On April 6, 2020, McGuireWoods issued an alert analyzing issues facing attorneys, clients and notaries in the execution of documents during a global pandemic. The alert also provided a summary of state legislation and...more
While a majority of state governors have issued executive orders mandating closure of all non-essential businesses, life does go on, and for many, that means conducting business and taking care of essential personal planning...more
In light of Veterans Day, there are some recent notable developments regarding the Military Lending Act (MLA) worth discussing. Enacted in 2006, the MLA caps the annual interest rate for an extension of consumer credit to a...more
On behalf of a unanimous Supreme Court, Justice Neil Gorsuch delivered his first opinion on June 12 to determine whether debt purchasers fall within the statutory language under the Fair Debt Collection Practices Act (FDCPA)...more
Mention student loans and the face that comes immediately to mind is probably someone in their early twenties. A recent report from the CFPB sheds light on an overlooked segment of the student loan population – consumers 60...more
On Friday, January 20, 2017, Donald J. Trump will become the President of the United States, and for the first time in nearly a decade, a single party will control the Presidency, the House, and the Senate. After years of...more
In a decision issued Dec. 2, Florida’s Fifth Court of Appeal became the first Florida state appellate court to find that the Housing and Urban Development (HUD) regulation, requiring a face-to-face interview with borrowers,...more
On November 2, the Consumer Financial Protection Bureau (CFPB) and New York Attorney General filed a lawsuit in federal district court in New York over an alleged “massive, illegal debt-collection scheme” that supposedly...more
Last Monday, October 24, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray spoke on the Bureau’s approach to FinTech at Money 20/20, a conference focused on payments and financial service innovation. In...more
The CFPB today finalized its rule on prepaid cards. Over four years in the making, the final rule, which weighs in at nearly 1700 pages, provides “strong federal consumer protection for prepaid account users,” according to...more
In a closely watched case pending in the United States District Court for the Central District of California, the CFPB obtained a significant victory against CashCall Inc. (“CashCall”) and its affiliates. The Court’s...more
On June 29, the Consumer Financial Protection Bureau (CFPB), the Department of Justice (DOJ), and BancorpSouth Bank (BancorpSouth) agreed to settle allegations of redlining and discrimination in violation of the Equal Credit...more
“The judgment is affirmed by an equally divided Court.” One sentence, published by the United State Supreme Court on March 22, 2016 sealed the fate of two plaintiffs seeking to expand protections under the Equal Credit...more
Some of the recent items on the Consumer Financial Protection Bureau’s (CFPB) agenda have involved efforts to eliminate alleged discriminatory disparities amongst auto lenders and in connection with other private companies as...more
Earlier this month, the Consumer Financial Protection Bureau (CFPB) made headlines by bringing its first enforcement action in the data security space. Dwolla, Inc., an Iowa-based online payment processor, was the CFPB’s...more
The Consumer Financial Protection Bureau (CFPB) highlighted prepaid cards in its most recent Monthly Complaint Report. Prepaid card complaints make up only a small percentage of the complaints handled by the CFPB...more
At the end of February 2016, the Consumer Financial Protection Bureau (CFPB) announced nine priority goals for the next two years. According to its press release, the CFPB set these priorities by balancing the amount of...more
Last month, Consumer Financial Protection Bureau (CFPB) acting Deputy Director David Silberman testified before a House subcommittee on the Bureau’s work related to short-term, small-dollar lending. In the face of skepticism...more
The Consumer Financial Protection Bureau’s (CFPB’s) consumer complaint database recently raised significant concerns from insiders at the CFPB as well as entities subject to the CFPB’s jurisdiction. In November 2015, the...more
In early December, several consumer groups joined in a letter asking the Consumer Financial Protection Bureau (CFPB) to investigate T-Mobile over allegedly misleading advertisements and abusive debt collection practices. The...more
In late 2015, Congress passed the Fixing America’s Surface Transportation Act - a vehicle for an amendment to the Gramm-Leach-Bliley Act (GLBA) meant to eliminate the need for certain companies to provide annual privacy...more
As we predicted, auto lenders scored a significant victory last week in opposing the Consumer Financial Protection Bureau’s (CFPB’s) efforts to regulate the auto financing industry. House Resolution 1737, The Reforming CFPB...more
A bipartisan bill, House Resolution 1737, which the U.S. House of Representatives will be voting on this week, seeks to nullify the Consumer Financial Protection Bureau’s (CFPB’s) guidance to indirect auto lenders....more
The Consumer Financial Protection Bureau (CFPB) recently released its ninth supervisory highlights report, which includes new findings from its supervisory program from May – August 2015. Overall, the report focuses on...more
On Wednesday, the Consumer Financial Protection Bureau (CFPB) issued a report regarding the use of mobile financial services (MFS) by underserved populations. The CFPB was clear that the report was not “intended to identify...more