Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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Director Cordray responds to letter from Senators seeking tailored rulemaking for community banks and credit unions

Last month, a bipartisan group of 70 Senators were signatories to a letter sent to Director Cordray urging the CFPB to “carefully tailor its regulations to match the unique nature of community banks and credit unions.” In...more

8/23/2016 - Banking Sector Banks CFPA CFPB Community Banks Consumer Financial Products Credit Unions Dodd-Frank Financial Institutions Regulatory Oversight Richard Cordray

House defeats amendment to 2017 appropriations bill striking requirements for CFPB arbitration rule

By a vote of 236-181, the House of Representatives rejected an amendment offered by two Democratic Congressman to H.R. 5485, the Financial Services and General Government Appropriations Act, which covers appropriations for...more

8/16/2016 - Arbitration Arbitration Agreements CFPB Class Action Class Action Arbitration Waivers Consumer Contracts Consumer Financial Products Dodd-Frank Financial Sector Financial Services Industry Mandatory Arbitration Clauses Proposed Legislation Service Contracts U.S. House

CFPB previews debt collection rule in SBREFA outline

The CFPB has moved a step closer to issuing a debt collection rule by releasing an outline of the proposals it is considering in preparation for convening a small business review panel. The Small Business Regulatory...more

8/1/2016 - CFPB Debt Buyers Debt Collection Debt Collectors Dodd-Frank FDCPA Financial Sector SBREFA Small Business Third-Party Service Provider Time-Barred Debt

CFPB to hold July 28 debt collection field hearing

The CFPB has announced that it will hold a field hearing about debt collection on July 28, 2016 in Sacramento, California. We expect the field hearing to coincide with the CFPB’s release of an outline of the proposals it is...more

7/18/2016 - CFPB Debt Collection Dodd-Frank SBREFA Small Business

D.C. federal district court rejects recess appointment challenge

The D.C. federal district court has rejected the plaintiffs’ attempt in State National Bank of Big Spring, Texas, et al. v. Lew, et al. to invalidate the actions taken by Director Cordray while he was a recess appointee. The...more

7/14/2016 - Administrative Appointments Appointments Clause Article II Banking Sector Canning v NLRB CFPB Constitutional Challenges Dodd-Frank Enforcement Actions Recess Appointments Richard Cordray

ABA to sponsor July 20 program on CFPB arbitration proposal

On July 20, 2016, from 11:00 AM – 12:00 PM ET, the American Bar Association is sponsoring a program, “CFPB’s Proposed Arbitration Ban — What You Need To Know.” The panelists will discuss the pros and cons of the CFPB’s...more

7/14/2016 - American Bar Association (ABA) Arbitration Arbitration Agreements CFPB Class Action Class Action Arbitration Waivers Consumer Contracts Consumer Financial Products Dodd-Frank Financial Sector Financial Services Industry Mandatory Arbitration Clauses

House approves FY 2017 appropriations bill containing curbs on CFPB authority

By a vote of 239-185, the House of Representatives has approved a fiscal year 2017 appropriations bill that contains various provisions intended to curb the CFPB’s authority. Those provisions would fund the CFPB through the...more

7/11/2016 - Administrative Authority Appropriations Bill Arbitration Banking Sector CFPB Class Action Class Action Arbitration Waivers Consumer Financial Contracts Consumer Financial Products Dodd-Frank U.S. House

Text of Dodd-Frank replacement bill released

Last month, Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, released a summary of “The Financial CHOICE Act,” a bill to replace the Dodd-Frank Act. The summary indicated that the...more

7/1/2016 - Arbitration Agreements Banking Reform Bill Banking Sector CFPB Class Action Arbitration Waivers Consumer Financial Products Dodd-Frank Financial Institutions Legislative Committees

CFPB issues interim rule to adjust civil penalties for inflation

The CFPB has published an interim final rule to adjust the civil penalties within its jurisdiction for inflation. The adjustments were required by the Federal Civil Penalties Inflation Adjustment Act of 1990 which, pursuant...more

6/16/2016 - CFPB Civil Monetary Penalty Dodd-Frank Federal Civil Penalties Inflation Adjustment Act of 1990 Inflation Adjustments Interim Rule Jurisdiction

House appropriations bill amendment would delay enforcement of CFPB payday loan rule

According to a Politico report, the House Appropriations Committee has advanced a bipartisan amendment to the FY17 Financial Services and General Government Appropriations bill that would block the CFPB from enforcing a rule...more

6/9/2016 - Ability-to-Repay Automotive Loans Banking Sector CFPB Consumer Financial Products Consumer Lenders Dodd-Frank Legislative Committees Online Marketplace Lending Payday Loans Title Loans

Congressman Hensarling’s Dodd-Frank replacement bill to include CFPB reforms

Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee Chairman, released a summary of a bill to replace the Dodd-Frank Act.  The bill is entitled “The Financial CHOICE Act,” with “CHOICE”...more

6/9/2016 - Arbitration Arbitration Agreements Automotive Loans CFPB Class Action Class Action Arbitration Waivers Consumer Financial Products Dodd-Frank Financial Services Industry Legislative Committees

FTC provides 2015 enforcement report to CFPB

The Federal Trade Commission has provided its annual report to the CFPB covering the FTC’s enforcement activities in 2015 related to compliance with Regulation Z (Truth in Lending), Regulation M (Consumer Leasing), and...more

6/7/2016 - Automotive Loans CFPB Dodd-Frank EFTs Enforcement Actions FTC Mortgages Payday Loans Popular Regulation E Regulation M Regulation Z Title Loans Truth in Lending Act (TILA) Unfair or Deceptive Trade Practices

House FY 2017 appropriations bill would curb CFPB authority, require another arbitration study

The fiscal year 2017 appropriations bill approved last week by the House Financial Services and General Government Appropriations Subcommittee of the House Appropriations Committee includes the following provisions intended...more

6/1/2016 - Appropriations Bill Arbitration Arbitration Agreements CFPB Class Action Class Action Arbitration Waivers Consumer Financial Contracts Consumer Financial Products Dodd-Frank Financial Services Industry Legislative Committees

Comment period on CFPB proposed arbitration rule ends August 22

With the publication of the CFPB’s proposed arbitration rule in today’s Federal Register, the 90-day comment period is now running.  Comments on the proposal must be received on or before Monday, August 22, 2016....more

5/24/2016 - Arbitration Arbitration Agreements CFPB Class Action Class Action Arbitration Waivers Consumer Contracts Consumer Financial Products Dodd-Frank Financial Sector Financial Services Industry Mandatory Arbitration Clauses Public Comment Service Contracts

House to hold May 18 hearing on CFPB’s proposed arbitration rule

On May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public...more

5/16/2016 - Arbitration Arbitration Agreements CFPB Class Action Class Action Arbitration Waivers Consumer Contracts Consumer Financial Products Dodd-Frank Financial Sector Financial Services Industry Legislative Committees Mandatory Arbitration Clauses Service Contracts

House bill introduced to amend CFPB UDAAP authority

The Dodd-Frank Act gave the CFPB authority to regulate “unfair, deceptive, or abusive” acts or practices.  Republican Congressman Blaine Luetkemeyer has introduced the “Unfair or Deceptive Acts or Practices Uniformity Act,”...more

5/6/2016 - CFPB Dodd-Frank Enforcement Actions Financial Sector FTC Proposed Legislation UDAAP Unfair or Deceptive Trade Practices

Ninth Circuit Rejects Director Cordray's Recess Appointment as Defense to CFPB Enforcement Action; Dissenting Judge Disagrees

Since it was filed in a California federal court in July 2012, we have been following Consumer Financial Protection Bureau (CFPB) v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by...more

5/2/2016 - Article III Barack Obama Canning v NLRB CFPA CFPB Corporate Counsel Dodd-Frank Enforcement Actions Federal Jurisdiction Recess Appointments Regulation O Richard Cordray Standing

CFPB finalizes December 2011 interim final rules

The CFPB has issued a final rule that adopts as final, the interim final rules issued  by the CFPB in December 2011 in connection with the Dodd-Frank Act’s general transfer of rulemaking authority to the CFPB for the consumer...more

4/28/2016 - CFPB Dodd-Frank Final Rules Interim Guidance Rulemaking Process

Ninth Circuit rejects Director Cordray’s recess appointment as defense to CFPB enforcement action; dissenting judge disagrees

Since it was filed in a California federal court in July 2012, we have been following CFPB v. Chance Edward Gordon, a case in which the CFPB alleged that an attorney duped consumers by falsely promising loan modifications in...more

4/20/2016 - Canning v NLRB CFPA CFPB Dodd-Frank Fees Loan Modifications Mortgages Recess Appointments Regulation O Richard Cordray

CFPB hires Assistant Director for Office of Small Business Lending Markets; announces other senior leadership additions

Earlier this week, the CFPB announced the addition of several new members to its senior leadership team. The announcement included the news that the CFPB has filled the position of Assistant Director for the Office of...more

4/14/2016 - Administrative Appointments Banking Sector CFPB Data Collection Dodd-Frank ECOA Financial Institutions Lending Minority-Owned Businesses Small Business Women-Owned Businesses

Director Cordray defends CFPB positions in appearance before Senate Banking Committee; comments on small business lending and...

Much of Director Cordray’s testimony in his appearance before the Senate Banking Committee yesterday consisted of his predictable defense of various CFPB positions. While the hearing was much less contentious than last...more

4/8/2016 - Automotive Loans Banking Sector CFPB Disparate Impact Dodd-Frank ECOA Enforcement Actions Finance Lease Contract Lending No-Action Letters Richard Cordray Senate Banking Committee Small Business

Democratic Senators expected to introduce bill requiring CFPB registration of lenders making small-dollar loans

A group of Democratic Senators led by Oregon Senator Jeff Merkley is expected to introduce the “Stopping Abuse and Fraud in Electronic Lending Act of 2016” or “SAFE Lending Act of 2016.” The bill represents the latest version...more

4/5/2016 - CFPB Consumer Lenders Dodd-Frank Financial Sector Online Marketplace Lending Overdraft Fees Prepaid Payment Products Proposed Legislation Truth in Lending Act (TILA)

Federal court issues mixed ruling on PA AG’s Dodd-Frank UDAAP claim based on alleged “rent-a-bank” and “rent-a-tribe” schemes

An attempt by the Pennsylvania Attorney General to use her Dodd-Frank Section 1042 authority recently met with only partial success in Pennsylvania federal district court. Section 1042 allows state attorneys general and...more

1/29/2016 - Consumer Lenders Dodd-Frank EFTA Electronic Payment Transactions Online Marketplace Lending Racketeering UDAAP

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