The Consumer Financial Protection Bureau’s (CFPB) latest enforcement action brings the total count relating to ancillary credit products to five. A common theme in the resulting consent orders is service provider management —...more
On October 30, the OCC issued Bulletin 2013-29 to update guidance relating to third-party risk management. The Bulletin, which rescinds OCC Bulletin 2001-47 and OCC Advisory Letter 2000-9, requires banks and federal savings...more
Short-term lending is under a new round of attacks, and this time some banks are feeling the heat. The New York State Department of Financial Services recently issued a letter to 117 banks requesting that they “choke off"...more
Prudential regulators have advised supervised banks for nearly 30 years about the need for careful diligence of their service providers, but the expectations of the Consumer Financial Protection Bureau (“CFPB” or the...more
The Fair Housing Act requires agencies to administer their programs and activities relating to housing and urban development “affirmatively to further” fair housing. Recipients of U.S. Department of Housing and Urban...more
On June 17, the U.S. Department of Defense issued advance notice of proposed rulemaking (ANPR) related to installment loans used by members of the armed forces and their families.
The rule, which would revise 32 C.F.R....more
On July 10, the Consumer Financial Protection Bureau issued new debt collection guidance and announced broad application of the Fair Debt Collection Practices Act under Sections 1031 and 1036 of the Dodd-Frank Act. The...more
On Tuesday, the Consumer Financial Protection Bureau issued CFPB Bulletin 2013-6, titled "Responsible Business Conduct: Self-Policing, Self-Reporting, Remediation and Cooperation."
The bulletin identified four pillars of...more
Mortgage loan servicers are under growing pressure from regulators to adhere to traditional fair lending principles in default servicing operations. Among other things, regulators have suggested that servicers proactively...more
It was a not unexpected result at the motion to dismiss stage: On June 30, 2011, the Northern District of Illinois permitted borrowers in a multi-district litigation putative class action to go forward with claims that...more
Outsourcing by U.S. financial institutions is rapidly increasing, as flexibility and cost savings drive information technology, accounting, audit, electronic funds transfer, investment management and human resources into...more