Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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Florida and Connecticut AGs file lawsuit asserting Dodd-Frank enforcement authority

On July 29, 2014, another Section 1042 lawsuit was filed jointly by the Attorneys General of Florida and Connecticut in a Florida federal court. The lawsuit alleges that four individuals and their four businesses formulated...more

9/18/2014 - Attorney Generals Dodd-Frank Enforcement Mortgage Servicing Rules Mortgages UDAAP

Update on Illinois AG lawsuit using Dodd-Frank authority

As we previously reported, among the lawsuits that have been brought by a state attorney general and a state regulator using their Dodd-Frank enforcement authority is a lawsuit initially filed by the Illinois AG in state...more

9/12/2014 - Colleges Dodd-Frank For Profit Colleges UDAAP Universities

CFPB and Fed announce increases in Regs Z and M 2015 dollar thresholds

The CFPB and Fed have announced increases in the dollar thresholds in Regulation Z (Truth in Lending Act) and Regulation M (Consumer Leasing Act) for exempt consumer credit and lease transactions. The adjustments reflect the...more

9/11/2014 - Automotive Industry Car Dealerships CFPB Dodd-Frank Federal Reserve Motor Vehicles Regulation M Regulation Z TILA

CFPB issues report on employee financial wellness

Last week, the CFPB published a report entitled “Financial wellness at work” that reviews “promising practices to promote financial wellness in the workplace.” The CFPB’s research found that particularly since the...more

9/3/2014 - CFPB Dodd-Frank Economic Downturn

CFPB and federal banking agencies issue guidance on unfair or deceptive credit practices in light of Reg AA repeal

Concurrently with a proposal from the Fed to repeal Regulation AA (12 CFR part 227), the CFPB and the federal banking agencies (Fed, OCC, FDIC and NCUA) have issued interagency guidance regarding unfair or deceptive credit...more

8/27/2014 - Banks CFPB Dodd-Frank FDIC FTC NCUA OCC Regulation AA Repeal U.S. Treasury UDAAP Unfair or Deceptive Trade Practices

NCRC white paper seeks expansive CFPB rulemaking on small business lending data collection

The National Community Reinvestment Coalition (NCRC) has issued a white paper that urges the CFPB to take an expansive approach in developing regulations on the collection of small business lending data to implement Section...more

8/22/2014 - CFPB Data Collection Dodd-Frank Fair Lending Small Business

CFPB publishes annual CARD Act, HOEPA and QM adjustments

The CFPB has published a final rule regarding various annual adjustments it is required to make under provisions of Regulation Z (TILA) that implement the CARD Act, HOEPA, and the ability to repay/qualified mortgage...more

8/19/2014 - CARD Act CFPB Dodd-Frank Final Rules HOEPA Qualified Mortgage Rule Regulation Z TILA

GAO issues report on CFPB civil penalty fund

The Government Accountability Office (GAO) has issued a report on the results of its review the CFPB’s Civil Penalty Fund (CPF). The review was requested by Representative Shelley Moore Capito, who chairs the House Financial...more

8/1/2014 - CFPB Civil Monetary Penalty Compliance Dodd-Frank Enforcement Enforcement Actions GAO

Letter from leading Republicans to Director Cordray questions pre-confirmation actions

Following up on his earlier statement about the impact of the Supreme Court’s decision in NLRB v. Noel Canning on Richard Cordray’s actions taken prior to his July 16, 2013 confirmation by the Senate as CFPB Director,...more

7/31/2014 - Canning v NLRB Dodd-Frank NLRB Recess Appointments Richard Cordray SCOTUS Title X

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

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 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

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

CFPB’s Office of Minority and Women Inclusion issues second annual report

The CFPB’s Office of Minority and Women Inclusion (OMWI) has issued its second annual report to Congress covering the OMWI’s activities in 2013. The Dodd-Frank Act required the CFPB and various other federal agencies...more

4/9/2014 - CFPB Contractors Diversity Dodd-Frank Employment Policies Federal Contractors OMWI Procurement Guidelines Subcontractors

CFPB issues third annual report on its workforce

The CFPB has issued its third annual report to Congress on its workforce. The Dodd-Frank Act requires the CFPB to submit an annual report that includes a Recruitment and Retention Plan, Training and Workforce Development...more

1/17/2014 - CFPB Dodd-Frank

CFPB seeking new members for Consumer Advisory Board and Credit Union/Community Bank Advisory Councils

The CFPB is seeking new members for its Consumer Advisory Board (CAB), Credit Union Advisory Council (CUAC), and Community Bank Advisory Council (CBAC). In a notice published in today’s Federal Register, the CFPB asks...more

1/16/2014 - Banking Sector CFPB Community Banks Consumer Advisory Board Credit Unions Diversity Dodd-Frank

CFPB issues report to congressional appropriations committee

Last week, the CFPB issued a report entitled “Report of the Consumer Financial Protection Bureau Pursuant to Section 1017(e)(4) of the Dodd-Frank Act.” That Dodd-Frank section requires the CFPB’s Director to submit an annual...more

1/3/2014 - CFPB Dodd-Frank Federal Budget Reporting Requirements

CFPB releases FY 2013 independent audit

The CFPB has released the independent audit conducted by KPMG of selected CFPB operations and budget in FY 2013. An annual independent audit is required by the Dodd-Frank Act....more

12/10/2013 - Audits CFPB Corrective Actions Dodd-Frank Privacy Policy Student Loans

CFPB issues guides for financial caregivers

The CFPB has released four booklets to serve as guides for financial caregivers, particularly those who handle the finances of older Americans. The booklets represent the CFPB’s latest efforts directed at carrying out its...more

10/31/2013 - Caregivers CFPB Dodd-Frank

Democratic Senator wants more regulation of auto dealers

Democratic Senator Edward Markey wants the FTC to take a more active role in policing auto dealer sales practices. Because Dodd-Frank bars the CFPB from directly regulating auto dealers, the CFPB has targeted the fair lending...more

10/29/2013 - Car Dealerships CFPB Dodd-Frank FTC Sales

Director Cordray focuses on mortgage rules in remarks to American Bankers Association

A substantial portion of Director Cordray’s remarks yesterday at the American Bankers Association’s Annual Convention in New Orleans was directed at justifying the Bureau’s decision not to delay the January 2014 effective...more

10/22/2013 - American Bankers Association CFPB Dodd-Frank Mortgages Richard Cordray

CFPB issues final trial disclosure policy

The CFPB has finalized its policy for exempting individual companies, on a case-by-case basis, from applicable federal disclosure requirements to allow those companies to test trial disclosures. The final policy encourages...more

10/8/2013 - CFPB Consumer Financial Products Disclosure Requirements Dodd-Frank Safe Harbors Waivers

CFPB denies petition by tribal payday lenders to set aside CIDs

On September 26, the CFPB issued a 10-page order denying a petition filed jointly by three tribal payday lenders that asked the CFPB to set aside the civil investigative demands (CIDs) the lenders received from the CFPB. The...more

10/1/2013 - CFPB CID Dodd-Frank Lenders Payday Loans Tribal Governments Tribal Lands

OIG provides update on CFPB projects

The updated work plan as of August 30, 2013 of the Office of Inspector General (OIG) for the Fed and CFPB describes various CFPB projects that are “in progress” or “planned.”...more

9/10/2013 - CFPB Dodd-Frank Enforcement Federal Reserve OIG

New lawsuit challenging CFPB’s constitutionality filed

Constitutional challenges to the CFPB’s authority have not ended with Director Cordray’s confirmation last week as CFPB Director....more

7/23/2013 - CFPB Dodd-Frank Political Debates Recess Appointments Richard Cordray Separation of Powers

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