Over the last two years the financial industry has seen an uptick in litigation and enforcement actions aimed at banks and their non-bank lending partners. These actions have primarily challenged the validity of the bank...more
4/3/2018
/ Banking Sector ,
CashCall ,
Consumer Financial Products ,
Consumer Lenders ,
Enforcement Actions ,
Legislative Agendas ,
Non-Bank Lenders ,
Online Marketplace Lending ,
Payday Loans ,
Proposed Legislation ,
True Lender ,
Usury
On January 4, 2018, U.S. Attorney General Jeff Sessions officially rescinded all of the prior Obama-era Department of Justice (DOJ) marijuana-related guidance, including the so-called “Cole Memo.” That guidance had provided...more
1/8/2018
/ Banking Sector ,
Cole Memorandum ,
Controlled Substances ,
Controlled Substances Act ,
Criminal Prosecution ,
Decriminalization of Marijuana ,
Department of Justice (DOJ) ,
Dispensaries ,
Enforcement Actions ,
FinCEN ,
Marijuana ,
Marijuana Cultivation ,
Marijuana Related Businesses ,
Medical Marijuana ,
Policy Memorandums ,
Preemption ,
Regulatory Oversight ,
State and Local Government ,
Trump Administration
On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) released its long-awaited and controversial final rule on arbitration agreements in contracts for financial products and services. The rule, which takes effect...more
7/26/2017
/ Arbitration ,
Arbitration Agreements ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Congressional Review Act ,
Consumer Contracts ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
Financial Services Industry
The Volcker Rule Under the Trump Administration -
The so-called Volcker Rule—named after Paul Volcker, a former chairman of the Federal Reserve Board—was part of the Dodd-Frank Wall Street Reform and Consumer Protection...more
1/25/2017
/ Advertising ,
Airspace ,
American Bankers Association ,
Americans with Disabilities Act (ADA) ,
Annuities ,
Banking Sector ,
Banks ,
Breach of Contract ,
Breach of Warranty ,
CFTC ,
Charitable Remainder Trust ,
Civil Liability ,
Commercial Insurance Policies ,
Commercial Loans ,
Credit Unions ,
Decriminalization of Marijuana ,
Department of Justice (DOJ) ,
Design Defects ,
Disability Discrimination ,
Dodd-Frank ,
Drones ,
Estate Tax ,
FDIC ,
Federal Aviation Administration (FAA) ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Instruments ,
Financial Markets ,
Hedge Funds ,
Independent Community Bankers of America (ICBA) ,
Land Use Restrictions ,
Marijuana ,
Medical Marijuana ,
NCUA ,
Negligence ,
Nonconforming Use ,
OCC ,
Property Owners ,
Proprietary Trading ,
Public Access Laws ,
Risk Management ,
Securities ,
Securities and Exchange Commission (SEC) ,
Service Animals ,
Third-Party Liability ,
Trading Platforms ,
Trump Administration ,
Trust Administration ,
Unfair or Deceptive Trade Practices ,
Unmanned Aircraft Systems ,
Urban Planning & Development ,
Volcker Rule ,
Website Accessibility
On September 13, 2016, the New York State Department of Financial Services (DFS) proposed new rules that would require certain “Covered Entities” to establish and implement cybersecurity programs designed to protect nonpublic...more
10/17/2016
/ Banking Sector ,
Banks ,
Comment Period ,
Covered Entities ,
Cybersecurity ,
Cybersecurity Framework ,
Data Retention ,
Employee Training ,
Encryption ,
Financial Institutions ,
Financial Services Industry ,
Incident Response Plans ,
NYDFS ,
Policies and Procedures ,
Popular ,
Risk Assessment ,
Risk Management ,
Third-Party Service Provider ,
Vendors
On October 11, 2016, the United States Court of Appeals for the D.C. Circuit issued its highly anticipated opinion in PHH Corp., et al. v. CFPB, holding that the Consumer Financial Protection Bureau’s (CFPB) structure is...more
10/12/2016
/ Administrative Proceedings ,
Article II ,
Banking Sector ,
Constitutional Challenges ,
Consumer Financial Protection Bureau (CFPB) ,
Dodd-Frank ,
Due Process ,
HUD ,
Insurance Industry ,
Mortgages ,
PHH Corp. v CFPB ,
Popular ,
Reinsurance ,
Removal For-Cause ,
RESPA ,
Single Director ,
Statute of Limitations ,
Statutory Interpretation
In case you missed it, here is what the Consumer Financial Protection Bureau (CFPB) was up to over the last month:
Enforcement Actions and Litigation -
Enforcement Action Against First National Bank of Omaha...more
9/8/2016
/ Add-ons ,
Advisory Committee ,
Banking Sector ,
Banks ,
Billing ,
CashCall ,
Civil Monetary Penalty ,
Consent Order ,
Consumer Complaint Management ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Dodd-Frank ,
Enforcement Actions ,
Fees ,
Financial Services Industry ,
First National ,
Foreclosure ,
Internet Lenders ,
Late Fees ,
Mortgage Servicers ,
Mortgages ,
Native American Issues ,
Online Marketplace Lending ,
Payday Loans ,
Student Loans ,
Tribal Loans ,
UDAAP ,
Wells Fargo
The Consumer Financial Protection Bureau (CFPB) had another busy week. Here is an overview of what the CFPB was up to recently:
Enforcement Actions and Litigation -
Enforcement Action Against Santander Bank...more
7/25/2016
/ Amicus Briefs ,
Article III ,
ATMs ,
Background Checks ,
Banking Sector ,
Consent Order ,
Consumer Financial Protection Bureau (CFPB) ,
Debit and Credit Card Transactions ,
Debit Cards ,
Debt Relief ,
Debt-Relief Industry ,
Disgorgement ,
Enforcement Actions ,
Fair Credit Reporting Act (FCRA) ,
Fees ,
Financial Services Industry ,
Foreclosure ,
Homeowners ,
Misrepresentation ,
Overdraft Fees ,
Popular ,
Settlement Agreements ,
Spokeo v Robins ,
Standing ,
Student Loans ,
Summary Judgment
On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) issued a report on auto title loans. Auto title loans are small-dollar, high interest, loans that are generally used by borrowers to cover emergency expenses...more
On March 8, 2016, the Consumer Financial Protection Bureau (CFPB) released its tenth edition of Supervisory Highlights, which outlines the latest supervisory actions taken against banks and nonbanks, between September 2015...more
On November 24, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report for October 2015, which provides an overview of three-month trends in consumer complaints. This Monthly...more
On October 27, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report, which provides an overview of three-month trends in consumer complaints. This Monthly Complaint Report also...more
11/2/2015
/ Bank of America ,
Banking Sector ,
Banks ,
Capital One ,
Citibank ,
Consumer Complaint System ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Credit Reports ,
Debt Collection ,
Debt Collectors ,
Equifax ,
Experian ,
Financial Institutions ,
GE Capital Retail Bank ,
JPMorgan Chase
On October 7, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it is considering proposing rules that would prohibit companies from including in consumer contracts arbitration clauses that prevent...more
10/9/2015
/ Arbitration ,
Arbitration Agreements ,
Automotive Loans ,
Bank Accounts ,
Banking Sector ,
Class Action ,
Class Action Arbitration Waivers ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Credit Cards ,
Dodd-Frank ,
Financial Institutions ,
Loans ,
Money Transfer ,
Payday Loans ,
Prepaid Payment Products ,
Private Student Loans
On September 28, 2015, the Consumer Financial Protection Bureau (CFPB) announced two separate actions against Fifth Third Bank. The first action—brought only by the CFPB—relates to Fifth Third Bank’s marketing of credit card...more
9/29/2015
/ Automotive Industry ,
Automotive Loans ,
Banking Sector ,
Banks ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Credit Cards ,
Department of Justice (DOJ) ,
ECOA ,
Enforcement Actions ,
Fees ,
Financial Institutions ,
Restitution ,
Telemarketing
On September 24, 2015, the Consumer Financial Protection Bureau (CFPB) and the Department of Justice (DOJ) announced a joint action against Hudson City Savings Bank, F.S.B. (Hudson).
The complaint alleges that Hudson...more
9/25/2015
/ Banking Sector ,
Banks ,
Civil Monetary Penalty ,
Community Reinvestment Act ,
Consent Order ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Department of Justice (DOJ) ,
Discriminatory Lending Practices ,
ECOA ,
Enforcement Actions ,
Fair Housing Act (FHA) ,
Financial Institutions ,
Loans ,
Mortgage Brokers ,
Mortgages ,
Race Discrimination ,
Redlining
On September 22, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report, which provides an overview of three-month trends from consumer complaints.
According to the Monthly...more
The Consumer Financial Protection Bureau, or CFPB, was created to enforce various consumer finance laws like the Equal Credit Opportunity Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act, Home Mortgage...more
9/9/2015
/ Banking Sector ,
Banks ,
Consumer Financial Products ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Creditors ,
Debt Collectors ,
Depository Institutions ,
Financial Institutions ,
Loans ,
Regulatory Oversight ,
Residential Real Estate Market
The Consumer Financial Protection Bureau (“CFPB”) was created to enforce the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank”) and various consumer finance laws (e.g., Equal Credit Opportunity...more
7/22/2015
/ Appraisal ,
Banking Sector ,
Banks ,
Check Cashing ,
CID ,
Compliance ,
Consumer Financial Protection Bureau (CFPB) ,
Consumer Lenders ,
Dodd-Frank ,
ECOA ,
Fair Credit Reporting Act (FCRA) ,
FDCPA ,
Financial Institutions ,
HMDA ,
Internal Investigations ,
Real Estate Market ,
Truth in Lending Act (TILA) ,
Young Lawyers