Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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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

CFPB’s semiannual regulatory agenda: an ambitious picture

The semiannual regulatory agenda posted by the CFPB last week on its website indicates that the CFPB has potentially ambitious future rulemaking plans. The agenda identifies the regulatory matters the CFPB “reasonably...more

7/9/2013 - CFPB Dodd-Frank EEOC FIRREA OMB TILA

Cordray continues to defend CFPB’s data collection

When he appeared before the Senate Banking Committee on April 23, Director Cordray was questioned by Republican Senators about reports that the CFPB was demanding voluminous amounts of information from banks it supervises...more

6/26/2013 - CFPB Data Collection Dodd-Frank Richard Cordray

U.S. Chamber of Commerce challenges CFPB’s data collection

The CFPB’s data collection efforts are drawing fire from the U. S. Chamber of Commerce. Those efforts became a focus of attention as a result of an April 2013 report by Carter Dougherty of Bloomberg which revealed that the...more

6/21/2013 - Banks CFPB Chamber of Commerce Credit Cards Data Collection Dodd-Frank Payday Loans

House holds another hearing on CFPB ability to repay/QM rule

The House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held its second hearing yesterday focused on the CFPB’s ability to repay/qualified mortgage rule. At the first hearing in...more

6/19/2013 - Ability-to-Repay CFPB Dodd-Frank Qualified Mortgage Rule

Update on cases challenging Cordray appointment

We have been following two federal court cases that involve challenges to Director Cordray’s appointment. The California case, CFPB v. Chance Edward Gordon, was filed in summer 2012 by the CFPB against an attorney and his law...more

5/30/2013 - Barack Obama Canning v NLRB CFPB Dodd-Frank Receivership Recess Appointments Richard Cordray

CFPB employees unionize

According to a report from Politico, CFPB employees voted last week to join the National Treasury Employees Union, a federal union that also represents employees at other financial regulators, including the FDIC, OCC and SEC....more

5/20/2013 - CFPB Dodd-Frank Unions

CFPB issues first preemption determinations

Last week, the CFPB issued final determinations as to whether certain Maine and Tennessee laws relating to unclaimed gift cards are preempted by federal law on gift card expiration dates. The rulings represent the CFPB’s...more

4/29/2013 - CFPB Dodd-Frank Electronic Fund Transfer Act Gift-Cards Preemption Regulation E Unclaimed Gift Cards

CFPB issues report on financial advisers to seniors

The CFPB, through its Office of Financial Protection for Older Americans, has issued a report to Congress and the SEC that makes recommendations for informing older consumers about the legitimacy of certifications of...more

4/23/2013 - CFPB Compliance Dodd-Frank Financial Adviser Request For Information

Director Cordray to appear before Senate Banking Committee on April 23

The Senate Banking Committee has announced that on April 23, 2013, it will conduct a hearing on the CFPB’s third Semi-Annual Report to Congress. CFPB Director Richard Cordray is the only witness scheduled to appear....more

4/18/2013 - CFPB Dodd-Frank Financial Products Senate Banking Committee

CFPB Office of Women and Minority Inclusion to propose diversity standards for regulated entities

The CFPB’s Office of Women and Minority Inclusion (OMWI) has issued its first annual report to Congress covering the OMWI’s activities in 2012. The Dodd-Frank Act required the CFPB and various other federal agencies including...more

4/3/2013 - CFPB Dodd-Frank Gender Equity OMWI

CFPB plans for sharing information with state AGs unchanged in final disclosure rule

In its final rule on Disclosure of Records and Information published last week, the CFPB gave no ground on its position that it has discretionary authority to share confidential information with state attorneys general. This...more

2/20/2013 - Attorney Generals Attorney-Client Privilege CFPB Confidential Information Disclosure Requirements Dodd-Frank Information Sharing

Request filed to add more state AG plaintiffs in DC case challenging Director Cordray’s appointment

Another case we have been following that includes a challenge to Director Cordray’s appointment is the case filed this past June in federal court in Washington, D.C. by State National Bank of Big Spring against the CFPB, the...more

2/15/2013 - CFPB Dodd-Frank Motion to Dismiss Richard Cordray Title II

Let the political posturing begin!

Predictably, political posturing in reaction to the D.C. Circuit’s Canning decision has already begun. According to media reports, South Dakota Senator Tim Johnson, a Democrat who heads the Senate Banking Committee, is...more

2/1/2013 - Canning v NLRB CFPA CFPB Dodd-Frank Political Appointments Recess Appointments Richard Cordray

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