Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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Lawmakers urge CFPB to reopen arbitration study

A group of more than 80 House and Senate Republicans have sent a letter to Director Cordray asking the CFPB to reopen its arbitration study. The CFPB released the final results of its empirical study of consumer arbitration...more

6/19/2015 - Arbitration CFPB Consumer Financial Contracts Consumer Financial Products Consumer Lenders Dodd-Frank Richard Cordray Trade Associations

House appropriations amendment would create new requirements for CFPB arbitration rule

According to a Politico report, the House Appropriations Committee has approved an amendment to the FY 2016 Financial Services Appropriations bill that would impose new requirements on the CFPB before it can issue a rule...more

6/19/2015 - Appropriations Bill Arbitration CFPB Dodd-Frank Financial Services Committee Public Comment

FTC provides 2014 enforcement report to CFPB

The Federal Trade Commission has provided its annual Financial Acts Enforcement Report to the CFPB covering the FTC’s enforcement activities in 2014 related to compliance with Regulation Z (Truth in Lending), Regulation M...more

6/12/2015 - CFPB Dodd-Frank Enforcement Authority Enforcement Statistics FTC Regulation E Regulation M Regulation Z TILA

OIGs issue report on coordination among CFPB and prudential regulators

The Offices of Inspector General for the Fed/CFPB, FDIC, Treasury and NCUA have issued a report setting forth the results of their review of the extent to which the CFPB and prudential regulators (FDIC, Fed, OCC and NCUA)...more

6/10/2015 - Banking Sector Dodd-Frank Information Reports Prudential Regulation Authority Regulatory Oversight Supervision

ABA raises concerns about costs to industry resulting from CFPB information gathering

In a memo to state banking associations, the American Bankers Association raises concerns about the costs to industry of the CFPB’s use of its expansive authority to gather information under Section 1022 of the Dodd-Frank...more

6/9/2015 - American Bankers Association Banks CFPB Data Collection Dodd-Frank Rulemaking Process

Trade groups urge CFPB to solicit public comments on arbitration study

Five leading financial services industry trade groups have sent a letter to the CFPB urging it to solicit public comments on the final results of its arbitration study before deciding whether to initiate a rulemaking...more

5/28/2015 - American Bankers Association Arbitration CFPB Chamber of Commerce Debt Collection Dodd-Frank Prepaid Payment Products Public Comment SBREFA

Update on state AGs/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

1/28/2015 - Automotive Loans CFPA Consumer Lenders Dodd-Frank Enforcement Actions Experian For Profit Colleges Popular Subprime Mortgages TILA UDAAP Unfair Trade Practices Act

House Financial Services Committee approves oversight plan; Committee chair gets new subpoena authority

The House Financial Services Committee voted unanimously today to approve the Committee’s oversight plan for the 114th Congress. The plan provides that the Committee intends to continue its close examination of the...more

1/22/2015 - Amended Regulation CFPB Choke Point Consumer Financial Products Dodd-Frank Financial Services Committee Mortgages

CFPB issues second appropriations report

The CFPB has issued its second 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...more

1/6/2015 - Annual Reports Appropriation CFPB Dodd-Frank

NY regulator settles lawsuit filed using Dodd-Frank authority

A settlement has been announced in the lawsuit filed by Benjamin Lawsky, the Superintendent of the New York Department of Financial Services, using his Dodd-Frank Section 1042 authority. Section 1042 allows state attorneys...more

12/24/2014 - Automotive Industry Automotive Loans Civil Monetary Penalty Consent Order Dodd-Frank TILA Unfair or Deceptive Trade Practices

CFPB settles with military base retailer and related companies for alleged unlawful debt collection practices

As part of this week’s flurry of enforcement-related announcements, the CFPB announced the settlement of a lawsuit filed jointly with the Attorneys General of North Carolina and Virginia against Freedom Stores, Inc....more

12/22/2014 - CFPB Consent Order Debt Collection Dodd-Frank Enforcement Actions Internet Retailers Popular Retailers UDAAP

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

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

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

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