Charles Washburn, Jr.

Charles Washburn, Jr.

Manatt, Phelps & Phillips, LLP

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CFPB: Military Allotment Processor to Pay More Than $3M

Why it matters - A military allotment processor will pay $3.065 million for charging servicemembers millions of dollars in hidden, recurring fees, the Consumer Financial Protection Bureau (CFPB) has announced. Fort...more

5/13/2015 - CFPB Enforcement Actions Hidden Fees Military Allotments Military Service Members

California’s DBO Targets Payday Lenders, With a Little Help From Search Engines

Why it matters - At the intersection of Hollywood and Silicon Valley, the California Department of Business Oversight (DBO) announced a new initiative focused on the advertising of payday lenders. According to DBO...more

5/8/2015 - Advertising Department of Business Oversight Lenders Online Advertisements Payday Loans

eBay Facing Possible CFPB Lawsuit

Why it matters - A recent filing by eBay with the Securities and Exchange Commission (SEC) included some litigation news: the company may be facing a lawsuit from the Consumer Financial Protection Bureau (CFPB) over...more

4/30/2015 - CFPB Civil Investigation Demand eBay PayPal Popular SEC

CFPB Proposes Regulation of Small Loans

Why it matters - The Consumer Financial Protection Bureau (CFPB) introduced a new proposal that would increase regulation of not only payday loans but also vehicle title loans and some types of installment loans. The...more

4/28/2015 - Car Loans CFPB Debt Collection Payday Loans

Financial Services Law - April 2015

This special edition of the Financial Services Law Newsletter includes a series of blog posts written by Peer-to-Peer Lending and Crowdfunding partner Brian S. Korn for the LendItUSA 2015 conference to be held April 13-15 in...more

4/14/2015 - Blue Sky Laws Crowdfunding IPO JOBS Act Payment Dependent Notes Peer-to-Peer Personal Guaranties Preemption Real Estate Investments Regulation A Small Business

CFPB Releases Arbitration Study; Is Regulation Far Behind

Why it matters - The Consumer Financial Protection Bureau (CFPB) released its long-awaited study of arbitration clauses in consumer finance agreements, reporting that based on its research, such provisions have the...more

4/6/2015 - Arbitration CFPB Consumer Financial Contracts Consumer Financial Products Consumer Lenders Mandatory Arbitration Clauses

CFPB Leaders Discuss Bureau’s Approach To Enforcement

Why it matters: In recent weeks, both Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and Deputy Director Steven Antonakes have provided insight about the Bureau’s operations. Antonakes discussed the...more

3/13/2015 - CFPB Enforcement Enforcement Actions

CFPB Takes Action Against Mortgage Lender Targeting Veterans, Imposes $2M Penalty

Why it matters - Alleged deceptive marketing by a mortgage lender to veterans was at the heart of the Consumer Financial Protection Bureau’s (CFPB) latest enforcement action. NewDay Financial, LLC, “profited from the...more

3/3/2015 - CFPB Consumer Financial Products Enforcement Actions Military Service Members Mortgage Lenders Veterans Administration

Subprime Credit Card Company Ordered to Pay $3M by CFPB

Why it matters - Pursuant to a consent order entered into with the Consumer Financial Protection Bureau (CFPB), Continental Finance Company must refund $2.7 million to approximately 98,000 customers and pay a $250,000...more

3/2/2015 - CARD Act CFPB Consent Order Consumer Financial Products Credit Cards Excessive Fees Misrepresentation

FTC Takes First Action Against Car Title Lenders

Why it matters - In the agency’s first action against a title lender, the Federal Trade Commission (FTC) recently reached a deal with a pair of car title lenders accused of deceptive advertising. The Commission alleged...more

2/17/2015 - Advertising CFPB Enforcement Actions False Advertising FTC Payday Loans Title Lender

First State Regulator Case Under Dodd-Frank Yields $12M Deal in New York

Why it matters - The first case brought by a state regulator under Section 1042 of the Dodd-Frank Wall Street Reform and Consumer Protection Act resulted in a consent judgment, with an auto lender agreeing to pay up to...more

2/5/2015 - Automotive Industry Automotive Loans Civil Monetary Penalty Consent Order Dodd-Frank NYDFS TILA

Pass Or Fail? CFPB Seeks to Grade Financial Institutions Working With Schools

Why it matters - Under a new proposal from the Consumer Financial Protection Bureau (CFPB), financial companies would be graded on a “scorecard” for their offerings to students. The “Safe Student Account Scorecard”...more

2/3/2015 - Banking Sector CFPB Educational Institutions Financial Institutions Safe Student Account Scorecard

CFPB Releases Proposed Prepaid Product Rule

Why it matters - The Consumer Financial Protection Bureau (CFPB) released a proposed rule that Director Richard Cordray said would “fill key gaps” for consumers regarding prepaid products. The 870-page proposal would...more

12/17/2014 - American Express CFPB Credit Cards Prepaid Payment Products Savings Plans

CFPB’s Supervisory Highlights Document Mortgage, Student Loan Violations

Why it matters In the latest edition of The Bureau of Consumer Financial Protection (CFPB) Supervisory Highlights, the Bureau reported continuing violations in several markets. The Fall 2014 report, which covers...more

11/26/2014 - Audits CFPB Debt Collection Electronic Fund Transfer Act FCRA Information Reports Mortgage Servicers Popular Regulation E

Beware of Civil Copycat Suits Following Agency Enforcement Actions

Why it matters - Over the years, companies and individuals that have been the subject of enforcement actions by the Federal Trade Commission, state attorneys general, or other agencies have often found themselves on...more

11/13/2014 - CFPB Corporate Counsel Enforcement Actions FTC Mortgage Loan Originators Popular Putative Class Actions RESPA TILA

CFPB to Banks, Credit Unions: Don’t Use Credit Reports to “Blacklist” Consumers

Are banks and credit unions overusing credit reports to blacklist consumers from engaging in banking activities? Speaking at the Consumer Financial Protection Bureau’s (CFPB) Forum on Access to Checking Accounts,...more

10/29/2014 - Banks CFPB Credit Reports Credit Unions

CFPB Takes First Action Enforcing New Mortgage Servicing Rules

In its first action alleging violations of the new mortgage servicing rules, the Consumer Financial Protection Bureau (CFPB) ordered Flagstar Bank to pay a $10 million fine and provide $27.5 million to customers. ...more

10/27/2014 - CFPB Corporate Fines Enforcement Actions Flagstar Bank Mortgage Servicers Mortgage Servicing Rules

New DoD Regs to Protect Military Families May Have Broader Impact

In an effort to provide additional financial protections to military families, the Department of Defense (DoD) proposed amendments to its regulations that the agency said will “reduce predatory lending practices,...more

10/15/2014 - DOD Military Lending Act Military Service Members Mortgages Predatory Lending Proposed Amendments

Auto Finance Company to Pay CFPB $2.75M for Inaccurate Credit Report Info

The Bureau of Consumer Financial Protection (CFPB) took action against an automotive finance company for allegedly knowingly providing inaccurate information to credit reporting agencies about consumers for years, fining the...more

9/15/2014 - Automotive Loans CFPB Credit Reports

CFPB Opens Door for Prepaid Card, Nonbank Product Complaints

Expanding its collection of consumer complaints, the Consumer Financial Protection Bureau (CFPB) announced that it will now accept complaints regarding prepaid cards – including gift cards, benefit cards, and general purpose...more

8/18/2014 - Banks CFPB Compliance Nonbank Firms Prepaid Payment Products

New York AG, Capital One Agree On Credit Screening Changes

New York Attorney General Eric T. Schneiderman recently announced an agreement with Capital One Financial Corporation that will require the bank to adopt new policies regarding the screening of consumers seeking to open...more

7/25/2014 - Banks Capital One Checking Accounts Credit Checks Policies and Procedures Screening Procedures

Let’s Get Mobile: The CFPB Turns Focus to Mobile Banking

After completing most of its required rulemaking under the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) is now looking at a wide array of consumer financial products and services for additional regulation....more

7/8/2014 - Banking Sector Banks CFPB Data Breach Dodd-Frank Final Rules Mobile Banking Mobile Payments Popular Privacy Laws

FTC’s Data Broker Report: Transparency And Consumer Control

Calling for greater transparency and an increase in consumer control, the Federal Trade Commission has released its report on the data broker industry....more

6/23/2014 - Data Brokers Data Collection FTC Information Reports Transparency

CFPB Fines Real Estate Company $500,000 For RESPA Violations

The Consumer Financial Protection Bureau (CFPB) ordered the largest real estate company in Alabama to pay $500,000 for allegedly inadequate disclosures to consumers during the home-buying process....more

6/20/2014 - CFPB Disclosure Requirements Fraud Real Estate Market RESPA

CFPB Report Focuses On Nonbank Financial Institutions

A new report from the Consumer Financial Protection Bureau (CFPB) highlighted the agency’s supervisory efforts with regard to nonbank financial institutions like payday lenders, debt collectors, and consumer reporting...more

6/9/2014 - Automotive Loans CFPB Debt Collection Debt Collectors Nonbank Firms Payday Loans

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