Charles Washburn, Jr.

Charles Washburn, Jr.

Manatt, Phelps & Phillips, LLP

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Is the CFPB Constitutional?

Is the Consumer Financial Protection Bureau (CFPB) constitutional? A panel of the D.C. Circuit Court of Appeals is currently considering the issue after hearing oral argument in PHH Corporation v. CFPB....more

5/5/2016 - Administrative Appeals Appeals CFPB Enforcement Actions Kickbacks Mortgage Lenders Oral Argument RESPA Separation of Powers

CFPB Gives Debt Relief Company Targeting Students a Failing Grade

Continuing its focus on the student loan industry, the Consumer Financial Protection Bureau (CFPB) ordered a debt relief company to shut down operations and pay a penalty for allegedly scamming borrowers and misrepresenting...more

4/26/2016 - CFPB Consent Order DOE Scams Student Loans

Drive to Regulate Auto Lenders Continues With $7.4M Deal

The latest regulator to take on an auto lender: Massachusetts Attorney General Maura Healey reached a $7.4 million deal with American Credit Acceptance LLC (ACA) and Westlake Services LLC over allegations of excessive...more

4/22/2016 - Attorney Generals Auto Lease Automotive Industry Automotive Loans Enforcement Actions Excessive Fees Interest Rates

FINRA Reports on Robo-Advisors

What is the appropriate level of regulatory oversight for a robo-advisor? As federal agencies struggle with the question, the Financial Industry Regulatory Authority (FINRA) published a new report reminding companies offering...more

4/8/2016 - Digital Services Financial Services Industry FINRA Investment Adviser

CFPB Roundup: Monthly Complaint Snapshot, Supervisory Highlights, and Complaints About Online Marketplace Lenders

The Consumer Financial Protection Bureau (CFPB) has had a busy few weeks, releasing the latest monthly snapshot of consumer complaints, publishing its Supervisory Highlights newsletter to reveal the Bureau has recovered $14.3...more

4/6/2016 - CFPB Consumer Complaint System Online Marketplace Lending Prepaid Payment Products Student Loans

CFPB Tackles Checking Accounts With Compliance Bulletin, Letter to Banks

Why it matters - Taking a deep dive into the area of checking accounts, the Consumer Financial Protection Bureau (CFPB) sent a letter to 25 of the largest retail banks "encouraging them to make available and widely...more

2/23/2016 - Banks CFPB Checking Accounts Credit Reporting Agencies Credit Reports FCRA

CFPB Orders "Buy Here, Pay Here" Auto Dealer to Pay $800,000 for "Abusive" Financing Schemes

Why it matters - Continuing to keep a close eye on the auto lending industry, the Consumer Financial Protection Bureau (CFPB) ordered a "Buy Here, Pay Here" car dealer to pay $700,000 in restitution to customers, with a...more

2/11/2016 - Automotive Loans Car Dealerships CFPB Civil Monetary Penalty Finance Charges Restitution UDAAP

Top 5 Legal Considerations for FinTech Advertising

The growth and expansion of FinTech service providers nationally and internationally over the last five years is reshaping the financial landscape. This evolution includes differentiation in how financial products are...more

2/10/2016 - Behavioral Advertising CAN-SPAM Act ECOA FDIC FinTech FTC Endorsement Guidelines Popular Social Media TCPA Truth in Lending Act (TILA) UDAAP Unfair or Deceptive Trade Practices

CFPB Warns About "Heightened Risk" of In-Person Debt Collections, Settles Case Against Lender for $10.5 Million

Why it matters - In conjunction with the announcement of a $10.5 million agreement with a lender that allegedly engaged in illegal debt collection practices, the Consumer Financial Protection Bureau (CFPB) issued a...more

1/28/2016 - CFPB CFPB Bulletins Debt Collection Dodd-Frank EFTA Enforcement Actions FDCPA Popular UDAAP

House Passes Bills to Circumscribe CFPB Authority

Why it matters - Congress pushed back against multiple Consumer Financial Protection Bureau (CFPB) initiatives recently, passing legislation that would override the Bureau's policies with regard to auto lending and...more

12/15/2015 - Automotive Loans CFPB Mortgages Proposed Legislation Regulation Z Truth in Lending Act (TILA)

Preauthorized EFTs on CFPB Radar

Why it matters - Preauthorized electronic fund transfers (EFTs) were the subject of a new Compliance Bulletin issued by the Consumer Financial Protection Bureau (CFPB), discussing the requirements under the Electronic...more

12/14/2015 - CFPB CFPB Bulletins EFTA Financial Institutions Merchants Regulation E

Eleventh Circuit's Surcharge Ruling Sets up Possible Supreme Court Showdown

Why it matters - Setting the stage for a possible visit to the U.S. Supreme Court, the Eleventh Circuit Court of Appeals ruled that Florida's prohibition on imposing a surcharge on credit card purchases while...more

12/2/2015 - Attorney Generals Cash Transactions Credit Card Surcharges Discounts First Amendment SCOTUS

Midland Has Appealed to the U.S. Supreme Court

Madden v. Midland Funding, an important court case for marketplace lending may now be heard at the Supreme Court. We have been following the Madden v. Midland Funding case as it makes its way through the court system....more

11/19/2015 - Lenders Madden v Midland Funding Midland Funding Online Marketplace Lending SCOTUS

CFPB Rushes to Aid of RushCard Customers; Will Industry Face Fallout?

Why it matters - A recent technical glitch for a major prepaid card could result in greater oversight for the industry as a whole. In October, consumers using prepaid RushCards were suddenly unable to access their funds....more

11/17/2015 - CFPB Late Fees Payment Processors Prepaid Payment Products Putative Class Actions

Reporting for Duty: HMDA Regs Finalized

Why it matters Reporting requirements for financial institutions under the Home Mortgage Disclosure Act (HMDA) regulations were finalized by the Consumer Financial Protection Bureau (CFPB), with most provisions of the...more

11/3/2015 - CFPB Covered Entities Data Collection Dodd-Frank Fair Lending FFIEC Final Rules Financial Institutions HMDA HUD Mortgages Personal Data Public Disclosure Reporting Requirements Training

CFPB Launches New Battle: Proposal to Ban Arbitration Clauses Blocking Group Action

Why it matters - The Consumer Financial Protection Bureau (CFPB) has picked its next battle: a proposal to limit the terms of mandatory pre-dispute arbitration agreements in contracts involving consumer financial...more

10/30/2015 - Arbitration Agreements CFPB Class Action Class Action Arbitration Waivers Dodd-Frank Financial Institutions Mandatory Arbitration Clauses Proposed Regulation

CFPB Brings Another Auto Lender Action, This Time for $48M

Why it matters - Continuing its focus on the auto lending industry, the Consumer Financial Protection Bureau (CFPB) ordered Westlake Services LLC and subsidiary Wilshire Consumer Credit LLC to pay roughly $48 million for...more

10/21/2015 - Attorney Generals Automotive Loans Borrowers CFPB Civil Monetary Penalty Consent Order Debt Collection Dodd-Frank Enforcement Actions False Advertising FDCPA Final Rules FTC Material Disclosures Non-Bank Lenders Redress Payments Restitution Third-Party Truth in Lending Act (TILA) Unfair or Deceptive Trade Practices

"Phantom" Debt Collectors Actually Sued by FTC, Banned From Business

Why it matters - The operators of a scam that processed more than $5.2 million in payments from consumers for payday loans that were not owed to the operators are now banned from the debt collection business, the Federal...more

10/6/2015 - Criminal Prosecution Debt Collection Debt Collectors DOJ Enforcement Actions FTC FTCA Guilty Pleas Mail Fraud Misrepresentation Payday Loans Personally Identifiable Information Prison Redress Payments Scams Section 5 Wire Fraud

Deferred-Interest Loan Products Cost Issuer $700,000 in CFPB Deal

Why it matters - Allegedly deceptive enrollment tactics by third-party marketers cost the issuer of healthcare credit cards $700,000 in a settlement with the Consumer Financial Protection Bureau (CFPB). Springstone...more

9/25/2015 - CFPB Credit Cards Creditors Deferred Interest Products Dodd-Frank Enforcement Actions Loans Settlement Agreements Terms and Conditions Third-Party Unfair or Deceptive Trade Practices

DoD Releases Final Military Lending Act Regulations

The Department of Defense (DoD) released its final rule amending the implementing regulations of the Military Lending Act (MLA), incorporating a broader range of credit products under its coverage and potentially implicating...more

8/20/2015 - CFPB Credit Cards Department of Defense (DOD) Final Rules FTC Loans Military Lending Act

Something Else to Complain About: CFPB to Share Monthly "Snapshot" of Consumer Complaints

Why it matters - Already unhappy with the Consumer Financial Protection Bureau's (CFPB) creation of a public database of complaints featuring consumer narratives, financial institutions now have even more to worry about:...more

8/17/2015 - CFPB Consumer Complaint System Credit Cards Databases Debt Collection Mortgages

Treasury Department: Tell Us More About Online Marketplace Lending

Why it matters - Raising the possibility of regulation, the Department of the Treasury has published a Request for Information (RFI) regarding online marketplace lending (also called peer-to-peer lending), seeking...more

7/31/2015 - Corporate Counsel Credit Agreements Financial Institutions Loans Online Marketplace Lending Request For Information Treasury Young Lawyers

CFPB Releases Final Rule for Nonbank Auto Lenders Oversight

Why it matters - The Consumer Financial Protection Bureau (CFPB) released its final rule providing oversight of larger participants in the nonbank auto-financing ecosystem, along with examination procedures for covered...more

7/7/2015 - Automotive Loans CFPB Nonbank Firms

NBA Doesn’t Preempt State Usury Claims Against Assignee of National Bank, Second Circuit Rule

Why it matters - In a potentially troubling ruling, the Second Circuit Court of Appeals refused to find the National Bank Act (NBA) preempted state law usury claims against an assignee of a national bank. In a putative...more

6/19/2015 - Banks Credit Cards Debt Collection Debt Collectors National Bank Act Preemption Usury

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