Charles Washburn, Jr.

Charles Washburn, Jr.

Manatt, Phelps & Phillips, LLP

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Latest Publications


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

Treasury Issues White Paper on Marketplace Lending

On May 10, 2016, the U.S. Department of the Treasury released its highly anticipated white paper on online marketplace lending. Treasury's recommendations will likely be influential in U.S. regulation of this marketplace for...more

5/13/2016 - Online Marketplace Lending Request For Information U.S. Treasury

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

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