Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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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

OIG seeks improved CFPB approach for notifying prudential regulators of violations by smaller financial institutions

The Office of Inspector General for the Fed/CFPB has sent a memorandum to the CFPB, the subject of which is “The CFPB Can Enhance Its Process for Notifying Prudential Regulators of Potential Material Violations.” The memo...more

7/7/2015 - CFPB Credit Unions Dodd-Frank Enforcement Financial Institutions OIG

Community groups want CFPB action on small business lending data collection rules

A recent American Banker article written by officials of three community groups urges President Obama to publicly denounce Director Cordray for failing to issue regulations implementing the small business lending data...more

7/3/2015 - Banks Barack Obama Data Collection Dodd-Frank ECOA Richard Cordray Small Business

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 Truth in Lending Act (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 Truth in Lending Act (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

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