The CFPB has issued a request for information that seeks comment on its guidance and implementation support. Comments on the RFI must be received on or before 90 days after the date the RFI is published in the Federal...more
3/29/2018
/ Banking Sector ,
Civil Investigation Demand ,
Comment Period ,
Consumer Complaint Management ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Enforcement Actions ,
Financial Regulatory Reform ,
Financial Services Industry ,
Regulatory Oversight ,
Request For Information ,
Rulemaking Process
The CFPB is scheduled to publish notices in tomorrow’s Federal Register that it is extending by 30 days the due dates for comments on its first three requests for information....more
The CFPB has issued a request for information that seeks comment on its adopted regulations and new rulemaking authorities....more
3/16/2018
/ Adjudicatory Process ,
Banking Sector ,
Civil Investigation Demand ,
Consumer Complaint Management ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Enforcement Actions ,
New Regulations ,
Regulatory Oversight ,
Request For Information ,
Rulemaking Process
In remarks yesterday at the winter meeting of the National Association of Attorneys General in Washington, D.C., Mick Mulvaney indicated that the CFPB will be looking to state attorneys general for “much more collaboration...more
3/1/2018
/ Attorney General ,
Banking Sector ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Enforcement Actions ,
Financial Regulatory Reform ,
Policy Statement ,
Regulatory Agenda ,
Regulatory Oversight ,
Rulemaking Process ,
State and Local Government
Appearing before the House Financial Services Committee Tuesday at a hearing entitled “The Annual Report of the Financial Stability Oversight Council” (FSOC), Treasury Secretary Mnuchin indicated that he intends to discuss...more
2/8/2018
/ Consumer Financial Protection Bureau (CFPB) ,
Credit Reporting Agencies ,
Cyber Attacks ,
Data Breach ,
Enforcement Actions ,
Equifax ,
Financial Services Industry ,
FSOC ,
Government Investigations ,
Hackers ,
Personally Identifiable Information ,
Popular ,
Regulatory Agenda
Mick Mulvaney, President Trump’s appointee as CFPB Acting Director, plans to make the CFPB’s practices of “pushing the envelope” and “rulemaking by enforcement” things of the past. ...more
1/25/2018
/ Automotive Loans ,
Banking Sector ,
CFPB Bulletins ,
Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Deregulation ,
Dodd-Frank ,
ECOA ,
Enforcement Actions ,
Financial Regulatory Reform ,
Regulatory Agenda ,
Regulatory Burden ,
Regulatory Oversight ,
Rulemaking Process
The CFPB has published a final rule in the Federal Register to adjust for inflation the civil penalties within its jurisdiction. The adjustments are required by the Federal Civil Penalties Inflation Adjustment Act of 1990...more
We have previously blogged about reports that Mick Mulvaney, President Trump’s designee as CFPB Acting Director, has put a 30-day freeze on all regulatory action, CFPB hiring, and new enforcement cases. ...more
12/7/2017
/ Administrative Agencies ,
Administrative Appointments ,
Banking Sector ,
Civil Penalty Fund ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Enforcement Actions ,
Financial Regulatory Reform ,
Payday Loans ,
Personally Identifiable Information ,
Presidential Appointments ,
Regulatory Freeze ,
Trump Administration
In an update to its Policies and Procedures Manual (PPM), the Office of the Comptroller of the Currency (OCC) has revised PPM 5310-3, “Enforcement Action Policy,” dated September 9, 2011. The PPM sets forth the OCC’s policies...more
The CFPB has filed a brief opposing the petition for certiorari filed by two tribally-affiliated lenders seeking U.S. Supreme Court review of the Ninth Circuit’s decision in CFPB v. Great Plains Lending, LLC, et al. In that...more
11/16/2017
/ Banking Sector ,
Certiorari ,
Civil Investigation Demand ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Enforcement Actions ,
Internet Lenders ,
Native American Issues ,
Online Marketplace Lending ,
Payday Loans ,
SCOTUS ,
Tribal Loans
Last week, the CFPB filed a lawsuit in Maryland federal court against two commonly-owned debt relief companies, their affiliated payment processor, and three individual principals for alleged violations of the Telemarketing...more
A group of Democratic House members led by Rep. Maxine Waters has introduced H.R. 3937, the “Megabank Accountability and Consequences Act of 2017,” that would require federal bank regulators to consider the revocation of a...more
Since our last blog post about the Office of Inspector General’s work plan for the CFPB, the work plan has been updated as of July 1, 2017 to add one new planned project....more
Based on a Law360 article reporting on an interview with Thomas Paul, the Acting Director of the FTC Bureau of Consumer Protection, it appears that under its new leadership, the FTC will take a less aggressive approach to...more
Effective July 18, 2017, the FDIC has adopted amendments to its Guidelines for Appeals of Material Supervisory Determinations. The FDIC proposed the amendments last August and received only two comment letters, one from a...more
The CFPB has issued its eleventh Semi-Annual Report to the President and Congress covering the period October 1, 2016 through March 31, 2017.
The 178-page report recycles information from previously-issued CFPB reports and...more
The CFPB announced that it had simultaneously filed two complaints and corresponding proposed stipulated final judgments in a California federal district court in actions against four credit repair companies and three...more
Two enforcement actions filed by the CFPB recently went to trial in federal district court.
One of the cases was filed by the CFPB in July 2014 in a Wisconsin federal district court against two law firms and four of the...more
The Office of Inspector General for the Fed and CFPB recently issued an audit report entitled “The CFPB Can Strengthen Contract Award Controls and Administrative Processes.” The objective of the OIG’s audit was to assess the...more
The FTC issued a press release earlier this week in which it stated that it is “moving aggressively to implement Presidential directives aimed at eliminating wasteful, unnecessary regulations and processes.” ...more
On April 5, 2017, the House Financial Services Committee will hold a hearing, “The 2016 Semi-Annual Reports of the Bureau of Consumer Financial Protection Bureau.” Since Director Cordray has appeared at all of the...more
3/31/2017
/ Administrative Law Judge (ALJ) ,
Administrative Proceedings ,
Arbitration ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Debt Collection ,
Department of Justice (DOJ) ,
Enforcement Actions ,
Executive Orders ,
Financial Services Committee ,
Financial Services Industry ,
PHH Corp. v CFPB ,
Regulatory Reform ,
Richard Cordray ,
SBREFA ,
Statute of Limitations ,
Trump Administration
Earlier yesterday, at the Practicing Law Institute’s (“PLI”) 22nd Annual Consumer Financial Services Institute in New York City, Alan Kaplinsky (who is co-chairing the event) moderated a panel entitled “The CFPB Speaks,” that...more
3/28/2017
/ Administrative Law Judge (ALJ) ,
Automotive Loans ,
Banking Sector ,
CashCall ,
Constitutional Challenges ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Data Collection ,
Dodd-Frank ,
ECOA ,
Enforcement Actions ,
Financial Services Industry ,
PHH Corp. v CFPB ,
Removal For-Cause ,
Single Director ,
Tribal Loans ,
True Lender
The CFPB has published a notice in the Federal Register announcing that a meeting of its Consumer Advisory Board will be held on March 2, 2017. The notice indicates that the Board will discuss the consumer credit information...more
The CFPB and the Virginia Attorney General announced that they had entered into a proposed consent order with Woodbridge Coins and Jewelry Exchange, Inc., a Virginia-based pawnbroker, to settle a lawsuit filed in a Virginia...more
2/6/2017
/ Banking Sector ,
Consent Order ,
Consumer Financial Protection Act (CFPA) ,
Consumer Financial Protection Bureau (CFPB) ,
Disclosure Requirements ,
Enforcement Actions ,
Finance Charges ,
Pawnbrokers ,
Regulation Z ,
Restitution ,
Truth in Lending Act (TILA)
The Independent Community Bankers of America issued a statement calling on the Trump administration “to rein in the overzealous application of fair lending laws.” ICBA stated that community banks are threatened by a recent...more
1/31/2017
/ Banking Sector ,
Banks ,
Community Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discrimination ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Fair Lending ,
Family Businesses ,
FDIC ,
Financial Institutions ,
HMDA ,
Independent Community Bankers of America (ICBA) ,
Mortgage Lenders ,
Redlining ,
Small Business ,
Trump Administration