Michael Mallow

Michael Mallow

Loeb & Loeb LLP

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CFPB Sues For-Profit College Giant ITT, Alleging Strategy of Abusive Lending Practices

After signaling its intention to crack down on deceptive marketing and predatory lending practices by for-profit colleges, the Consumer Financial Protection Bureau has filed its first enforcement action in this arena. The...more

3/14/2014 - CFPB Dodd-Frank Fair Lending Paying For College Predatory Lending Regulation Z Student Loans Unfair or Deceptive Trade Practices

Justice Department and CFPB Announce $98 Million Settlement of Auto Lending Discrimination Allegations

The U.S. Department of Justice and the Consumer Financial Protection Bureau recently announced a $98 million settlement - the largest auto loan discrimination settlement to date - resulting from a nearly yearlong...more

1/13/2014 - Automotive Loans CFPB Discrimination DOJ

Back to the Future: The CFPB’s Arbitration Report Could Signal a Return to the Days Before Concepcion

The “preliminary” report on consumer arbitration issued late last year by the Consumer Financial Protection Bureau appears to be another marker along the road leading to the end of alternative dispute resolution as a primary...more

1/7/2014 - Arbitration Arbitration Agreements AT&T Mobility v Concepcion CFPB Class Action Arbitration Waivers SCOTUS

CFPB Will Apply FDCPA Rules to Businesses That Collect Their Own Debts

Congress enacted the Fair Debt Collection Practices Act (FDCPA) in 1977 to protect consumers from unfair debt collection practices by third parties that were hired to collect debts on behalf of others. ...more

7/25/2013 - CFPB Debt Debt Collection Debtors FDCPA Harassment UDAAP

California Court Denies Defendant's Challenge to CFPB Enforcement Authority

A California district court judge has denied a defendant's challenge to the authority of the Consumer Financial Protection Bureau to bring a civil enforcement action against the defendant in federal court. Judge Percy...more

7/22/2013 - CFPB Enforcement Actions Loan Modifications Recess Appointments Waivers

Confirmation of Director Cordray Could Substantially Increase CFPB Enforcement Activity

This week's Senate confirmation of Richard Cordray as director of the Consumer Financial Protection Bureau could have immediate consequences for the CFPB's Enforcement Division and for businesses that have been accused of...more

7/18/2013 - CFPB Compliance Enforcement Actions Recess Appointments Richard Cordray

CFPB Discloses Use of "Proxy Data" in Identifying Discriminatory Auto Lending Practices

Consumer Financial Protection Bureau Director Richard Cordray recently provided a letter response to an inquiry from Democratic members of the House Committee on Financial Services requesting information about the Bureau's...more

7/18/2013 - Automotive Loans CFPB Discrimination Lending Racial Discrimination Richard Cordray

Supreme Court Will Resolve Questions About Obama Recess Appointments and CFPB Authority

As anticipated, the United States Supreme Court has granted certiorari in National Labor Relations Board v. Noel Canning, signaling the next chapter in the challenges that have been raised as to the legitimacy of certain...more

7/9/2013 - Barack Obama Canning v NLRB Certiorari CFPB FTC NLRB Recess Appointments Richard Cordray SCOTUS

CFPB Issues Rule for Supervising Nonbanks That Allegedly Pose Risks to Consumers

The Consumer Financial Protection Bureau has issued a new rule outlining procedures for notifying nonbanks that they are being considered for CFPB supervision. The Dodd-Frank Wall Street Reform and Consumer Protection Act of...more

7/5/2013 - CFPB Consumer Protection Act Dodd-Frank Financial Products Liability Notice Requirements SEC

CFPB Issues Guidance to Businesses for Possibly Avoiding or Reducing Enforcement Liability

The Consumer Financial Protection Bureau has issued the bulletin “Responsible Business Conduct”, providing guidance to individuals and businesses within its enforcement authority on four categories of “responsible conduct”...more

7/2/2013 - CFPB DOJ Enforcement Actions Responsible Business Conduct SEC

CFPB Issues Rules Governing Use of Civil Penalty Funds

One of the most intriguing aspects of the new Consumer Financial Protection Bureau is the agency's novel power not only to assess civil penalties against those entities that violate its rules and federal consumer laws, but...more

5/22/2013 - CFPB Civil Monetary Penalty Dodd-Frank

CFPB Settles Allegations of Improper Payments by Mortgage Insurers

The Consumer Financial Protection Bureau (CFPB) announced that it had settled enforcement actions against four insurance companies in connection with alleged improper payments between the insurance companies and mortgage...more

4/16/2013 - CFPB Consent Order Enforcement Actions Insurance Companies Investigations Lenders Mortgages RESPA Settlement

CFPB Announces Plans to Hold Auto Lenders Liable for Discriminatory Loans

The Consumer Financial Protection Bureau issued a guidance bulletin announcing that it will treat indirect auto lenders as creditors subject to the Equal Credit Opportunity Act (ECOA). The March 21 bulletin follows the CFPB's...more

4/3/2013 - Automotive Industry Car Dealerships CFPB Discrimination Disparate Impact ECOA Fair Lending Interest Rates Regulation B

Your Complaints Just Went Public! The CFPB Expands Online Access to Consumer Complaint Data

Keeping its promise to make consumer complaints available for all the consumer financial products and services it oversees, the Consumer Financial Protection Bureau yesterday announced that it has added some 90,000 additional...more

4/1/2013 - CFPB Consumer Complaint System Credit Cards Mortgages Student Loans

House Financial Services Committee Chair Challenges CFPB Funding

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) sent a letter March 8 to Federal Reserve Board Chairman Ben Bernanke challenging the Fed's funding of the Consumer Financial Protection Bureau. Hensarling's...more

3/27/2013 - Ben Bernanke Canning v NLRB CFPB Federal Funding Funding Richard Cordray

CFPB Proposes Rule to Supervise Largest Nonbank Student Loan Servicers

The Consumer Financial Protection Bureau has announced its intention to oversee the nation's largest nonbank loan servicers, which service more than one million accounts each year, in the higher education loan market. While...more

3/27/2013 - CFPB Dodd-Frank Loan Servicing Student Loans

CFPB Seeks Information on Financial Products and Services Offered to College Students

The Consumer Financial Protection Bureau believes positive financial decision making should be learned at a young age. The Bureau recently issued a Request for Information Regarding Financial Products Marketed to Students...more

2/22/2013 - Advertising CFPB Colleges Financial Products Marketing Student Lending Examination Procedures Student Loans Students Universities

D.C. Court Holds President's Recess Appointments "Constitutionally Invalid," Raising Questions About CFPB's Exercise of Authority...

The U.S. Court of Appeals for the District of Columbia issued an opinion Jan. 25, 2013, that overturns President Barack Obama's recess appointments of three National Labor Relations Board members and opens the door to...more

1/30/2013 - Canning v NLRB CFPB NLRB Political Appointments Pro Forma Sessions Recess Appointments Richard Cordray

CFPB and Justice Department Agree to Coordinate Fair Lending Enforcement Efforts

The U.S. Department of Justice and the Consumer Financial Protection Bureau have signed an agreement to coordinate fair lending enforcement efforts, including the sharing of information, joint investigations, and referrals...more

12/20/2012 - CFPB DOJ ECOA Enforcement Fair Lending HMDA

CFPB Brings First Joint Enforcement Action With States Against Payday Loan Debt Relief Company

The Consumer Financial Protection Bureau, together with five states, has filed a federal complaint and submitted a proposed stipulated final judgment and order against a Florida company and its president for allegedly...more

12/19/2012 - CFPB Debt Settlement Services Payday Loan Debt Solution Inc Payday Loans Telemarketing Sales Rule

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