement applauding changes to the military discretionary allotment system announced last week by the Department of Defense (DoD). The...more

11/25/2014 - CFPB DOD Military Service Members Payment Systems

CFPB issues FY 2014 financial report; GAO finds material weakness in CFPB reporting controls

The CFPB has issued its financial report for its 2014 fiscal year, which ended on September 30, 2014. Perhaps most illustrative of the CFPB’s growth are the report’s statistics on the CFPB’s employees and funding. The report...more

11/21/2014 - Accounting Controls Audit Reports CFPB Financial Reporting GAO

OIG updated work plan includes evaluations of CFPB enforcement-related processes and procedures

The Office of Inspector General’s (OIG) work plan, updated as of November 7, 2014, indicates that the OIG’s ongoing projects include audits of the CFPB’s information security program, pay and compensation program,...more

11/21/2014 - Audits CFPB OIG Policies and Procedures Work Plans

CFPB issues prepaid account study

Simultaneously with the release of its 870-page prepaid account proposal last week, the CFPB issued a “Study of prepaid account agreements.” On December 12, 2014, from 12 p.m. to 1 p.m. ET, Ballard Spahr attorneys will hold a...more

11/18/2014 - CFPB Prepaid Payment Products Regulation E

A further update on state AG/regulator lawsuits using Dodd-Frank authority

Below is an update on the lawsuits we have been following that state attorneys general and a state regulator have brought using their Dodd-Frank enforcement authority. Under Dodd-Frank Section 1042, a state AG or regulator is...more

11/13/2014 - Compliance Dodd-Frank Enforcement Enforcement Actions Title X UDAAP

CBO provides cost estimate for bill to reform CFPB’s inspector general

The Congressional Budget Office has issued an estimate of the costs associated with the Inspector General Reform Act of 2013 (H.R. 3770). The bill would direct the President to appoint an Inspector General (IG) for the CFPB...more

11/7/2014 - CFPB Congressional Budget Office Funding Inspector General

OIG identifies five major CFPB management challenges

The joint Federal Reserve/CFPB Office of the Inspector General (OIG) recently issued its first listing of “major management challenges” facing the CFPB. These challenges represent what the OIG believes to be “the areas that,...more

11/4/2014 - Audits CFPB Compliance Enforcement OIG

CFPB highlights unlawful practices relating to mortgage and student loan servicing, debt collection, electronic fund transfers and...

While mortgage and student loan servicing violations cited by the CFPB in its Fall 2014 Supervisory Highlights have grabbed the headlines, the report also includes noteworthy observations regarding the violations found by the...more

10/31/2014 - CFPB Debt Collection Electronic Payment Transactions FDCPA Loan Servicer Mortgage Servicers Student Loans

Mortgage company that entered into CFPB consent order moves to dismiss class action claims

Earlier this week, 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 loan originator compensation rule (“LO...more

10/31/2014 - CFPB Class Action Consent Order Mortgages Motion to Dismiss

CFPB announces November 13 “mystery” field hearing

Departing from its past practice, the CFPB has announced that it will hold a field hearing in Wilmington, Delaware on November 13 but has not yet disclosed what the hearing will be about. Instead, the announcement says only...more

10/30/2014 - Administrative Hearings CFPB Richard Cordray

Defendants file appeal in NY regulator’s lawsuit using Dodd-Frank authority

The defendants in the lawsuit brought by Benjamin Lawsky, the Superintendent of the New York Department of Financial Services, using his Dodd-Frank enforcement authority have filed an appeal with the U.S. Court of Appeals for...more

10/24/2014 - Appeals Cross-Complaints Dodd-Frank Enforcement Actions Unfair or Deceptive Trade Practices

Senator Crapo seeks information on CFPB’s regulatory streamlining efforts

In our blog post yesterday about the CFPB’s final rule allowing an alternative online delivery method for annual privacy notices, we commented that the CFPB has made limited progress on its regulatory streamlining initiative...more

10/24/2014 - Annual Notices CFPB Final Rules Legislative Committees Richard Cordray

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