John L. Culhane, Jr.

John L. Culhane, Jr.

Ballard Spahr LLP

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CFPB Releases Report on Fair Credit Exams and White Paper on Proxy Methodology

Along with its proposed larger participant rule for the auto financing market, the Consumer Financial Protection Bureau issued a special edition of Supervisory Highlights (the "report") describing its fair credit supervisory...more

9/24/2014 - Automotive Industry Automotive Loans Car Dealerships CFPB Debt Buyers Larger Participant

CFPB Proposes Rule To Supervise Nonbank Auto Finance Companies

The Consumer Financial Protection Bureau has issued a proposal to supervise nonbank companies that qualify as “larger participants of a market for automobile financing.” Comments on the proposal will be due 60 days after the...more

9/19/2014 - Automotive Industry Automotive Loans Banks CFPB Nonbank Firms

Brookings student loan study updated; CBA launches website to dispel student loan myths

We previously wrote about the June 2014 Brookings Institution report which suggested that charges coming from various quarters, including the CFPB, that student loan debt is causing young adults to postpone home ownership are...more

9/12/2014 - CFPB Student Loans

CFPB announces higher education memorandum of understanding

The CFPB announced that it has entered into a “Joint Higher Education Memorandum of Understanding” with the Departments of Veterans Affairs (VA), Defense (DOD), and Education (ED) as part of a joint effort by the agencies “to...more

8/29/2014 - CFPB Department of Education Department of Veterans Affairs DOD For Profit Colleges For Profit Education Memorandum of Understanding

CFPB files amicus brief in Ninth Circuit FDCPA case

The CFPB, together with the FTC, has filed an amicus brief in Hernandez v. Williams, Zinman & Parham, P.C., a Fair Debt Collection Practices Act case on appeal to the U.S. Court of Appeals for the Ninth Circuit. ...more

8/25/2014 - CFPB Debt Debt Collection FDCPA FTC

CFPB calls out banks for not publicly disclosing campus financial product marketing agreements

According to a new blog post about “secret banking contracts” by Rohit Chopra, the CFPB’s Student Loan Ombudsman, the CFPB is sending letters to colleges and universities “to make sure they know that their bank partner has...more

8/8/2014 - Banks CFPB Colleges Disclosure Requirements Enforcement Student Loans Universities

CFPB continues to solicit comments on proposed debt collection survey

The CFPB published a notice in the Federal Register today announcing that it will continue to take comments until August 22, 2014 on its plans to seek approval from the Office of Management and Budget “to conduct a mail...more

7/24/2014 - American Bankers Association CFPB Debt Collection OMB

More on the debate over the impact of student loan debt on home ownership

We recently wrote about a new Brookings Institution report which suggested that charges coming from various quarters, including the CFPB, that student loan debt is causing young adults to postpone home ownership are...more

7/24/2014 - CFPB Debt Student Loans

New studies challenge CFPB claims that student loan debt is discouraging homeownership

The charge that student loan debt is causing young adults to postpone home ownership has come from various quarters, including the CFPB. However, two new studies, one the subject of an article released earlier this year and...more

6/27/2014 - CFPB Debt Student Loans

Senate holds hearings on student loans

Last Wednesday, the Senate Budget Committee and the Senate Banking Committee held separate hearings about student loans. Interestingly, the CFPB was represented in only one of the hearings. The Senate Budget Committee...more

6/9/2014 - CFPB Predatory Lending Student Loans

CFPB issues report on how medical debt impacts credit scores

According to a report issued yesterday by the CFPB entitled “Data point: Medical debt and credit scores,” credit scoring models may be overly penalizing consumers with medical debts that go into collection by producing credit...more

5/23/2014 - CFPB Credit Ratings Debt Healthcare Medical Expenses

Has the SCRA been amended for everyone?

Not only student loan servicers, but all companies, particularly those subject to the CFPB’s supervisory authority, face new compliance risk under the Servicemembers Civil Relief Act (the “SCRA”) as a result of the stunning...more

5/15/2014 - Active Duty CFPB Department of Education DOJ Interest Rate Adjustments Loan Servicer Military Service Members SCRA Settlement Student Loans

Did the CFPB, DOJ, and ED Just Amend the Servicemembers Civil Relief Act?

Yesterday, as a result of a referral from the Consumer Financial Protection Bureau, the Department of Justice and the Department of Education announced a $60 million settlement against a major student loan servicer for...more

5/15/2014 - CFPB Department of Education DOJ Military Service Members SCRA

CFPB takes steps to protect foster care youth from credit reporting problems

To address concerns about the vulnerability of foster care children to credit reporting problems, the CFPB has published three action letter templates for child welfare caseworkers to send to credit bureaus if they find...more

5/8/2014 - CFPB Credit Ratings Credit Reports Equifax Experian Minors TransUnion

For-profit education company sued by CFPB seeks dismissal of complaint

ITT Educational Services, the defendant in the CFPB’s first enforcement action against a for-profit education company, has filed a motion seeking dismissal of the CFPB’s complaint. Filed this past February in an Indiana...more

5/1/2014 - CFPB Colleges Dodd-Frank Enforcement Actions Itt Educational Services Student Loans Students UDAAP

CFPB student loan complaints report highlights alleged co-signer issues

The CFPB’s Student Loan Ombudsman has released a report entitled “Mid-year update on student loan complaints” that highlights issues related to co-signers of private student loans. In particular, the report focuses on...more

4/28/2014 - CFPB Cosigners Default Student Loans

CFPB promotes online student financial aid resources

In a new blog post, the CFPB promotes its online financial aid resources to students who are now in the process of choosing which school to attend this fall. The blog post directs students to a just-launched “crisp new...more

4/17/2014 - CFPB Financial Aid Paying For College

New York Announces Settlements with Six Auto Dealers

Last week, New York Attorney General Eric Schneiderman announced settlements with six auto dealers imposing fines ranging from $7,500 to $15,000 for allegedly engaging in deceptive and misleading advertising practices. The...more

4/1/2014 - Car Dealerships CFPB False Advertising Unfair or Deceptive Trade Practices

Did the CFPB Run a Stop Sign?

As we previously reported, last Friday House Financial Services Committee Chairman Jeb Hensarling (R-TX) sent a letter to CFPB Director Richard Cordray asking for a response by March 13 to specific questions about the...more

3/17/2014 - CFPB ECOA Regulation B

CFPB debt collection survey: money misspent?

Last Friday, the CFPB published a notice in the Federal Register about its plans to seek approval from the Office of Management and Budget “to conduct a mail survey of consumers to learn about their experiences interacting...more

3/13/2014 - CFPB Debt Collection OMB

House Financial Services Committee Chairman to CFPB on Indirect Auto Investigations: Slow Down. Pull Over. And Show Us Some ID.

Since last March, when the CFPB issued Bulletin No. 2013-02, its highly controversial release warning banks and finance companies that purchase motor vehicle installment sales contracts that, under existing law, any dealer...more

3/12/2014 - Automotive Industry CFPB ECOA Installment Agreements Investigations Regulation B

CFPB to conduct debt collection mail survey

The CFPB will be publishing a notice in tomorrow’s Federal Register indicating that it plans to seek approval from the Office of Management and Budget “to conduct a mail survey of consumers to learn about their experiences...more

3/7/2014 - CFPB Debt Collection

No backseat for FTC in FDCPA enforcement

The FTC wants the debt collection industry to know that it does not intend to take a backseat to the CFPB when it comes to FDCPA enforcement. In announcing the release of its annual summary of debt collection activities, the...more

3/7/2014 - CFPB FDCPA FTC

CFPB files enforcement action against for-profit education company over alleged predatory lending tactics

After hinting for months that it intends to use its enforcement powers to police lending in the higher education arena, the CFPB dropped the hammer on ITT Educational Services, filing suit against the for-profit college over...more

3/4/2014 - CFPB Consumer Financial Products Dodd-Frank Educational Institutions Enforcement Actions Finance Charges Private Student Loans Unfair or Deceptive Trade Practices

CFPB supervision of student loan servicers to begin March 1

Later this week, on March 1, the CFPB’s final rule defining larger participants of the student loan servicer market becomes effective. We expect the CFPB to immediately begin examining entities that qualify as larger...more

2/25/2014 - CFPB Loan Servicer Student Loans

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