Barbara S. Mishkin

Barbara S. Mishkin

Ballard Spahr LLP

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State AGs seek to intervene in CFPB enforcement action to modify settlement terms

The Attorneys General for the states of Connecticut, Indiana, Kansas, and Vermont recently took the unusual step of filing a joint motion to intervene to modify the settlement terms of a CFPB enforcement action....more

1/6/2017 - Attorney Generals CFPA CFPB Enforcement Actions FCC Final Judgment Fraudulent Charges Motion To Intervene Redress Payments Settlement Sprint Stipulated Judgment Telecommunications Third-Party

CFPB sues four pawnbrokers for alleged TILA and CFPA violations

The CFPB announced that it has sued four Virginia-based pawnbrokers in lawsuits filed in a Virginia federal district court for alleged violations of the Truth in Lending Act and the Consumer Financial Protection Act in...more

12/22/2016 - Annual Percentage Rate (APR) CFPA CFPB Consumer Financial Products Enforcement Actions Pawnbrokers Regulation Z Truth in Lending Act (TILA)

CFPB settles with military financing company for alleged TILA/EFTA disclosure violations

The CFPB announced that it has entered into a consent order with Military Credit Services, LLC, a company providing revolving credit to military consumers, to settle allegations that the company’s open-end credit agreements...more

12/22/2016 - CFPB Consent Order EFTA Enforcement Actions Military Lending Act Regulation E Regulation Z Truth in Lending Act (TILA)

Petition for writ of certiorari filed in case asserting recess appointment defense to CFPB enforcement action

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

11/21/2016 - Article III Banking Sector CFPA CFPB Disgorgement Enforcement Actions Fees Loan Modifications Mortgage Assistance Relief Services (MARS) Obama Administration Petition for Writ of Certiorari Recess Appointments Regulation O Restitution Standing Summary Judgment

CFPB participates in Fed webinar on overdraft practices

On November 9, 2016, the Federal Reserve hosted a webinar on overdraft practices.  The CFPB was represented by Victoria Pawelski, Counsel, Supervision Policy, Supervision, Enforcement and Fair Lending.  In addition to a CFPB...more

11/10/2016 - Banking Sector Banks CFPB Checking Accounts Consumer Complaint System Enforcement Actions Federal Reserve Overdraft Fees Webinars

CFPB enters into consent order with credit union

The CFPB announced that it has entered into a consent order with Navy Federal Credit Union to settle allegations that the credit union engaged in unfair and deceptive collection practices in violation of the Consumer...more

10/17/2016 - Banking Sector Banks CFPA CFPB Civil Monetary Penalty Consent Order Consumer Financial Products Contract Terms Credit Unions Debt Collection Debt Collectors Enforcement Actions Financial Institutions Financial Services Industry Military Service Members Redress Payments Unfair or Deceptive Trade Practices

CFPB to participate in Fed webinar on overdraft practices

The Federal Reserve has announced that on November 9, 2016, it will host a webinar on overdraft practices.  Webinar speakers will discuss issues identified through consumer complaints, examinations, and enforcement actions....more

10/14/2016 - Banking Sector CFPB Checking Accounts Consumer Complaint System Enforcement Actions Federal Reserve Overdraft Fees Webinars

CFPB sues credit repair company

The CFPB announced that it has filed a lawsuit in a California federal district court against a credit repair company for alleged violations of the Consumer Financial Protection Act (CFPA) and Telemarketing Sales Rule (TSR)....more

9/26/2016 - CFPA CFPB Credit Repair Services Credit Reports Debt Settlement Services Enforcement Actions Fees Telemarketing Sales Rule

CFPB and OCC settles claims of alleged unlawful practices for credit card add-on products

The CFPB announced that it has entered into a consent order with First National Bank of Omaha to settle charges that the bank engaged in unfair or deceptive acts or practices in connection with the marketing and sale of...more

8/29/2016 - Add-ons Banking Sector Banks CFPA CFPB Civil Monetary Penalty Consent Order Credit Cards Enforcement Actions Fees Financial Services Industry First National Misrepresentation OCC Restitution UDAAP

D.C Circuit rejects constitutional challenge to SEC’s use of administrative law judges

A challenge to the constitutionality of the SEC’s use of administrative law judges (ALJ) was rejected by the U.S. Court of Appeals for the D.C. Circuit. In Raymond J. Lucia Companies, Inc. et al. v. Securities and Exchange...more

8/11/2016 - Administrative Proceedings ALJ Appeals Appointments Clause Article II Enforcement Actions Investment Advisers Act of 1940 Sanctions SEC

CFPB touts initiatives in “fact sheets”

To commemorate its fifth anniversary, the CFPB released a series of “fact sheets” touting its initiatives. The “fact sheets” consist of the following: CFPB: By the numbers. The CFPB lists various statistics, such as...more

7/26/2016 - Automotive Loans Banking Sector Banks CFPB Civil Monetary Penalty Consumer Complaint Management Debt Collection Debt Relief Discriminatory Lending Practices Enforcement Actions Mortgages Popular RESPA Student Loans

D.C. federal district court rejects recess appointment challenge

The D.C. federal district court has rejected the plaintiffs’ attempt in State National Bank of Big Spring, Texas, et al. v. Lew, et al. to invalidate the actions taken by Director Cordray while he was a recess appointee. The...more

7/14/2016 - Administrative Appointments Appointments Clause Article II Banking Sector Canning v NLRB CFPB Constitutional Challenges Dodd-Frank Enforcement Actions Recess Appointments Richard Cordray

CFPB issues ninth Semi-Annual Report

The CFPB has issued its ninth Semi-Annual Report to the President and Congress covering the period from October 1, 2015 through March 31, 2016. The 188-page report recycles information from previously-issued CFPB reports...more

7/6/2016 - Banking Sector CFPB Civil Monetary Penalty Enforcement Actions Financial Institutions

No federal court challenge to constitutionality of SEC’s use of administrative law judges before final SEC order, Second Circuit...

A recent decision by the U. S. Court of Appeals for the Second Circuit suggests that an attempt by a company or individual that is the target of a CFPB administrative enforcement action to bring a separate action in federal...more

6/9/2016 - Administrative Proceedings ALJ Appointments Clause Article II Enforcement Actions SEC

FTC provides 2015 enforcement report to CFPB

The Federal Trade Commission has provided its annual report to the CFPB covering the FTC’s enforcement activities in 2015 related to compliance with Regulation Z (Truth in Lending), Regulation M (Consumer Leasing), and...more

6/7/2016 - Automotive Loans CFPB Dodd-Frank EFTs Enforcement Actions FTC Mortgages Payday Loans Popular Regulation E Regulation M Regulation Z Title Loans Truth in Lending Act (TILA) Unfair or Deceptive Trade Practices

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

Constitutionality of CFPB structure at issue in D.C. Circuit oral argument

The constitutionality of the CFPB’s structure was front and center at this past Tuesday’s oral argument in PHH Corporation et al. v. CFPB before the U.S. Court of Appeals for the D.C. Circuit. The case involves PHH’s appeal...more

4/14/2016 - ALJ Appeals Banking Sector CFPB Enforcement Actions Mortgages Popular Referral Fees RESPA Section 8 Separation of Powers

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

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

Federal district court issues ruling on confidentiality in CFPB investigations

The D.C. federal district court recently ruled that the plaintiffs’ names should be redacted in all documents filed in a lawsuit against the CFPB initiated by the plaintiffs. The plaintiffs are a group of businesses and an...more

10/28/2015 - CFPA CFPB CID Credit Counseling Enforcement Actions Financial Institutions Investigations Popular Privacy Concerns TRO

CFPB to participate in FTC Atlanta debt collection program

The CFPB will be participating in the FTC’s third “Debt Collection Dialogue” to be held in in Atlanta, Georgia on November 18, 2015. Gregory Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to be...more

10/22/2015 - Best Practices CFPB Compliance Consumer Complaint System Debt Collection Enforcement Actions FTC OCC Regulatory Agenda

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 to participate in Dallas FTC debt collection program

The CFPB will be participating in the FTC’s second “Debt Collection Dialogue” to be held in Dallas, Texas on September 29, 2015. Gregory Nodler, CFPB Senior Counsel for Enforcement Policy and Strategy, is scheduled to be a...more

8/7/2015 - Best Practices CFPB Compliance Consumer Lenders Debt Collection Debt Collectors Enforcement Actions Financial Institutions FTC Regulatory Standards

CFPB Files Complaint Against Companies Offering Mortgage Payment Program

In a complaint filed yesterday in a California federal court, the CFPB alleges that two related companies offering a biweekly mortgage payment program and their individual owner engaged in deceptive telemarketing acts or...more

5/18/2015 - CFPB Enforcement Actions Mortgages Telemarketing Sales Rule

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