John L. Culhane, Jr.

John L. Culhane, Jr.

Ballard Spahr LLP

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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

CFPB advises consumers on deferred interest credit cards

The CFPB recently published a blog post to tell consumers what they “need to know” about deferred interest credit cards offered by health care providers. The CFPB states in the blog post that, because health care...more

2/11/2014 - CFPB Credit Cards Deferred Interest Products

CFPB issues findings on handling of extra payments by private student loan servicers

In November 2013, the CFPB sent a letter to private student loan servicers asking them for information about their practices for handling extra payments from borrowers (i.e., payments in excess of the minimum amount due)....more

2/5/2014 - CFPB Student Loans

Federal agencies launch new servicemember higher education complaint process

Servicemembers now have more channels for submitting complaints relating to their higher education. In addition to their ability to submit complaints about student loans via the CFPB’s complaint system, servicemembers using...more

1/31/2014 - CFPB Complaint Procedures DOJ FTC GI Bill Military Service Members Veterans

A numbers game?

In written testimony for his appearance before the House Financial Services Committee yesterday, CFPB Director Cordray advised that the CFPB has received “thousands of student loan complaints.” When we sorted the student loan...more

1/30/2014 - CFPB Richard Cordray Student Loans

Auto dealer trade group issues fair credit guidance

According to a recent Wall Street Journal article, the National Automobile Dealers Association (NADA) has issued fair credit guidance to assist auto dealers in complying with the CFPB’s March 2013 indirect fair lending...more

1/28/2014 - Automotive Loans Car Dealerships CFPB Fair Lending

CFPB continues push for more private student loan refinancings

Private student loan lenders and servicers who met last week with CFPB Director Cordray, Education Secretary Arne Duncan, and Acting Deputy Treasury Secretary Mary Miller got the “memo” that the regulators think they should...more

1/14/2014 - CFPB Refinancing Student Loans

CFPB sends enforcement action “early warning” to for-profit postsecondary education provider

In a Form 8-K filed with the SEC on December 27, 2013, ITT Educational Services, Inc. disclosed that it has received a CFPB “early warning” letter stating that the CFPB’s Enforcement Office is considering recommending that...more

12/31/2013 - CFPB Dodd-Frank Enforcement Enforcement Actions Private Student Loans Regulation Z SEC Student Loans TILA

CFPB extends diversity standards proposal comment period

The CFPB has extended the period for filing comments on its proposed policy statement establishing standards for assessing the diversity policies and practices of regulated entities relating to employment and contracting with...more

12/23/2013 - CFPB Contract Formation Diversity Third-Party Risk

CFPB’s hand seen in student loan bill

Four Senate Democrats (Senators Boxer, Warren, Durbin and Reed) recently introduced a bill entitled the “Student Loan Borrower Bill of Rights.” On March 1, 2014, the CFPB will begin overseeing servicers of federal and private...more

12/19/2013 - Arbitration CFPB Disclosure Requirements Loan Servicing Proposed Legislation Student Loans TILA

CFPB calls for public disclosure of campus financial product marketing agreements

The CFPB wants financial institutions to post on their websites their marketing agreements with colleges and universities for financial products other than credit cards, such as deposit accounts, prepaid cards and financial...more

12/18/2013 - CFPB Credit Cards Financial Aid Financial Products Marketing Prepaid Payment Products Student Loans

CFPB asks private student loan servicers for information on handling extra payments

The CFPB recently sent a letter to private student loan servicers asking them for information about their practices for handling extra payments from borrowers (i.e., payments in excess of the minimum amount due). This past...more

12/11/2013 - CFPB Loan Servicer Student Loans

CFPB revises student loan examination procedures

In conjunction with issuing its final “larger participant” rule for student loan servicers last week, the CFPB also revised its education loan examination procedures. The revisions are intended to provide more extensive...more

12/10/2013 - CFPB Student Loans

CFPB Issues Aggressive Rulemaking Agenda

The Consumer Financial Protection Bureau’s recently released fall 2013 rulemaking agenda portends aggressive rulemaking by the Bureau in 2014. With most of the rulemaking mandated by the Dodd-Frank Act now completed,...more

12/6/2013 - CFPB Compliance Dodd-Frank Enforcement Mortgages

CFPB Finalizes Rule To Supervise Student Loan Servicers

The Consumer Financial Protection Bureau has issued a final rule allowing it to supervise nonbank servicers of private and federal student loans who qualify as “larger participants” in the student loan servicing market. The...more

12/4/2013 - CFPB Loan Servicing Nonbank Firms Student Loans Students

CFPB files amicus brief in another FDCPA case

Last month, the CFPB, jointly with the FTC, filed an amicus brief in Sykes v. Mel S. Harris and Associates LLC, a Fair Debt Collection Practices Act case on appeal to the Second Circuit. This represents the third FDCPA case...more

12/3/2013 - CFPB Class Action Class Certification FDCPA FTC

FTC Emphasizes 'Aggressive Enforcement' and 'Vigorous Education' on Military Consumer Protection Issues

Charles A. Harwood, Deputy Director of the Bureau of Consumer Protection of the Federal Trade Commission, testified before a U.S. Senate committee last week about military consumer protection issues. Deputy Director Harwood's...more

11/27/2013 - CFPB Consumer Complaint System FTC Military Service Members Predatory Lending Unfair or Deceptive Trade Practices

Proposal to expand Military Loan Act coverage appears likely

Based on testimony to a Senate Committee last week by Holly Petraeus, CFPB Assistant Director with the Office of Servicemember Affairs, it looks very likely that an expansion of Military Loan Act coverage will be among...more

11/26/2013 - Banks CFPB CFPBFTC DOD Military Lending Act

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