Thomas I. Elkind

Thomas I. Elkind

Foley & Lardner LLP

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CFPB Tests the Limits of Tribal Lending Immunity With Cash Call Case

On December 16, 2013, the Consumer Financial Protection Bureau filed suit against Cash Call, Inc., WS Funding, LLC, Delbert Services Corporation and J. Paul Reddam (collectively “Cash Call”), alleging that the extremely high...more

1/22/2014 - CFPB Dodd-Frank Interest Rates Tribal Governments Tribal Loans

CFPB Action Against Payday Lender to be Followed by New Military Lending Act Regulations

On November 20, 3013, the Consumer Financial Protection Bureau announced its first enforcement action against a payday lender. Cash America International was fined $5 million and was ordered to refund $14 million to its...more

12/9/2013 - CFPB Compliance Enforcement Actions FTC Loans Military Lending Act Payday Loans

Can the CFPB Regulate Payroll Cards?

As credit card issuers have been subjected to increasing restrictions on the interest and fees they can charge consumers, they have found a new and lucrative sector in which to market their debit cards: payroll. The Federal...more

10/30/2013 - CFPB Debit Cards FDIC Payroll Cards

CFPB Data Collection Methods Under Fire

When Robert Cordray, Director of the Consumer Financial Protection Bureau (“CFPB”), testified before the Senate Banking Committee in April, 2013, he attempted to reassure senators that the CFPB had no interest in tracking...more

8/19/2013 - CFPB Data Protection GAO Personally Identifiable Information Richard Cordray Transparency Warrantless Tracking

"Money Smart for Older Adults" Provides Valuable Information for All Consumers

On June 12 the Federal Deposit Insurance Corporation (“FDIC”) and Consumer financial Protection Bureau (“CFPB”) jointly launched a new financial resource tool, “Money Smart for Older Adults”, with the goal of helping older...more

7/16/2013 - CFPB Digital Downloads FDIC Financial Literacy Financial Products Identity Theft

CFPB Expands Information Available in its Consumer Complaint Database

On May 31, 2013 the Consumer Financial Protection Bureau (“CFPB”) announced that it had expanded the information contained in its Consumer Complaint Database to include credit reporting complaints, money transfer complaints...more

6/12/2013 - CFPB Consumer Complaint System Credit Reports Money Transfer

CFPB Zeroes in on Payday Loans

During the past year, the CFPB has engaged in an in-depth review of short term and small dollar loans, specifically payday loans extended by non-depository institutions and deposit advance products offered by depository...more

5/3/2013 - CFPB Deposit Advances Lenders Payday Loans

CFPB Proposes Revisions to Rules on International Money Transfers by Consumers

The Consumer Financial Protection Bureau (CFPB) recently issued proposed changes to the rule it originally proposed on January 20, 2011, governing certain electronic money transfers by consumers that was required by the...more

1/18/2013 - CFPB Disclosure Requirements Dodd-Frank Foreign Tax Remittance Transfer Rule

National Mortgage Database Formed

The Consumer Financial Protection Bureau (“CFPB”) and the Federal Housing Finance Agency (FHFA”) have agreed to jointly produce a National Mortgage Database containing detailed mortgage loan information....more

12/17/2012 - CFPB FHFA Loans Mortgages National Mortgage Database

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