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CFPB Issues Semiannual Report, State-Level Snapshot of Complaints

Two new Consumer Financial Protection Bureau (CFPB) reports provide important insights into the CFPB’s and state regulators’ latest activities and enforcement targets....more

Treasury Spends Ink on Regulatory Changes

The Treasury Department, in the first of four reports to President Trump detailing its review of financial regulations and its recommendations about potential changes to the depository system, proposed major changes in the...more

Financial Services Law—CFPB Bans Most Consumer Arbitrations

On July 10, 2017, and to no one’s surprise, the Consumer Financial Protection Bureau (CFPB) announced a final rule that prevents banks and other covered providers of specified consumer financial products from incorporating or...more

President's Executive Order on Cybersecurity: Impact on Banks Unclear

President Donald Trump has signed an executive order addressing cybersecurity. But for financial institutions, is the executive order much ado about nothing? Not exactly....more

Banks Settle Data Breach Suit for $5.2M

In the latest settlement agreement reached in a lawsuit brought by banks following a retailer’s data breach, an Illinois federal court judge signed off on a $5.2 million deal involving a major U.S. retailer....more

State AGs Again Target Abuses Against Student Borrowers, Military

Demonstrating the continuing enforcement activity by state attorneys general with respect to student lending and active servicemembers, the AGs in Massachusetts and New York recently obtained consent orders from,...more

Bank Must Pay Federal Reserve Almost $1M

A Pennsylvania bank reached a deal with the Board of Governors of the Federal Reserve System over Board-alleged violations of Section 5 of the Federal Trade Commission Act, agreeing to pay an almost $1 million civil penalty....more

Prepaid Card Company Deceived Consumers, FTC Alleges in New Suit

A prepaid card company deceived consumers about their access to funds that were deposited on their cards, the Federal Trade Commission alleged in a new complaint, seeking injunctive relief and restitution for consumers....more

Consumer Financial Services Law - October 2016

Court to CFPB: Unconstitutional and Wrong on RESPA - The U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of the Consumer Financial Protection Bureau (CFPB) and...more

Court to CFPB: Unconstitutional and Wrong on RESPA

In a landmark decision impacting the consumer financial services industry and beyond, a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit has declared unconstitutional a core component of the structure of...more

House to Consider Financial CHOICE Act

The full House of Representatives will now consider Rep. Jeb Hensarling's (R-Texas) legislative proposal to repeal the Dodd-Frank Consumer Protection and Wall Street Reform Act after it passed out of a committee. What...more

To Arbitrate or Not to Arbitrate? Groups Comment on CFPB Proposal

As the deadline for input nears, stakeholders on both sides of the issue filed comments weighing in on the Consumer Financial Protection Bureau’s (CFPB or the Bureau) proposal on arbitration....more

Spokeo Can't Help Bank Avoid $6.2M Settlement

Invoking the recent U.S. Supreme Court decision in Spokeo v. Robins, a federal court in New York held that a bank remained on the hook for a $6.2 million class action settlement. What happened - Plaintiffs were...more

Bank of America Wins Reversal of FIRREA $1.27B Penalty

A breach of contract is insufficient to also support a claim for fraud, the Second Circuit Court of Appeals has ruled, reversing a $1.2 billion verdict against Countrywide Home Loans in the process. What happened...more

SCOTUS Declines Hearing Madden: Are Industry Repercussions Limited?

In a disappointing move, the Supreme Court today denied the petition by Midland Funding to hear the case Madden v. Midland Funding. But could the inaction by the Supreme Court be much ado about nothing?...more

Supremes Require Actual Harm to Pursue FCRA Claims

In a carefully drawn 6-2 decision authored by Justice Samuel Alito, the Supreme Court of the United States has today ruled in Spokeo, Inc. v. Robins that a plaintiff must show an injury in fact before pursuing a claim for...more

Treasury Issues White Paper on Marketplace Lending

On May 10, 2016, the U.S. Department of the Treasury released its highly anticipated white paper on online marketplace lending. Treasury's recommendations will likely be influential in U.S. regulation of this marketplace for...more

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