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Lawmaker Seeks CFPB Fair Lending Investigation of Fintech Small Business Lenders

A Democratic congressman has raised concerns about potentially discriminatory lending practices used by financial technology (fintech) companies that extend credit to small businesses, calling on the Consumer Financial...more

CFPB issues compliance bulletin on preauthorized electronic payments

The CFPB has issued a compliance bulletin (Bulletin 2015-06) concerning the Electronic Fund Transfer Act (EFTA) and Regulation E requirements for obtaining a consumer’s authorization for preauthorized electronic fund...more

Treasury Department Seeks Information on Online Marketplace Lending

The U.S. Department of the Treasury has issued a request for information (RFI) regarding online marketplace lending. The RFI reflects the Treasury Department’s recognition that online marketplace lending “is a rapidly...more

Report from SBREFA Panel on Payday, Title and Installment Loans

Wednesday, I had the opportunity to participate as an advisor to a small entity representative (“SER”) at the small business review panel on payday, title and installment loans. The meeting was held in the Treasury Building’s...more

CFPB Proposes Sweeping Changes for Prepaid Cards

The Consumer Financial Protection Bureau has issued an 870-page proposal for prepaid cards (including 156 pages of actual proposed rules) that mandates new disclosures, error resolution procedures, consumer liability limits...more

CFPB reports payday and deposit advance loan findings at Senate payday loan hearing

David Silberman, the CFPB’s Associate Director of Research, Markets and Regulations, made the CFPB’s April 2013 white paper on payday and deposit advance loans the focus of his testimony at the hearing held on July 24 by the...more

7/26/2013  /  CFPB , Payday Loans

More on CFPB employee vote to unionize

As we reported last week, the National Treasury Employees Union (NTU) won an election to represent over 800 of the CFPB’s 1,200 employees. The vote was 378 in favor and 86 against....more

5/20/2013  /  CFPB , Unions

Mortgage Foreclosure Is Debt Collection under the FDCPA, Sixth Circuit Holds

Lawyers whose principal business is mortgage foreclosure or who regularly handle mortgage foreclosures are “debt collectors” subject to the Fair Debt Collection Practices Act, the U.S. Court of Appeals for the Sixth Circuit...more

Gotcha-free exams

I am at the ABA Consumer Financial Services Committee’s meeting in Naples, Florida. (There is record attendance at this year’s meeting—nearly 225 consumer financial services lawyers. I am sure that the CFPB deserves some...more

1/7/2013  /  CFPB
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