Charles Washburn, Jr.

Charles Washburn, Jr.

Manatt, Phelps & Phillips, LLP

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Important Banking Development From California Courts

Courts in California delivered some important banking developments in two recent decisions, with a federal court finding a charge for failing to replenish an overdrawn account constituted interest while the state's highest...more

1/23/2017 - Banking Sector CA Supreme Court Interest Payments Lenders Overdraft Fees Payday Loans Sovereign Immunity

The Last of Obama-Era CFPB Enforcement?

Making the most of its enforcement powers before the new administration takes over, and likely concerned that its days as a stand-alone bureau may be coming to an end, the Consumer Financial Protection Bureau (CFPB) took...more

1/20/2017 - Annual Percentage Rate (APR) CFPB Consumer Protection Act Dodd-Frank Enforcement Actions Obama Administration Truth in Lending Act (TILA)

CFPB Acts Against Three Reverse Mortgage Companies

The Consumer Financial Protection Bureau entered into consent orders with three reverse mortgage companies alleging each committed deceptive advertising in connection with the marketing of their products....more

12/28/2016 - CFPB Consent Order False Advertising Reverse Mortgages Unfair or Deceptive Trade Practices

CFPB Warns Financial Institutions About Incentives

Use caution when creating incentives for employees and service providers to meet sales and other business goals, the Consumer Financial Protection Bureau warned financial institutions in a new Compliance Bulletin....more

12/23/2016 - CFPB Enforcement Actions Financial Institutions Incentives

FCC Declines TCPA Exemption for Mortgage Servicers

Rejecting a mortgage industry request, the Federal Communications Commission (FCC) has formally denied an exemption from the prior-express-consent mandates of the Telephone Consumer Protection Act for mortgage servicers,...more

12/19/2016 - FCC HAMP Mortgage Bankers Association Mortgage Servicers Prior Express Consent Public Policy Real Estate Market TCPA

To Bank or Not to Bank? OCC's Fintech Charter

Following months of speculation, on December 2, 2016, the Office of the Comptroller of the Currency (OCC) announced that it will consider applications from fintech companies seeking national bank charters. A national bank...more

12/14/2016 - Banking Sector Financial Services Industry FinTech National Bank Charters OCC

CFPB Releases RFI About Consumer Choice, Security and Control

The Consumer Financial Protection Bureau plans to take a closer look at "the challenges consumers face in accessing, using, and securely sharing their financial records," asking for information about how much choice consumers...more

12/14/2016 - CFPB Consumer Financial Products Financial Records Financial Services Industry Request For Information

DOJ Drives ECOA Settlement With Bank Over Vehicle-Secured Loans

Acting on a referral from the Federal Deposit Insurance Corporation, the Department of Justice pursued a case against Charter Bank, asserting the financial institution violated the Equal Credit Opportunity Act by...more

10/31/2016 - Banks DOJ ECOA Fair Lending FDIC Financial Institutions Lenders Loans National Origin Discrimination

New California Laws for Financial Institutions

As the California legislative session wound down, Governor Jerry Brown signed multiple bills into law that will impact financial institutions. What happened - Financial institutions in California should prepare...more

10/27/2016 - De Minimus Quantity Exemption Department of Business Oversight Federal Housing Administration (FHA) Financial Institutions Jerry Brown Lenders Mortgage Lenders Student Loans

Consumer Financial Services Law - October 2016

Court to CFPB: Unconstitutional and Wrong on RESPA - The U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of the Consumer Financial Protection Bureau (CFPB) and...more

10/14/2016 - CFPB Constitutional Challenges Credit Card Surcharges Credit Cards Department of Business Oversight FTC Kickbacks Lead Generators Mortgages PHH Corp. v CFPB RESPA Truth in Lending Act (TILA)

Court to CFPB: Unconstitutional and Wrong on RESPA

In a landmark decision impacting the consumer financial services industry and beyond, a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of...more

10/12/2016 - Administrative Proceedings Article II CFPB Constitutional Challenges Dodd-Frank HUD Kickbacks Mortgages PHH Corp. v CFPB Referral Fees Reinsurance Removal For-Cause RESPA Single Director Statute of Limitations Statutory Interpretation

CFPB Flunks For-Profit Education Company, Orders $31M Payment

Continuing its recent focus on student lending, the Consumer Financial Protection Bureau (CFPB) ordered a for-profit college company to provide loan forgiveness and refunds of more than $23 million, adding an $8 million civil...more

9/30/2016 - CFPB Civil Monetary Penalty DOE Forgiven Debt Student Lending Examination Procedures Students

DoD Publishes Guidance on MLA Amendments

With the July 2015 amendments to the Military Lending Act (MLA) set to take effect on October 3, the Department of Defense (DoD) published an interpretive rule to help financial institutions achieve compliance with the...more

9/20/2016 - Department of Defense (DOD) Financial Institutions Interest Rates Military Annual Percentage Rates (MAPR) Military Lending Act Military Service Members Regulation Z Truth in Lending Act (TILA)

OCC, CFPB Charge Bank With Illegal Credit Card Practices

Two regulators have forced one bank to pay $35 million for allegedly improper credit card practices—including fines owed to both the Office of the Comptroller of the Currency (OCC) and the Consumer Financial Protection Bureau...more

9/19/2016 - Banks Billing CFPB Credit Cards Dodd-Frank First National FTC OCC Penalties Unfair or Deceptive Trade Practices

CFPB’s Debt Collection Proposal an Industry Overhaul

In what the Consumer Financial Protection Bureau (CFPB) characterized as an “overhaul” of the debt collection industry, the agency proposed changes including capping collector contact attempts and making it easier for...more

9/8/2016 - CFPB Debt Collection Debt Collectors Dodd-Frank FDCPA

California DBO Reports on Jump in Nonbank Installment Consumer Lending

According to a new report from the California Department of Business Oversight (DBO), installment consumer lending by nonbanks grew almost 50 percent in 2015, with the majority of loans between $2,500 and $5,000 featuring an...more

8/26/2016 - Consumer Lenders Department of Business Oversight Installment Agreements Interest Rates Mortgages Nonbank Firms

Overdraft Service Program Costs Bank $10M in CFPB Fine

Overdraft services practices were the basis for a $10 million fine from the Bureau of Consumer Financial Protection (CFPB) in a recent action against a national bank operating primarily in the northeast....more

8/25/2016 - ATMs Banks CFPB Debit Cards Dodd-Frank EFTA Enforcement Actions Fines Opt-In Overdraft Fees Popular Regulation E Telemarketing Third-Party Service Provider Unfair or Deceptive Trade Practices

Justices Receive Another Petition on Surcharge Laws

Could the U.S. Supreme Court take up the issue of state surcharge laws? The plaintiffs challenging the Texas law banning surcharges on credit card purchases certainly hope so, having filed a certiorari petition in Rowell v....more

7/19/2016 - Appeals Credit Card Surcharges Credit Cards First Amendment Free Speech Merchants Petition for Writ of Certiorari Product Pricing Split of Authority

CFPB Releases Proposed Regulation of Payday Loans

In a long anticipated move, the Consumer Financial Protection Bureau (CFPB) proposed a rule to regulate so-called "debt traps" by requiring lenders to take additional steps to ensure consumers have the ability to repay...more

6/24/2016 - Ability-to-Repay CFPB NCUA Payday Loans Proposed Regulation Small Lenders Title Loans

CFPB Report Crashes Into Auto Title Loans

Analogizing to payday loans, a new report from the Consumer Financial Protection Bureau (CFPB) said research revealed that auto title loans reflect high rates of reborrowing that can lead to long-term "debt traps" where a...more

6/24/2016 - Automotive Loans CFPB Payday Loans Title Loans

NY's DFS Reaches $3M Deal Involving Payday Lending Debts

Continuing its efforts against payday lenders, New York's Department of Financial Services (DFS) announced a consent decree with National Credit Adjustors (NCA) and Webcollex totaling $3 million....more

6/23/2016 - Consent Order Debt Buyers Debt Collection Department of Financial Services FDCPA Injunctive Relief NYDFS Payday Loans Penalties Restitution Usury

Latest Blow To Payday Lenders: Google Ban

Joining the ranks of guns, drugs, and illegal activities, payday loan advertisements are no longer allowed on Google. What happened - "When reviewing our policies, research has shown that these loans can result in...more

6/2/2016 - CFPB Consumer Financial Products Google Interest Rates Online Advertisements Payday Loans

RushCard Settles Service Disruption Suit for $20.5M

RushCard will pay a total of $20.5 million to settle a lawsuit over an incident that resulted in thousands of consumers being shut out of their prepaid card accounts last October....more

6/2/2016 - CFPB Class Action Damages Late Fees Payment Processors Prepaid Payment Products Reimbursements Settlement Transaction Fees

New Guidance From FFIEC on Mobile Financial Services

Examiners will be paying more attention to mobile financial services (MFS) using new guidance recently issued by the Federal Financial Institutions Examination Council (FFIEC)....more

5/27/2016 - Data Security FDIC FFIEC Financial Institutions Financial Services Industry Handbooks Mobile Apps Mobile Payments Mobile Services New Guidance Payment Systems Risk Management

CFPB Takes Action Against Individuals Operating Lead Aggregator

In new lawsuits seeking to hold the individuals behind a company that allegedly violated the Consumer Financial Protection Act of 2010 liable, the Consumer Financial Protection Bureau (CFPB) took action against the cofounders...more

5/18/2016 - CFPB Consumer Financial Products Consumer Lenders Personally Identifiable Information

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