Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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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

OIG issues report on CFPB civil penalty fund victim identification process

The Office of Inspector General for the Fed and CFPB has issued a report on the results of its audit of the CFPB’s process for identifying victims eligible to receive compensation from the Consumer Financial Civil Penalty...more

1/26/2016 - CFPB Civil Penalty Fund Compensation Dodd-Frank Enforcement Actions Popular

Senator Brown urges funding of Dodd-Frank small dollar loan programs

Senator Sherrod Brown, ranking member of the Senate Banking Committee, has sent a letter to President Obama that asks the President to prioritize funding in his FY 2017 budget proposal for programs in Title XII of the...more

1/8/2016 - Banking Sector CDFI Fund Consumer Lenders Dodd-Frank Financial Institutions Loans

Company prevails in challenge to FTC data security complaint

As we have previously observed, banks and other companies subject to the CFPB’s jurisdiction face the possibility that the CFPB could begin using its authority under Sections 1031 and 1036 of the Dodd-Frank Act (which...more

12/2/2015 - ALJ CFPB Cybersecurity Dodd-Frank FTC LabMD Popular Section 5

CFPB issues FY 2015 financial report

The CFPB has issued its financial report for its 2015 fiscal year, which ended on September 30, 2015. The report indicates that the number of CFPB employees grew from 1,443 in FY 2014 to 1,529 in FY 2015. Transfers to the...more

11/19/2015 - CFPB Dodd-Frank Financial Reporting

CFPB schedules October 7 field hearing on arbitration; Alan Kaplinsky to represent industry

The CFPB has announced that it will hold a field hearing about arbitration in Denver, Colorado on October 7, 2015 and has asked Alan Kaplinsky, Practice Leader of Ballard Spahr’s Consumer Financial Services Group, to...more

9/25/2015 - Arbitration Arbitration Agreements CFPB Consumer Financial Products Consumer Lenders Dodd-Frank Financial Institutions Loans Payday Loans SBREFA 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

9/23/2015 - CARD Act CFPB Consumer Financial Products Consumer Lenders Dodd-Frank Final Rules Financial Institutions HOEPA Loans Mortgage Lenders Mortgage Servicers Qualified Mortgage Rule Regulation Z Safe Harbors Threshold Requirements Truth in Lending Act (TILA)

84 House members urge expedited CFPB action on small business lending data collection rules

84 House members recently wrote to the CFPB to urge it to expedite rulemaking to implement the small business lending data requirements of Dodd-Frank Section 1071. Section 1071 amended the ECOA to require financial...more

9/1/2015 - Borrowers CFPB Consumer Lenders Creditors Data Collection Dodd-Frank ECOA Fair Lending Financial Institutions Financial Services Committee Lenders Minority-Owned Businesses Public Entities Public-Private Entities Regulation B Rulemaking Process Small Business White Paper Women-Owned Businesses

Federal appeals court confirms FTC authority to regulate cybersecurity policies and procedures

Banks and other companies subject to the CFPB’s jurisdiction face the possibility that the CFPB could begin using its authority under Sections 1031 and 1036 of the Dodd-Frank Act (which proscribe unfair, deceptive or abusive...more

9/1/2015 - Banking Sector Banks CFPB Cyber Attacks Cyber Crimes Cybersecurity Data Privacy Data Protection Data Security Dodd-Frank Enforcement Actions Financial Institutions FTC FTC Act FTC v Wyndham Hackers Jurisdiction Privacy Policy Section 5 Unfair or Deceptive Trade Practices Wyndham

CFPB denies lead generation company’s petition to modify or set aside CID

The CFPB has denied the petition of a lead generation company and its employee to modify or set aside a civil investigative demand (CID). As we reported, among the petitioners’ arguments for why the CID should be set aside...more

8/11/2015 - CFPB CID Civil Investigation Demand Dodd-Frank EEOC FCRA Financial Institutions FTC

Texas Bankers Association files FOIA request with CFPB

The Texas Bankers Association (TBA) announced on its website that it has filed a Freedom of Information Act (FOIA) Request with the CFPB to obtain all documentation the CFPB requested from bank software processors on the...more

7/31/2015 - American Bankers Association Banking Sector Banks CFPB Dodd-Frank Financial Institutions FOIA Overdraft Fees

Challenge to CFPB’s constitutionality reemerges

The issue of the CFPB’s constitutionality reemerged last week in court and Congress. On the judicial front, the U.S. Court of Appeals for the D.C. Circuit, in State National Bank of Big Spring, Texas, et al. v. Lew, et al.,...more

7/28/2015 - Banking Sector Banks Canning v NLRB CFPB Dodd-Frank Financial Institutions FSOC Motion to Dismiss Richard Cordray SCOTUS Standing Title II

Senate Judiciary Committee holds hearing on Dodd-Frank constitutional issues

The Senate Judiciary Committee held a hearing yesterday entitled “The Administrative State v. The Constitution: Dodd-Frank at Five Years.” The hearing was focused on constitutional issues relating to the Dodd-Frank Act,...more

7/24/2015 - CFPB Congressional Investigations & Hearings Dodd-Frank Senate Judiciary Committee

Lead generator files petition to set aside CFPB CID

A lead generation company and its employee recently filed a petition with the CFPB to modify or set aside a civil investigative demand (CID). Among the arguments made in the petition for why the CID should be set aside is...more

7/22/2015 - Bank Service Providers CFPB Civil Investigation Demand Consumer Financial Products Dodd-Frank Lead Generators

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